A Luxury Logo Is No Longer Enough in China, LVMH Explores New Ways to Spur Sales
在中國，奢侈品牌標識已不再夠用，LVMH 探索新方式提振銷售
by Tan Weiyun 作者：譚雲
[Industry] [行業]
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Chinese shoppers are pulling back in spending on luxury goods. LVMH is undeterred.中國消費者正縮減奢侈品消費支出。但酩悅·軒尼詩-路易·威登集團並未因此卻步。
The Paris-based luxury group, largest of its kind in the world, opened one of its signature global events in Shanghai.這家總部位於巴黎的奢侈品集團是全球規模最大的奢侈品集團，其一場標誌性的全球活動在上海拉開了帷幕。
In the downtown cultural heritage area of Zhangyuan, artisans from 15 of the French group’s various brands demonstrated everything from Louis Vuitton trunk-making and leatherwork to jewelry setting and the mechanics of a Zenith watch chronograph. More than 20 masterclasses were part of the three-day event, ending on Sunday. It’s the first time LVMH’s Les Journées Particulières brought its brands together a collective event in China.在張園城市核心文化遺產區，法國集團旗下15個不同品牌的工匠現場展示了路易威登的行李箱製作、皮革工藝，還有珠寶鑲嵌以及真力時腕錶計時碼錶的機械構造。這場爲期三天的活動共舉辦了20多場大師班，於週日落幕。這是酩悅·軒尼詩-路易·威登集團（LVMH）首次將旗下品牌齊聚一堂，在中國舉辦這場名爲“非凡之旅”的品牌活動。
For LVMH, the challenge in China has changed. After more than two decades of expanding its retail footprint there, the company is now facing more cautious consumers who are harder to impress. Sporting goods with premium brand logos has lost some of its cachet.對路威酩軒集團（LVMH）而言，在中國面臨的挑戰已然改變。歷經二十餘年在中國拓展零售版圖後，該公司如今面對的是更爲謹慎、更難打動的消費者。帶有高端品牌標識的體育用品也失去了部分光環。
The task is no longer simply how many stores luxury groups can open, but how they persuade Chinese shoppers that their products are still worth the higher costs. Bringing craftsmanship out of workshops and into public view is one answer – part brand theatre, part education and, increasingly, part of the commercial battle to sustain desirability in a slowing market.如今，奢侈品集團的任務不再僅僅是開設多少家門店，而是如何說服中國消費者其產品依然值得更高的定價。將手工工藝從工坊中帶出並公之於衆，正是他們給出的答案之一——這既是品牌展示，也是知識普及，且正日益成爲在市場放緩的背景下維持產品吸引力的商業競爭關鍵一環。
That effort extends beyond LVMH’s three-day event. In July, the company credited new flagship stores in in Beijing and Seoul with helping drive stronger second-quarter growth. Its latest earnings statement, the company again highlighted what it calls “unique in-store experiences.”這一努力的範圍不止於酩悅·軒尼詩-路易·威登集團（LVMH）爲期三天的活動。今年7月，該公司稱北京和首爾的新旗艦店助力其第二季度業績增長勢頭更強勁。在最新的盈利報告中，該公司再次強調了其所謂的“獨特店內體驗”。
In China, the group has continued to adjust its physical network even as demand weakened. Asked on the third-quarter earnings call about a Louis Vuitton store closure, Cabanis said the brand had opened another location a week later and that its total retail area in China has been broadly unchanged over the past 12 months.在中國，儘管需求疲軟，該集團仍在持續調整其實體網路。在第三季度財報電話會議上被問及路易威登一家門店關閉的問題時，卡巴尼斯表示，該品牌一週後就在另一地新開了一家門店，且其在中國的總零售面積在過去12個月裏基本保持不變。
“We have not stopped investing in China,” she said, adding that the pullback in Chinese consumer spending has forced the group to sharpen its focus.“我們並沒有停止在華投資，”她說，並補充稱，中國消費者支出的下滑迫使該集團進一步聚焦核心業務。
Credit: Ti Gong圖片來源：Ti Gong
Caption: LVMH’s Les Journées Particulières brought its brands together a collective event in China for the first time.標題：酩悅·軒尼詩-路易·威登聯盟（LVMH）的“非凡之日”首次在中國舉辦品牌聯合活動。
LVMH says its brands are now sold in more than 1,400 stores across 100 Chinese cities. Its footprint also includes two Bvlgari hotels, the LVMH Recherche division in Shanghai for research and development of perfumes and cosmetics, and three businesses it identifies as Chinese Maisons – Ao Yun, Chandon China and Cha Ling.路威酩軒集團表示，其品牌目前在中國100個城市的1400多家門店有售。其業務版圖還包括兩家寶格麗酒店、位於上海的負責香水和化妝品研發的路威酩軒集團研發部門，以及其認定的三大中國品牌——奧雲、酩悅軒尼詩中國和茶靈。
