<p>在最新的米兰时装周上，只有一场秀引起了关注。在经历了数月的期待和多年的危机管理后，传奇意大利奢侈品牌 Gucci 带着喷涂紧身牛仔裤和无缝迷你裙走上了 T 台，试图重新塑造其品牌形象。这一最新举措对 Gucci 及其母公司 Kering 至关重要，因为其运营利润在两年内下降了三分之二。但这也是整个行业面临的关键时刻。多年来，奢侈品行业一直是欧洲表现最好的领域之一，但在疫情后的繁荣转为低迷后，正努力重新找到方向。当 Gucci 的首批模特在 Palazzo delle Scintille 以绷带裙、印有品牌标志的紧身裤和低腰裸背服装走下 T 台时，现场发出了一阵惊叹声。这真的是解决这一行业最大品牌之一困境的答案吗？如今，随着该行业试图提升其吸引力以应对不断变化的市场、放缓的中国需求和文化影响力的减弱，伊朗战争的经济后果进一步加深了其挑战。“在二月和三月初，我感觉很好——现在谁知道会发生什么？” 一位奢侈品行业的首席执行官说道，他担心战争将如何改变客户的购物习惯，他们更关心的是净资产而非水电费。“中东的影响不仅仅是那里的收入，而是信心、通货膨胀、利率……末日情景是如果这场战争持续或恶化……一旦开始影响到客户的资产负债表。” 在二月 Gucci 的米兰秀后，来自汽车行业的 Kering 首席执行官 Luca de Meo 承认他的集团面临漫长的道路，他表示集团刚刚 “开始一条道路”，但 “走在正确的方向上”。投资者似乎缺乏他的信心。上周，Kering 的股价下跌，其竞争对手 LVMH 和 Hermes 的股价也随之下跌，因为三家公司均报告称伊朗冲突影响了它们第一季度的收入。随着伊朗导弹袭击迪拜的酒店并关闭中东的机场，旅游和购物急剧下降，尤其是在阿联酋，这里是奢侈品销售的热点。根据花旗的数据，今年三月往返中东的国际航班减少了三分之二，影响了全球知名的奢侈品零售机场的销售。今年迄今为止，九家领先的欧洲奢侈品股票的市值至少损失了 1400 亿欧元（1645.5 亿美元；2093.7 亿新元），这对一个在本十年上半段表现良好的行业来说是一次沉重打击，当时 LVMH 是欧洲最有价值的公司。虽然有复苏的迹象，但专家们一致认为，该行业的问题远比战争造成的干扰更为深刻。“消费者信心依然疲软，行业尚未完成其功课：从创意更新到纠正过高定价，以及缩减各类和地区的过度扩张，” 智库 FashionSights 的创始人 Achim Berg 表示。“许多奢侈品决策者根本没有预期到 2026 年会复苏。现在的风险是伊朗战争成为一个方便的借口——或者说是遮羞布。” 奢侈品行业在 2019 年至 2023 年间迅速扩张，但在冲突开始之前，已经面临一些严峻的现实。曾经花费数百亿美元购买奢侈品的中产阶级消费者在 COVID 时代的储蓄和失业补助用尽、生活成本上升后开始收缩。根据贝恩的一份报告，2022 年至 2024 年间，约有 5000 万奢侈品消费者退出市场，其中大多数是因价格飙升而感到被抛在后面的追求者。“现实是，在疫情期间，数百万本不应成为奢侈品客户的人第一次购买了这些公司的商品，” 一位行业投资者表示。“他们中的大多数可能不会再回来了。” 行业高管表示，尽管近期波动加剧，但长期基本面依然稳固。根据麦肯锡的数据，在 2020 年前的二十年里，该行业的年均增长率约为 5%。Kering 战略负责人 Joel Hazan 表示：“没有什么能让我们认为，长期来看，对优质商品的需求在下降——世界上财富在增加，而不是减少。”“这真的是一个供给驱动的市场。当你有好东西时，人们就想要。” 但过去几年对许多人来说仍然是一次严酷的觉醒。在需求激增的推动下，尤其是来自中国消费者的需求，许多品牌大幅提高价格以加速增长。这在几年内效果很好，但最终使除了最富有的消费者外，所有人都感到疏远。汇丰的数据表明，自 2019 年以来，欧洲奢侈品的平均价格大约上涨了一半。根据伯恩斯坦的估计，品牌通常在其商品的生产成本上加价八到十二倍。尤其是中国市场，作为增长的动力，受到疫情后相对疲弱消费的影响。尽管 LVMH 本周报告称其在中国的季度业绩为三年来最佳，但中国对奢侈品的消费仍然脆弱，反映了对经济的情绪。消费者变得更加挑剔。当 Kering 的 de Meo 制定转型计划时，他承认需要重建品牌在全球第二大经济体的声誉。“中国曾被视为一个垃圾桶，Gucci 在这里寻求轻松增长，” 他说。相反，他补充道，该国 “正在成为一个非常成熟的奢侈品市场，对好坏的判断非常挑剔”。Kering 还在投资中国羊绒品牌 Icicle 的母公司，因为本土奢侈品牌在该国的时尚界获得了关注。“我们想了解那里的情况，” de Meo 补充道。“我知道忽视中国的创新能力意味着什么，来自汽车行业。在这里的高管们在理解中国汽车工业的强大之前，已经为时已晚。” 该行业还遭受了声誉的更广泛打击。在过去两年中，米兰检察官对意大利奢侈品供应链中涉嫌劳动滥用的调查削弱了该行业的主要卖点之一：即高昂的价格是由卓越的工艺和严格的监督所证明的。在一项现已结束的程序中，包括 Dior、Armani、Valentino 和 Loro Piana 在内的顶级品牌被置于法院指定的管理者之下，以清理其供应链。这些品牌表示他们对这些做法毫不知情，并迅速与官员合作。Loro Piana 在 4 月 17 日（星期五）表示，在过去两年中，他们在其网络中进行了数千次审计，并因此终止了与 100 多家供应商和分包商的合同——这些行动使米兰法院称赞其 “良性路径” 和 “承诺”。同样，Prada 集团——未参与调查——今年告诉《金融时报》，近年来进行了数千次审计，导致数百次终止。但这些案例同样留下了痕迹。“这场丑闻可能在司法上影响有限，但它给行业带来了阴影，消费者所售卖的形象是否与奢侈品的生产现实相符，” 一位在米兰的品牌顾问在匿名的情况下表示。一些集团希望从该行业近期的动荡中受益。伦敦高端百货商店 Harrods 表示，它正在为一个丰收的夏季做准备，因为中东客户迁移到英国。