China’s homegrown jewellery brands have global glitter
中国珠宝品牌挺进西方市场
广州珠宝翻译公司：被开云集团收购的麒麟十分倚重中国出境游客，中国品牌TTF今年将在巴黎开设第一家精品店
When it comes to luxury goods in China, “the future”, says Erwan Rambourg, “is female”. Mr Rambourg, who is global co-head of consumer and retail research at HSBC, says the market has undergone a deep shift, in no small part because of China’s anti-corruption drive, which tightened up rules on “gifting” between executives, largely men. “It’s moved from a male-, watch- and gifting-driven market to a more female-dominated luxury space.”
汇丰(HSBC)消费和零售研究全球联席主管埃尔文•朗堡(Erwan Rambourg)表示，对于中国的奢侈品市场而言，“未来取决于女性消费者”。朗堡指出，中国市场正在经历深刻变化，这种变化在很大程度上受到了中国反腐败运动的影响，“反腐”收紧了以男性为主的社会管理者之间的“送礼”规则。“中国将从一个依靠男性消费者、以手表品类和送礼需求拉动的市场转向一个由女性主导的奢侈品市场。” 广州珠宝翻译公司。
While luxury watchmakers selling in China have been plagued by overstock, volatile currency fluctuations and the anti-corruption campaign, the jewellery market in comparison looks brighter. Both are facing slower growth, says Mr Rambourg, but there are “fundamental differences” between the sectors which look likely to favour jewellery.
进驻中国市场的奢侈手表制造商都受到了库存积压、动荡的汇率波动以及反腐败运动的不利影响，相对而言，珠宝市场的形势较为乐观。朗堡表示，这两个市场都面临增速放缓问题，但两者之间存在“根本性差异”，目前看来这种差异对于珠宝行业似乎更为有利。
China’s jewellery market will not in the near future see 22 per cent annual growth, as it did from 2009 to 2015, but it nevertheless grew by 7.3 per cent to Rmb306.9bn ($47bn) in 2015, according to HSBC. This is above the 5 per cent HSBC forecasts for the sector in each of the next three years, which — while pallid — is at least positive. (Euromonitor forecasts 7 per cent compound annual growth in 2015-20.)
中国的珠宝市场在短期内不会再现2009至2015年间曾经有过的每年22%的增长率，但汇丰的统计数据显示，2015年中国珠宝市场仍然增长了7.3%，规模达到人民币3069亿元（合470亿美元）。这一增速水平高于汇丰对该行业未来三年每年增长5%的预测——虽然平淡，但至少是一个积极的信号。（欧睿(Euromonitor)预计中国珠宝行业在2015至2020年间的年均复合增长率为7%。）广州珠宝翻译公司。
Where watches are predominantly wholesale driven, jewellery is retail-based — with brands distributing within their own stores, including “concept stores” with radically new designs. Branded jewellery (ie from global companies) is due to grow from 20 per cent today to 30-40 per cent, according to figures from consultancy McKinsey. The McKinsey report identified “emerging-market consumers, for whom established brands inspire trust and the sense of an upgraded lifestyle”, as one of three groups driving growth.
相对于主要依靠批发拉动的手表行业，珠宝行业以零售为主——品牌通过自有店铺进行分销，其中包括出售全新设计的“概念店”。根据来自咨询公司麦肯锡(McKinsey)的数据，品牌珠宝（即由国际集团出品）的销售增长率将从目前的20%上升到30%至40%。麦肯锡在报告中提到了“新兴市场消费者，对于这一群体而言，成熟品牌能够激起他们的信任感以及生活方式升级的感受”，并将新兴市场消费者作为了推动增长的三大力量之一。
Urbanisation and rising disposable income will drive it, too, though “companies have to change their branding strategy and product offering to capture the incremental market growth”, says HSBC analyst Lina Yan.
城市化以及可支配收入上升也将推动品牌珠宝的销售增长，不过汇丰分析师Lina Yan表示，“企业必须改变他们的品牌策略和提供的产品类型，以把握住市场增长增量。” 广州珠宝翻译公司。
The biggest names may still be foreign, such as Cartier and Tiffany, but several homegrown houses have expanded in recent years, providing Chinese consumers with Chinese jewels.
