文 | 时代周报

ningboshangrenshenguojunchuanglideyintaibaihuo，zaihulianwangdalaomayunrujushinianhou，doudouzhuanzhuanyouhuidaolelingyiming“ningbobang”dashangliruchengshouli。

12yue17riwujian，alibaba（09988.hk、nyse:baba）fabuyizechushouyintaibaihuogufendeziyuanxinggonggao，yinfaxingyejuzhen。alibabahuojiangchengshou93yiyuanjukui，jiangsuochiyouyintaibaihuo99%deguquanyiyue74yiyuandejiaoyiduijia，chushoujiyageerjituanheyintaiguanlituanduichengyuanzuchengdeshougoucaituan。

zheishi73suideyageerchuangshirenliruchengfanghuayaodazao“shijiejichanyeshishangjituan”hou，kaiqideyouyichangshushiyiyuandehaodu。

cicitouzibingweidongyongshangshigongsizijin，dantouzizhedetaiduzaigujiazhongkejianyiban。

xiaoxichuanchuhou，yageer（600177.sh）zai12yue17ripanzhongxunsulashengyibozhihou，zai12yue18ribianjisuhuidie，dangrishoupandiefugaoda7.78%。jiezhi12yue20rishoupan，yageerbao8.50yuan/gu。

wushishangzhongwenwangchuangshirentangxiaotangduishidaicaijingzhichu，zaichuantongbaihuojiangherixia，yijizhongguolingshoushichangbuwanquanjubeimeiguoshichangcangkujiwuliudeyunyinglinianzhishi，shougouyintaiduiyuyageerjituankenenghennanshiyibihaoshengyi。youqishizaialibabajiyubolikuisunzichanzhiji，jiaoyihuoduohuoshaoshiguan“renqing”。

yageerjituan74yiyuanjieshouyintaibaihuo，jiujingshishengyi，haishiqingyi？

铁打的银泰百货，流水的接盘方

yintaibaihuodeerduzhuanshou，qianchechusanmingzheshangdalaodejiban。

zaizhejiangzheipianshangyeretushang，yintaichuangshirenshenguojunshi“guanjianxiansheng”。shenguojunyulirucheng，doushi“chiguofenghuayunaitou，chuangguosanguanliumatou”deyongshang，yeshi“ningbobang”chengyuan。mayunzeshishenguojundezhijiaomiyou，chulelianshouwanchengleyintaishangyedesiyouhua，haicenggongtongfaqiyunfengjijin，chuanglicainiaowangluo，lianhefuxingjituanguoguangchangchenglizhejiangwangshangyinxing。

shijianhuisuzhi1998nian。shenguojunjiangdiyijiayintaibaihuokaizailehangzhoushizhongxinwulinlu。kaiyediyinian，yintaibaihuodexiaoshouejiudadaole4.8yiyuan，yijuntuqi。tongnian，yageerzaishanghaizhengquanjiaoyisuoguapaishangshi，muji6yiyuanzijin，bufenyongyukuozhanpinpaixiaoshouwangluo。

yageerdeshangwunanzhuangshengyihenkuaijinzhuleyintaibaihuo。

2005nian，yageerhangzhouyintaizhuanmaitingchuangxiarixiaochao50wanyuandemaichangjilu。yeshizaizheiyinian，shenguojunyualibabachuangshirenmayunxiangshixiangzhi，cinianbianchengliledamingdingdingde“jiangnanhui”，jihupandaxuedeqianshen。

shenguojunyuliruchengchengweizhenzhengde“mengyou”，shiyintaibaihuozaixianggangchenggongshangshizhihou。

2009nian，kuozhangzhongdeyintaibaihuo，qianyuedeshougezhanlvehezuopinpaijiushiyageer。zaiqianyuehuishang，yintaibaihuodeguanlicengcengtoulu，zaiyuyageerhezuodeshinianzhong，yageeryizhishiyintaibaihuomaidezuihaodenanzhuang。“jinhouyintaibaihuokaidaonali，yageerdezhuanjujiukaidaonali！yageeryouxinpinshangshi，jiangyouxiankaolvzaiyintaibaihuoshangjia；yintaibaihuoyidanshexindian，yageeryejuyouyouxianxuanzeweizhidequanli。”

yintaibaihuoyuyageerchengweixianxia“dazi”zhiji，“hulianwang+”langchaoxijuanchuantonglingshouxingye。zheisanmingzheshangzaidujiaoshou，fankaixinlingshoudezhanxinyiye。

