奢侈品电商大战一触即发，寺库会终局于“野蛮生长”吗？

 疫情遇冷的奢侈品牌纷纷选择摒弃“高冷”姿态，加速布局线上化。奢侈品电商此时已然成为奢侈品牌眼中的一块“大肥肉”。<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>最近几个月，奢侈品牌电商界好不热闹。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>奢侈品电商玩家战一触即发，引咎四面楚歌的“奢侈品电商古早玩家”寺库迅速转型。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>寺库一方面市场营收进入疲倦期，一方面市场份额遭到国外巨头和本土新晋玩家的蚕食。或许寺库这个古早奢侈品电商玩家应该考虑的是“小而美”，而不是“大而破”。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>奢侈品转战电商，既是自救，也是必然趋势

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>二季度全球奢侈品销售额将锐减五成或六成，此外，Puma第一季度利润大跌62%；Pandora第一财季收入下跌41%；Coach母公司销售额同比下滑19.4%；La Prairie业绩陷入困境；Burberry关闭美国仓库；百年奢侈品老店“尼曼百货”申请破产保护；Prada退出南非市场；美国时尚杂志《Paper》宣布停刊等等此类新闻不绝于耳。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>奢侈品门店生意凋敝，时装周被迫集体开启线上化，一年一度的Met Gala也将在线上举行。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>中国国际时装周组委会近期表示，原定于3月25日至31日在北京举办的“2020/2021秋冬中国国际时装周”将延期举行。2月，法国奢侈品牌Chanel发布声明称，将推迟原计划于5月份在北京举办的高级手工坊系列复刻大秀，后期再择期举办。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>疫情遇冷的奢侈品牌纷纷选择摒弃“高冷”姿态，加速布局线上化。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>奢侈品是一个筑梦的行业，它是富人的日常用品；是普通人触摸不及的渴望。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>奢侈品的造势概念里不出意外地都加入了普通人望而生怯的idea：高昂的价格、高冷的艺术美学、稀缺的原材料、神秘的产源地、深蕴的品牌故事、寸土寸金的线下旗舰店，再加上足够热的联名造势。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>奢侈品有意保持与普通消费者的距离以获得青睐，然而“疫情使者”的到来使原本“高高在上”的奢侈巨头也纷纷低下自己高贵的头颅。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>疫情之下，奢侈品牌纷纷布阵自己的中国社会化媒体营销之路。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>根据咨询公司麦肯锡报告数据显示，中国是全球仅次于美国的第二大奢侈品市场，同时中国消费者在国内及海外贡献了大约全球1/3的销量，2018年支出估算大约在1000亿欧元左右。从2012年到2018年，中国市场贡献了全球奢侈品市场近半的增长，同时到2025年这一比例将进一步提升到65%。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>正所谓“得中国者得奢侈品天下”，深谙此道理的奢侈巨头纷纷蠢蠢欲动。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>意大利奢侈品牌 Gucci 正式入驻抖音平台、LV小红书直播、LV、Prada、Dior和Burberry等入驻了微信视频号；Prada、阿玛尼、MiuMiu陆续登陆天猫。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>罗德传播集团与精确市场研究中心联合发布的《2020中国奢华品报告》中称，各大电商平台正在大力拓展奢侈品行业的业务，天猫奢品频道已有超过150个奢侈品品牌以官方旗舰店身份入驻。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>虽然电商已成为奢侈品品牌争夺的高地，但是奢侈品电商没法形成奢侈品销售的主流模式，如何抢占消费者心智、获得消费者信任才是奢侈品牌的首要任务。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>持续盈利，增长受挫的寺库

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>4月30日，寺库集团发布了2019年第四季度及全年业绩报告。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>▶其第四季度核心财务指标情况如下：

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>GMV为46.79亿元，同比增长51.9%；

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>营收为20.4亿元，同比增长13.8%；

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>归属于普通股股东的净利润为4099万元，上年同期为4647万元；

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>Non-GAAP归属于普通股股东的净利润为4075万元，上年同期为人民币5291万元。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>▶在全年业绩上：

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>GMV为137.85亿元，同比增长71.3%；

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>营收为68.69亿元，同比增长27.5%；

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>归属于普通股股东的净利润为1.54亿元，2018年为1.52亿元；

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>Non-GAAP归属于普通股股东的净利润为1.63亿元，2018年为1.76亿元。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>数据显示，寺库连续14个季度盈利，营收、月活、GMV、订单数均保持了季度增长，但增速放缓，且公司毛利率有所下降。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”><em style="background: 0px center; border: 0px; margin: 0px; padding: 0px; vertical-align: baseline; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;”>图片来源：36氪

