奢侈品行业增速放缓 历峰如何“开源”？

 三大巨头收购之路来看，历峰巩固护城河的招数是净化提升自我生态系统。历峰用收购动作表明，完善线上渠道与分销渠道，自强者无敌。<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>2019年SIHH表展开幕前夕，卡地亚母公司Richemont历峰集团公布2018财年第三季度财报，与市场分析师预期吻合。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>截至12月31日集团销售额增长25%至39.15亿欧元，按固定汇率计算上涨24%。核心珠宝部门三季度销售额增长8%至19.85亿欧元；手表部门三季度销售额增长1%至7.9亿欧元；包括万宝龙、Chloé等品牌在内的其他部门销售额增长1%至5.25亿欧元。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>值得一提的是，历峰集团此前收购的YNAP与Watchfinder组成新数字矩阵，作为线上分销部门带来新增量销售，第三季度销售额创收6.38亿欧元销售额，同比放缓增长至6%，低于上半年8%增速。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>对于奢侈行业而言，销售业绩向来与外部政治环境紧密相连。受法国“黄背心”抗议活动影响，历峰集团下半财年增速放缓。加拿大皇家银行资本市场部门的分析师 Rogerio Fujimori 表示，考虑到法国的抗议活动，不利的汇率走势等因素，seline; font-weight: bolder;”>历峰集团第三季度增速表现“已经算是相当好了”。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>2019年注定是动荡之年，全球经济与贸易环境等不确定因素影响，早前麦肯锡咨询预测2019奢侈行业增速放缓至3.5%。今年1月初，奢侈品巨头LVMH股价下跌4%，开云集团股价下跌5.37%，瑞士制表集团斯沃琪(SWGNF)下跌3%，奢侈行业进入“疲软”焦虑不断蔓延。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>应对经济放缓周期，奢侈巨头们各自有一套打法体系。对历峰集团以珠宝腕表为核心业务的巨头而言，如何在外部走势低迷之下，依然保有健康有机增长，历峰近几年可谓精心布局另类“收购”版图。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>另类收购策略

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>加强短板，提升防御体系

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>对于历峰来说，其核心优势在于“珠宝腕表寡头”市场地位，也堪称全球拥有最多高端腕表品牌。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>历峰旗下拥有卡地亚、梵克雅宝、伯爵、江诗丹顿、朗格表、Jaeger-LeCoultre、沛纳海、IWC、万宝龙、Dunhill、Chloé等品牌，是继LVMH、开云集团之后全球第三大奢侈品集团。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>LVMH不断通过并购扩大业务体量，打造产品多元化、价格层次梯队化、丰富地缘分布上做一系列排兵布阵，堪称用并购不断领跑全行业，在市场强势定位博得头彩。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>2018年，历峰集团以债券方式从欧洲央行低价贷款超过30亿欧元，业内分析指出历峰或将效仿LVMH集团，开启并购扩张之路。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>与LVMH、开云集团时装、手袋配饰等主营业务不同的是，历峰集团以硬奢为主营业务，核心部门是珠宝、腕表。然而其缺点也一直被行业内探讨，缺少入门级别腕表矩阵，时装与皮革、手袋配饰等业务线无法有效扩张，高级腕表市场更是离不开中国经济客观影响。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>特别是在2019年，整个奢侈行业进入无规律、不确定的动荡发展阶段，贝恩咨询曾用“新常态”一词形容接下来的行业发展阶段。seline; font-weight: bolder;”>历峰集团主席Johann Rupert一直对奢侈品行业正在发生的“巨大变化”表示担忧，他曾对金融分析师表示，不仅仅是电商，奢侈行业一切都在发生改变。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”><i class="desc" style="margin: 0px; padding: 0px; border: 0px; font-size: 14px; vertical-align: baseline; color: rgb(155, 158, 163); text-align: center; display: block; line-height: 20px;”>Johann Rupert

