Dior把彩虹收進最新戒指、手環與手錶之中！Gem Dior系列2021年實品細節與售價一次看（附影片

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太美！Dior 延伸自既有的 Gem Dior 系列，以彩虹般的豐富色調彩寶和刻意不對稱造型為兩大主力元素，推出11款全新珠寶與七件腕錶設計。

byKate Tu - 02 MAR 2021 更新

Text/Kate Photo/Dior

Dior迪奧珠寶早先在2019年推出Gem Dior 系列，在當時被賦予品牌創立高級珠寶部門滿20週年的紀念之作大任。迎來2021嶄新一年，Dior 延伸自既有的 Gem Dior 系列，推出11款全新珠寶與七件腕錶設計。

Chanel Boosts Prices Again, Sending Price Tags Up by 15 Percent or More for Certain Bags

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Chanel hiked up its prices twice during the pandemic. First, it tacked an increase of between 5 and 17 percent on certain bags in May 2020, citing a rise in the cost of certain raw materials and “the consequence of recent significant exchange rate fluctuations between the euro and certain local currencies.” The famed fashion brand followed this up with another 5 percent rise in October 2020 in line with a larger trend that has also seen some of its rivals, including Louis Vuitton, Dior, and Gucci, boosting price tags (and protecting margins) in the midst of the COVID-19 pandemic. Now, Chanel is making good on Philippe Blondiaux’s recent assertion that prices could go up again, with Chanel’s finance chief stating last month that another increase might follow from Chanel’s “policy of reviewing prices worldwide twice a year.”

The increases, which take effect on July 1, push the prices of styles like the Chanel 19 Small bag up by 10 percent. While on the more aggressive end of the spectrum, Chanel’s Classic Medium and Classic Jumbo Flap bags are set to increase in price by almost 15 percent to $7,800 and $8,500, respectively, whereas the Classic Maxi version will cost $9,200, which amounts to a 15 percent more.

Chanel’s enduring price hikes have prompted at least some consumers to balk, with the Korea Times stating on Wednesday that “some say they are not interested in buying Chanel products anymore citing the exorbitant price tags.” However, not all Chanel fans have reacted that way. “Others say they plan to do an ‘open run,’ which refers to customers lining up before opening hours to rush inside as soon as the store opens to grab the items they want,” according to the site’s Yoon Ja-young, who stated that “the number of people lining up in front of the Chanel store in downtown Seoul on Monday morning appeared to be as twice as long as usual,” after rumors of an impending price increase began to circulate.

The same was true back in May 2020 when consumers in China and South Korea lined up outside Chanel stores as soon as rumors of imminent price increases began to circulate on social media, per Reuters, which shed light on the risk that comes with consistent and substantial price rises, as – again – in that specific price-hike scenario, a certain portion of consumers said they would shun Chanel’s increasingly expensive offerings, presumably in favor of its competitors. Meanwhile, in the U.S., store associates told TFL that on the heels of the May 2020 increases, no shortage of consumers were put off by the price hikes, particularly as at least some were aware of – and thus, unprepared for – the higher prices.

Price increases for Chanel’s Medium Classic Flap Bag (source: TFL)

Still yet, there are other consumers who will likely continue to shell out on Chanel bags despite consistently inflating prices, particularly as wealthy shoppers across the globe have more money spend in light of enduring COVID-related travel restrictions and social limitations, activities that they would have otherwise dedicated cash to during pre-pandemic years. With international travel largely out of the question, Kim Yae-ri, a professor of Digital Marketing at Sejong Cyber University, told the Korea Times that “people seem to be turning more to luxury goods, which they see as symbols that represent their identity.” Luxury brands like Chanel are acutely aware of this, she says. “They know that people will continue to purchase their goods even if they raise the prices.”

