西方奢侈品"迷失"在中國

For Europe’s upmarket fashion and spirits brands, doing business in China in recent years has been anything but a life of luxury. Lower economic growth and a government crackdown on opulent gift-giving between businesspeople and officials have slashed sales growth and weakened profits.

對歐洲的高檔時裝和烈酒品牌來說，近幾年在中國做生意絕不輕鬆。經濟增長放緩、以及政府對商人與官員之間送禮行爲的打擊，已經大幅削弱了這些品牌的銷售增長和利潤。

But as brands ranging from Rémy Martin and Martell to the likes of Gucci and Louis Vuitton try to compete in the new environment, one thing has become startlingly clear: in the face of China’s newfound temperance, some groups are faring better than others.

但隨着各大品牌——從人頭馬(Rémy Martin)和馬爹利(Martell)到古馳(Gucci)和路易威登(Louis Vuitton)——努力在這種新環境下展開競爭，有一件事變得極爲明顯：面對中國新的節制風氣，一些集團要比其他同行表現得好一些。

Pernod Ricard revealed yesterday that like-for-like sales of wines and spirits in China in the second half of 2014 fell 6 per cent, compared with the same period a year earlier. Shares in the Paris-based group closed more than 4 per cent down as markets swallowed the news.

保樂力加(Pernod Ricard)週四披露，2014年下半年該公司在中國的葡萄酒和烈酒的同店銷售同比下降6%。受此消息影響，這家總部位於巴黎的集團的股價收盤下跌逾4%。

That same morning, however, Hermès said that sales of its luxury leather goods, silk scarves and fashion items in Asia excluding Japan had grown 8.9 per cent on a constant-currency basis during the past three months of 2014.

然而，就在同一天上午，愛馬仕(Hermès)表示，按固定匯率計算，該公司2014年最後3個月在亞洲（不包括日本）的高檔皮具、絲巾和時尚單品的銷售增長8.9%。

The latest figures helped push annual sales for the luxury group — famed for its Kelly and Birkin leather bags — above