A Luxury Logo Is No Longer Enough in China, LVMH Explores New Ways to Spur Sales
在中国，奢侈品牌标识已不再够用，LVMH 探索新方式提振销售
by Tan Weiyun 作者：谭云
[Industry] [行业]
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Chinese shoppers are pulling back in spending on luxury goods. LVMH is undeterred.中国消费者正缩减奢侈品消费支出。但酩悦·轩尼诗-路易·威登集团并未因此却步。
The Paris-based luxury group, largest of its kind in the world, opened one of its signature global events in Shanghai.这家总部位于巴黎的奢侈品集团是全球规模最大的奢侈品集团，其一场标志性的全球活动在上海拉开了帷幕。
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.在张园城市核心文化遗产区，法国集团旗下15个不同品牌的工匠现场展示了路易威登的行李箱制作、皮革工艺，还有珠宝镶嵌以及真力时腕表计时码表的机械构造。这场为期三天的活动共举办了20多场大师班，于周日落幕。这是酩悦·轩尼诗-路易·威登集团（LVMH）首次将旗下品牌齐聚一堂，在中国举办这场名为“非凡之旅”的品牌活动。
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.对路威酩轩集团（LVMH）而言，在中国面临的挑战已然改变。历经二十余年在中国拓展零售版图后，该公司如今面对的是更为谨慎、更难打动的消费者。带有高端品牌标识的体育用品也失去了部分光环。
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，奢侈品集团的任务不再仅仅是开设多少家门店，而是如何说服中国消费者其产品依然值得更高的定价。将手工工艺从工坊中带出并公之于众，正是他们给出的答案之一——这既是品牌展示，也是知识普及，且正日益成为在市场放缓的背景下维持产品吸引力的商业竞争关键一环。
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.”这一努力的范围不止于酩悦·轩尼诗-路易·威登集团（LVMH）为期三天的活动。今年7月，该公司称北京和首尔的新旗舰店助力其第二季度业绩增长势头更强劲。在最新的盈利报告中，该公司再次强调了其所谓的“独特店内体验”。
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.在中国，尽管需求疲软，该集团仍在持续调整其实体网络。在第三季度财报电话会议上被问及路易威登一家门店关闭的问题时，卡巴尼斯表示，该品牌一周后就在另一地新开了一家门店，且其在中国的总零售面积在过去12个月里基本保持不变。
“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.“我们并没有停止在华投资，”她说，并补充称，中国消费者支出的下滑迫使该集团进一步聚焦核心业务。
Credit: Ti Gong图片来源：Ti Gong
Caption: LVMH’s Les Journées Particulières brought its brands together a collective event in China for the first time.标题：酩悦·轩尼诗-路易·威登联盟（LVMH）的“非凡之日”首次在中国举办品牌联合活动。
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.路威酩轩集团表示，其品牌目前在中国100个城市的1400多家门店有售。其业务版图还包括两家宝格丽酒店、位于上海的负责香水和化妆品研发的路威酩轩集团研发部门，以及其认定的三大中国品牌——奥云、酩悦轩尼诗中国和茶灵。
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.张园活动又展示了该战略的另一部分内容。路易威登的工匠现场演示了硬箱制作以及 Speedy P9 手袋系列的生产工艺。真力时让参与者拆解一枚 El Primero 计时机芯，而 Berluti 则展示了其做旧染色工艺与皮革纹身技法。
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.路易威登于1992年在北京开设了其在中国大陆的首家精品店，彼时距离中国加入世界贸易组织还有近十年时间。随着中国进一步向外资开放零售行业，酩悦·轩尼诗-路易·威登集团迅速扩大了在华的直营布局。2025年开业的上海恒基旭汇广场路易威登旗舰店，其等比例船型店面已成为一处旅游打卡点。
Credit: Ti Gong图片来源：Ti Gong
Caption: LVMH’s Les Journées Particulières brought its brands together a collective event in China for the first time.说明：酩悦·轩尼诗-路易·威登联盟（LVMH）的“非凡之日”活动首次在中国将旗下品牌齐聚一堂，举办了一场集体活动。
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.”尽管如此，该公司仍面临不利因素。据贝恩公司数据，2025年中国内地个人奢侈品市场收缩幅度达5%，而前一年的收缩幅度要大得多。贝恩表示，消费者变得更加挑剔，将支出集中在更少的品牌上，并寻求“真正的价值”。
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.贝恩在7月的一份更新报告中表示，中国奢侈品消费正谨慎复苏，但消费模式正在发生变化，成衣消费的增速约为皮具的两倍。该机构称，消费者正转向能够彰显个人个性的商品，且消费正从单纯的购买转向“体验式消费”。
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.一项更全面的公司战略旨在将路易威登（LVMH）品牌与中国文化深度融合。在张园，轩尼诗将自身的丝线工艺与中国蜀绣相结合，推出了即将上市的春节限定系列。迪奥（Dior）展出了委托中国艺术家艾敬创作的《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.该集团的其他业务板块进一步推进了本土化生产。傲云采用云南省山区的葡萄园酿酒，而凯歌则在宁夏地区生产起泡葡萄酒。
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.这些举措或许都无法缓解当下奢侈品消费面临的压力，但却能体现出酩悦·轩尼诗-路易·威登集团（LVMH）的中国业务不再满足于仅开设门店、进口欧洲产品，而是有意进一步拓展版图。对LVMH而言，这场上海举办的活动绝非单纯的营销噱头。它更是一次考验：当仅靠奢侈品logo已不再足够吸引消费者时，挖掘工艺背后的故事能否勾起中国消费者的兴趣。
Editor: Yao Minji 编辑：姚敏吉
