奢侈品零售：投资放纵.pdf

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1、Source:$815.46B$430.99B$252.45B$290.34B$157.31BThe“Wealth”EffectSource:The Business of Fashion(BOF)What drove the Exception Growth 2019-2023?Source:McKinseySource:Bloomberg,Re-HubSource:Substack Matteo AzzolinicAlessandro Michele2015-2022Sabato De Sarno2023-2025(Feb)1.315.25.43.184.717.321.417.22.92

2、2%19%17%15%10%9%9%-1%-2%-5%0%5%10%15%20%25%0.010.020.030.040.050.060.070.080.090.0BrunelloCucinelliHermesPradaMonclerLVMHChanelRichemontKeringBurberryFY24 Revenue(EUR bn)3 Year CAGR*Private companySource:Company disclosures*YoY Revenue GrowthNote:MC:LVMH;RMS:Hermes;KER:Kering;CFR:Richemont;MONC:Monc

3、ler;BC:Brunello Cucinelli;BRBY:Burberry Anti-Laws of LuxuryDoes your product have enough flaws?FunctionalityPriceSource:Latico LeatherSource:Judith LeiberForget about positioning,luxury is not comparativeDont respond to rising demandThe Perils of Ignoring the Scarcity Principle0200400600800100012001

4、4002009201020112012201320142015 2016 2017 20182019202020212022202320242025Micheal Kors vs.Hermes Indexed Sales(2009=100)Michael KorsHermesSource:Company disclosuresMake it difficult for clients to buySource:Madison Avenue CoutureBirkin 25 Togo 8,950Mini Kelly 20 Matte Gator 30,000Protect clients fro

5、m non-clients,the big from the smallDont pander to your customers wishesThere are 2 ways to go bankrupt:Not listening to your client,but also listening to them too muchCommunicate to those whom you are not sellingLuxury has two value facets:Luxury for oneselfLuxury for othersThe presumed price shoul

6、d always seem higher that the actual priceRaise your prices as time goes on in order to increase demandKeep stars out of your advertisingDont relocate your factoriesMCap:246.6BnMulti Brand Revenue:82.8bn Operating Margins:21.6%Net Profit:10.9bn ROCE:15.7%P/E:22.5 MCap:214.3BnSingle Brand Revenue:15.