继Dior迪奥后再有奢侈品牌陷隐私风波，历峰旗下高级珠宝品牌Cartier卡地亚近日确认发生用户数据泄 露事件，引发行业广泛关注。 根据卡地亚官方邮件披露，部分客户的个人信息已被未授权的外部人士获取，泄露内容包括客户姓名、 出生日期等，但不涉及银行账户、支付卡信息等敏感财务数据。卡地亚母公司历峰集团尚未发布官方声 明，也未透露此次数据泄露涉及的用户数量。南都记者向卡地亚公关服务商求证获悉，品牌目前暂无针 对媒体问询的回复。 卡地亚日前向客户通报其网站遭遇网络攻击，部分客户信息被泄露，但未涉及敏感财务数据。卡地亚官 方客服在接受媒体询问时回应称，事件属实，受影响客户不仅限于中国市场，而是涉及全球多个国家的 卡地亚客户。 历峰集团5月16日公布截至3月31日的2025财年业绩报告显示，销售额同比增长4%至213.99亿欧元，除 亚太市场外，所有区域市场均实现两位数增长。卡地亚、梵克雅宝、布契拉提及Vhernier所在的珠宝部 门，销售额同比增长8%至153.3亿欧元。卡地亚为历峰集团贡献超过一半的销售收入，以及超过七成的 利润。该品牌在中国市场承压被认为是集团在亚太市场失利的主要原因。 吴迪律师还对消费者维权和品 ...

财报季向来几家欢喜几家愁。在运动热情高涨的五月，知名运动品牌陆续交出最新"成绩单"—— 不妨看看，谁在领跑，谁又掉队？ 始祖鸟领涨，母公司亚玛芬 25 Q1 收入同比增长 23% 5 月 20 日，拥有始祖鸟、萨洛蒙等品牌的亚玛芬体育（Amer Sports）发布了 2025 财年第一季度财务业绩，报告期内，该公司营收、利润及每股 收益（EPS）等数据均超预期。 具体来看，一季度亚玛芬营收达 14.73 亿美元，同比增长 23%，在固定汇率基准下增长 26%（此前预计增长 14% 至 16%）。营业利润同比增长 97% 至 2.14 亿美元，营业利润率提升 5.4 个百分点至 14.5%。 以始祖鸟为代表的户外功能性服饰继续领涨，第一季度收入同比增长 28% 至 6.64 亿美元，固定汇率计算同比增长 32%，该部门营业利润率达 23.8%，同比提升 110 个基点。始祖鸟在各地区、渠道和类别中均维持强劲发展趋势，其中鞋履为第一季度增长最快的品类。 集团在各大区域市场均实现增长，尤以大中华区及亚太市场表现亮眼：大中华区收入同比大涨 43% 至 4.46 亿美元。 中国是重要增长引擎，lululemon 持续提 ...

