<p>博柏利集团让投资者失望，因为这家英国奢侈品牌对本财年的前景表示谨慎，并警告地缘政治和经济不确定性可能会影响消费者信心。</p>
<p>这家以格子围巾和风衣闻名的公司未能提供详细的目标，只表示在中东冲突影响该地区销售的情况下，尽管同店销售在第四季度增长超出预期，但势头将继续。</p>
<p>博柏利还表示，私募股权公司 Bridgepoint Group 的创始人威廉·杰克逊将在杰瑞·墨菲于 11 月退休时接任董事长。</p>
<p>博柏利的股价在伦敦早盘交易中下跌了最多 6.7%，是自 9 月份以来的最大单日跌幅，随后收窄了大部分跌幅。截至周三收盘，今年股价下跌了 8.4%。</p>
<p>这种保守的语气与首席执行官约书亚·舒尔曼的业绩结果形成对比，表明他的转型开始见效。</p>
<p>截至 3 月 28 日的 12 个月内，同店销售恢复增长，尽管 2% 的增幅略低于分析师预期，但公司的调整后营业利润超出预期。</p>
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<p>“博柏利完全认识到转型仍处于早期阶段，当然时尚行业可能是一个变化无常的行业，” Interactive Investor 的市场负责人理查德·亨特在一份报告中表示。</p>
<p><strong>战略转变</strong></p>
<p>自 2024 年接任以来，舒尔曼已停止了其前任推动品牌向高端市场发展的努力，因为销售大幅下滑。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2b458daf67b70a477a6cd8a0d7f3da658fe4301fac4fd92ec462a2b326c7fef1/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2b458daf67b70a477a6cd8a0d7f3da658fe4301fac4fd92ec462a2b326c7fef1/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国快时尚品牌将接管香港大型 H&amp;M 商店</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8224b43ba0261b8646833b25866c2aa2c837d50c6e9ebec8e6d3f0b80cff1be1/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8224b43ba0261b8646833b25866c2aa2c837d50c6e9ebec8e6d3f0b80cff1be1/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国奢侈品市场预计将在 2026 年反弹：贝恩</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/eafda1d2b32fdc096c89274fe1a41a1b8443db5b9c1cb59c70d5009ac8e5321e/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/eafda1d2b32fdc096c89274fe1a41a1b8443db5b9c1cb59c70d5009ac8e5321e/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>收藏品市场正在降温。什么仍然是一个好的投资？</h3>
<p>这位曾在 Coach 和 Michael Kors 工作的老将降低了价格，裁减了员工，并将模特重新放回商店，以使博柏利对更多消费者变得可及和实惠。</p>
<p>中国市场是该战略的关键，品牌已投资于包括与明星代言人吴磊的营销活动。第四季度大中华区的销售增长了 10%。</p>
<p>包括欧洲和中东在内的地区第四季度销售下降了 2%，受到伊朗战争的影响，游客在商店购物的人数减少。</p>
<p>舒尔曼在一次电话会议上告诉记者，冲突的影响 “相当局部”，中东地区占博柏利销售的 2%。尽管如此，他表示公司 “关注” 更广泛的消费环境。</p>
<p>摩根大通分析师基亚拉·巴蒂斯蒂尼在一份报告中表示，博柏利的进展可能没有 “像一些乐观者希望的那样快速发展”，并补充说某些地区的表现仍然低迷。</p>
<p><strong>风衣</strong></p>
<p>首席财务官凯特·费里告诉记者，博柏利对销售和利润增长的进展充满信心，并表示分析师的共识 “处于合理水平”，但未具体说明。</p>
<p>在舒尔曼的领导下，公司已不再试图销售标志性手袋，这正是博柏利设计师丹尼尔·李在 Bottega Veneta 等时尚品牌中所知名的。他最近在伦敦时装周的系列展示了风衣和格子图案的皮革和毛皮变体。</p>
<p>杰克逊以帮助建立 Bridgepoint 的财富而闻名，该公司拥有快餐连锁店 Itsu 和 Moto GP 摩托车赛事。他主导了其中一些最大的交易，包括在 2008 年收购 Pret A Manger 的多数股权。他在连锁店快速扩张期间担任 Pret 的董事长，直到 2018 年出售给 JAB Holdings。</p>
<p>杰克逊曾在房地产公司 British Land 和建筑公司 Berkeley Group Holdings 的董事会任职。他目前是 IFM Investors 的非执行董事和草地网球协会的主席。彭博社</p>
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博柏利

巴宝莉(ADR)