意大利珠宝商 Ferri Firenze 表示，其在卡塔尔 Place Vendome 购物中心的快闪店与当地客户的表现非常好，尽管游客减少，但已延长了三次营业时间。在过去三年中，精美珠宝依然保持韧性，受到美国消费者对 Cartier Love 手链和 Van Cleef &amp; Arpels 的 Alhambra 系列珠宝的需求推动。LVMH 的首席财务官 Cecile Cabanis 本周表示，尽管中东需求仍然 “非常低”，但她预计支出将在其他地方反弹。“财富并没有蒸发，” 她补充道。一些品牌，如 Hermes，在定价政策上比竞争对手更为一致——某些手袋款式的起价为 10,000 欧元——因此需要调整其战略的程度较小。其他品牌，如 Chanel，之前因价格上涨而受到广泛批评，现在也开始提供价格在 1,000 到 3,000 欧元之间的新产品——这一价格区间的较低端，包括较小的皮革制品和简单的手袋。即使是那些卷入意大利对供应链的打击的主要品牌，如 Loro Piana 和 Valentino 的配饰部门，司法管理现已结束。这是奢侈品集团通过大规模重组设计师人才来恢复销售的背景。Gucci 的二月秀是由格鲁吉亚时装设计师 Demna 主导的，他去年离开了 Balenciaga（也是 Kering 品牌）。几乎所有其他大牌最近也都任命了新的创意总监，从 LVMH 的 Dior、Celine 和 Loewe 到 Chanel。目前，行业正处于紧张状态，等待新鲜血液注入的结果。大多数系列在首次在 T 台上展示后大约六个月后开始销售，这意味着许多新设计师对品牌的构想现在才进入商店。（二月秀中一系列 Gucci 的包、鞋和皮带在秀后立即可供购买。）一些新设计师，如 Chanel 的 Matthieu Blazy，已经取得了成功。社交媒体上描绘的长队和售罄的鞋子和包款使这家私营法国奢侈品牌成为许多同行的羡慕对象。LVMH 表示，Jonathan Anderson 为 Dior 设计的新系列受到客户的好评。对于其他品牌，尽管高管们对更快的增长愈发不耐烦，但反响却更加平淡。在 Gucci 秀后，de Meo 明确表示，在品牌被迫适应新常态的时刻，谁掌握着行业的命运。“是的，” 他说，“客户将会做出判断。”</p>

开云(ADR)

KLXY

中国消费者指数 ETF - GlobalX

<p>奢侈品牌，特别是古驰及其母公司开云，正面临重大挑战，因为疫情后的繁荣正在消退。古驰最近在米兰时装周的秀旨在重新塑造品牌形象，尽管其运营利润在两年内下降了三分之二。奢侈品行业正受到中国需求放缓、通货膨胀以及伊朗战争的经济影响的困扰，这严重影响了中东地区的旅游和购物。尽管有一些复苏的迹象，但专家警告消费者信心依然疲弱，许多奢侈品消费者因成本上升而退出市场</p>

<p>Only one show mattered at the latest Milan Fashion Week. After months of anticipation and years of crisis management, Gucci, the legendary Italian luxury house, brought spray-on skinny jeans and seamless mini dresses to the catwalk in a bid to reinvent its brand. The latest push is a crucial one for Gucci and Kering, its parent group, whose operating profits have slid by two-thirds in two years. But it also comes at a moment of truth for the industry as a whole. Big Luxury, for years one of Europe’s best performing sectors, is trying to find its way again after its post-pandemic boom turned sour. As Gucci’s first models came down the runway at the Palazzo delle Scintille in bandage dresses, logo tights and bareback attire cut far below the waist, there was a collective intake of breath. Could this really be the answer to the travails of one of the biggest names in the business? Now, as the sector tries to increase its excitement and allure to contend with a changing market, slowing Chinese demand and diminished cultural cachet, the economic consequences of the Iran war have deepened its challenges still further. “In February and early March, I was feeling very good — now who knows what will happen?” says a luxury industry chief executive, as he worries how the war will change the shopping habits of customers more concerned about their net worth than their