But even if certain luxury names have been able to raise prices amid a global pandemic and even if consumers have been willing to pay accordingly, there may be a sticking point for even the most willing luxury shoppers, which prompts questions about how long this overarching push to raise price tags can go on for. Analyst Luca Solca addressed this potentially glaring issue in Bernstein’s “Untapped Price Increase Reservoir” report this past fall, stating that “experts fear that if prices continue to swell at this rate, luxury brands risk needing to implement ‘painful corrections,’ and simultaneously, [risk] eroding brand value in the process.”

As for the potential winners in Chanel’s price-hike scenario, Jefferies’ Flavio Cereda stated in a note on Thursday that the price rises “are good news for [Chanel’]s leather peers and in our view, particularly for Dior as the closest competitor,” as similarly-situated brands are now able to “either follow suit with their own price rises or [to] scoop up customers who may be priced out of Chanel bags.”

Also standing to gain as brands like Chanel boost the prices of their most coveted offerings: the growing number of luxury resale companies, including (but not limited to) the likes of Paris-based Vestiaire Collective and The RealReal in the U.S., the latter of which currently boasts a selection of upwards of 2,000 Chanel bags (all of which are available for “final sale” and thus, are “not returnable”), and which lists Chanel’s offerings as among those that maintain “top resale values.”

The robustness of the resale market does not mean that consumers will score super-striking deals for these bags even in a secondary-market capacity. In fact, the opposite appears to be true, particularly in light of the fact that Chanel has continued to buck the trend of luxury brands increasingly adopting e-commerce, and does not, itself, offer up its fashion and leather goods by way of the web. On The RealReal’s e-commerce site, for example, a Classic Medium Double Flap Bag with tags – which is labelled as a “Smart Investment” – is listed for $8,000; as of the time of writing, that bag was among a number of flap bags in consumers’ carts, potentially prompted by the Chanel price-rise news.

To put resale prices in perspective further: A 2021 pale pink Classic Medium Double Flap Bag with tags will similarly set consumers back consumers a cool $8,000, while a 2020 Classic Medium Double Flap Bag and a 2017 red Classic Medium Double Flap Bag in “very good” condition are among other not-brand-new bags commanding prices of $7,500 to more.

Such enduring resale demand almost certainly helps Chanel to successfully boost prices, as consumers, particularly those of the millennial ilk, have been known to be more willing to spend on bags (and other luxury goods, including watches) if they know that there is a thriving secondary market in place. At the same time, the burgeoning resale market also helps to explain Chanel’s meticulous watch of – and legal efforts in – this segment, which have included claims that resale companies are not only offering up counterfeit or otherwise infringing products but that they are looking to piggyback on the goodwill of the Chanel brand for their own gain without Chanel’s authorization and in ways that may be misleading to consumers.

LVMH - very strong first half

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No recommendation No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.

Half year revenue rose 53% to EUR28.7bn, on an organic basis. That reflects growth in all divisions, with a particularly strong performance coming from Watches & Jewelry [sic] and Fashion & Leather Goods.

Operating profits from continuing operations were EUR7.6bn compared to EUR1.7bn this time last year, when lockdowns resulted in store closures. The group said there’s been ‘‘sustained revenue growth in Asia and the United States and a gradual recovery in Europe’’.

An interim dividend of 3 Euros was announced.

The shares rose 1.7% following the announcement.

View the latest LVMH share price and how to deal

Our View

There’s a lot to like about LVMH.

Sales have recovered remarkably well, with revenues beating the market’s expectations by some margin. That’s an impressive feat given the world still isn’t back to normal yet, and let’s face it, the Louis Vuitton owner makes the kind of clothes that are made to be seen.

But therein lies its power. Premium brands, like the obvious one plus Christian Dior, TAG Heuer watches and Hennessy Cognac, mean the group’s products are often ‘‘must haves’’, and revenue is much stickier than for traditional retailers. It also helps that LVMH’s mega-wealthy customer base means it’s able to weather an economic downturn better than some. This demographic tends to be less sensitive to economic shocks or recessions, meaning spending should be more reliable if things take a turn for the worst.

And these impressive sales mean margins are faring better than we feared, especially in the key Fashion & Leather Goods division. We’d wondered if a planned ramp up in spending following the dips during COVID meant margins would suffer, but management seems to think the strong demand will keep margins inflated. That means profits should, in theory, come for the ride.

