<p>博柏利集團讓投資者失望，因為這家英國奢侈品牌對本財年的前景表示謹慎，並警告地緣政治和經濟不確定性可能會影響消費者信心。</p>
<p>這家以格子圍巾和風衣聞名的公司未能提供詳細的目標，只表示在中東衝突影響該地區銷售的情況下，儘管同店銷售在第四季度增長超出預期，但勢頭將繼續。</p>
<p>博柏利還表示，私募股權公司 Bridgepoint Group 的創始人威廉·傑克遜將在傑瑞·墨菲於 11 月退休時接任董事長。</p>
<p>博柏利的股價在倫敦早盤交易中下跌了最多 6.7%，是自 9 月份以來的最大單日跌幅，隨後收窄了大部分跌幅。截至週三收盤，今年股價下跌了 8.4%。</p>
<p>這種保守的語氣與首席執行官約書亞·舒爾曼的業績結果形成對比，表明他的轉型開始見效。</p>
<p>截至 3 月 28 日的 12 個月內，同店銷售恢復增長，儘管 2% 的增幅略低於分析師預期，但公司的調整後營業利潤超出預期。</p>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察，送達您的郵箱。</p>
<p>“博柏利完全認識到轉型仍處於早期階段，當然時尚行業可能是一個變化無常的行業，” Interactive Investor 的市場負責人理查德·亨特在一份報告中表示。</p>
<p><strong>戰略轉變</strong></p>
<p>自 2024 年接任以來，舒爾曼已停止了其前任推動品牌向高端市場發展的努力，因為銷售大幅下滑。</p>
<p>另見</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>中國快時尚品牌將接管香港大型 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>中國奢侈品市場預計將在 2026 年反彈：貝恩</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>收藏品市場正在降温。什麼仍然是一個好的投資？</h3>
<p>這位曾在 Coach 和 Michael Kors 工作的老將降低了價格，裁減了員工，並將模特重新放回商店，以使博柏利對更多消費者變得可及和實惠。</p>
<p>中國市場是該戰略的關鍵，品牌已投資於包括與明星代言人吳磊的營銷活動。第四季度大中華區的銷售增長了 10%。</p>
<p>包括歐洲和中東在內的地區第四季度銷售下降了 2%，受到伊朗戰爭的影響，遊客在商店購物的人數減少。</p>
<p>舒爾曼在一次電話會議上告訴記者，衝突的影響 “相當局部”，中東地區佔博柏利銷售的 2%。儘管如此，他表示公司 “關注” 更廣泛的消費環境。</p>
<p>摩根大通分析師基亞拉·巴蒂斯蒂尼在一份報告中表示，博柏利的進展可能沒有 “像一些樂觀者希望的那樣快速發展”，並補充説某些地區的表現仍然低迷。</p>
<p><strong>風衣</strong></p>
<p>首席財務官凱特·費裏告訴記者，博柏利對銷售和利潤增長的進展充滿信心，並表示分析師的共識 “處於合理水平”，但未具體説明。</p>
<p>在舒爾曼的領導下，公司已不再試圖銷售標誌性手袋，這正是博柏利設計師丹尼爾·李在 Bottega Veneta 等時尚品牌中所知名的。他最近在倫敦時裝週的系列展示了風衣和格子圖案的皮革和毛皮變體。</p>
<p>傑克遜以幫助建立 Bridgepoint 的財富而聞名，該公司擁有快餐連鎖店 Itsu 和 Moto GP 摩托車賽事。他主導了其中一些最大的交易，包括在 2008 年收購 Pret A Manger 的多數股權。他在連鎖店快速擴張期間擔任 Pret 的董事長，直到 2018 年出售給 JAB Holdings。</p>
<p>傑克遜曾在房地產公司 British Land 和建築公司 Berkeley Group Holdings 的董事會任職。他目前是 IFM Investors 的非執行董事和草地網球協會的主席。彭博社</p>
<p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。在此註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>

博柏利

巴寶莉(ADR)

