????數(shù)年前，雅詩蘭黛（Estée Lauder）就先知先覺地意識(shí)到，在中國(guó)這個(gè)全球發(fā)展速度最快的高檔化妝品市場(chǎng)，北京、上海和香港等一線城市并不是全部，其他較小規(guī)模（與其他國(guó)家城市相比依然很大）的城市還有很大的開拓空間，因此該公司堅(jiān)持將業(yè)務(wù)推進(jìn)到二三線城市。在接受《財(cái)富》的采訪時(shí)，弗雷達(dá)指出：目前，公司已在中國(guó)90多個(gè)城市鋪設(shè)實(shí)體門店，隨著中國(guó)整體發(fā)展成為高檔化妝品的成熟市場(chǎng)，這將使得公司在業(yè)內(nèi)具有競(jìng)爭(zhēng)優(yōu)勢(shì)，并將維持增長(zhǎng)勢(shì)頭。

????然而，作為擁有M.A.C、雅詩蘭黛（Lauder）和海藍(lán)之謎（La Mer）等多個(gè)著名品牌的行業(yè)巨頭，該公司在周二發(fā)布的全年盈利預(yù)測(cè)中對(duì)投資者發(fā)出警示：由于中國(guó)政府大力反腐導(dǎo)致禮品消費(fèi)減少、香港的亂局以及中國(guó)的旅游人數(shù)減少等一系列因素，中國(guó)市場(chǎng)的增速趨緩。本周初，競(jìng)爭(zhēng)對(duì)手歐萊雅（L’Oréal ）公布，其高檔化妝品業(yè)務(wù)上一季度的全球銷售額上升4.9%，相比第二季度的7.5%大幅下降，由此引發(fā)了對(duì)中國(guó)這一重大市場(chǎng)需求下降的擔(dān)憂。

????弗雷達(dá)向《財(cái)富》講述了，為什么他認(rèn)為雖然中國(guó)和俄羅斯市場(chǎng)目前出現(xiàn)一些問題，但從長(zhǎng)期來看仍然是雅詩蘭黛銷售增長(zhǎng)舉足輕重的市場(chǎng)。

????中國(guó)市場(chǎng)銷售放緩的原因何在？

????“我要澄清的是，雖然中國(guó)市場(chǎng)的奢侈品銷售趨緩，但高檔化妝品市場(chǎng)仍在持續(xù)增長(zhǎng)。（中國(guó)）市場(chǎng)銷售放緩，原因之一是（一線大城市）精英和中產(chǎn)階層的富裕消費(fèi)者已達(dá)到一定的飽和狀態(tài)?！?/p>

????“因此，銷售增長(zhǎng)主要來自于新增消費(fèi)者，富裕消費(fèi)者的消費(fèi)增長(zhǎng)已經(jīng)趨于常態(tài)化?！?/p>

????中國(guó)政府針對(duì)奢侈品的舉措，以及香港的占中事件，對(duì)公司業(yè)務(wù)有哪些的影響？

????“過去12-18個(gè)月的反腐運(yùn)動(dòng)已經(jīng)令中國(guó)奢侈品的禮品數(shù)量減少，而其中高檔化妝品受到的影響相對(duì)較小。也就是說，個(gè)人消費(fèi)仍然相當(dāng)穩(wěn)健，但是用于贈(zèng)禮的奢侈品消費(fèi)減少了。”

????“香港占中事件導(dǎo)致了簽證數(shù)量的減少，尤其是短期旅行的簽證。結(jié)果令中國(guó)大陸的旅游人數(shù)減少，進(jìn)而導(dǎo)致奢侈品的消費(fèi)下降。很多生活在三線城市的消費(fèi)者買不到奢侈品，只能在旅行時(shí)購(gòu)買?！?/p>

????雅詩蘭黛是首批在這五個(gè)一線城市開設(shè)分店的西方品牌，目前在90個(gè)城市已設(shè)有銷售點(diǎn)—— 這對(duì)你們?cè)谥袊?guó)的業(yè)務(wù)增長(zhǎng)有何影響？

