​Real luxury goods do not sell second-hand; only 50,000 yuan a week on Gaotu

Original link: https://www.latepost.com/news/dj_detail?id=1328

True luxury does not sell second-hand

Every once in a while, a new luxury brand officially endorses used goods. This month Balenciaga announced the launch of a resale program, partnering with the Reflaunt platform to help customers sell second-hand clothing and accessories.

Bain data predicts that the annual growth rate of second-hand luxury goods sales will be around 15% in the next five years. The fact that luxury goods can be resold many times also makes the second-hand luxury market more active than the general second-hand market.

At the same time, Hermès and Louis Vuitton clearly oppose official resale. Hermès CEO Axel Dumas said at the second-quarter earnings conference that the resale business will hit sales of new products. Chanel said it may crack down on “second-hand dealers” by restricting purchases.

The high premium of luxury goods mainly comes from the value created by brand power. Brands with strong brand power and a high proportion of classic revenue have higher price-raising ability, and they will maintain brand scarcity by raising prices for the same purpose. There are also distribution and limited editions.

They generally raise prices centrally at the beginning of the year, and then raise prices 1-2 times each. Louis Vuitton prefers to raise prices in a “small amount and many times”, and Hermes is basically fixed in January every year, with an increase of about 5%. Due to the depreciation of the euro this year, it is reported that Hermes is considering a second increase in European product prices. Chanel is raising prices three times in 2021.

In the first half of this year, Kering Group’s revenue increased by 23% year-on-year to 9.93 billion euros, Louis Vuitton’s parent company LVMH Group’s revenue was 36.729 billion euros, a year-on-year increase of 21%, and Hermes revenue increased by 23% year-on-year to 5.475 billion euros. Looking at the performance of the second quarter alone, Hermes’ sales rose 26% year-on-year to 2.71 billion euros, surpassing the 19% growth rate of LVMH’s fashion leather goods department and Gucci’s 4% growth rate.

Whether to sell second-hand or not has become an important indicator for testing the quality of luxury brands.

At present, the official resale business is mainly for light luxury and some luxury brands with weaker brand power. Kering Group is the top luxury group that has made the most bets in the resale market. In 2021, only 49% of the income of Gucci, the lifeblood of Kering Group, comes from classic models, and the main sources of income such as Dior, Prada, and Lowe are still classic products.

The “official second-hand” business is carried out mainly in three ways:

  • Alexander McQueen, Burberry, etc. cooperate with third-party resale platforms;
  • Valentino, Coach, Gucci and Michael Kors open their own resale recycling programs;
  • Invest in resale platforms. Kering acquired a roughly 5% stake in second-hand fashion platform Vestiaire Collective in March 2021.

This is somewhat risky. Brands are deeply involved in order to avoid the flood of fake products and the loss of brand value as much as possible, while cultivating a new generation of consumers, and also have the opportunity to create potential price increase space for new products by narrowing the price difference between new products and second-hand products. However, lowering the shopping threshold may also have the opposite effect. In the three years of the epidemic, the assets of hundreds of millions of people around the world have shrunk, and the middle class has disappeared, which has more or less affected the sales of luxury goods.

In April of this year, a screenshot of LVMH’s Greater China executives adjusting customer structure and classification was widely circulated. The content is that LVMH intends to adapt to the preferences of ultra-high net worth people, expand high-end product lines, continue to increase prices, and serve individuals with an annual income higher than Customers with an annual household income of 3 million yuan or more than 10 million yuan, and those below this standard belong to the “non-income group”. (Intern Zeng Xing)

Gaotu only takes 50,000 yuan a week

On September 20, tens of millions of people watched the return of a super anchor on Taobao, and tens of millions of people watched a top streamer from Kuaishou bowing and apology to Dongfang Selection in the live broadcast room.

At the same time, Gaotu launched the first live broadcast with goods, which was watched by 6,100 people. According to Cicada’s data, Gaotu has launched nearly ten live broadcasts since then, with only 1,732 people watching on average, and the average sales per game is between 2,500 yuan and 5,000 yuan. Gaotu’s anchors come from its “Golden Teacher Team”, which mainly sells food and beverages, maternal and child supplies, etc.

In February of this year, Gaotu announced that it would completely withdraw from the K12 education business, transforming the business of college students and adult education services, non-academic tutoring services and digital learning products. In the second quarter, 40% of Gaotu’s income came from the college student business and adult education business, and 60% of its income came from the latter two. The quarterly loss was significantly narrowed to a net loss of 49.8 million yuan from 920 million yuan in the same period last year.

The management’s revenue conference call did not disclose that it would transform into live streaming, and the decline in revenue in the third quarter would slow to nearly 50%.

  • Doushen Education, which was originally engaged in language training, has transformed into live broadcast e-commerce in October last year. The sales of live broadcast e-commerce in the first half of the year were 159 million yuan.
  • In August, Xueersi launched Xueersi Best on Douyin to test the water live broadcast and launched Xueersi Optimization, selling a home care product, food and beverages, and agricultural products.