utility bills. “The Middle East impact is not about the revenues there, it’s about confidence, inflation, interest rates . . . The doomsday scenario is if this drags on, or worsens . . . once it starts to hit [clients] in the balance sheet.” Speaking after Gucci’s Milan show in February, Luca de Meo, the CEO who came to Kering from the car industry, acknowledged a long road ahead for his group, which he said was just “starting a path” but “going in the right direction”. Investors seem to lack his confidence. Last week Kering’s shares fell , as did those of its rivals LVMH and Hermes, after all three reported that the Iran conflict had dented their first-quarter revenues. As Iranian missiles hit hotels in Dubai and shuttered airports across the Middle East, tourism and shopping cratered, especially in the UAE, the region’s hotspot for luxury sales. In March, international flights to and from the Middle East were down by two-thirds, according to data from Citi, hitting sales in airports known across the world for their luxury retail concessions. So far this year, nine leading European luxury stocks have lost at least a collective €140 billion (US$164.55 billion; S$209.37 billion) in market capitalisation, a bitter blow for an industry that was riding high during the first half of this decade, when LVMH was the continent’s most valuable company. There are signs of recovery under way, but experts agree that the sector’s problems go deeper than the disruption caused by the war. “Consumer sentiment remains weak and the industry has yet to finalise its homework: from creative renewal to correcting excessive pricing and scaling back overexpansion across categories and geographies,” says Achim Berg, founder of the think-tank FashionSights. “Many luxury decision makers did not expect a recovery in 2026 in any case. The risk now is that the Iran war becomes a convenient excuse — or a fig leaf.” The luxury sector, which supersized between 2019 and 2023, was already grappling with some hard truths before the conflict began. Middle-class shoppers who previously spent tens of billions of dollars on luxury items pulled back once their COVID-era savings and furlough payments ran out and the cost of living rose. Some 50 million luxury consumers exited the market between 2022 and 2024, according to a report by Bain, most of them aspirational shoppers who felt left behind by skyrocketing prices. “The reality is that during the pandemic, millions of people who should never have been luxury customers bought items from these