Core Insights - V.F. Corporation (VFC) reported a revenue of $2.14 billion for the quarter ended March 2025, reflecting a year-over-year decline of 9.7% and an EPS of -$0.13, an improvement from -$0.32 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $2.18 billion by 1.62%, while the EPS exceeded the consensus estimate of -$0.15 by 13.33% [1] Revenue Performance - Geographic Revenue: - Americas: $995.20 million, below the estimated $1.11 billion, a decline of 11.6% year-over-year [4] - Asia-Pacific: $336.20 million, below the estimated $355.65 million, a decline of 11% year-over-year [4] - Europe: $812.30 million, exceeding the estimated $744.21 million, a decline of 6.6% year-over-year [4] - Revenue by Segment: - Active: $645.32 million, below the estimated $753.22 million, a decline of 29.4% year-over-year [4] - Work: $222.17 million, slightly above the estimated $221.17 million, a decline of 7.6% year-over-year [4] - Outdoor: $1.28 billion, exceeding the estimated $1.22 billion, an increase of 4.7% year-over-year [4] - Revenue by Brand: - Dickies: $139.30 million, slightly above the estimated $138.68 million, a decline of 14.2% year-over-year [4] - Timberland: $376 million, exceeding the estimated $337.45 million, an increase of 10.1% year-over-year [4] - Vans: $492.60 million, below the estimated $571.91 million, a decline of 22% year-over-year [4] - The North Face: $834.50 million, exceeding the estimated $792.59 million, an increase of 2.5% year-over-year [4] - Revenue by Channel: - Direct-To-Consumer: $920.80 million, below the estimated $1 billion, a decline of 15.8% year-over-year [4] Stock Performance - V.F. shares have returned +32.3% over the past month, outperforming the Zacks S&P 500 composite's +12.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Revenue for Q4 fiscal year 2025 was down 3% year-over-year, aligning with guidance of a decline between 2% to 4% [7][28] - Operating income increased by 400 basis points year-over-year to $22 million, exceeding guidance [7] - Gross margin improved by 560 basis points to 53.4%, driven by lower material costs and reduced discounting [7][30] - Net debt decreased by 26% year-over-year, with leverage reduced by one full turn to 4.1 times [8][31] - Adjusted loss per share improved to negative $0.13 from negative $0.30 in the same quarter last year [30] Business Line Data and Key Metrics Changes - Vans revenue declined by 20% in Q4, attributed to strategic actions and reduced storefronts, with 60% of the decline linked to deliberate revenue management [10][11] - The North Face brand saw a revenue increase of 4% in Q4, with direct-to-consumer (DTC) sales rising by 9% [17][28] - Timberland reported a strong performance with a 13% revenue increase in Q4, benefiting from lower discounts [17][28] Market Data and Key Metrics Changes - The APAC region experienced a revenue growth of 2%, while The Americas and EMEA regions saw declines of 5% and 2% respectively due to reduced promotional activities [29] - DTC sales were down 3%, while wholesale sales decreased by 2% [29] Company Strategy and Development Direction - The company is focused on a transformation strategy called "Reinvent," aimed at improving operational profitability and simplifying the business structure for long-term growth [7][30] - Strategic actions include reducing unprofitable storefronts and managing marketplace dynamics to achieve profitable growth [11][12] - The company is diversifying its supply chain and has reduced reliance on China for finished goods to less than 2% [20][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the turnaround of Vans, indicating that progress is being made despite current numerical setbacks [10][14] - The company is navigating macroeconomic uncertainties with a proactive approach, leveraging its asset-light model for flexibility [20][22] - Future cash flow is expected to improve year-over-year, with operating cash flow and free cash flow anticipated to rise [33] Other Important Information - The company is not providing full-year guidance but expects Q1 revenue to decline by 3% to 5% on a constant dollar basis [34] - The impact of tariffs is being managed through strategic pricing and cost management initiatives [26][27] Q&A Session Summary Question: Thoughts on gross margin and free cash flow - Management expects continued improvement in gross margins and free cash flow, with the $313 million free cash flow not including Supreme [41][44] Question: One-time strategic reset actions at Vans - The impact of strategic reset actions will continue into Q1 and Q2, with expectations of fading by Q3 and being eliminated by Q4 [52][56] Question: Free cash flow and debt management - The company plans to use free cash flow and a revolver to manage upcoming debt maturities, with confidence in improving cash flow [61][64] Question: Store count strategy and dividend considerations - The company has aggressively edited its store count, with further optimization expected but heavy lifting largely completed [126][128] - Dividend reductions are on the table if necessary, but no immediate changes are anticipated [132][134] Question: Gross margin components and outlook - Management discussed the contributions to gross margin improvements, including product cost tailwinds and lower promotions, with expectations for these trends to continue [140]