The infrastructure of live e-commerce has basically taken shape, and different platforms guide buyers and sellers based on their own traffic and social characteristics. While lowering the barriers to entry, deepening homogeneity.

People attribute the success of Oriental Selection in part to “the famous teachers are rich in experience and knowledge, equally good at mobilizing emotions, energetic, and logically clear”. These “famous teachers” were also used when New Oriental launched its premiere in December 2021. Before Dong Yuhui exploded in June this year, Dongfang Selection only achieved revenue of 24.6 million yuan in half a year.

The Everbright Securities Research Report shows that due to the proximity of the product categories, the beautiful life channel selected by the East may face the diversion of the top anchors. At a time when incremental traffic is peaking, live broadcasts are homogenized, and consumption is weak, it may be difficult for education and training institutions to create a new head anchor. (intern Xue Yujie)

Upstream mining profits continue high-digit growth

According to the operating data of industrial enterprises released by the Bureau of Statistics on September 27, the total profit of industrial enterprises with a national revenue of more than 20 million yuan in the first eight months of this year decreased by 2.1% year-on-year, and the decline expanded.

The growth of costs and expenses of industrial enterprises was higher than that of revenue, and the cost per 100 yuan of revenue continued to rise to 84.8 yuan, a new high since May 2020.

In terms of different industries, the upstream mining industry performed significantly better than other industries, with a cumulative profit growth of 88.1% in the first eight months. Among them, the total profits of coal, oil and natural gas, and non-ferrous metal mining industries increased by 112%, 111% and 44.3% year-on-year respectively.

China’s supply-side reforms in the past few years have reduced the production capacity of many of the above-mentioned upstream industries, bringing supply and demand back to a short-term balance.

In contrast, the manufacturing industry performed poorly. The textile industry, papermaking, pharmaceuticals, chemical fiber, rubber and plastics and other sub-manufacturing industries with large output value, either because of rising raw material prices or shrinking demand, their profits in the first eight months were year-on-year. High double-digit decline. (Gong Fangyi)

U.S. satellite hits a planet, the real mission has just begun

At 7:14 a.m. on September 27, 11 million kilometers away from the earth, the satellite hit an asteroid at a speed of 6.6 kilometers per second, the satellite was instantly damaged, and the communication signal disappeared. An office of NASA There were cheers.

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Image: The image before the satellite hits the asteroid.

This is the first time humans have attempted an asteroid defense exercise mission. Scientists at NASA are testing whether humans have the ability to change the trajectory of an asteroid — changing the orbital speed of an asteroid with a mass of about 5 million tons by 0.1%. NASA said the impact would not have an impact on Earth.

In 2016, NASA formed the Planetary Defense Coordination Office (PDCO) to observe celestial bodies near Earth and prepare for a possible asteroid impact on Earth. Although in the past few decades, similar situations have only occurred in science fiction movies. Some scientists believe that the 65-million-year-old asteroid struck Earth and wiped out the dinosaurs.

As part of its preparations, NASA sent a spacecraft called DART into the sky last November with SpaceX, and it took 10 months to reach the Dimorphos asteroid.

A hit with an asteroid doesn’t mean the mission was successful. The key is how the trajectory of the impacted asteroid will change. The real task has just begun. So far, the mission has cost about $325 million (about 2.3 billion yuan).

Over the next six months, more than three dozen telescopes around the world will track the orbits of Dimorphos and its nearby planets to see how well the test works. In 2024, the European Space Agency will launch a new satellite to stay near the Didymos asteroid to observe its state for a long time. (He Qianming)

OTHER NEWS

More than 1,200 asymptomatic infections have been reported in Bijie, Guizhou.

  • On September 25, there were 173 new local confirmed cases, a decrease from the previous day; 636 new local asymptomatic infections, an increase from the previous day.
  • Sichuan added “58+21”, of which Suining added “23+14”.
  • Heilongjiang added “21+115”, of which Jiamusi added “18+55”.
  • “44+81” was added in Guizhou, among which “44+77” was added in Bijie City. The number of asymptomatic infections in Bijie City in this round of epidemic has reached 1,280. Among them, teachers and students of Yucai School in Zhijin County, Bijie City have a total of 38 confirmed cases and 56 asymptomatic infections.
  • Ningxia added “3+233”, all of which were found in the control state.

The World Bank expects China’s economy to grow by 2.8 percent this year.

On September 27, the World Bank predicted that China’s GDP will grow by 2.8% this year. In April of this year, the World Bank’s forecast was 5%. In 2021, the World Bank forecasts economic growth of 8.1%. Meanwhile, the Organization for Economic Cooperation and Development said in its mid-term economic outlook report that it expects the global economy to grow by 3 percent this year and slow to 2.2 percent next year.

BMW said demand in the Chinese market picked up in the third quarter.