Adept management is a serious asset. The competency no doubt stems from the fact Bernard Arnault, CEO for the best part of five decades, is also a shareholder - his family owns 47.8% of the shares and controls 63.9% of the voting rights. He runs the business like he wants it to succeed over the long-term.

That’s not to say LVMH is home and dry. The group relies heavily on international travel, both in airports and among tourists splashing the cash while abroad. It’s unclear when this side of trading is expected to normalise, but it’s likely to act as a drag for some time.

Net debt levels are also a source of concern, debt now equals over 35% of the group’s equity. And that’s not counting the EUR14bn+ the group owes in store leases. This isn’t an immediate source of danger, but it is a figure that needs to start coming down - sooner rather than later. The balance sheet was stretched so LVMH could acquire jewellery giant Tiffany. So far that deal seems to be bearing fruit, after we - and even LVMH themselves - were dubious in the early stages of the pandemic. We’re pleased with the progress, but we need a longer run of positive numbers before we can give a firmer opinion.

Overall, we have faith in LVMH’s unrivalled stable of brands and more resilient customer base. We think LVMH can thrive over the long-term. But we would be remiss not to mention the valuation, which is some way above the ten year average. Investors should remember uncertainty remains in some areas, and the market will be sensitive to any disappointment.

LVMH key facts Price/Earnings ratio: 35.1

10 year average Price/Earnings ratio: 20.7

Prospective dividend yield (next 12 months): 1.2% All ratios are sourced from Refinitiv. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own - it’s important to understand the big picture.

Half year results (revenue figures are organic)

Fashion & Leather Goods,the group’s largest division, saw revenue rise 81% to EUR13.9bn. Compared to pre-pandemic levels, revenues were up 38%. Key brands including Louis Vuitton, Christian Dior and Celine did well. Operating margins rose 18.7 percentage points to 40.8%, and operating profit from continuing operations was EUR5.7bn, up from EUR1.8bn in 2020.

It was a different story in Selective Retailing,where revenue fell 25% compared to 2019, to EUR5.1bn. Against last year, revenues were up 12%. The group’s travel retail business, DFS, “continued to be impacted by the lack of recovery in international travel” but make up brand Sephora posted a “good” performance, and online sales are progressing. A strategic partnership was agreed with online retailer Zalando. The division recorded operating profit from continuing operations of EUR131m, which was an improvement on the EUR308m losses from last year, but still significantly behind 2019.

Watches & Jewellery saw operating margins rise from negative 1.3% to positive 19.7%, and operating profit from continuing operations was EUR794m, compared to a EUR17m loss in 2019. Excluding the positive effect from newly integrated Tiffany, profits would have been EUR455m. Revenue rose 71%, including a positive performance from key brands including Bvlgari.

There was a 37% revenue increase to EUR3.0bn in Perfumes & Cosmetics, although revenue is still down 3% compared to pre-pandemic times. Sales are being held back by reduced airport traffic, and the decision not to increase discounted or third party sales during the disruption. Operating profit from continuing operations rose just 1% on 2019 to EUR393m, but that was much better than the EUR30m loss posted this time last year. Dior perfume saw a “strong acceleration” in local markets in the period.

Wines & Spirits revenues rose 44% to EUR2.7bn, and operating profit was up 68% to EUR924m. Champagne and Hennessy cognac saw volumes increase 10% and 6% respectively, while sales in China rebounded.

Operating free cash flow swung from a EUR1.7bn outflow to a EUR5.3bn inflow as operating investment, which includes the purchase of property, plant and equipment, fell and operating profits rose. Net debt including money owed on store leases, stood at EUR31.3bn at the end of June 2021, up from EUR17.6bn at the start of the year. The increase is largely because of the Tiffany acquisition. Net financial debt, which strips out the effect of leases, is now equivalent to 35.8% of LVMH’s equity.

Find out more about LVMH shares including how to invest

This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Refinitiv. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.

This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information.

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