<p>在最新的米蘭時裝週上，只有一場秀引起了關注。在經歷了數月的期待和多年的危機管理後，傳奇意大利奢侈品牌 Gucci 帶着噴塗緊身牛仔褲和無縫迷你裙走上了 T 台，試圖重新塑造其品牌形象。這一最新舉措對 Gucci 及其母公司 Kering 至關重要，因為其運營利潤在兩年內下降了三分之二。但這也是整個行業面臨的關鍵時刻。多年來，奢侈品行業一直是歐洲表現最好的領域之一，但在疫情後的繁榮轉為低迷後，正努力重新找到方向。當 Gucci 的首批模特在 Palazzo delle Scintille 以繃帶裙、印有品牌標誌的緊身褲和低腰裸背服裝走下 T 台時，現場發出了一陣驚歎聲。這真的是解決這一行業最大品牌之一困境的答案嗎？如今，隨着該行業試圖提升其吸引力以應對不斷變化的市場、放緩的中國需求和文化影響力的減弱，伊朗戰爭的經濟後果進一步加深了其挑戰。“在二月和三月初，我感覺很好——現在誰知道會發生什麼？” 一位奢侈品行業的首席執行官説道，他擔心戰爭將如何改變客户的購物習慣，他們更關心的是淨資產而非水電費。“中東的影響不僅僅是那裏的收入，而是信心、通貨膨脹、利率……末日情景是如果這場戰爭持續或惡化……一旦開始影響到客户的資產負債表。” 在二月 Gucci 的米蘭秀後，來自汽車行業的 Kering 首席執行官 Luca de Meo 承認他的集團面臨漫長的道路，他表示集團剛剛 “開始一條道路”，但 “走在正確的方向上”。投資者似乎缺乏他的信心。上週，Kering 的股價下跌，其競爭對手 LVMH 和 Hermes 的股價也隨之下跌，因為三家公司均報告稱伊朗衝突影響了它們第一季度的收入。隨着伊朗導彈襲擊迪拜的酒店並關閉中東的機場，旅遊和購物急劇下降，尤其是在阿聯酋，這裏是奢侈品銷售的熱點。根據花旗的數據，今年三月往返中東的國際航班減少了三分之二，影響了全球知名的奢侈品零售機場的銷售。今年迄今為止，九家領先的歐洲奢侈品股票的市值至少損失了 1400 億歐元（1645.5 億美元；2093.7 億新元），這對一個在本十年上半段表現良好的行業來説是一次沉重打擊，當時 LVMH 是歐洲最有價值的公司。雖然有復甦的跡象，但專家們一致認為，該行業的問題遠比戰爭造成的干擾更為深刻。“消費者信心依然疲軟，行業尚未完成其功課：從創意更新到糾正過高定價，以及縮減各類和地區的過度擴張，” 智庫 FashionSights 的創始人 Achim Berg 表示。“許多奢侈品決策者根本沒有預期到 2026 年會復甦。現在的風險是伊朗戰爭成為一個方便的藉口——或者説是遮羞布。” 奢侈品行業在 2019 年至 2023 年間迅速擴張，但在衝突開始之前，已經面臨一些嚴峻的現實。曾經花費數百億美元購買奢侈品的中產階級消費者在 COVID 時代的儲蓄和失業補助用盡、生活成本上升後開始收縮。根據貝恩的一份報告，2022 年至 2024 年間，約有 5000 萬奢侈品消費者退出市場，其中大多數是因價格飆升而感到被拋在後面的追求者。“現實是，在疫情期間，數百萬本不應成為奢侈品客户的人第一次購買了這些公司的商品，” 一位行業投資者表示。“他們中的大多數可能不會再回來了。” 行業高管表示，儘管近期波動加劇，但長期基本面依然穩固。根據麥肯錫的數據，在 2020 年前的二十年裏，該行業的年均增長率約為 5%。Kering 戰略負責人 Joel Hazan 表示：“沒有什麼能讓我們認為，長期來看，對優質商品的需求在下降——世界上財富在增加，而不是減少。”