2015nian，alibabazengchiyintaishangye，chengweidiyidagudong。tongnian，youmayunchurenhuizhang、shenguojunrenzhixinghuizhangdezheshangzonghuizhengshichengli，bingkaishijijituidongshiyelingyudehulianwangyushuzihuazhuanxingshengji。yinianhou，zaialiyunqidahuishang，mayunde“xinlingshou”gainianhengkongchushi，yintaibaihuochengweialibabaxiangxianxia“xinlingshou”tansuodebiaoganxiangmuzhiyi。

liruchengyemeiyoudiaodui，yageerhenkuaichengweilealibaba“xinlingshou”dezhulangzhe。2019nian1yue，liruchengqinziqiaodingleyageeryualibabaa100xiangmuzhanlvehezuoguanxi。liruchengcengshuo，“bunengguangcongxiaoyijiaoduqukaolv，yaocongyigexindetansuojiaoduqukan，daodixinlingshounengzuochengshenmeyang。”

suizhealibabaduiyintaibaihuodechixugaizao，liruchenglingdaoxiadeyageerjituan，yezaidalibujuo2o，dazaozhihuiyingxiaopingtai，jianshezhinengzhizaogongchangheshishangwuliuzhongxin。

rujin，zheichangxinlingshoulangchaorengzaixiangqiantuijin，chengbaiweiyoudinglun。erzaizheibeihou，3mingzheshangdeshenfenzaoyifashengjubian。

2022niandi，mayunxierenzheshangzonghuihuizhang，erliruchengdemingzichuxianzaizheshangzonghuixinyijiefuhuizhangmingdanzhong。

zheifangfoyeshiyizhongyinyu，yintaibaihuokongzhiquandeliangdujiaojie，zaoyiyanjinchengshenguojun、mayun、liruchengsanmingzheshangdalaoduixinlingshoumoshidesikaojieli。

抄底入场，学LV买出时尚帝国

liruchengdeshougoujueceshifouyou“renqing”kaoliang，waijiebudeerzhi。danduiyuzheimingyou“zhongguobafeite”zhichengdetouzilieshoulaishuo，shengyipansuanzenmehuisheqixiaoyikaoliang？

yijiacaiwuzixunjigoudefuzerencengzheiyangpingjialiruchengdetouzifengge：“tanenghenkuaijianliduibierendexinren，danyaohenzhangshijiancaihuikaolvtingqubierendejianyi，zaitouzifangmianyizhidulisikao。”

erzaizishenlingshouzhuanjiawangguopingkanlai，shougouyintaibaihuoshiyibihuasuandemaimai。

tarenwei，congzichanpeizhihetouzichengbendengcaiwujiaodulaikan，suizheyageerjituanzhongxinjujiaoshishangbankuai，dichanyewujiasuqukucun，dailaidekeguanjieguoshiliruchengjiazuzhangmiandeqianbianduole。

“tamenxuyaobaqianhuachuqu。”wangguopingshuo，“ruguodanchunzuochuxujiubutaihuasuanle。muqian，shichangderongzichengbenyezaizoudi，xiangyageerzheiyangdedajituan，tongguoyinxingjiedai，lixikenengyejiu3gedian。”

tabiaoshi，guoneiqudaozichanjiageyizaidigu，liruchengchaodiyintaibaihuozhihou，jingguoyiduanshijianyunzuo，dangcaiwuzhibiaoyousuohaozhuan，houqizaidabaoshurushangshigongsi，huodandushangshiyihuoqushouyidekenengxinghenda。

liyikaoliangzhiwai，liruchenghuoxuhaiyougengdadeyexin。

guoquduonian，liruchengwushucijujuelebierenduiqi“fangqifuzhuang”dejianyan，biaotaiyao“xinwupangwudibashishangchanyezuoqilai”。2023nianniandi，shangshipingtai“yageerjituan”zhengshigengmingwei“yageershishang”，zaiduxiangwaijieshifangqizuoqiangshishangyewudejuexin。

liruchengyebuzhiyicitouluguoxiangyao“xianglvneiyangzuochengyigecaituan，tongguoshougou、jianbingzuoda”。

