奢侈品集团疯狂买楼的背后 | 经济学人财经
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Gucci, Prada and Tiffany’s bet big on property
古驰、普拉达和蒂芙尼押宝商业地产
英文部分选自经济学人20240224期财经板块
Finance and economics | Time to splurge
挥霍一把
Gucci, Prada and Tiffany’s bet big on property
古驰、普拉达和蒂芙尼押宝商业地产
High-end fashion has some new houses
高端时尚界有了新房子
From the corner of Fifth Avenue and 57th Street the facade of Tiffany’s looks just as it did in 1961 when Audrey Hepburn, dressed in a long black dress and pearls, nibbled on a croissant outside it. Inside, however, things are rather different. After a four-year, $500m renovation, shoppers are greeted by a more modern experience.
从第五大道和57街的拐角处望去，蒂芙尼旗舰店的外观和1961年时相差无几，彼时奥黛丽·赫本身着一袭黑色长裙，戴着珍珠项链，在门口小口咬着羊角面包。然而，内里的变化可称翻天覆地。经过为期四年、耗资5亿美元的改造，迎接顾客的是更加现代的购物体验。
注释：
façade：Thefacade of a building, especially a large one, is its front wall or the wall that faces the street. (建筑物的) 正面
Everything shines: the rocks, the metal and marble display cases, the ceilings. What, at first glance, look like arched windows are really 7m-high led screens showing a diamond bird flitting over Central Park. Lifts at the rear take shoppers to ten floors: one for silver, one for gold, one for “masterpieces”. A three-storey extension, with views over Fifth Avenue, now sits atop the building. These levels are appointment-only. “We call it the diamond on the roof,” quipped Alexandre Arnault, son of Bernard, who owns lvmh, a French conglomerate that bought Tiffany’s in 2021.
目之所及尽是流光溢彩：宝石、金属和大理石陈列柜、天花板。初看上去的拱形窗户其实是7米高的led屏幕，屏幕上一只钻石小鸟轻快地掠过中央公园上空。后方的电梯通往旗舰店的其他九层：一层是银质饰品，一层纯金首饰，一层是“杰作珍品”。大楼的顶部有一个三层高的扩建部分，可以俯瞰第五大道，这些楼层只接待预约顾客。“我们称之为屋顶上的钻石”，伯纳德（Bernard）的儿子亚历山大·阿尔诺（Alexandre Arnault）打趣道。伯纳德名下的LVMH集团于2021年收购了蒂芙尼。
注释：
1.flit：If something such as a bird or a batflits about, it flies quickly from one place to another. 轻快地飞过
2.at the rear of：在…的后面 ; 在 ; 在……的后面
3. LVMH：酩悦·轩尼诗-路易·威登集团（法语：LVMH Moët Hennessy Louis Vuitton），又称路威酩轩集团、LVMH集团[2]，是当今世界最大的跨国奢侈品综合企业，雄踞在《财富》杂志世界500强公司排行榜上，总部位于法国巴黎。该公司是1987年时装品牌路易威登与酩悦轩尼诗（Moët Hennessy）合并而成立，而酩悦轩尼诗则是1971年由香槟酒制造商酩悦（Moët & Chandon）和干邑白兰地制造商轩尼诗并购而成。该集团控制着大约60个子公司，每个子公司负责管理少量具有高度声望的品牌。这些子公司通常以独立管理方式运作。LVMH于2021年1月完成了对蒂芙尼的收购。
It is the most glittering example of a luxury trend: huge bets on retail properties. lvmh has bought on Bond Street in London and the Champs-Elysées in Paris. There has been a flurry of deals on New York’s Fifth Avenue. In December Prada purchased its current store, 724 Fifth, and nabbed 720 Fifth, the shop next door, for a total of $835m. On January 22nd Kering, which owns Gucci, announced that it had bought the retail space in 715-717 Fifth for $963m. lvmh is rumoured to be eyeing up 745 Fifth, the space next to Louis Vuitton.