“這真的是一個供給驅動的市場。當你有好東西時，人們就想要。” 但過去幾年對許多人來説仍然是一次嚴酷的覺醒。在需求激增的推動下，尤其是來自中國消費者的需求，許多品牌大幅提高價格以加速增長。這在幾年內效果很好，但最終使除了最富有的消費者外，所有人都感到疏遠。滙豐的數據表明，自 2019 年以來，歐洲奢侈品的平均價格大約上漲了一半。根據伯恩斯坦的估計，品牌通常在其商品的生產成本上加價八到十二倍。尤其是中國市場，作為增長的動力，受到疫情後相對疲弱消費的影響。儘管 LVMH 本週報告稱其在中國的季度業績為三年來最佳，但中國對奢侈品的消費仍然脆弱，反映了對經濟的情緒。消費者變得更加挑剔。當 Kering 的 de Meo 制定轉型計劃時，他承認需要重建品牌在全球第二大經濟體的聲譽。“中國曾被視為一個垃圾桶，Gucci 在這裏尋求輕鬆增長，” 他説。相反，他補充道，該國 “正在成為一個非常成熟的奢侈品市場，對好壞的判斷非常挑剔”。Kering 還在投資中國羊絨品牌 Icicle 的母公司，因為本土奢侈品牌在該國的時尚界獲得了關注。“我們想了解那裏的情況，” de Meo 補充道。“我知道忽視中國的創新能力意味着什麼，來自汽車行業。在這裏的高管們在理解中國汽車工業的強大之前，已經為時已晚。” 該行業還遭受了聲譽的更廣泛打擊。在過去兩年中，米蘭檢察官對意大利奢侈品供應鏈中涉嫌勞動濫用的調查削弱了該行業的主要賣點之一：即高昂的價格是由卓越的工藝和嚴格的監督所證明的。在一項現已結束的程序中，包括 Dior、Armani、Valentino 和 Loro Piana 在內的頂級品牌被置於法院指定的管理者之下，以清理其供應鏈。這些品牌表示他們對這些做法毫不知情，並迅速與官員合作。Loro Piana 在 4 月 17 日（星期五）表示，在過去兩年中，他們在其網絡中進行了數千次審計，並因此終止了與 100 多家供應商和分包商的合同——這些行動使米蘭法院稱讚其 “良性路徑” 和 “承諾”。同樣，Prada 集團——未參與調查——今年告訴《金融時報》，近年來進行了數千次審計，導致數百次終止。但這些案例同樣留下了痕跡。“這場醜聞可能在司法上影響有限，但它給行業帶來了陰影，消費者所售賣的形象是否與奢侈品的生產現實相符，” 一位在米蘭的品牌顧問在匿名的情況下表示。一些集團希望從該行業近期的動盪中受益。倫敦高端百貨商店 Harrods 表示，它正在為一個豐收的夏季做準備，因為中東客户遷移到英國。意大利珠寶商 Ferri Firenze 表示，其在卡塔爾 Place Vendome 購物中心的快閃店與當地客户的表現非常好，儘管遊客減少，但已延長了三次營業時間。在過去三年中，精美珠寶依然保持韌性，受到美國消費者對 Cartier Love 手鍊和 Van Cleef &amp; Arpels 的 Alhambra 系列珠寶的需求推動。LVMH 的首席財務官 Cecile Cabanis 本週表示，儘管中東需求仍然 “非常低”，但她預計支出將在其他地方反彈。“財富並沒有蒸發，” 她補充道。一些品牌，如 Hermes，在定價政策上比競爭對手更為一致——某些手袋款式的起價為 10,000 歐元——因此需要調整其戰略的程度較小。其他品牌，如 Chanel，之前因價格上漲而受到廣泛批評，現在也開始提供價格在 1,000 到 3,000 歐元之間的新產品——這一價格區間的較低端，包括較小的皮革製品和簡單的手袋。