2019nian，liruchengzaibangongshijieshoulemeiticaifang，zheixiebaodaozhongxiedao，liruchengdebangongshilitiedifangzhesankuaidazhanban，shangmianyinzhedezhengshiguojishechipinchanyedesandajutoulifengjituan、kaiyunjituanhelvmhjituandefazhanlicheng。liruchengzehuijingchangzuozaizhanbanduimiandeshafashangsisuo。

beiliruchengduibiaoxuexideguojishechipinjutou，zailingshouqudaodetouzidongzuodequebushao。

2001nian，lvmhjituanjiushougouguofaguobalizuizaodelingshoushangchangzhiyishamalidanbaihuogongsi55%degufen，qichuangshirenjiazuqixiasimuguquanjijinl cattertonzaijinqiyewanchengleduiouzhouzuidadeaotelaisiyunyingshangvalue retaildebufenguquanshougou。kadiyamugongsilifengjituanyecengmaixiazaixianshechipinshishanglingshoushang net-a-porter，ruguquanqiuzuidamianshuilingshoushangdufry。

dan“zhongguodelvmh”bingbuhaozuo。lingshouxingyeyouyigebubiandegongshi，pinpaidexiaoshouqudao，juedinglepinpaidingweiyukequn。hexinpinpaiyageerguoqushunianzaixiachenshichangdaxiadetianxia，jintianquechengleyageerjituanmaixianggaoduanhuadezuaizhiyi。

wuxiaobozhubiande《anli》zhong《yageer：yinxingdechibang》yiwen，cengyouyiduanhuamiaoshuguoyageerzhupinpaidezaonianjiongjing：“gaikaidediankaile，gaituidepinpaituile，gaiyoudejiaweiyoule，danyageershizhongzhishiyigefuzhuangzhongdangpinpai，xiangshanghennan，xiangxiazoujiudedajiagezhan。”

liruchengbushibuzhidaozheiyidian。

jinyinian，xiangyaolizugaoduanshangquandeyageer，kaishixuexishechipinjituanyugaoshegouwuzhongxinhezuozuichangjiande“zongduizong”moshi。yageerjituanzongbucengmiandaizheqixiayageeryoungorzhupinpai，yijigaoduandingzhimayor，shangwuxiuxianhart marx，chaoliupinpaiundefeatedhehuwaipinpaihelly hansen，yutoubushangyetideyilanzizongtihezuo。muqianyituozheiyimoshi，gaijituanqixiawudapinpaijinzhulezhongqingwanxiangcheng。

bujinshijinzhugaoduangouwuzhongxin，liruchenghaipaochu“lafengbugu”celve。

2024nianyilai，yageerzainanning、ganzhou、nanchang、wuhan、zhengzhoudengdi，kaichule14jiayageershishangtiyanguan，zheixieshishangtiyanguanquanshishuqianpingmi、zichiwuyede“chaojidadian”，tourugenglingrenzashe。

yageerzhixingzongcaixupengtoulu，zhengzhoushishangtiyanguanyigedianjiuchizi7000yuwanyuan，youxiemendiandegouzhifeiyongshenzhidadaojigeyi。yageershishangtiyanguanyaozaiquanguohexinshangquankaizhishao30jia。

rujinkanlai，“shaoqian”zuodadianhuobuzuyimanzuliruchengdeyexin。maixiayintaibaihuozhihou，tayouxianggaoduanhuamaichuguanjianyibu。