companies for the first time,” says one investor in the sector. “Most of them are likely not coming back.” Industry executives say despite recent volatility, long-term fundamentals remain solid. In the two decades to 2020, the sector boasted growth rates of about 5 per cent per year, according to McKinsey. “There is nothing that makes us think that over the long term the demand for exceptional goods is in decline — there is more wealth in the world, not less,” says Joel Hazan, head of strategy at Kering. “It’s really a supply-driven market. When you have good stuff, people want it.” But the last few years have still been a rude awakening for many. Bolstered by booming demand, notably from Chinese shoppers, many brands massively raised prices in order to speed up growth. That worked very well for a few years, before eventually alienating all but the wealthiest shoppers. HSBC data suggests that the average price of luxury goods in Europe has risen by roughly half since 2019. Brands often charge a mark-up of eight to 12 times on the production cost of their goods, according to Bernstein estimates. In particular, the Chinese market, the motor of growth until 2023, has been hit by relatively weak consumption in the pandemic’s aftermath. While LVMH this week reported its best quarter in the country for three years, Chinese spending on luxury goods remains fragile, reflecting sentiment about the economy. Shoppers are much more selective.As Kering’s de Meo set out a turnaround plan, he acknowledged the need to rebuild his brands’ reputation in the world’s second-biggest economy. “China has been used as a bit of a trash bin, a place where Gucci looked for easy growth,” he said. Now, by contrast, he added, the country “is becoming a very sophisticated luxury market, very discerning about what is good and bad”. Kering is also investing in the parent of China’s cashmere specialist Icicle, as homegrown luxury brands gain traction among the country’s fashionistas. “We want to understand what’s going on there,” de Meo added. “I know what it means to neglect the innovation power of China, coming from the auto sector. Before the executives here in Europe understood how powerful the Chinese auto industry was, it was too late.” The industry has also suffered from a broader hit to its reputation. Over the past two years, a Milan prosecutor’s investigation into alleged labour abuses in luxury supply chains in Italy has undermined one of the business’s chief selling points: the idea that soaring prices are justified by