即使是那些捲入意大利對供應鏈的打擊的主要品牌，如 Loro Piana 和 Valentino 的配飾部門，司法管理現已結束。這是奢侈品集團通過大規模重組設計師人才來恢復銷售的背景。Gucci 的二月秀是由格魯吉亞時裝設計師 Demna 主導的，他去年離開了 Balenciaga（也是 Kering 品牌）。幾乎所有其他大牌最近也都任命了新的創意總監，從 LVMH 的 Dior、Celine 和 Loewe 到 Chanel。目前，行業正處於緊張狀態，等待新鮮血液注入的結果。大多數系列在首次在 T 台上展示後大約六個月後開始銷售，這意味着許多新設計師對品牌的構想現在才進入商店。（二月秀中一系列 Gucci 的包、鞋和皮帶在秀後立即可供購買。）一些新設計師，如 Chanel 的 Matthieu Blazy，已經取得了成功。社交媒體上描繪的長隊和售罄的鞋子和包款使這傢俬營法國奢侈品牌成為許多同行的羨慕對象。LVMH 表示，Jonathan Anderson 為 Dior 設計的新系列受到客户的好評。對於其他品牌，儘管高管們對更快的增長愈發不耐煩，但反響卻更加平淡。在 Gucci 秀後，de Meo 明確表示，在品牌被迫適應新常態的時刻，誰掌握着行業的命運。“是的，” 他説，“客户將會做出判斷。”</p>

開雲(ADR)

KLXY

中國消費者指數 ETF - GlobalX

<p>奢侈品牌，特別是古馳及其母公司開雲，正面臨重大挑戰，因為疫情後的繁榮正在消退。古馳最近在米蘭時裝週的秀旨在重新塑造品牌形象，儘管其運營利潤在兩年內下降了三分之二。奢侈品行業正受到中國需求放緩、通貨膨脹以及伊朗戰爭的經濟影響的困擾，這嚴重影響了中東地區的旅遊和購物。儘管有一些復甦的跡象，但專家警告消費者信心依然疲弱，許多奢侈品消費者因成本上升而退出市場</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>在最新的米蘭時裝週上，只有一場秀引起了關注。在經歷了數月的期待和多年的危機管理後，傳奇意大利奢侈品牌 Gucci 帶着噴塗緊身牛仔褲和無縫迷你裙走上了 T 台，試圖重新塑造其品牌形象。這一最新舉措對 Gucci 及其母公司 Kering 至關重要，因為其運營利潤在兩年內下降了三分之二。但這也是整個行業面臨的關鍵時刻。多年來，奢侈品行業一直是歐洲表現最好的領域之一，但在疫情後的繁榮轉為低迷後，正努力重新找到方向。當 Gucci 的首批模特在 Palazzo delle Scintille 以繃帶裙、印有品牌標誌的緊身褲和低腰裸背服裝走下 T 台時，現場發出了一陣驚歎聲。這真的是解決這一行業最大品牌之一困境的答案嗎？如今，隨着該行業試圖提升其吸引力以應對不斷變化的市場、放緩的中國需求和文化影響力的減弱，伊朗戰爭的經濟後果進一步加深了其挑戰。“在二月和三月初，我感覺很好——現在誰知道會發生什麼？” 一位奢侈品行業的首席執行官説道，他擔心戰爭將如何改變客户的購物習慣，他們更關心的是淨資產而非水電費。“中東的影響不僅僅是那裏的收入，而是信心、通貨膨脹、利率……末日情景是如果這場戰爭持續或惡化……一旦開始影響到客户的資產負債表。” 在二月 Gucci 的米蘭秀後，來自汽車行業的 Kering 首席執行官 Luca de Meo 承認他的集團面臨漫長的道路，他表示集團剛剛 “開始一條道路”，但 “走在正確的方向上”。投資者似乎缺乏他的信心。