淡马锡斥资近1.3亿美元，增持杰尼亚股份至10% 当奢侈品开始主动关店，说明中国市场增长逻辑已经换挡。 在奢侈品行业仍处于调整周期之际，在美股上市的杰尼亚Zegna集团率先对中国市场按下理性重构键。 这家意大利奢侈品集团在2025财年年报电话会议中正式确认，将对中国市场的门店网络进行优化，未来几年内，计划逐步关闭约10家Zegna品牌的低效门 店，该集团强调，此次调整并非一次性收缩，而是有节奏的长期优化。 与此同时，杰尼亚并未全面踩刹车。 在关闭低效店铺的同时，该集团将资源集中投向核心商圈与战略城市，比如深圳城市逆势新增门店，标志着其在中国市场的策略已从过去的规模扩张，明 确转向质量优先与效率导向。 事实上，调整已在2025年提前启动，公开资料显示，杰尼亚集团去年共关闭5家门店，其中第三季度Zegna品牌关闭的4家门店主要位于中国市场。 最受关注的莫过于北京华贸中心Zegna旗舰店，这家运营长达17年、曾被视为北京CBD奢侈品地标的门店，已于2025年2月28日正式闭店，即便是地标门 店，在效率逻辑下同样不再具备天然安全边际。 门店优化背后，是杰尼亚在中国市场面临的现实压力。 管理层在电话会议中直言，中国奢侈 ...

Financial Data and Key Metrics Changes - In Q1 2025, the group reported revenues of €459 million, a decrease of 1% year-on-year compared to €463 million in Q1 2024, with organic performance also down 1% [7][8][9] - The Americas region showed a 9% organic growth, contributing 27% of total revenues, while EMEA was down 2% and Greater China reported a 12% decline [12][13][14] Business Line Data and Key Metrics Changes - Zegna brand revenues were €293 million, up 3% supported by direct-to-consumer (DTC) channels, particularly in EMEA and the US [9][10] - Tom Brown reported revenues of €64 million, down 9% organically due to a reduction in wholesale [10][11] - Tom Ford Fashion recorded revenues of €67 million, with a 3% organic growth driven by DTC channels [10][11] Market Data and Key Metrics Changes - EMEA accounted for 34% of total revenues but was down 2%, primarily due to declines in Tom Brown's wholesale channel [12] - Greater China generated €123 million, accounting for 27% of group revenues, with a 12% decline, although initial signs of improvement were noted for the Zegna brand [13][14] - Rest of APAC reported 8% growth, driven by strong performance in Japan and Singapore [15] Company Strategy and Development Direction - The company is focusing on a more selective distribution approach, particularly for iconic products, to enhance brand exclusivity [106] - There is a strategic shift towards DTC channels, with a noted 5% growth in DTC revenues across all brands [15][16] - The company plans to implement a mid-single-digit price increase in response to a 10% tariff increase on imported products to the US [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook for Greater China, expecting continued negative performance but less severe than in Q1 [104] - The overall demand globally has not seen significant changes, with some improvements noted, particularly for the Zegna brand [28] - The company confirmed its guidance for low single-digit EBIT growth for 2025, emphasizing cost control measures [89][92] Other Important Information - The company is launching new collections and marketing campaigns to boost brand visibility and sales, including a summer drop collection for Zegna [24][25] - The company opened new stores, including a significant location in Riyadh and plans for further openings in Los Angeles [17][25] Q&A Session Summary Question: Trends in the Americas and product performance - Management noted strong performance across the US, with no specific areas of weakness identified, and highlighted double-digit growth in various regions [35][37] Question: Impact of the fashion show and pricing strategy - The fashion show has generated positive momentum, with new collections expected to launch in June, and management is confident in passing through price increases without significant volume loss [28][44][92] Question: Expectations for Greater China and wholesale outlook - Management anticipates a continued negative trend in Greater China, with wholesale channels expected to be a drag on growth, particularly for Tom Brown and Zegna [104][105] Question: Retail KPIs and pricing architecture for Tom Ford - Positive retail KPIs were noted, particularly in average selling price and conversion rates, with expectations for a balanced mix of higher ticket items in the new collections [126][127][128]