exceptional craftsmanship and rigorous oversight. In a process that has now ended, top brands including Dior, Armani, Valentino and Loro Piana were placed under a court-appointed administrator to clean up their supply chains. The brands said they had no knowledge of the practices and moved quickly to co-operate with officials. Loro Piana said on Friday (Apr 17) it had conducted thousands of audits across its network over the past two years and had terminated more than 100 contracts with suppliers and subcontractors as a result — actions that led the Milan court to praise its “virtuous path” and “commitment”. Similarly, the Prada group — which was not involved in the investigation — told the FT this year that it had conducted thousands of audits in recent years, leading to hundreds of terminations. But such cases have left their mark all the same. “The scandal might have had limited impact judicially, but it has cast a dark cloud on the industry and whether the image sold to consumers matches the reality of how luxury goods are made,” says a brand consultant in Milan, speaking on condition of anonymity. Some groups hope to benefit from the sector’s recent turmoil. Harrods, the premium London department store, says it is preparing for a bumper summer as Middle East clients relocate to the UK. Italian jeweller Ferri Firenze says its pop-up in Qatar’s Place Vendome mall is performing so well with local clients that it has prolonged operations three times despite the decline in tourists.Fine jewellery has remained resilient during the past three years, driven by demand from Americans keen to snap up Cartier Love bracelets and the Van Cleef &amp; Arpels’ Alhambra range of baubles. LVMH’s CFO Cecile Cabanis said this week while Middle East demand is still “very down”, she expected spending to pop up elsewhere. “Wealth hasn’t evaporated,” she added. Some brands, such as Hermes, have been more consistent in their pricing policies than their competitors — with some handbag styles starting at €10,000 — and so need to adjust their strategy less. Others, such as Chanel, previously widely criticised for outsized price increases, have also started to offer new products between €1,000 and €3,000 — the lower end of the range — with smaller leather goods and simpler bags. Even for the main brands caught up in the Italian crackdown on supply chains, such as Loro Piana and Valentino’s accessories unit, judicial administration has now ended. That is the backdrop to luxury groups’ bid to claw back sales via a vast reshuffle