BMW CFO Nicolas Peter said that due to the impact of the epidemic in the first half of the year, demand in China was recovering in the third quarter, and described BMW’s sales in the Chinese market this year as a “roller coaster”. After reaching about 100,000 units in January, the monthly sales for three consecutive months did not exceed 50,000 units, and sales gradually rebounded in the second quarter. In August, BMW sold 66,000 new cars, of which the BMW 5 Series topped the high-end sedan sales list with 14,000 units, while the 3 Series performed poorly. The domestically produced X5 sold 8,030 units, up 61% from the previous month.

Li Auto’s Q3 delivery guidance is cut by up to 12%.

Recently, Li Auto announced on the Hong Kong Stock Exchange that due to supply chain constraints, it is expected to deliver about 25,500 vehicles in the third quarter of 2022. The delivery guidance previously given in the second quarter financial report was 27,000 to 29,000 vehicles. . At the end of August, Ideal had delayed the delivery of the Ideal L9 due to a delay in the supply of the range extender factory in Mianyang, Sichuan. Li Auto’s August sales were only 4,571 units, down more than half year-on-year and month-on-month.

The cargo Lala plan is subject to a peak service fee.

Huolala plans to increase the freight for a limited time from September 28th. From September 28th to October 7th, from 6:00 to 23:59 every day, Huolala will launch peak service fees for random orders across the country, with a minimum service fee of 5 RMB, up to RMB 600.

Netease Cloud Music’s Soul-like social application MUS has opened registration.

On September 27, MUS, a music social application under NetEase Cloud Music, opened for registration. The trial of “Waidian Finance” found that the avatar requires a clear picture of the person to be uploaded. Comics, landscapes, stars, and Internet celebrity pictures cannot be reviewed and approved, and ordinary people of the same gender who are not themselves can pass. MUS said that it will intelligently match users with similar preferences and habits based on the user’s listening data. The two parties who have successfully matched can check each other’s personality characteristics based on the music analysis.

TikTok could be fined for failing to protect children’s privacy.

According to media reports, the UK Information Commissioner’s Office (ICO) said that between May 2018 and July 2020, TikTok may have violated data protection laws by processing children’s private information without parental permission. The company faces a £27m fine.

Japan is spending 3 trillion yen to try to prevent the yen from depreciating further.

According to estimates by Japanese market-related companies, the scale of foreign exchange intervention by the Japanese government and the Bank of Japan to buy yen and sell dollars from September 22 may reach 3 trillion yen (150 billion yuan), which is more than 1998. The 2.6 trillion yen spent on currency intervention in April hit a new high. The current exchange rate of the yen against the US dollar is 144.51 yen per US dollar, and the yen has depreciated about 25% against the US dollar this year.

Morgan Stanley expects the pound to be as expensive as the dollar by the end of the year.

Morgan Stanley said that neither exchange rate intervention nor an emergency interest rate hike by the Bank of England could prevent the devaluation of the pound. It is expected that the pound will reach parity with the dollar by the end of the year. Analysts said in the report that the pound is also facing high sensitivity to risk assets and high sensitivity to Europe. Exposure to stagflation and energy shocks and external imbalances are three challenges.

Ford’s electric vehicle business in China is “upgraded”.

On September 26, Ford announced that its electric vehicle business in China would be operated through an independent company, Ford Electric Mach Technology. Before that, Ford had only established an electric vehicle division in China. According to the data, Denmacher was established in 2020, and Ford China and Nanjing Jiangning Economic Development Industry Development Co., Ltd. hold 81.2% and 18.8% of the shares respectively.

Unilever veteran and current CEO Qiao Anlu will retire at the end of next year.

On September 26, Alan Jope, CEO of fast-moving consumer giant Unilever, announced that he would retire at the end of next year. The 58-year-old has joined Unilever for 35 years, served as CEO for 4 years, and was previously President of Unilever China North Asia. Despite some controversial moves during his tenure, he led Unilever to divest Lipton’s low-growth tea business, shrugging off some long-term drag on performance. In addition, Qiao Anlu attaches great importance to the development potential of the Chinese market and promotes large-scale production expansion projects in Guangzhou and Jiangsu.

France wants to speed up the construction of nuclear power plants.

According to media reports, France plans to amend laws to reduce the approvals required to build nuclear power plants and speed up planning approvals, as soon as possible to be completed and opened by 2035. According to previous plans, France is preparing to build six new-generation European pressurized water reactors.

South Korea’s Ministry of Science and Information said a “sense of crisis” is looming over South Korea’s semiconductor industry.

This week, South Korea’s Minister of Science, Technology and Information and Communications, Lee Jong-ho, worries that the country’s semiconductor industry will inevitably face fierce competition from countries and regions such as China, Japan, Europe and the United States, especially as these regions attract the world’s leading semiconductor companies with subsidies and tax incentives in the past. Set up factories and invest. Last month, South Korea legislated to increase tax incentives and provide funding aimed at strengthening their competitiveness in semiconductor supply chains and security.

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