这是奢侈品领域新趋势最夺目的注脚：巨额押注零售地产。LVMH在伦敦的邦德街和巴黎的香榭丽舍大街上一掷千金。纽约的第五大道也见证了一连串的交易。去年12月，普拉达斥巨资8.35亿美元买下了自己位于第五大道724号的店铺，还盘下了隔壁的720号。1月22日，拥有古驰的开云集团（Kering）宣布以9.63亿美元的价格买下第五大道715-717号的零售店铺。据信LVMH集团正有意购买第五大道745号，即LV隔壁的店铺。
注释：
1.glittering：You useglittering to indicate that something is very impressive or successful. 光彩夺目的
2.a flurry of：一连串的，一阵阵的：形容一系列快速连续发生的事物或活动。
3.nab：If people in authority such as the policenab someone who they think has done something wrong, they catch them or arrest them. 抓住; 逮捕
4.kering：开云集团原名巴黎春天集团，2013年6月18日经股东大会批准后改为现名，是一家以经营服装及配饰等奢侈品为主的国际上市公司，总部位于法国巴黎，为世界第三大奢侈品公司，排名在LVMH和历峰集团之后。
These deals are being sorted at breakneck speeds and for record prices. From a handshake to completion, some come together in weeks. The Kering and Prada purchases were, unusually, both “sign and close” deals—entire cash payments were made on the day the contracts were signed. The Kering deal is America’s largest ever high-street retail-property deal.
这些交易成交速度令人震惊，成交价格也创下纪录。从开始谈判到最终完成，有些只用了短短几周。开云和普拉达都是罕见的“签字即成交”交易，即合同签订当天现金结清全款。开云的交易是美国有史以来最大的高街零售地产交易。
注释：
high street，高街，这个词起源于英国伦敦。高街并不是指代某一条街，它是指一个城市的主要商业街，街道两旁都是服装零售商店。
Why the rush? Tiffany has owned 727 Fifth for decades, but most brands have been happy to lease. Will Silverman of Eastdil Secured, an investment bank that advised Jeff Sutton, the developer who sold to both Kering and Prada, points to growth in luxury sales and shifts in interest rates to explain the change of approach.
为何如此匆忙？蒂芙尼持有第五大道727号已经几十年了，但大部分品牌都不觉得租赁商铺有什么问题。开云和普拉达都是购自开发商杰夫·萨顿（Jeff Sutton）；曾为后者提供咨询服务的投资银行Eastdil Secured的维尔·西尔弗曼（Will Silverman）指出，奢侈品销售额的增加和利率的变化都促成了奢侈品品牌策略的转变。
High-end goods began to fly off the shelves during the covid-19 pandemic, when people where flush with cash and had nowhere to go, and the frenzy has not abated since. Beautiful handbags that were once the privilege of the few are now bought by the many. Indeed, last year lvmh’s sales of fashion and leather goods were 40% higher than in 2021.
疫情期间，人们手头宽裕，却无处可去，高端商品一度销量火爆，这一热潮至今也没有消减几分。美丽的手袋曾是少数人的奢享，现在却飞入寻常百姓家。事实上，去年 LVMH集团时装和皮革制品的销售额比 2021 年增长了40%。
Luxury goods still tend to be sold in person, meaning that retailers are spending eye-watering sums to tempt people into their stores. And the arrival of the masses means they need more space for plush private rooms in which to make sales to their old clientele. “Manhattan might be getting taller,” notes Mr Silverman, “but it’s not getting any wider.” There is a finite amount of truly high-end space.
如今奢侈品依然更多是面对面交易，也就是说零售商需要斥巨资吸引消费者进店。而顾客来得越多，也就需要更多豪华私人接待室，以便为老客户服务。西尔弗曼表示：“曼哈顿的楼可能会越盖越高，却不会越盖越宽。”真正高端的空间是有限的。
注释：
1.eye-watering: extremely surprising, because of being great in amount. (Cambridge Dictionary)
2.plush: expensive, comfortable, and of high quality. (Cambridge Dictionary)
Alone this might be enough to tempt retailers to purchase rather than rent—and buying becomes the clear choice once interest rates are taken into account. Most property owners finance their buildings using a mixture of equity and mortgage debt. In America mortgage rates on commercial buildings are around 6-7%. The cost of equity is higher still. For an investor to buy a space and cover his costs, he might need to charge annual rent worth perhaps 8% of the building’s value.
单凭这一点可能就足以吸引零售商购置地产而非租赁，一旦加上利率的考量，购置地产自然成为不二之选。大多业主购产会混合使用股权和抵押贷款，如今美国商业地产的按揭利率在6-7%左右，股权成本甚至更高。投资者可能需要每年收取高达建筑物价值约8%的租金，才能保证收回成本。
Paying these rates would be foolish for a luxury firm. Since they make so much money, they can issue debt at a yield only slightly above that on German government debt. lvmh’s most recent bonds were oversubscribed at 3.5%. Thus fancy retail spaces are a luxury it can easily afford.
对奢侈品公司来说，为如此高的利率买单就很不明智了。由于它们盈利颇丰，它们能够以仅略高于德国国债的收益率发行债券。最近LVMH集团发行的债券就以3.5%的利率获得超额认购。因此，豪华零售空间虽说奢侈，对他们来说却可轻松负担。
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Hannah，做个废柴，保持愉快
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