????“這是非常重要的舉措。當(dāng)我們深入接觸中國(guó)的廣大消費(fèi)者，深入一些比較大的，但國(guó)際化程度沒那么高、和外界接觸比較少的城市時(shí)，才離本地化更進(jìn)一步?！盵公司在中國(guó)70%的線上銷售來自于還沒有經(jīng)銷店的城市，弗雷達(dá)預(yù)見這一業(yè)務(wù)的前景非常理想。]

????“我仍然相信，長(zhǎng)期來看，中國(guó)的奢侈化妝品市場(chǎng)依然是業(yè)內(nèi)最具活力的市場(chǎng)，存在大量的機(jī)會(huì)。”

????您對(duì)俄羅斯市場(chǎng)遭受制裁提出警告—— 您怎么看俄羅斯的前景？

????“俄羅斯的確是一個(gè)比較動(dòng)蕩的市場(chǎng)。但是我們?cè)诙砹_斯的業(yè)務(wù)非常好，因?yàn)槲覀兊漠a(chǎn)品和零售合作伙伴都是多元化的?！?/p>

????“俄羅斯的業(yè)務(wù)正隨其經(jīng)濟(jì)增長(zhǎng)放緩而趨緩。但長(zhǎng)期來看，我仍然看好俄羅斯的奢侈品市場(chǎng)，因?yàn)槎砹_斯的女性非常熱衷于購(gòu)買化妝品。”（財(cái)富中文網(wǎng)）

????譯者： 南風(fēng)

????審校：Patti

????Estée Lauder realized years ago that there is more to China than Beijing, Shanghai and Hong Kong, and made sure to build a presence in smaller (though still big) cities in the world’s fastest growing luxury market. The beauty products company has a bricks-and-mortar presence in 90 cities in China now, something CEO Fabrizio Freda told Fortune in an interview will give it an edge over rivals and sustain its growth even as China as a whole is maturing as a market for high-end beauty products.

????Still, the company, famous for brands ranging from M.A.C. to Lauder to La Mer, lowered its annual profit forecast on Tuesday and warned investors of slowing trends in China caused by a bunch of factors, such as a crackdown on corruption that has curbed gift giving, turmoil in Hong Kong and a drop in travel by the Chinese. Earlier this week, rival beauty company L’Oréal reported that global sales in its luxury unit rose 4.9% last quarter, slower than the 7.5% pace a quarter earlier, raising concerns that the China juggernaut is losing some steam.

????Freda told Fortune why he thinks China, and Russia, which is facing its own issues, will long be important growth markets for Estée Lauder.

????What is behind the slowdown in China sales?

????“China is slowing down as a luxury market but is still growing very solidly as a luxury cosmetics market, I would like to clarify. The reason (China) growth has slowed down is first, because the affluent group of consumers in the high end and middle class has reached a certain level of saturation (in the biggest cities).”

????“So the growth now comes mainly from the new consumers, while growth in consumption by the affluent consumer has normalized.”

????What has been the impact of some of the Chinese government’s actions on luxury and the events in Hong Kong?

????“This anti-corruption campaign in the last 12-18 months has reduced the amount of gifting in China of luxury goods, including to a lesser extent, prestige cosmetics. So the consumption for personal use remains very solid, but the gifting habit has decreased.”

????“The political turmoil in Hong Kong has reduced the number of visas, particularly for short-term travel. The combination of this has reduced the number of Chinese traveling and, by extension, those exposed to luxury goods. Many of these people live in tertiary cities where luxury goods do not exist and can only buy them when they travel.”

????Estée Lauder was one of the first Western brands to branch out in China beyond the five or so biggest cities and is now in 90 cities there—what impact is that having on your China growth?

????“This was a very important move. When you go deep into populations and you go into cities which are very big but much less international and less exposed to the rest of the world, you become more local.” [Some 70% of the company's online sales in China are from cities where this is no distribution yet, something Freda said bodes well for its expansion.]

????“I still believe that the luxury cosmetics market in China will remain in the long term one of the most vibrant and interesting opportunities in our industry.”

????You warned of the impact of sanctions on the Russian market—what are your prospects there?

????“Russia is obviously a volatile market. But we are doing very well there because we have a diversified portfolio of products there and of retail partners.”

????“Russia is softening because the economy is softening. But in the long-term, I still believe Russia will be a superlative market because women there are enthusiastic beauty consumers.”