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>历峰集团对变局的应对策略便是加固护城河，比肩LVMH集团收购动作。在珠宝强劲势头推动下，越发将长期发展目标定位战略投资与边缘业务剥离计划。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>seline; font-weight: bolder;”>回首历峰收购之路，早期和行业内其他集团有着相同路数，以加强供应链为导向的腕表制造商成为主要收购对象。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>早在2007年，历峰收购由Roger Dubuis以及Carlos Dias在1995年联合创办的Manufacture Roger Dubuis零件制造商，2008年收购RogerDubuis60%股权。近两年，历峰加速收购步伐之后，才得以全资控股Roger Dubuis。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>值得一提的是，南非富翁Johann Rupert执掌的历峰集团收购策略在奢侈行业堪称打法另类。与LVMH集团通过投资并购横向拓宽获取新业务增长版图不同的是，历峰集团收购更注重全渠道参与。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>十年前，历峰集团还在依赖第三方多品牌珠宝、腕表批发渠道，这些传统渠道占集团总销售额58%，而自建零售渠道占比42%。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>显然，深知短板所在的历峰近年来通过向外收购补足短板，不断优化渠道布局。2018财年历峰集团批发渠道仅占集团总销售额37%，自建销售渠道增长3个百分点，一跃达到总销售额63%。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>历峰率先布局零售网络，其中旅游零售渠道占高级珠宝、腕表销售重要领地。2017年5月20日，历峰斥资4.72亿美元收购世界最大免税零售商Dufry股权5%，以强化旅游零售渠道版块。seline; font-weight: bolder;”>历峰集团发言人曾就此收购交易表示：入股Dufry AG将有助于历峰集团旗下品牌在主要机场占有好位置。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>并购布局旅游零售渠道，是重要一步棋。历峰集团执行主席Johann Rupert早前在2017财年业绩电话会议公开强调，第二个机器时代即将来临，机器让人类从繁忙工作中解放出来，得以拥有剩余时间空闲旅行，预计未来消费者对旅游的需求会增加。值得一提的是，中国游客的旅游消费力成为历峰布局旅游零售渠道重要原因之一。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>业内有分析观点指出，历峰集团通过收购Dufry AG建立旅游零售渠道的重要布局，目标为腕表产品去库存，以促进小型配件产品出售。除历峰集团外，LVMH已布局免税零售商DFS，斯沃琪集团也早在2004年建立了机场腕表珠宝零售商Hour Passion。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>数字化领域并购

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>快速弯道超车

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>除了加码收购布局旅游零售渠道之外，历峰线上数字渠道投入与LVMH等集团也并非一致。LVMH花费两年时间构建自有电商平台24Sèvres，据金融时报称LVMH斥资千万美金打造线上电商基础配送等服务体系。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>竞争日益白热化的奢侈电商大战中，谁能借势得以差异化竞争，谁便是阶段赢家。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>历峰集团自不会放过数字渠道布局，在摸索数字渠道与电商之路上，历峰通过收购YNAP得以“弯道超车”。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>历峰集团主席Johann Rupert早前对分析师表示：未来十年内，数字化和电商化将给奢侈业务带来巨大影响变化，而历峰将领先于这条变化曲线。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>2002年，奢侈品电商平台Net-a-Porter刚刚成立两年之久。那时，互联网系统还在构建完善中，整个奢侈行业对于电商是嗤之以鼻的寡淡态度。而历峰集团嗅觉敏锐，早在2002年便收购Net-a-Porter20%份额。随后在2010年，互联网浪潮开始渗透奢侈行业时，历峰集团成为了NAP的最大股东。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>得一提的是，历峰曾在Net-a-porter 平台独家发售 Cartier（卡地亚） Panthère 系列手表的首个款式，两分钟之内一抢而空。看似试水举动，更加坚定历峰对线上渠道的战略决心。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>2015年，Johann Rupert组局策划NAP与Yoox合并成YNAP，历峰集团占股50%。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>2018年，历峰集团以每股38欧元价格收购了全部剩余股份，总交易额达28亿欧元。随后，YooxNet-a-Porter从米兰证券交易所退市，历峰完成收购私有化。据消息人士称，收购 YNAP 的股权让历峰线上渠道快速见效，加快线上销售渠道的增长速度，与其说历峰收购YNAP 不如说收购的人才。毕竟，YNAP拥有足够专业的电商渠道销售人才助推历峰领先线上增长。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>硬奢保卫战