上週，Kering 的股價下跌，其競爭對手 LVMH 和 Hermes 的股價也隨之下跌，因為三家公司均報告稱伊朗衝突影響了它們第一季度的收入。隨着伊朗導彈襲擊迪拜的酒店並關閉中東的機場，旅遊和購物急劇下降，尤其是在阿聯酋，這裏是奢侈品銷售的熱點。根據花旗的數據，今年三月往返中東的國際航班減少了三分之二，影響了全球知名的奢侈品零售機場的銷售。今年迄今為止，九家領先的歐洲奢侈品股票的市值至少損失了 1400 億歐元（1645.5 億美元；2093.7 億新元），這對一個在本十年上半段表現良好的行業來説是一次沉重打擊，當時 LVMH 是歐洲最有價值的公司。雖然有復甦的跡象，但專家們一致認為，該行業的問題遠比戰爭造成的干擾更為深刻。“消費者信心依然疲軟，行業尚未完成其功課：從創意更新到糾正過高定價，以及縮減各類和地區的過度擴張，” 智庫 FashionSights 的創始人 Achim Berg 表示。“許多奢侈品決策者根本沒有預期到 2026 年會復甦。現在的風險是伊朗戰爭成為一個方便的藉口——或者説是遮羞布。” 奢侈品行業在 2019 年至 2023 年間迅速擴張，但在衝突開始之前，已經面臨一些嚴峻的現實。曾經花費數百億美元購買奢侈品的中產階級消費者在 COVID 時代的儲蓄和失業補助用盡、生活成本上升後開始收縮。根據貝恩的一份報告，2022 年至 2024 年間，約有 5000 萬奢侈品消費者退出市場，其中大多數是因價格飆升而感到被拋在後面的追求者。“現實是，在疫情期間，數百萬本不應成為奢侈品客户的人第一次購買了這些公司的商品，” 一位行業投資者表示。“他們中的大多數可能不會再回來了。” 行業高管表示，儘管近期波動加劇，但長期基本面依然穩固。根據麥肯錫的數據，在 2020 年前的二十年裏，該行業的年均增長率約為 5%。Kering 戰略負責人 Joel Hazan 表示：“沒有什麼能讓我們認為，長期來看，對優質商品的需求在下降——世界上財富在增加，而不是減少。”“這真的是一個供給驅動的市場。當你有好東西時，人們就想要。” 但過去幾年對許多人來説仍然是一次嚴酷的覺醒。在需求激增的推動下，尤其是來自中國消費者的需求，許多品牌大幅提高價格以加速增長。這在幾年內效果很好，但最終使除了最富有的消費者外，所有人都感到疏遠。滙豐的數據表明，自 2019 年以來，歐洲奢侈品的平均價格大約上漲了一半。根據伯恩斯坦的估計，品牌通常在其商品的生產成本上加價八到十二倍。尤其是中國市場，作為增長的動力，受到疫情後相對疲弱消費的影響。儘管 LVMH 本週報告稱其在中國的季度業績為三年來最佳，但中國對奢侈品的消費仍然脆弱，反映了對經濟的情緒。消費者變得更加挑剔。當 Kering 的 de Meo 制定轉型計劃時，他承認需要重建品牌在全球第二大經濟體的聲譽。“中國曾被視為一個垃圾桶，Gucci 在這裏尋求輕鬆增長，” 他説。相反，他補充道，該國 “正在成為一個非常成熟的奢侈品市場，對好壞的判斷非常挑剔”。Kering 還在投資中國羊絨品牌 Icicle 的母公司，因為本土奢侈品牌在該國的時尚界獲得了關注。“我們想了解那裏的情況，” de Meo 補充道。“我知道忽視中國的創新能力意味着什麼，來自汽車行業。在這裏的高管們在理解中國汽車工業的強大之前，已經為時已晚。” 該行業還遭受了聲譽的更廣泛打擊。在過去兩年中，米蘭檢察官對意大利奢侈品供應鏈中涉嫌勞動濫用的調查削弱了該行業的主要賣點之一：即高昂的價格是由卓越的工藝和嚴格的監督所證明的。