零售业 ETF - VanEck Vectors

标普零售指数 ETF - SPDR

KLXY

<p>博柏利集团对投资者的展望感到失望，因其对财政年度的前景持谨慎态度，指出地缘政治和经济不确定性影响了消费者信心。尽管第四季度同店销售有所增长，但股价在早盘交易中下跌了 6.7%。首席执行官 Joshua Schulman 的转型努力取得了一些成功，但公司仍然保持谨慎。William Jackson 将在 11 月接替 Gerry Murphy 担任董事长。大中华区的销售增长了 10%，而中东和欧洲由于地区冲突则下降了 2%</p>

<p>BURBERRY Group disappointed investors after the British luxury brand issued a cautious outlook for this fiscal year and warned geopolitical and economic uncertainty may hurt shopper confidence.</p>
<div class="lb-trans"><p>博柏利集团让投资者失望，因为这家英国奢侈品牌对本财年的前景表示谨慎，并警告地缘政治和经济不确定性可能会影响消费者信心。</p>
</div><p>The maker of tartan scarves and gabardine trench coats declined to give detailed targets other than to say momentum will continue after like-for-like sales rose more than expected in the fourth quarter, despite the conflict in the Middle East denting sales in the region.</p>
<div class="lb-trans"><p>这家以格子围巾和风衣闻名的公司未能提供详细的目标，只表示在中东冲突影响该地区销售的情况下，尽管同店销售在第四季度增长超出预期，但势头将继续。</p>
</div><p>Burberry also said William Jackson, founder of private equity firm Bridgepoint Group, will take over as chair when Gerry Murphy retires in November.</p>
<div class="lb-trans"><p>博柏利还表示，私募股权公司 Bridgepoint Group 的创始人威廉·杰克逊将在杰瑞·墨菲于 11 月退休时接任董事长。</p>
</div><p>Shares of Burberry slumped as much as 6.7 per cent in early trading in London, the most on an intraday basis since September, before paring most of the drop. They were down 8.4 per cent this year through Wednesday’s close.</p>
<div class="lb-trans"><p>博柏利的股价在伦敦早盘交易中下跌了最多 6.7%，是自 9 月份以来的最大单日跌幅，随后收窄了大部分跌幅。截至周三收盘，今年股价下跌了 8.4%。</p>
</div><p>The conservative tone contrasted with results indicating chief executive officer Joshua Schulman’s turnaround is starting to pay off.</p>
<div class="lb-trans"><p>这种保守的语气与首席执行官约书亚·舒尔曼的业绩结果形成对比，表明他的转型开始见效。</p>
</div><p>Like-for-like sales returned to growth in the 12 months ended March 28, and while the 2 per cent increase was slightly shy of analyst estimates, the company’s adjusted operating profit beat expectations.</p>
<div class="lb-trans"><p>截至 3 月 28 日的 12 个月内，同店销售恢复增长，尽管 2% 的增幅略低于分析师预期，但公司的调整后营业利润超出预期。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>获取洞察，送达您的邮箱。</p>
</div><p>“Burberry fully recognises that the transformation is still in its early stages, and that of course the fashion industry can be a fickle business,” Richard Hunter, head of markets at Interactive Investor, said in a note.</p>
<div class="lb-trans"><p>“博柏利完全认识到转型仍处于早期阶段，当然时尚行业可能是一个变化无常的行业，” Interactive Investor 的市场负责人理查德·亨特在一份报告中表示。</p>
</div><p><strong>Strategy shift</strong></p>
<div class="lb-trans"><p><strong>战略转变</strong></p>
</div><p>Schulman has halted his predecessors’ push to take the brand up-market since taking the helm in 2024 following a significant drop in sales.</p>
<div class="lb-trans"><p>自 2024 年接任以来，舒尔曼已停止了其前任推动品牌向高端市场发展的努力，因为销售大幅下滑。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2b458daf67b70a477a6cd8a0d7f3da658fe4301fac4fd92ec462a2b326c7fef1/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/2b458daf67b70a477a6cd8a0d7f3da658fe4301fac4fd92ec462a2b326c7fef1?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Chinese fast fashion brand to take over mega Hong Kong H&amp;M store</h3>
<div class="lb-trans"><h3>中国快时尚品牌将接管香港大型 H&amp;M 商店</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8224b43ba0261b8646833b25866c2aa2c837d50c6e9ebec8e6d3f0b80cff1be1/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/8224b43ba0261b8646833b25866c2aa2c837d50c6e9ebec8e6d3f0b80cff1be1?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China luxury market forecast to rebound in 2026: Bain</h3>
