$RL · Value Investing with Sven Carlin, Ph.D. · 2026-11-10
Ralph Lauren 执行出色——在新任 CEO 下更精简、提价、品牌提升、定价权、直面消费者、利润率更高，Z 世代表现强劲，而奢侈品同行则处境艰难——但它现在看起来偏贵，且时尚难以预测，因此该股在当前水平风险过高。
逐段跳播
Ralph Lauren。好。表现很棒。CEO换了，公司变得更精简。提高了价格。过去一年全都真的在蓬勃发展。现在它看起来贵了，因为时尚这东西你永远说不准。我们做过很多时尚公司，Lululemon，你在时尚里，两年后你就不在了，然后股票看起来极其难看。
但它非常有意思，他们是如何做到品牌提升、定价权、直面消费者、更高利润率，在Z世代那里胜过其他正在受苦的奢侈品公司，但在这些价位上风险太大了。
Ralph Lauren. Okay. Did great. CEO changed the company made it leaner. Increased prices. All really booming over the last year. Now it seems expensive because you never know with fashion.
We did a lot of fashion companies, Lululemons, you are in fashion and then two years later you are not and then the stock looks extremely ugly. But it's very interesting how did they grow brand elevation, pricing power, direct to consumer, higher margins one over the Gen Z compared to others luxury that are suffering but too risky at these levels.