我们所处的新零售时代

1、; fl fi $ 11.1$ fiq fi:fl fiX:fiflfi5y?fi;R_fi,“y”%fickA:5$fifi:$fl:vvflv$vcfiq = fi:fl- 2002$fiX:?fiflflfi,$fl$% 2fl3(GckA:d,flfiflficfifl“$fl” :5qfl70fi:$fl80fi: J$fl90fi:z$fi fl fi:2003$fiX:$fiw& cflqqckA:yflc q:c,fii:$fl:flfl;efiKg4 z;fi&tfi-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%0 10,00020,00030,00

2、040,00050,00060,000196019621964196619681970197219741976197819801982198419861988199019921994199619982000200220042006200820102012201420169GDP2$c,$fl9GDP(y)YOY $ fi:$ckA:fifir fi%$LOGO$ $fi$fiGDP:400yfifl $fi$fiGDP:400y-10000ySf:Wind/fi/$y$L$fiflfi$,fl6$fi$ Ufl2fi$fl6F$Pflfi(y)fi2016$g,fl$,fi flfl . $

3、fifl,fixs$fiGDP.$gflfl:6262$:62248:5767:5745fi:5622 flC:5312:5303 :9902c:9648. :9540 r#:8468:8199$;:8090 fl;:7928:7968=.gfi:14628fl:13684fi:12462fi:12368 fl:12270+:12050fi:11830 fl:11573fi:11168$:10730.=gufi:25174 fi:21343 r:19137efi:18690 fim:18598 fi :17774$p:17302 jl:16762;n:16640fl:16452;:4677:4

4、500fi:4192fl:3969:3799ifi:3613:3409 fiQ$V$1000$3000$5000$7000$9000$11000C2Ctp&YB2C+$fl$C2C$B2C$fi$fl$fiA$Y/ fi z$/fiV, $J,E&;E,$,fl3L,Xfi fl,fiBflE P,N$fifl$,EX,E,- LX,- C ),OEM&JEfiPWfi/N$fifl$ fl&$ffi(?(fi)$FPL/(Costco%fi:/fl$)6:50fly$:9flflz+I+yT$+$+fl#B:3 :30yfi&: :$_)80fl+500fl+3fi50flyM:15fly$

5、:LV+DiorR+Jimmy Choo (fl5)+ Zara(fl5)+fijfl#C:fl :25yfi&: :$_)20fl+80fl+3fi10flyM:6fly$:Coach+R+fifl+ fijefl#D:y :30yfi&:x :fl$_)5fl+20fl+3fi3flyM:2fly$:fifl+$“ru”$+fij$fl7%1%62%36%63%82%51%36%10%6%200020102020Eyq q3q Fq!flq fl,fiflflfifi7q?fi?fl_)qW,q$zfiuwflfl2020$q$zZ8$, qflyfiFq(q3.4fl y)3q(qfl1

6、.6fl-3.4fl y) q(6-1.6fly)9yq (H6000y),%$3q%$3fi; $#fl hs:3fi3$y$S0.0%5.0%10.0%15.0%20.0%25.0%30.0%197019721974197619781980198219841986198819901992199419961998200020022004200620082010201220142016fiO-e$OfiOe$O fifi fi5%$ fi#0.000.501.001.502.002.503.003.500.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%19701972

7、1974197619781980198219841986198819901992199419961998200020022004200620082010201220140ROEfiflfl(qc) fifi fi20%fiROE fi fi:fi fi5%fi#20%ROEfl fi3fl%fifiO9Y,J2h 2j=O,efl$,Jk$,8 9flp fi$mfi,7fifl osB8?fl8$%3p 2flfifiAGN:z8$ fi $y$32.1 #fl:fifi $- fififl11%fi fl fi0+/ fl,ROEfi20%fi/fl 4:?:zz fi $y$.16.0%

8、14.0%12.0%10.0%8.0%6.0%4.0%2.0%0.0%FY2006FY2007FY2008FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY20163 fi fi8V$0.0%5.0%10.0%15.0%20.0%25.0%FY2006FY2007FY2008FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016fi_ROE:fi2%fi20%ROE&$-SKU,fiflfifi$ fl:2016fi,$fi:fiISKU(J 3700 VSfi9W+)-fl;fififi ; ( fi11.3%V

