致力于告別裸照時代、朝著新聞方向進行長期轉型的《花花公子》（Playboy）雜志，近日發行了“去裸體化”轉型后的第一期，并且取得了良好反響。盡管《花花公子》雜志在中國毫無蹤跡可尋，中國市場卻為花花公子集團貢獻了高達三分之一的收益。

“花花公子”在中國幾乎是個家喻戶曉的品牌（品牌認知度高達97%），但這與大尺度的《花花公子》雜志沒有任何關系。由于中國相關的出版法律法規，該雜志是禁止在中國大陸公開發行銷售的。在中低階層群眾看來，它只是西方文化的一個模糊的代號。

然而，在過去25年里，靠著將它的兔子Logo授權給男裝、襯衫、手包、皮鞋、腰帶和背包等產品，該品牌在中國的奢侈品市場上也攫取了不少利潤。2014年，該品牌15億美元的總銷售額里，便有5億美元來自中國。

“挖掘中國市場的潛力，是花花公子集團過去20年間做得最正確的事情之一，但這是有心栽花還是無心插柳，就不知道了。”花花公子集團的一位營銷高管在接受《外交政策》（Foreign Policy ）采訪時，講述了花花公子在中國的發展史。該高管甚至表示，中國市場一度將花花公子從破產清算的邊緣拯救了回來。

最近，花花公子集團還與中國一家公司簽訂了10年的授權協議。如果《花花公子》紙質雜志的發行業務在轉型后仍然無法復蘇，那么，它的利潤來源很可能將繼續大大依賴于中國。（財富中文網）

譯者：樸成奎

As favorable reviews come in for Playboy’s newest issue that forgoes nude photos for a renewed emphasis on long form journalism, the magazine remains a total unknown in the market where Playboy earns more than a third of its revenues: China.

The brand has almost universal name recognition among Chinese consumers, 97%, where it isn’t associated with carnal desires—strict censorship has banned any officially imported magazines from entering the mainland—as much as vague notes of Western sophistication by lower- and middle-class buyers.

The brand has carved out a fairly lucrative business in China over the past 25 years by licensing its bunny logo for men’s dress shirts, suits, bags, shoes, belts, bags and backpacks. In 2014, $500 million of $1.5 billion in total sales originated in China.

“China is one of the things that Playboy did right in the past 20 years, but whether that was by design or by accident is unknown,” a marketing executive told Foreign Policy in its interesting story this week about Playboy’s history in China, which probably saved the company from an earlier reckoning. Fresh off a new 10-year licensing deal with a Chinese company, the country might also end up subsidizing the new-format magazine should it fail to revive in the struggling print business.