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>寺库在发布财报的同时宣布了2000万美元的股票回购计划。当日美股盘前，寺库一度涨超40%，最终收于3.18美元/股，涨21.8%，最新总市值为1.6亿美元。持续盈利，但股价低迷。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>事实上，多年媳妇熬成婆的寺库自2017年在纳斯达克上市后，股价不断下滑，如今浮动于3美元上下，相比13美元的发行价已跌去逾75%。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>持续盈利、增速放缓、股价下跌，一切都似乎在说明寺库正在自食其“安身立命”的“奢侈品电商”之果。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>在经营费用方面，寺库该季度的经营费用率为12%，低于上年同期的14.8%和上一季的12.1%，营销费用率从此前的9%左右降到了本季度的5.2%。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>寺库营收的主要来源是商品销售收入和平台及其他服务收入。奢侈品售卖业务收入占到寺库总营收比例的97%左右。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>寺库在奢侈品牌与消费者之间始终扮演的是“中间商”的角色，只是这中间商差价不好赚。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>限于此困境的寺库转向追求“大而美”的商业布局，而后发展金融、智能、社群等业务，力图获得新的收入增长引擎，但这些寄予厚望的增长引擎始终抢不过“奢侈品售卖业”这个“优等生”的风头，在寺库整体收入上尚未得到太多体现。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>于是股价低迷、增长受挫的寺库也不得不始于“高端”，开始“下沉”，逐渐“野蛮生长”。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>库店是寺库旗下的社群零售平台，寺库试图以此进军下沉市场和布局社交电商。和寺库平台上昂贵的奢侈品不同，库店销售品类以食品生鲜、百货家居、美妆护肤为主，客单价更低，相比于定位高端的寺库，库店更“接地气”。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>为了“救库”，“库店”应运而生。但库店未能实现寺库的拓展品类愿景，便已经开始野蛮生长。去年6月，库店陷入裁员风波。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>疫情过后，野蛮生长的寺库还能走多久？

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>奢侈品电商战一触即发，寺库四面楚歌

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>奢侈品电商玩家战一触即发。1月30日，英国奢侈品电商平台Farfetch宣布获得腾讯1.25亿美元的投资，其加码中国本土线上市场意图明显。3月，趣店旗下跨境奢侈品购物平台“万里目”上线，并以“百亿补贴”项目掀起了奢侈品价格战。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>高冷奢侈巨头们越来越“接地气”，线上奢侈品新玩家却越来越国际化。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>作为第一个成功上市的奢侈品互联网公司，现代主义都市剧《安家》中饱受争议的奢侈品电商平台，寺库一直在追求国际化的路上，力图撕掉“奢侈品衍生物”的标签，抢占国际奢侈品消费市场的心智。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>但是在蓄势国际化的路上，寺库遇到了英国奢侈品电商Farfetch与历峰旗下的奢侈品电商YNAP，还有“烧钱营销王者”万里目，以及巨头天猫，寺库会如何应对？

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>今年4月，天猫上线了奢品折扣频道Luxury Soho，该频道的入口将通过天猫大数据定向推送到潜在奢侈品消费群体的手淘首页，淘宝用户也可搜索“奢品折扣”闯入该平台；万里目则从上线至今营销不断，投放广告的同时试图以“百亿补贴”快速撬动奢侈品市场。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>一触即发的奢侈品电商玩家战引咎“奢侈品电商古早玩家”寺库迅速转型。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>经历过疫情冲击的“超级消费者”已经进化出了升级的营销免疫力，基于此，寺库这个全国最大的奢侈品电商也要“脱胎换骨”，重新进行自我定位、自我转型。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>寺库创始人李日学曾经多次表示寺库不只是“奢侈品电商”，而是精品生活方式平台，是中国版的“米其林”+“美国运通”，因为“前者制定了高端餐饮行业的标准，后者打造了高端会员制的独特服务模式，二者指出了寺库发展的宏观方向。”

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”><em style="background: 0px center; border: 0px; margin: 0px; padding: 0px; vertical-align: baseline; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;”>图片来源：雪球

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>从寺库的财务表现来看，尽管其极力想摆脱“奢侈品电商”标签，不过市场和消费者对于寺库的印象标签依旧不变，但就是这个寺库极力想摆脱的“奢侈品电商”标签也正遭到对手的蚕食。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>四面楚歌的寺库一方面市场营收进入疲倦期，一方面市场份额遭到国外巨头和本土新晋玩家的蚕食。或许寺库这个“古早奢侈品电商玩家”应该思考的是“小而美”，而不是“大而破”。

<p style="background-image: initial; background-position: 0px center; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 0px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; line-height: 1.8; font-family: STHeiti, “Microsoft YaHei”, 黑体, sans-serif, Arial; color: rgb(14, 14, 14); text-indent: 0px;”>寺库会始于“高端”，终于“野蛮生长”吗？一切有待时间考验。