9、S fi25.6%)$D,&fi“$flfl” (flffi$4 fi33.1$)aXfi;V$(8V$10.4%VSfi21%),78$fi:fi2%fi_,&fi20.7%ROEa6P/Q$ S62.1 #fl:fifi $ :Euromonitor,fi 1%$ ,fl$ fl 335%11%3.2%2.3%2.1%1.6%1.0%43.5%20.2%3.1%2.7%2010$2016$2016$12.8%4.1%2.8%2.4%1.5%1.2%2.7%1.8%1.6%1.6%2007$11.4%2.6%1.5%1.4%1.1% :Euromonitor,fi 1%1.1% ,fl$ %

10、flfi2.2flffifl, $fl2.3$ 3$0 fl(CR10)48%42.60%42.20%38.10%35.70%21.60%16.50%10%0%20%30%40%50%60%0$20112016flfifl(fl$, /3$2 5$ &9#fi6(fl $ ):2016$; flCR10 fi16.5%(=:$ fi,CR10 fi6.1%),60(35.7%) (42.6%)3fl+fifl?$ 3$, 1,$ $ !)*:Euromonitorzz fi $8 y$ 3 84$ 5& ,$ fl fl 2.4 &: $fi PK 3#fifi $ fi flU7/,$W$

11、fifl$:Euromonitor8,2016$B2C$ fifl43.5%e, fifl20.2%;W$ fifl,flfiE33%,)fi7.8%jR,Afl3fi(#=53YfiO3) dfiN6,flLfifl$Wj$ fi$B)Tc fifl$c 3qfidfifl$c fi33fi3#q% flfi3% $ $Wc fiflfiflfi8:C: fi $y$2 ,$fl fl 2.4$9%fl$fififiP-fl_p3fifififi$ $ fi$!fi$Afl3m)# +$+$ $:3(fifi $ %Afl3m)#flfifi$fi9P_p3fl?,$fiflfifi$fly

12、$fiflh$3m)#vfl)m3mfi,flm3mgs l5,firtfiP3m s #vXfiflfi%fl,#Cflfifl9Sfifi,Bloomreach,2016Ge$9$)#$,flifl55%(+11pct),#C39fifl28%(-6pct)vfii_qfiIfi4“fl=”$:DJ:zflzz& fi $y$4flFD0fl?$fi4$ gfi4 0$g& MIUI2flfl 9fi4:$ 1+$ $,2fl$F3.1fi?:fiflfl,fi?IoTQ#3.2$ Pflflfi?9:flPfiflfl3/,QNKE$ fi$8080); ,P$ fl&$ Pflfl &

13、fi2JA8080:“1fl80%$80%Ifi”,)8; ,$fl=fl fifl,flJ= %$0,$LAP$ fl&$ Pflfl &fi2JA: $fl$fiK( $fl=&fifl), $fl(LAIfi fifl).fiflfl:flfiP.7fiSfl,$. H$.flfl“?fl”1fl&2JA(+0:zz fi $y$ fl& fi$E:fl1fl38:WindBCG fi $y$,fi?SMIDQ2E;fi,“P ”flfi?SM:$IoT,fl1NfiflflSfi?SMzfi?,.$OEM/ODMfiz,$Ffl0,C9, /fi?O #M.F.5 4fi,fl1Nfi

14、fi?JG, fi?5$z; QS,“fiD”“D”$ROfi fl I(P; F$F; Q):1)fiDD%Pfiflfi#Q9;2)fiDfifiMfl$ ,Tfi ;3)fiDflPzfiQfiVHyfl(G;50:50yfl);4)8C; $fiD P; ;fi?:fiflfl,fi?IoTS#3.2fl fi.:$ +3.3 s:zz93fi3$y$c39flfi Oqflfl$s $flUC+flf2_flfiflfi.fl $ +flfi :*fi$(% +:$flx: = :mfifl) fi- : fi fl=fific$fifl$ c ;q=;:fi$20-30 200-300fl,j$xo,P$-$ z