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Zara还在强劲复苏,秘诀竟然是涨价|最

弹性的定价。

弹性的定价。

做时尚生意,船大才好调头。

6月7日,Zara母公司西班牙服饰集团Inditex公布Q1财报。分析师此前密切关注这个处于舆论下风向的快时尚巨头能否延续从去年以来的增长。

据Inditex官网发布的财报显示,集团第一季度收入同比大涨13%至76亿欧元,毛利率为60.5%,创下历史新高(2022FY是57.1%)。净利润大涨54%至11.6亿欧元,超过分析师预期的9.8亿欧元。

财报发布后,Inditex集团股价涨逾6%,自今年以来累计增长32%,最新市值为1052亿欧元。

Inditex在财报里把增长归功于春夏系列可观的销售表现、控制得当的人力成本,还有经济下行周期里人们转向可负担价格带的服饰的新趋势。

不过,“可负担”显然是个难以量化的心理维度。另一家快时尚巨头H&M去年年全年的销售额增长6%,但利润暴跌了68%,低于市场预期。今年第一季度,由于库存消化得当,H&M利润恢复正增长,但也仅比一年前提高了0.4个百分点。

不得不说,Inditex保持逆势增长的秘诀之一还是涨价(pricing)。

这个涨价至少包含两层意义。第一层含义是字面意义上的提价。这一趋势从Inditex新掌门人,同时也是创始人女儿的Marta Ortega上任以来得到了明显的加速。

比方说,推出更多高端线和限量款。今年1月份,Zara邀请著名时尚摄影师 Paolo Roversi 拍摄新系列Atelier的画册。这一系列产品主要是大衣和连衣裙,售价在400美元(约人民币2700元)左右。

来源:Zara

Inditex集团还拥有中高端品牌Massimo Dutti,能够提价的空间更大。有北美消费者曾在Tik Tok上抱怨Massimo Dutti的一件大衣定价2000美金,直逼奢侈品牌。当然,在消费者心目中,也不会因为一两次的涨价就改变品牌的印象。

数据公司的报告比较直观。

咨询公司Lectra最新的分析报告显示,Zara产品平均售价在去年第四季度出现了23%的涨幅,高端系列Zara Origins在产品中的占比提升了17%至4.8%。今年Inditex集团旗下品牌将价格进一步上调了中个位数。

除了涨价,购物体验也可以做高品牌价值。Inditex今年在全球范围内关闭了不少街头巷尾的小店,转而在一些租金昂贵的街道开设大型旗舰店。Zara的品牌门店还将逐步用RFID标签替代普通的标签,这将大大缩短消费者的排队时间。

第二层含义,是Inditex弹性的定价策略。

通常来说,快消公司在不同地区发售的产品差价不会太大——这不同于奢侈品。但RBC分析师Richard Chamberlain在一份报告中揭示,在对40件Zara服饰价格进行比对分析后发现,同一产品在美国和墨西哥的价格比西班牙至少高出60%,在海湾国家的价格比西班牙的价格更是高出71%到91%。这份报告的结论显示“Inditex的定价因市场而异,弹性程度优于H&M”。

同一件女式高腰牛仔裤的价格在不同国家的差别,以欧元计 来源:Zara官网

Inditex从未披露每个国家/地区的收入或利润,因此尚不清楚更高的价格在多大程度上提高了集团盈利能力。不过这几年Inditex明显加快了对上述几个地区的开店速度,尤其是富人成群的中东。去年,Inditex在海湾国家落地了23家新店。

尽管财报看上去不错,但已经有不少分析师对Inditex能否通过不同定价维持高毛利率的前景表示担忧。尤其是,在复苏加速的中国市场它还要面对优衣库这样强劲的对手。这家品牌的母公司迅销去年至今的财报表现更亮眼,而且它的成功还有个秘诀:那就是从不会把自己叫做快时尚。