中国不生产路易威登(Louis Vuitton)的手提袋，但是中国消费者对它们的价格却能产生很大影响。路威酩轩集团(LVMH Moet Hennessy Louis Vuitton)重要的时装和皮革制品部门2013年头三个月的营收仅增长3%，低于去年同期经汇率因素调整后12%的增幅。此前，为了保护路易威登品牌的声誉，路威酩轩集团从今年年初开始提高了价格。
China doesn't make Louis Vuitton handbags, but Chinese shoppers can have a big influence on how much they cost.
不过，路威酩轩涨价还有另外一个原因：上海的咨询公司斯密街商务咨询(SmithStreetSolutions)的首席执行长姚嘉诚说，在欧洲销售的大约三分之一的路易威登产品都是由中国游客购买。一些中国消费者正避免在国内冲动购物，等着在国外购买价格更划算的商品。
Revenue at LVMH Moët Hennessy Louis Vuitton's MC.FR -3.81% key fashion and leather goods division rose just 3% in the first three months of 2013, down from a 12% increase in the same quarter last year in currency-adjusted terms. The soft results came after price increases since the start of the year, which LVMH put in place to help preserve the Louis Vuitton brand's prestige.
鉴于路易威登的商品在中国的价格去年一度比在欧洲高出大约50%，中国消费者的做法无可厚非。路威酩轩周二说，其产品在中国的溢价现在降到大约30%。部分原因是该公司在欧洲涨价了。
But there is another reason why LVMH is raising prices: Roughly a third of Louis Vuitton purchases in Europe are made by Chinese tourists, estimates Frank Yao, chief executive of SmithStreetSolutions, a Shanghai consultancy. Some Chinese shoppers are avoiding impulse purchases at home and waiting for better deals when they are abroad.
但对于许多欧洲市场来说，现在并不是理想的涨价时间。路威酩轩整体在欧洲的营收第一季度没有任何增长，这家公司周二说，那里的需求不值一提。
That is rational given prices for Louis Vuitton merchandise were roughly 50% higher in China than in Europe at one point last year. The premium in China has now declined to about 30%, LVMH said Tuesday. Part of the change was due to price increases in Europe.
与此同时，路威酩轩在中国的销售也开始走软，该公司认为其中的一个原因是中国经济增长放缓。但是路威酩轩不太可能在中国降价。
But this isn't an ideal time to be raising prices in many European markets. LVMH as a whole didn't have any revenue growth in Europe during the first quarter, and the company said Tuesday that local demand there is 'nothing to write home about.'
路易威登品牌为母公司创造了大约一半的运营收入，该品牌在定价方面似乎比同类品牌更加激进。摩根大通嘉诚(J.P. Morgan Cazenove)的分析师弗罗奎特(Melanie Flouquet)说，古驰(Gucci)和普拉达(Prada)最近实施了更为温和的提价行动。
Meanwhile, China sales have also been soft, which LVMH attributes in part to slower economic growth. But LVMH is very unlikely to cut prices.
路威酩轩的股票基于今年盈利普遍预期的市盈率为18倍左右，与其他奢侈品商处在相似水平。但是，由于路威酩轩在价格上的大胆举动明显正在对销售产生负面影响，投资者要小心被它"套牢"。
Louis Vuitton, which generates about half of the parent company's operating income, appears to have a more aggressive view on pricing than its peers. PPR's PP.FR -1.07% Gucci and Prada 1913.HK +1.02% have implemented more modest price increases recently, says J.P. Morgan JPM +1.17% Cazenove analyst Melanie Flouquet.
JOHN JANNARONE
LVMH stock trades at a similar level to luxury peers, around 18 times this year's consensus earnings. But with LVMH's bold push on prices apparently having a disappointing impact on sales, investors should beware getting stuck holding the bag.
JOHN JANNARONE
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