Financial Data and Key Metrics Changes - In Q4 2025, revenue decreased by 3%, aligning with guidance of a decline between 2% to 4% [6][28] - Operating income increased by 400 basis points year-over-year to $22 million, exceeding guidance [6] - Gross margin improved by 560 basis points to 53.4%, driven by lower material costs and reduced discounting [6][30] - Net debt decreased by 26% year-over-year, with leverage reduced by one full turn to 4.1 times [7][32] - Adjusted loss per share improved to negative $0.13 from negative $0.30 in Q4 of the previous year [31] Business Line Data and Key Metrics Changes - Vans revenue declined by 20% in Q4, following an 8% decline in the prior quarter, with 60% of the decline attributed to strategic actions to eliminate unprofitable business [9][29] - The North Face brand saw a revenue increase of 4% in Q4, with direct-to-consumer (DTC) sales rising by 9% [17][28] - Timberland experienced a strong performance with a 13% revenue increase in Q4, driven by lower discounts and higher margins [17][28] Market Data and Key Metrics Changes - The APAC region grew by 2%, while The Americas and EMEA regions saw declines of 5% and 2% respectively due to reduced promotional activity [29] - DTC sales were down 3%, while wholesale sales decreased by 2% [29] Company Strategy and Development Direction - The company is focused on a transformation strategy called "Reinvent," aimed at improving operational profitability and simplifying the business structure [6][30] - Strategic actions include reducing storefronts and channel inventory in China to set up for long-term growth [11][19] - The company is pursuing brand elevation through channel cleanup and enhanced digital experiences [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the turnaround of Vans, indicating that progress is being made despite current numerical setbacks [9][14] - The company is well-positioned to manage tariff impacts through a diversified supply chain and proactive cost management strategies [19][26] - Management remains optimistic about returning to growth and delivering sustainable value creation despite macroeconomic uncertainties [21][22] Other Important Information - The company expects operating cash flow and free cash flow to increase year-over-year, although specific full-year guidance is not provided [34] - The company has strategically reduced its reliance on finished goods sourced from China to less than 2% [19][25] Q&A Session Summary Question: Thoughts on gross margin improvements and free cash flow - Management expects continued improvement in gross margins and free cash flow, with the $313 million free cash flow not including Supreme [40][43] Question: One-time strategic reset actions at Vans - The impact of strategic reset actions will continue into Q1 and Q2, with expectations of fading by Q3 and being gone by Q4 [50][55] Question: Free cash flow and debt management - The company plans to use free cash flow and a revolver to manage upcoming debt maturities, with confidence in improving cash flow [58][61] Question: Health of The North Face brand and DTC momentum - The North Face brand is performing well, with strong DTC sales and plans to increase product offerings [82][84] Question: Tariff impacts and pricing strategies - The company is confident in its ability to offset tariff impacts through strategic pricing and cost management [108][110]

Whether they invest or not, most Americans are getting weary of tariff talk. Beyond the prospect of significantly higher prices, investors are unclear of what level of tariffs will be applied to which country. For example, China stands to face the largest tariffs. At one point, President Trump threatened the country with 145% tariffs. That’s since been walked back, but the president made it clear that (for now), the tariffs won’t be 0%. That's a wide range of outcomes for companies to consider. Many retaile ...

Core Insights - The 2025 workwear trend is breaking free from traditional styles, embracing a blend of diverse aesthetics for everyday fashion Group 1: Brand Innovations - SACAI's 2025 Spring/Summer collection combines workwear jackets with soft materials like organza, creating a modern romantic urban style that appeals to contemporary women's dual pursuit of fashion and practicality [2] - The collaboration between Cecilie Bahnsen and The North Face features outdoor functional designs integrated with romantic elements, maintaining practicality while adding a sweet, dreamy quality [3] - Patou's 2025 Spring/Summer collection draws inspiration from marine and naval elements, merging workwear styles with French fashion to create modern, elegant, and retro pieces [4] - Private Policy's 2025 Fall/Winter collection takes cues from American old-money aesthetics, blending classic American elements with workwear styles to produce garments that exude both ruggedness and luxury [5] - Kolor's 2025 Spring/Summer collection introduces a long robe jacket that combines shirt elements, showcasing a unique outdoor intellectual style that reflects cultural depth and fashion taste [6]