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>收购二手电商平台

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>历峰收购动作来看，数字化转型一直是主战场。收购YNAP之后，历峰又开始了硬奢业务保卫战，收购英国二手表电商Watchfinder。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>Kepler Cheuvreu的分析师Jon Cox表示，他预计二手手表市场的年销售额将达50亿美元，而过去几年二手手表市场的表现优于全新手表市场。值得一提的是，2016年，历峰集团曾以高达2.78亿欧元回购滞销腕表库存，以免卡地亚、江诗丹顿和伯爵等高级腕表落入非授权销售商成为灰色市场商品。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>成立15年之久的二手腕表电商Watchfinder 是多渠道腕表零售商，拥有7间门店、200名全球员工，线上平台售卖包含Rolex劳力士、Omega欧米伽、TAGHeuer 豪雅等50个腕表品牌、数千款腕表产品。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>对于历峰集团而言，手握全球最核心的珠宝、腕表品牌资产，收购二手腕表电商Watchfinder平台，一方面得以把控二手市场渠道流通情况，抬高护城河防御。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>Johann Rupert 此前一直强调，seline; font-weight: bolder;”>历峰集团对灰色市场态度是坚持“不妥协”，历峰此前实施了一系列库存回购举措。投资公司Beringea分析师Phil Edmondson-Jones认为，seline; font-weight: bolder;”>历峰集团收购Watchfinder 将有助于更好把控旗下腕表品牌产品在二手市场流通，而历峰也通过Watchfinder渠道数据洞察消费者需求。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>另一方面来讲，全球经济放缓语境之下，循环经济风口大热，押注二手市场，历峰得以抢先押注未来十年增长空间。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>以Chrono24 及 The RealReal为代表的二手奢侈品交易网站的快速增长，也促使一向远离二手交易市场的奢侈品牌开始瞄准该市场。德国金融机构Berenberg分析师曾表示，目前全球二手奢侈品市场年销售额可达250亿美元，预计未来几年还将以每年10%的速度增长，比奢侈品一级市场的增速还要高出两倍以上。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>当奢侈行业属于寡头分天下的时代已然来临时，各巨头都在抢先押注新的未来增长空间。而历峰集团的收购则更显务实。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>然而在Bernstein分析师Mario Ortelli 看来，历峰虽然拥有充足现金，但却只能在投资并购分销渠道上布局，这并非历峰想要达到的终极目标，收购YNAP 集团只是打响了未来电商收购战略的第一枪而已。其背后根本原因在于，奢侈品行业很少有品牌愿意出售品牌核心业务，因此留给历峰手中能打的“收购牌”并不多。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>当下奢侈行业增速放缓，留给小型独立品牌、家族品牌的增长空间越发紧张。巨头之间的跑马圈地，一切收购交易皆可发生。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>2016年，历峰集团曾逆势而上，全资收购高端腕表制造商罗杰杜彼Roger Dubuis。据分析师推测，收购金额小于6000万欧元，而部分小型制造商无法承受市场疲软压力，再被历峰等巨头收购实属未来常数。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>不过在Euromonitor咨询分析师 Jorge Martin 看来，历峰集团最大的数字转型问题在于大部分商品的高端奢侈定位依然是线上销售增长的主要障碍。目前集团主要销售过于集中在珠宝、腕表上，过于高昂的价格给线上销售带来更大的增长阻碍。

<p class="one-p" style="margin: 0px 0px 2em; padding: 0px; border: 0px; font-size: 18px; vertical-align: baseline; word-wrap: break-word; font-family: “Microsoft Yahei”, Avenir, “Segoe UI”, “Hiragino Sans GB”, STHeiti, “Microsoft Sans Serif”, “WenQuanYi Micro Hei”, sans-serif; word-break: break-all; line-height: 2.2;”>然而，巨头之争依然在路上。历峰集团如何在硬奢领域之外，补足成衣、皮革、手袋配饰等业务增量，或许是下一步收购重点。据卡地亚品牌负责人Cyrille Vigneron透露，未来集团还将继续寻求合适的收购目标。