of designer talent. Gucci’s February show was the first to be masterminded by Demna, a Georgian fashion designer who left Balenciaga — also a Kering brand — last year. Almost every other big name in the business has recently installed a new creative director too, from LVMH brands such as Dior, Celine and Loewe to Chanel. At present the industry is on tenterhooks, as it waits for the results of the infusion of fresh blood.Most collections go on sale roughly six months after they are first shown on a runway, meaning many new designers’ visions for brands are only landing in stores now. (A selection of Gucci bags, shoes and belts from the February show were made available for purchase straight afterwards.) Some new designers, like Matthieu Blazy at Chanel, have hit their mark. Social media posts depicting long lines outside boutiques and sellout shoe and bag styles have made the privately owned French luxury company the envy of many peers. LVMH says Jonathan Anderson’s new collections for Dior were well received by clients. For others, reception has been more muted, even as executives grow ever more impatient for faster growth. Speaking after Gucci’s show, de Meo made clear who holds the fortunes of the sector in their hands at a time when brands are being forced to adapt to a new normal. “It is,” he said, “the customer who will judge.” By Adrienne Klasa, Elizabeth Paton and Silvia Sciorilli Borrelli © 2026 The Financial Times. This article originally appeared in The Financial Times.</p>
<div class="lb-trans"><p>在最新的米兰时装周上，只有一场秀引起了关注。在经历了数月的期待和多年的危机管理后，传奇意大利奢侈品牌 Gucci 带着喷涂紧身牛仔裤和无缝迷你裙走上了 T 台，试图重新塑造其品牌形象。这一最新举措对 Gucci 及其母公司 Kering 至关重要，因为其运营利润在两年内下降了三分之二。但这也是整个行业面临的关键时刻。多年来，奢侈品行业一直是欧洲表现最好的领域之一，但在疫情后的繁荣转为低迷后，正努力重新找到方向。当 Gucci 的首批模特在 Palazzo delle Scintille 以绷带裙、印有品牌标志的紧身裤和低腰裸背服装走下 T 台时，现场发出了一阵惊叹声。这真的是解决这一行业最大品牌之一困境的答案吗？如今，随着该行业试图提升其吸引力以应对不断变化的市场、放缓的中国需求和文化影响力的减弱，伊朗战争的经济后果进一步加深了其挑战。“在二月和三月初，我感觉很好——现在谁知道会发生什么？” 一位奢侈品行业的首席执行官说道，他担心战争将如何改变客户的购物习惯，他们更关心的是净资产而非水电费。“中东的影响不仅仅是那里的收入，而是信心、通货膨胀、利率……末日情景是如果这场战争持续或恶化……一旦开始影响到客户的资产负债表。” 在二月 Gucci 的米兰秀后，来自汽车行业的 Kering 首席执行官 Luca de Meo 承认他的集团面临漫长的道路，他表示集团刚刚 “开始一条道路”，但 “走在正确的方向上”。投资者似乎缺乏他的信心。上周，Kering 的股价下跌，其竞争对手 LVMH 和 Hermes 的股价也随之下跌，因为三家公司均报告称伊朗冲突影响了它们第一季度的收入。随着伊朗导弹袭击迪拜的酒店并关闭中东的机场，旅游和购物急剧下降，尤其是在阿联酋，这里是奢侈品销售的热点。根据花旗的数据，今年三月往返中东的国际航班减少了三分之二，影响了全球知名的奢侈品零售机场的销售。今年迄今为止，九家领先的欧洲奢侈品股票的市值至少损失了 1400 亿欧元（1645.5 亿美元；2093.7 亿新元），这对一个在本十年上半段表现良好的行业来说是一次沉重打击，当时 LVMH 是欧洲最有价值的公司。虽然有复苏的迹象，但专家们一致认为，该行业的问题远比战争造成的干扰更为深刻。“消费者信心依然疲软，行业尚未完成其功课：从创意更新到纠正过高定价，以及缩减各类和地区的过度扩张，” 智库 FashionSights 的创始人 Achim Berg 表示。