中国市场上的一线品牌可能仍将来自外国，例如卡地亚(Cartier)和蒂芙尼(Tiffany)，但数家本土品牌近年来也在持续扩张，向中国消费者提供中国珠宝。
Hong Kong-listed Chow Tai Fook is the world’s biggest jeweller by market capitalisation (HK$54bn, $7bn) with a retail network of 2,286 stores. Revenue decreased 4.1 per cent in the six months ending in September, but executive director Adrian Cheng sees “potential” in some sectors of its business. Last month, however, the company warned that it expected 2016 profits to fall by 40-50 per cent because of “weak consumer sentiment in [the] Greater China region”.
香港上市公司周大福(Chow Tai Fook) 是按市值计算的全球第一大珠宝商（市值540亿港币，合70亿美元），拥有由2286个店铺组成的零售网络。在截至去年9月的六个月中，该公司的收入下降了4.1%， 但该公司执行董事郑志刚(Adrian Cheng)认为，某些业务领域有“潜力”可挖。该公司上月警告称，预计2016年利润将下降40%至50%，“受大中华区消费者信心疲软影响。” 广州珠宝翻译公司。
Sales to its top clients — those spending at least HK$10,000 annually and who make up 50 per cent of sales — had posted monthly double-digit growth on average in 2014 and 2015. “[These clients] are younger and more willing to embrace international traditions, such as engagements and Valentine’s Day,” says Mr Cheng.
该公司最主要消费群体的销售额——那些每年至少花费10000港元的消费者，他们贡献了50%的销售额——在2014至2015年间的月均消费增速一直保持在两位数的水平。郑志刚表示，“这些客户较为年轻，更愿意接受国际传统，例如订婚仪式和情人节。”
Whether a greater embrace of engagement traditions will bolster the market when marriages have dropped 5 per cent, according to HSBC estimates, remains to be seen. The wedding sector accounts for a third of the country’s jewellery market.
对于订婚传统的更高接受度是否能够提振市场，仍然有待观察，因为根据汇丰的估计，结婚人数下降了5%。婚庆领域贡献了中国珠宝市场三分之一的需求。
Still, pursuing the fresh popularity of diamond jewellery for weddings and more, in 2014 Chow Tai Fook purchased Hearts on Fire — an American luxury brand — for $150m.
为了迎合钻石珠宝在婚礼以及其他场合的新近流行，周大福于2014年以1.5亿美元的价格收购了美国奢侈品牌Hearts on Fire。广州珠宝翻译公司。
The Chow Tai Fook and Hearts on Fire collections, priced Rmb20,000-Rmb30,000 ($3,000-$4,600), are currently in stores, with more than 120 new Hearts on Fire points of sale due to open throughout next year.
周大福与Hearts on Fire系列珠宝现已进入店铺销售，单品定价在人民币20000至30000元之间（合3000至4600美元），明年一整年还将新开超过120个Hearts on Fire的销售点。
Chinese brands are also catering to their citizens abroad. Qeelin — founded in Hong Kong in 2004 and acquired by luxury conglomerate Kering in 2013 — is banking on Chinese travellers.
中国品牌也在迎合身处境外的中国公民。麒麟(Qeelin)将希望寄托在了中国游客身上——该品牌于2004年在香港创立，2013年被奢侈品集团开云(Kering)收购。
While Hong Kong has suffered from a fall in tourism from the mainland — down 18 per cent from January to March 2016, according to HSBC — a rebound in trips to Korea, Japan and Thailand has compensated. “They’re just shifting,” says HSBC’s Mr Rambourg. (In Hong Kong in January and February 2016, watch and jewellery sales were down 24 per cent, HSBC says.)
虽然香港受到了来自中国大陆的游客人数下降的打击——根据汇丰提供的数据，2016年1月至3月间的降幅达到18%——与此同时，赴韩国、日本、泰国的中国游客人数回升了。汇丰的朗堡表示：“中国游客只不过改变了出游目的地”。（汇丰表示，2016年1至2月间香港的手表和珠宝销售额下降了24%。）广州珠宝翻译公司。
Qeelin, whose main markets are the mainland, Hong Kong and France, will launch four new stores this year, including two now open in South Korea. Its chief executive, Christophe Artaux, adds that women are increasingly buying for themselves — and seeking more design-led pieces, compared to the status-oriented purchases they sought before.