在一項現已結束的程序中，包括 Dior、Armani、Valentino 和 Loro Piana 在內的頂級品牌被置於法院指定的管理者之下，以清理其供應鏈。這些品牌表示他們對這些做法毫不知情，並迅速與官員合作。Loro Piana 在 4 月 17 日（星期五）表示，在過去兩年中，他們在其網絡中進行了數千次審計，並因此終止了與 100 多家供應商和分包商的合同——這些行動使米蘭法院稱讚其 “良性路徑” 和 “承諾”。同樣，Prada 集團——未參與調查——今年告訴《金融時報》，近年來進行了數千次審計，導致數百次終止。但這些案例同樣留下了痕跡。“這場醜聞可能在司法上影響有限，但它給行業帶來了陰影，消費者所售賣的形象是否與奢侈品的生產現實相符，” 一位在米蘭的品牌顧問在匿名的情況下表示。一些集團希望從該行業近期的動盪中受益。倫敦高端百貨商店 Harrods 表示，它正在為一個豐收的夏季做準備，因為中東客户遷移到英國。意大利珠寶商 Ferri Firenze 表示，其在卡塔爾 Place Vendome 購物中心的快閃店與當地客户的表現非常好，儘管遊客減少，但已延長了三次營業時間。在過去三年中，精美珠寶依然保持韌性，受到美國消費者對 Cartier Love 手鍊和 Van Cleef &amp; Arpels 的 Alhambra 系列珠寶的需求推動。LVMH 的首席財務官 Cecile Cabanis 本週表示，儘管中東需求仍然 “非常低”，但她預計支出將在其他地方反彈。“財富並沒有蒸發，” 她補充道。一些品牌，如 Hermes，在定價政策上比競爭對手更為一致——某些手袋款式的起價為 10,000 歐元——因此需要調整其戰略的程度較小。其他品牌，如 Chanel，之前因價格上漲而受到廣泛批評，現在也開始提供價格在 1,000 到 3,000 歐元之間的新產品——這一價格區間的較低端，包括較小的皮革製品和簡單的手袋。即使是那些捲入意大利對供應鏈的打擊的主要品牌，如 Loro Piana 和 Valentino 的配飾部門，司法管理現已結束。這是奢侈品集團通過大規模重組設計師人才來恢復銷售的背景。Gucci 的二月秀是由格魯吉亞時裝設計師 Demna 主導的，他去年離開了 Balenciaga（也是 Kering 品牌）。幾乎所有其他大牌最近也都任命了新的創意總監，從 LVMH 的 Dior、Celine 和 Loewe 到 Chanel。目前，行業正處於緊張狀態，等待新鮮血液注入的結果。大多數系列在首次在 T 台上展示後大約六個月後開始銷售，這意味着許多新設計師對品牌的構想現在才進入商店。（二月秀中一系列 Gucci 的包、鞋和皮帶在秀後立即可供購買。）一些新設計師，如 Chanel 的 Matthieu Blazy，已經取得了成功。社交媒體上描繪的長隊和售罄的鞋子和包款使這傢俬營法國奢侈品牌成為許多同行的羨慕對象。LVMH 表示，Jonathan Anderson 為 Dior 設計的新系列受到客户的好評。對於其他品牌，儘管高管們對更快的增長愈發不耐煩，但反響卻更加平淡。在 Gucci 秀後，de Meo 明確表示，在品牌被迫適應新常態的時刻，誰掌握着行業的命運。“是的，” 他説，“客户將會做出判斷。”</p>
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隨着疫情後繁榮的消退，奢侈品牌正面臨壓力