“许多奢侈品决策者根本没有预期到 2026 年会复苏。现在的风险是伊朗战争成为一个方便的借口——或者说是遮羞布。” 奢侈品行业在 2019 年至 2023 年间迅速扩张，但在冲突开始之前，已经面临一些严峻的现实。曾经花费数百亿美元购买奢侈品的中产阶级消费者在 COVID 时代的储蓄和失业补助用尽、生活成本上升后开始收缩。根据贝恩的一份报告，2022 年至 2024 年间，约有 5000 万奢侈品消费者退出市场，其中大多数是因价格飙升而感到被抛在后面的追求者。“现实是，在疫情期间，数百万本不应成为奢侈品客户的人第一次购买了这些公司的商品，” 一位行业投资者表示。“他们中的大多数可能不会再回来了。” 行业高管表示，尽管近期波动加剧，但长期基本面依然稳固。根据麦肯锡的数据，在 2020 年前的二十年里，该行业的年均增长率约为 5%。Kering 战略负责人 Joel Hazan 表示：“没有什么能让我们认为，长期来看，对优质商品的需求在下降——世界上财富在增加，而不是减少。”“这真的是一个供给驱动的市场。当你有好东西时，人们就想要。” 但过去几年对许多人来说仍然是一次严酷的觉醒。在需求激增的推动下，尤其是来自中国消费者的需求，许多品牌大幅提高价格以加速增长。这在几年内效果很好，但最终使除了最富有的消费者外，所有人都感到疏远。汇丰的数据表明，自 2019 年以来，欧洲奢侈品的平均价格大约上涨了一半。根据伯恩斯坦的估计，品牌通常在其商品的生产成本上加价八到十二倍。尤其是中国市场，作为增长的动力，受到疫情后相对疲弱消费的影响。尽管 LVMH 本周报告称其在中国的季度业绩为三年来最佳，但中国对奢侈品的消费仍然脆弱，反映了对经济的情绪。消费者变得更加挑剔。当 Kering 的 de Meo 制定转型计划时，他承认需要重建品牌在全球第二大经济体的声誉。“中国曾被视为一个垃圾桶，Gucci 在这里寻求轻松增长，” 他说。相反，他补充道，该国 “正在成为一个非常成熟的奢侈品市场，对好坏的判断非常挑剔”。Kering 还在投资中国羊绒品牌 Icicle 的母公司，因为本土奢侈品牌在该国的时尚界获得了关注。“我们想了解那里的情况，” de Meo 补充道。“我知道忽视中国的创新能力意味着什么，来自汽车行业。在这里的高管们在理解中国汽车工业的强大之前，已经为时已晚。” 该行业还遭受了声誉的更广泛打击。在过去两年中，米兰检察官对意大利奢侈品供应链中涉嫌劳动滥用的调查削弱了该行业的主要卖点之一：即高昂的价格是由卓越的工艺和严格的监督所证明的。在一项现已结束的程序中，包括 Dior、Armani、Valentino 和 Loro Piana 在内的顶级品牌被置于法院指定的管理者之下，以清理其供应链。这些品牌表示他们对这些做法毫不知情，并迅速与官员合作。Loro Piana 在 4 月 17 日（星期五）表示，在过去两年中，他们在其网络中进行了数千次审计，并因此终止了与 100 多家供应商和分包商的合同——这些行动使米兰法院称赞其 “良性路径” 和 “承诺”。同样，Prada 集团——未参与调查——今年告诉《金融时报》，近年来进行了数千次审计，导致数百次终止。但这些案例同样留下了痕迹。“这场丑闻可能在司法上影响有限，但它给行业带来了阴影，消费者所售卖的形象是否与奢侈品的生产现实相符，” 一位在米兰的品牌顾问在匿名的情况下表示。一些集团希望从该行业近期的动荡中受益。伦敦高端百货商店 Harrods 表示，它正在为一个丰收的夏季做准备，因为中东客户迁移到英国。意大利珠宝商 Ferri Firenze 表示，其在卡塔尔 Place Vendome 购物中心的快闪店与当地客户的表现非常好，尽管游客减少，但已延长了三次营业时间。在过去三年中，精美珠宝依然保持韧性，受到美国消费者对 Cartier Love 手链和 Van Cleef &amp; Arpels 的 Alhambra 系列珠宝的需求推动。LVMH 的首席财务官 Cecile Cabanis 本周表示，尽管中东需求仍然 “非常低”，但她预计支出将在其他地方反弹。“财富并没有蒸发，” 她补充道。一些品牌，如 Hermes，在定价政策上比竞争对手更为一致——某些手袋款式的起价为 10,000 欧元——因此需要调整其战略的程度较小。其他品牌，如 Chanel，之前因价格上涨而受到广泛批评，现在也开始提供价格在 1,000 到 3,000 欧元之间的新产品——这一价格区间的较低端，包括较小的皮革制品和简单的手袋。即使是那些卷入意大利对供应链的打击的主要品牌，如 Loro Piana 和 Valentino 的配饰部门，司法管理现已结束。这是奢侈品集团通过大规模重组设计师人才来恢复销售的背景。Gucci 的二月秀是由格鲁吉亚时装设计师 Demna 主导的，他去年离开了 Balenciaga（也是 Kering 品牌）。几乎所有其他大牌最近也都任命了新的创意总监，从 LVMH 的 Dior、Celine 和 Loewe 到 Chanel。目前，行业正处于紧张状态，等待新鲜血液注入的结果。大多数系列在首次在 T 台上展示后大约六个月后开始销售，这意味着许多新设计师对品牌的构想现在才进入商店。（二月秀中一系列 Gucci 的包、鞋和皮带在秀后立即可供购买。）一些新设计师，如 Chanel 的 Matthieu Blazy，已经取得了成功。社交媒体上描绘的长队和售罄的鞋子和包款使这家私营法国奢侈品牌成为许多同行的羡慕对象。LVMH 表示，Jonathan Anderson 为 Dior 设计的新系列受到客户的好评。对于其他品牌，尽管高管们对更快的增长愈发不耐烦，但反响却更加平淡。在 Gucci 秀后，de Meo 明确表示，在品牌被迫适应新常态的时刻，谁掌握着行业的命运。“是的，” 他说，“客户将会做出判断。”</p>
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随着疫情后繁荣的消退，奢侈品牌正面临压力