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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
婚前试爱军长别使坏,清凉尽显夏日风情与青春气息。透视心灵
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婚前试爱军长别使坏,清凉尽显夏日风情与青春气息。透视心灵

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近日,意大利奢侈品巨头普拉达(Prada)宣布与CapriHoldings达成协议,以13.75亿美元(约合人民币100.57亿元)的价格收购范思哲(Versace)100%股权,预计该交易将于2025年下半年完成。

据悉,这不仅是普拉达成立112年来的最大一笔收购,也是意大利时尚产业近年来最大规模的战略整合。面对全球经济动荡与行业增速放缓,此举被认为是奢侈品行业在低增长时代的一次重要战略调整,更是意大利奢侈品牌对抗LVMH集团、开云集团等超级巨头的战略防御。究竟此次双奢“强强联合”能否改写全球奢侈品行业格局,颇令人期待。

作为范思哲的前东家,Capri集团的财务困境或是促成此次交易的最大原因。因过度扩张,Capri集团近年深陷债务“泥沼”,2025财年前三季度净亏损5.35亿美元,负债规模超40亿美元。

此次收购价格较2018年Capri集团收购范思哲时的21.5亿美元缩水近三分之一,亦从一个侧面反映出Capri集团业绩低迷欲抛售止损。而这一操作恰好为普拉达创造了低成本“抄底”的良机。

从业绩来看,范思哲被Capri集团收购后,因设计定位模糊、过度打折等问题陷入颓势,2024财年营收同比下滑6.9%,利润率仅0.4%;2025年前三季度净亏损达4100万美元。然而,其全球品牌认知度、成衣业务年销售额超8亿美元的潜力,以及欧美市场的高端客群基础,仍具战略价值。

相比之下,普拉达近年来凭借MiuMiu品牌的年轻化策略和数字化布局,实现了业绩的逆势增长。数据显示,2024财年MiuMiu零售额同步增长93.2%,创下历史新高。在此带动下,2024财年普拉达营收同比增长17%至54.32亿欧元,净利润同比增长25%至8.39亿欧元。

这也是普拉达连续第4年实现业绩双位数增长,其增速明显超过LVMH、开云集团和爱马仕的同期表现,亦令普拉达有望跻身全球头部奢侈品集团。

财报显示,LVMH2024财年实现营收846.83亿欧元,同比下降2%;开云集团2024财年实现营收171.94亿欧元,同比下降12%;爱马仕2024财年实现营收152亿欧元,同比增长13%。而普拉达在收购范思哲后,年营收有望将突破65亿欧元,进一步缩小差距。

根据麦肯锡的预测,从2025年到2027年,奢侈品市场的年增速将从此前的8%~12%下降至2%~4%。在此背景下,普拉达的收购更被不少人认为是对抗LVMH、开云等巨头垄断的重要举措。

一方面,范思哲标志性的巴洛克美学与普拉达的极简风格形成互补,有望覆盖更广泛的消费群体,尤其是年轻一代和新兴市场。比如,范思哲的“社交基因”可帮助普拉达突破“高冷”形象,通过短视频、直播等形式触达“Z世代”。

另一方面,普拉达的高端定位也将提升范思哲的品牌溢价,特别是在亚洲市场形成“高低搭配”格局,帮助范思哲在薄弱的中国二、三线城市加速渗透。作为普拉达的第一大市场,2024财年中国市场约贡献16.04亿欧元的零售销售额,同比增长13.1%。范思哲在中国市场的表现则相对薄弱,普拉达的收购或将通过资源整合和品牌协同效应,进一步扩大其在中国市场的影响力。

不过值得关注的是,为筹措15亿欧元资金,普拉达采取高杠杆策略,以10亿欧元定期贷款和5亿欧元过渡性贷款的方式进行融资。这也导致市场对此反应不一,因为这场并购不单单是两种意式美学的交锋,还面临品牌整合、市场调性及美国加征所谓“对等关税”等多重挑战,再加之普拉达此前收购HelmutLang、JilSander等失败案例,也令其此次收购备受关注。

有分析师指出,若在两年内不能实现范思哲利润转正,或许此次交易将成为普拉达未来的负担。

婚前试爱军长别使坏,清凉尽显夏日风情与青春气息。透视心灵的相关文章 FF定于5月召开年度股东大会的相关文章
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