Reuters logo
惠譽:中國奢侈品市場回暖為零售商緩解了一定壓力
February 15, 2017 / 7:35 AM / in 8 months

惠譽:中國奢侈品市場回暖為零售商緩解了一定壓力

(The following statement was released by the rating agency) HONG KONG, February 15 (Fitch) 本文章英文原文最初於2017年2月5日發布于:<a href="https://www.fitchratings.com/site/pr/1018608">Fitch: China Luxury Pick-up Provides Some Relief to Retailers 惠譽評級表示,近期中國奢侈品消費回暖,可能促進國內百貨運營商和奢侈品零售商的銷售,其中包括金鷹商貿集團有限公司(BB-/負面)、亨得利控股有限公司(B+/評級展 望觀察負面)、和百盛商業集團有限公司(B-/負面),但可能不足以抵消消費模式轉變和來自新零售業態的競爭所造成的結構性問題的影響。 Coach、Swatch集團和LVMH集團等國際品牌的財報顯示,在度過中國反腐行動和消費者情緒低迷導致的長達數年的艱難期之後,中國的奢侈品消費開始回暖。2016 年第四季度Coach在大中華區的銷售額(按本地貨幣計算)增長6%,Swatch集團則表示,2016年11和12月以及2017年1月期間在中國大陸取得了“非常好的 增長”。惠譽認為,銷售額增長的原因包括房價上漲帶來財富效應、中國國內與國際市場的價差縮小、及對海外購買的限制。 過去幾年間中國的實體零售商處境艱難,面臨來自線下及線上日益激烈的競爭,以及消費模式的轉變,因為相比過去單純購買商品,現在中國的消費者更願意消費在餐飲娛樂、文化消 閑等的體驗。奢侈品消費的回升可能在一定程度上緩解這一情況,特別是對於金鷹和亨得利等中高端零售商。 奢侈品消費的回升還部分受到消費者海外消費回流的推動。例如,在多次恐怖襲擊事件後,媒體報導2016年赴法國旅遊的中國遊客數量下降逾20%。此外,強勢的日元也抑制了 中國遊客在日本的消費。自2016年下半年起,政府收緊了對海外代購和攜帶奢侈品入境的限制,這也使得中國居民更難將在國外購買的奢侈品帶回國內。 中國大部分奢侈品的價格仍然高於全球其他地區;但在政府對特定產品種類減稅,和主要奢侈品牌調整價格以縮小地區差價之後,價格差已經降低。譬如,雅詩蘭黛和愛茉莉等化妝品 品牌於2017年1月宣布降價2% - 20%。人民幣貶值也影響了海外購物對中國消費者的吸引力。 聯繫人: Yee Man Chin(陳以文) 董事 +852 2263 9696 惠譽國際評級有限公司 香港中環德輔道中68號 萬宜大廈19樓 Cathy Chao(趙凱欣) 聯席董事 +852 2263 9967 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 詳情參見<a href="https://www.fitchratings.com">www.fitchratings.com 注意:本新聞稿為中文譯本。如有疑問,請以英文版本為準。 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below