麒麟的主要市场在中国大陆、香港和法国，该公司今年将新开四家店铺，包括两家现已在韩国开业的新店。该公司首席执行官克里斯托弗•阿尔托(Christophe Artaux)补充称，女性开始越来越多地为自己购买珠宝——并且更加偏好设计主导的单品，而过去她们则追求购买能够彰显地位的珠宝。
Currency goes some way to explaining the move. The renminbi has fallen 6 per cent against the Hong Kong dollar since early 2014, while it had strengthened 17 per cent against the South Korean won by early February; at the time of writing, it was up 10 per cent.
汇率在一定程度上可以解释这种变化。自2014年初以来，人民币相对于港币已经贬值了6%，而截至今年2月初，人民币相对于韩元升值了17%；截至本文写作时为止，人民币相对于韩元的升值幅度为10%。
Another homegrown brand, TTF Haute Joaillerie, is expanding into Europe. The company currently produces only 30 high jewellery pieces per year, priced from about Rmb3m, all privately sold. Founded in 2002 in the industrial hub of Shenzhen, TTF will open its first boutique, in the Rue de la Paix in Paris, later this year.
另一家中国本土品牌TTF Haute Joaillerie（简称TTF）也拓展进入了欧洲市场。该公司目前每年仅生产30件高级定制珠宝，单件定价自人民币约300万元起，并全部以私密方式出售。TTF于2002年在工业中心深圳成立，并将于今年晚些时候在巴黎的和平街(Rue de la Paix)开设第一家精品店。广州珠宝翻译公司。
The new flagship will sell a more accessible collection, priced from Rmb30,000, which will keep its signature Sino-French aesthetic of using jadeite and white jade.
新的旗舰店将出售一个价位更易为人接受的珠宝系列，单品定价自人民币30000元起，并将保留该品牌特色，即融合了中法两国审美的对于翡翠和白玉的运用。
“France is home to the most important international jewellery brands,” says TTF’s founder, Frank Wu. The growing number of Chinese tourists was also a factor, as wealthy overseas Chinese and mainlanders make up his client base. Chinese outbound tourism has gone from 11m in 2000 to 117m in 2014, and is expected to grow to 200m in 2020, based on data supplied by Exane BNP Paribas.
TTF的创始人吴峰华(Frank Wu)表示：“法国是几乎所有重量级国际珠宝品牌的总部所在地。”人数不断增长的中国游客也是一个因素，富有的海外中国人以及来自大陆的游客构成了吴峰华的主要客户群。根据法国巴黎银行证券部(Exane BNP Paribas)提供的数据，中国每年赴海外旅游人次从2000年的1100万增长到了2014年的1.17亿，预计2020年将增长至2亿。广州珠宝翻译公司。
According to consultants Bain & Company, jewellery is “ever more perceived as a safe investment in an uncertain economic and financial environment” — a sentiment that resonates with smaller Chinese maisons.
咨询公司贝恩(Bain & Company)指出，在充满不确定性的经济和金融环境下，珠宝正被“越来越多地看作是一种安全投资”——这种情绪与中国豪宅规模的缩小相呼应。
Hong Kong-based Wallace Chan is sought after for his rare gemstone designs, which start from $150,000. He has no points of sale and expanded only by word of mouth and by participating in jewellery and fine-art fairs. Mr Chan calls the China downturn an “adjustment”.
常住香港的珠宝大师陈世英(Wallace Chan)以市场少有的雕琢宝石设计而受追捧，他的珠宝单品售价自150000美元起。他没有销售点，仅靠口碑相传以及参加珠宝和艺术展会拓展市场。陈世英将中国市场的下滑称为是一种“调整”。
Chow Tai Fook is also focusing on unique pieces, having launched an annual high jewellery collection five years ago. After touring China, the 15 pieces are then privately auctioned, with only its top 200 or so clients invited to bid.
周大福也在独一无二的珠宝单品上发力，其于五年前推出了一个年度高级珠宝系列。在中国各地展出之后，这个由15件单品组成的系列将被私下拍卖，只有该品牌最重要的约200位客户会被邀请参与竞拍。