零售業 ETF - VanEck Vectors

標普零售指數 ETF - SPDR

KLXY

<p>博柏利集團對投資者的展望感到失望，因其對財政年度的前景持謹慎態度，指出地緣政治和經濟不確定性影響了消費者信心。儘管第四季度同店銷售有所增長，但股價在早盤交易中下跌了 6.7%。首席執行官 Joshua Schulman 的轉型努力取得了一些成功，但公司仍然保持謹慎。William Jackson 將在 11 月接替 Gerry Murphy 擔任董事長。大中華區的銷售增長了 10%，而中東和歐洲由於地區衝突則下降了 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>博柏利集團讓投資者失望，因為這家英國奢侈品牌對本財年的前景表示謹慎，並警告地緣政治和經濟不確定性可能會影響消費者信心。</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>這家以格子圍巾和風衣聞名的公司未能提供詳細的目標，只表示在中東衝突影響該地區銷售的情況下，儘管同店銷售在第四季度增長超出預期，但勢頭將繼續。</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>博柏利還表示，私募股權公司 Bridgepoint Group 的創始人威廉·傑克遜將在傑瑞·墨菲於 11 月退休時接任董事長。</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>博柏利的股價在倫敦早盤交易中下跌了最多 6.7%，是自 9 月份以來的最大單日跌幅，隨後收窄了大部分跌幅。截至週三收盤，今年股價下跌了 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>這種保守的語氣與首席執行官約書亞·舒爾曼的業績結果形成對比，表明他的轉型開始見效。</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 個月內，同店銷售恢復增長，儘管 2% 的增幅略低於分析師預期，但公司的調整後營業利潤超出預期。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>獲取洞察，送達您的郵箱。</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>“博柏利完全認識到轉型仍處於早期階段，當然時尚行業可能是一個變化無常的行業，” Interactive Investor 的市場負責人理查德·亨特在一份報告中表示。</p>
</div><p><strong>Strategy shift</strong></p>
<div class="lb-trans"><p><strong>戰略轉變</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 年接任以來，舒爾曼已停止了其前任推動品牌向高端市場發展的努力，因為銷售大幅下滑。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>中國快時尚品牌將接管香港大型 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>中國奢侈品市場預計將在 2026 年反彈：貝恩</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>收藏品市場正在降温。什麼仍然是一個好的投資？</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>這位曾在 Coach 和 Michael Kors 工作的老將降低了價格，裁減了員工，並將模特重新放回商店，以使博柏利對更多消費者變得可及和實惠。</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>中國市場是該戰略的關鍵，品牌已投資於包括與明星代言人吳磊的營銷活動。第四季度大中華區的銷售增長了 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>包括歐洲和中東在內的地區第四季度銷售下降了 2%，受到伊朗戰爭的影響，遊客在商店購物的人數減少。</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>舒爾曼在一次電話會議上告訴記者，衝突的影響 “相當局部”，中東地區佔博柏利銷售的 2%。儘管如此，他表示公司 “關注” 更廣泛的消費環境。</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>摩根大通分析師基亞拉·巴蒂斯蒂尼在一份報告中表示，博柏利的進展可能沒有 “像一些樂觀者希望的那樣快速發展”，並補充説某些地區的表現仍然低迷。</p>
</div><p><strong>Trench coats</strong></p>
<div class="lb-trans"><p><strong>風衣</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>首席財務官凱特·費裏告訴記者，博柏利對銷售和利潤增長的進展充滿信心，並表示分析師的共識 “處於合理水平”，但未具體説明。</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>在舒爾曼的領導下，公司已不再試圖銷售標誌性手袋，這正是博柏利設計師丹尼爾·李在 Bottega Veneta 等時尚品牌中所知名的。他最近在倫敦時裝週的系列展示了風衣和格子圖案的皮革和毛皮變體。</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>傑克遜以幫助建立 Bridgepoint 的財富而聞名，該公司擁有快餐連鎖店 Itsu 和 Moto GP 摩托車賽事。他主導了其中一些最大的交易，包括在 2008 年收購 Pret A Manger 的多數股權。他在連鎖店快速擴張期間擔任 Pret 的董事長，直到 2018 年出售給 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>傑克遜曾在房地產公司 British Land 和建築公司 Berkeley Group Holdings 的董事會任職。他目前是 IFM Investors 的非執行董事和草地網球協會的主席。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>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。在此註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>
</div>

巴寶莉在銷售增長後，其謹慎的前景令人失望