全球奢侈品行业：中国皮具品牌的崛起

Global Luxury Goods: The Rise of Chinese Leather Goods Brands leathergoodsspace.Inthisnote,wefocusontheleathergoods champions-specificallySongmont,Qiuzhen,Grotto,Dissona,and Bampo-andassesstheirriseand implicationsforthe broaderluxurylandscape. +41582723126luca.solca@bernsteinsg.com +44 20 7170 0540maria.meita@bernsteinsg.com market. Songmont exemplifies the rapid rise of local brands,asthe leading domesticplayers nowaccount for roughly 18% of Tmall sales (vs.19% bythetop overseas brands)and have significantly outgrown both global peers and the overall category, with a +51%CAGR between 2021 and 2025.Thismomentum accelerated from 2024 due to increasingconsumer sensitivityto price and value (see Global Luxury Goods: The Value for MoneyQuestion and Global Luxury Goods:Chinesedemand dynamics),withSongmont standingout in both scale and growth. +85221232628eric.chen@bernsteinsg.com +44 20 7676 6822yi-peng.khoo@bernsteinsg.com Compelling pricing and thepopularity of hero products have been key driversof volume-ledgrowth among Chineseleather goodsleaders.Mostof the growthcame from unit expansion (+37% CAGR) rather than pricing (+10%), reflecting a focus onaccessible price points. However, these brands rely heavily on a concentrated set of heroSKUs,creatingboth growthupsideand risk.Songmont appears aheadof thepackbeingbetterdiversified (top10SKUsmakeup53% sales vs.others at 60-70%)and graduallymoving into higher price points. Specialist Sales Alix Turner+44 20 7762 4044alix.turner@bernsteinsg.com Leadingdomesticplayers are workingtonarrowthegap with global peers inbrandbuildinganddistribution.Thereappearstobeadeliberate effortat Songmonttobecomeaculture-drivenlabelrootedinEasternaestheticsandcontemporarynarratives.Itsproductdesign emphasizes natural imagery,functionality,and relevanceto modern women's dailylives. This positioning is reinforced through non-product initiatives, including a successfulpodcast addressing the perspectives and challenges of its target audience,flagship storeconcepts aligned with its design language, and the"Song of Mont"pop-up during ParisFashion Week, which extended its cultural narrative onto a global stage. The rise of the"luxuryorphan"consumer has furtheraccelerated the rise of end luxuryand mass-marketfashion by offering products that combine quality,design,andaccessiblepricing (SKUspriced intheCNY1-3krange represent80-90%sales)just atatime when consumers have becomemore value-conscious (see Global LuxuryGoods: The Prosecco of Soft Luxury).Given the significant price gap versus global luxuryhouses,their growth has likely come atthe expense of smaller,fragmented brands. Lookingahead,continued expansionbothdomestically and internationally is expected to exertincreasing pressure onthe accessible luxurysegment, including brands suchas Coach andLongchamp,especiallyas leadingplayerslikeSongmontcontinuetomoveupmarket. Continued on the next page... for-money and product-marketfit remain the primary drivers.Consumer preferenceappears to be driven primarily by strong value propositions rather than brand origin,as bothdomestic and international brands continue to succeed when they offer compelling pricing,design, and innovation across both soft (e.g. Chanel under Matthieu Blazy) (see GlobalLuxury Goods Mega-transect: Resilient Labour Day traffic)and hard luxury (e.g.Cartierpremium-The 9M25LFLBrand &Category Price Tracker). "China-for-China" strategies spanning product development, marketing, and brandleadership,tailoringproductassortments,andrefining customerengagement strategieswith initiatives such as Louis Vuitton's locally driven concepts demonstrating how theseeffortscandeliverstrongbrandingandcommercial outcomes (seeGlobal LuxuryGoods:10KeyTakeawaysfromOurTriptoChina) INVESTMENTIMPLICATIONS The emergence of independent and lower-priced handbag brands both in China and abroad -such as Songmont, Cafune, andPolene -underscores a growing value-for-money challengefor global soft luxury players.While these brands are capturingdisproportionateconsumerattention-drivenbyrapidgrowthandstrongresonancewithlocalconsumers-theyremainsignificantly smaller in scale and largely operate within the accessible luxury segment, rather than directly competing with high-end luxury houses. Nevertheless, their rise offers important lessons for global luxury brands. Chief among these is the evolving and increasinglynuanced definition of"appeal"in luxury consumption.As consumers becomemore sophisticated,appeal extends well beyondpriceandproductqualitytoencompassdesigndistinctiveness,culturalrelevance,andauthenticity.Equallyimportantarenon-product dimensions, including brand storytelling, client engagement, andtheretail experience. Within our coverage, higher-end soft luxury brands with scale-such as Hermes, Dior, and Louis Vuitton-remain relativelyinsulated from the competitive pressures posed by rising independent brands, unlike accessible luxury peers that competeinnovation-throughverticalintegrat