The Zhangyuan event put another part of that strategy on display. Louis Vuitton artisans demonstrated trunk making and the production of the Speedy P9 handbag line. Zenith let participants disassemble an El Primero chronograph movement, and Berluti showcased its patina and leather-tattooing techniques.張園活動又展示了該戰略的另一部分內容。路易威登的工匠現場演示了硬箱製作以及 Speedy P9 手袋系列的生產工藝。真力時讓參與者拆解一枚 El Primero 計時機芯，而 Berluti 則展示了其做舊染色工藝與皮革紋身技法。
Louis Vuitton opened its first Chinese mainland boutique in Beijing in 1992, nearly a decade before China joined the World Trade Organization. As China opened its retail sector further to foreign investment, LVMH rapidly expanded its direct presence in the market. Its life-sized, ship-shaped storefront at its Louis Vuitton flagship outlet in Shanghai’s HKRI Taikoo Hui Plaza, opened in 2025, has become a tourist attraction.路易威登於1992年在北京開設了其在中國大陸的首家精品店，彼時距離中國加入世界貿易組織還有近十年時間。隨着中國進一步向外資開放零售行業，酩悅·軒尼詩-路易·威登集團迅速擴大了在華的直營佈局。2025年開業的上海恆基旭匯廣場路易威登旗艦店，其等比例船型店面已成爲一處旅遊打卡點。
Credit: Ti Gong圖片來源：Ti Gong
Caption: LVMH’s Les Journées Particulières brought its brands together a collective event in China for the first time.說明：酩悅·軒尼詩-路易·威登聯盟（LVMH）的“非凡之日”活動首次在中國將旗下品牌齊聚一堂，舉辦了一場集體活動。
Still, the company faces headwinds. The personal luxury market on the mainland shrank up to 5 percent in 2025, according to Bain & Co, after a much steeper contraction the previous year. Bain said consumers had become more selective, concentrating spending on fewer brands and searching out “true value.”儘管如此，該公司仍面臨不利因素。據貝恩公司數據，2025年中國內地個人奢侈品市場收縮幅度達5%，而前一年的收縮幅度要大得多。貝恩表示，消費者變得更加挑剔，將支出集中在更少的品牌上，並尋求“真正的價值”。
In a July update, Bain said luxury-goods spending in China was recovering cautiously, but spending patterns were changing, with ready-to-wear growing at roughly twice the pace of leather goods. Consumers, it said, are moving toward goods that express their individual personalities and are “experiences” beyond just purchases.貝恩在7月的一份更新報告中表示，中國奢侈品消費正謹慎復甦，但消費模式正在發生變化，成衣消費的增速約爲皮具的兩倍。該機構稱，消費者正轉向能夠彰顯個人個性的商品，且消費正從單純的購買轉向“體驗式消費”。
A broader company strategy seeks to embed LVMH brands with Chinese culture. At Zhangyuan, Hennessy paired its own silk-thread craftsmanship with China’s Shu embroidery for a forthcoming Chinese New Year edition. Dior showcased the Flower Power #1 sculpture commissioned from Chinese artist Ai Jing.一項更全面的公司戰略旨在將路易威登（LVMH）品牌與中國文化深度融合。在張園，軒尼詩將自身的絲線工藝與中國蜀繡相結合，推出了即將上市的春節限定系列。迪奧（Dior）展出了委託中國藝術家艾敬創作的《花力 #1》雕塑作品。
Other parts of the group have gone further into local production. Ao Yun makes wine from vineyards in the mountains of Yunnan Province, while Chandon produces sparkling wine in the Ningxia region.該集團的其他業務板塊進一步推進了本土化生產。傲雲採用雲南省山區的葡萄園釀酒，而凱歌則在寧夏地區生產起泡葡萄酒。
None of that may relieve current pressure on luxury spending, but it does show how far LVMH’s China business is willing to expand beyond simply opening stores and importing European products. For LVMH, the Shanghai event is more than just a marketing gimmick. It is also a test of whether unlocking the stories behind craftsmanship will pique the interest of Chinese shoppers when a luxury logo alone may no longer be enough.這些舉措或許都無法緩解當下奢侈品消費面臨的壓力，但卻能體現出酩悅·軒尼詩-路易·威登集團（LVMH）的中國業務不再滿足於僅開設門店、進口歐洲產品，而是有意進一步拓展版圖。對LVMH而言，這場上海舉辦的活動絕非單純的營銷噱頭。它更是一次考驗：當僅靠奢侈品logo已不再足夠吸引消費者時，挖掘工藝背後的故事能否勾起中國消費者的興趣。
Editor: Yao Minji 編輯：姚敏吉