<div class="lb-trans"><h3>中国奢侈品市场预计将在 2026 年反弹：贝恩</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/eafda1d2b32fdc096c89274fe1a41a1b8443db5b9c1cb59c70d5009ac8e5321e/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/eafda1d2b32fdc096c89274fe1a41a1b8443db5b9c1cb59c70d5009ac8e5321e?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>The collectibles market is cooling. What remains a good bet?</h3>
<div class="lb-trans"><h3>收藏品市场正在降温。什么仍然是一个好的投资？</h3>
</div><p>The Coach and Michael Kors veteran lowered prices, cut jobs and returned mannequins to the store floor to make Burberry accessible and affordable to more shoppers.</p>
<div class="lb-trans"><p>这位曾在 Coach 和 Michael Kors 工作的老将降低了价格，裁减了员工，并将模特重新放回商店，以使博柏利对更多消费者变得可及和实惠。</p>
</div><p>The China market is key to the strategy, and the brand has invested in marketing campaigns including with celebrity ambassadors like actor Wu Lei. Sales grew 10 per cent in the greater China region in the fourth quarter.</p>
<div class="lb-trans"><p>中国市场是该战略的关键，品牌已投资于包括与明星代言人吴磊的营销活动。第四季度大中华区的销售增长了 10%。</p>
</div><p>Sales in the region that includes Europe and the Middle East fell 2 per cent in the fourth quarter, hurt by the war in Iran as fewer tourists shopped in stores.</p>
<div class="lb-trans"><p>包括欧洲和中东在内的地区第四季度销售下降了 2%，受到伊朗战争的影响，游客在商店购物的人数减少。</p>
</div><p>The impact of the conflict is “quite localised,” Schulman told reporters on a call, adding that the Middle East accounts for 2 per cent of Burberry’s sales. Even so, the company is “mindful” of the wider consumer environment, he said.</p>
<div class="lb-trans"><p>舒尔曼在一次电话会议上告诉记者，冲突的影响 “相当局部”，中东地区占博柏利销售的 2%。尽管如此，他表示公司 “关注” 更广泛的消费环境。</p>
</div><p>Burberry’s progress may not be “developing as fast as some of the bulls would have hoped for,” JPMorgan analyst Chiara Battistini said in a note, adding that performance in some regions remained muted.</p>
<div class="lb-trans"><p>摩根大通分析师基亚拉·巴蒂斯蒂尼在一份报告中表示，博柏利的进展可能没有 “像一些乐观者希望的那样快速发展”，并补充说某些地区的表现仍然低迷。</p>
</div><p><strong>Trench coats</strong></p>
<div class="lb-trans"><p><strong>风衣</strong></p>
</div><p>Chief financial officer Kate Ferry told reporters Burberry is confident of making progress on sales and margin growth, and said the analyst consensus “is in a reasonable place,” without specifying.</p>
<div class="lb-trans"><p>首席财务官凯特·费里告诉记者，博柏利对销售和利润增长的进展充满信心，并表示分析师的共识 “处于合理水平”，但未具体说明。</p>
</div><p>Under Schulman, the company has moved away from trying to sell a signature handbag, something Burberry designer Daniel Lee was known for at fashion houses like Bottega Veneta. His recent London Fashion Week collection featured variations of trench coats and tartan patterns in leathers and furs.</p>
<div class="lb-trans"><p>在舒尔曼的领导下，公司已不再试图销售标志性手袋，这正是博柏利设计师丹尼尔·李在 Bottega Veneta 等时尚品牌中所知名的。他最近在伦敦时装周的系列展示了风衣和格子图案的皮革和毛皮变体。</p>
</div><p>Jackson is best known for helping to build the fortunes of Bridgepoint, which owns fast-food chain Itsu and the Moto GP motorcycle racing series. He spearheaded some of its biggest deals, including buying a majority stake in Pret A Manger in 2008. He chaired Pret as the chain rapidly expanded before the sale to JAB Holdings in 2018.</p>
<div class="lb-trans"><p>杰克逊以帮助建立 Bridgepoint 的财富而闻名，该公司拥有快餐连锁店 Itsu 和 Moto GP 摩托车赛事。他主导了其中一些最大的交易，包括在 2008 年收购 Pret A Manger 的多数股权。他在连锁店快速扩张期间担任 Pret 的董事长，直到 2018 年出售给 JAB Holdings。</p>
</div><p>Jackson has previously been on the board of property company British Land and housebuilder Berkeley Group Holdings. He is currently a non-executive director of IFM Investors and chair of the Lawn Tennis Association. BLOOMBERG</p>
<div class="lb-trans"><p>杰克逊曾在房地产公司 British Land 和建筑公司 Berkeley Group Holdings 的董事会任职。他目前是 IFM Investors 的非执行董事和草地网球协会的主席。彭博社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。在此注册以获取解码亚洲通讯，送达您的邮箱，免费。</p>
</div>

巴宝莉在销售增长后，其谨慎的前景令人失望