“罗马不是一天建成的”，二代登场接力时尚梦

buguo，jinguanliruchengzaxiazhongjinkuoqudao，dangaoduanhuazhilujingjicongsheng，yageerhaiyouhenzhangdeluyaozou。

wangguopingzhichu，yageerzhupinpaipinpaili、chanpinxian、mendiansheji、shangpinchenliehexiaoshoubiaoxiandeng“yingzhibiao”，shangnanyifuhezhongsheshangchangdejinzhuxuqiu。suiranyageerjituannenggoutongguo“zongduizong”moshinadaogaoduanshangchangruchangquan，danbingmeiyouzhenzhengyiyishangdequdaohuayuquan，“ruguochengbenjiangbuxialai，jishijinzhuleyehuikuisun。”

zaiwangguopingkanlai，liruchengshougouyintai，yezhengshixiwangtongguoyintaidetixi，shixianqixiapinpaiguimohua，zuidaxiandudizhengheziyuan，bapinpailihexiaoshouyejipengshanglai。

yintaibaihuopangdadeshangyebantu，qiahaonenghuanjieyageerdequdaozhikun。juyintaibaihuoguanwang，muqianyintaibaihuozaiyingxiangmuda59jia，qizhong，zhejiangshengneideyintaibaihuoyou36jia。

danzaiyuyageerjituandefuzhuangpinpaishixianzhanlvexietongzhiqian，liruchengheyintaiguanlicengrengyouxuduowentixuyaoyouxianjiejue。

yimingcengzaiyintaigongzuodexiangmufuzerenduishidaicaijingzheiyangpingjiadao：“alidehulianwangsiweiduiyintaibaihuodegaizaoshishibaide。”

shangshurenshibiaoshi，yintaibaihuotuichudexianshangxiangmu，rangzhongduogaoduanpinpaishanghuxianruquanwangbijiadejingdi。“zailingshouchangyu，juanjiagedeqiantishipinchengbenhexiaolv。chengbengengdi，yiweizhedingdanguimogengda，wuliuchengbengengdi，ziyingpinpaizhanbigengda。xiaolvgenggaozeshizhishuzihuajianshegenghao，renyuananpaigengheli。danshialibabalingdaoxiadeyintaibaihuo，meiyoubanfanadaopinpaiyuantourangli，yasuodeshishanghudelirunkongjian。”

wangguopingduishidaicaijingbiaoshi，zheiyixianxiangzaiyintaibaihuodequecunzai，yageeryuyintaibaihuodeyewuxietongjiujingyouduoqiang，rengyaodayigewenhao。ertangxiaotangzepingjiacicijiaoyiwei“weileyidiancu，qubaolegejiaozi”。

jiuyageergaoduanhuaqudaoshouzuzhiyi、shougouyintaihou“qianglianbulian”dejutijihuadengwenti，shidaicaijinglianxiyageerfangmian，jiezhifagaoweiyouhuiying。

suiranbaoshouzhengyiqiexijieweiming，danzheibijiaoyirengzaizhubuluodi。shishangzhiluzhifengmuyu，liruchengbushimeiyouyuqi。

zai2022nianzhigudongxinzhong，liruchengshuo：“luomabushiyitianjianchengde。yageeryaochengweishijiejideshishangjituan，daolujianxianmanzhang，yantuhuifashenggengdadekunnanhefengxian，womennulifahuiyoushi、kefuduanban，yibuyigetaijie。”

tayehenqingchu，zijilixiangzhongdebainianshishangjituanyuanjing，shiyichangdaijijielidechijiuzhan。“yigepinpaidechenggongyaoyidairenshenzhijidairendenuli，tayouhenduoneihan，tadepinzhi、fuwu、wenhuayaobuduanchuangxin，xiangzhonghuayiyangyaobuduanpeiyu。”

rujin，yageerjituandeerdaiguanlizhezhengpinfanchuxianzaigongzhongshiye。

bujiuqian，lirucheng19nianlaishouciquexileningboshi“chuangyechuangxinfengyunbangbanjiangdianli”，daibiaoyageerjituanzhanshanglingjiangtaide，shiqidunv、yageerjituanfudongshizhanglihanqiong。

wuduyouou，zai12yue17riyintaixiangmuqianyueyishizhong，lihanqiongyizhanzaicwei。tadezuoshoubianshialibabashouxicaiwuguan、zhanlvetouzibufuzerenxuhong，youbianshihongyidongshizhang、yintaishangyejituanceochenxiaodong。zuoweidongshizhang，liruchengjinzaiyishijieshuhou，peitonglaifangzhecanguanquanxinluochengdeyageerkejiguan。