"现在的年轻人，希望更松弛、更时尚地表达文化自信。我们尝试从'三条纹'的品牌视角去诠释中国传 统文化，这反而成了年轻人更喜爱的方式。" 12月17日，由南方财经全媒体集团指导、21世纪经济报道主办的"2025新消费大会"在上海举办。阿迪达 斯大中华区企业公关及可持续发展高级总监吴亮受邀出席，并围绕"挖掘消费新增长"等核心议题分享实 践经验。 消费作为全球经济增长的核心引擎，正经历深层次结构性变革。消费市场分层化、个性化趋势愈发明 显，不同阶层的消费者需求差异显著，如何精准定位不同消费层级、群体的需求，并制定相应的市场策 略，是每个品牌不可避免的必答题。 除了消费场景的创新外，跨界也成为产品破圈、撬动增量的重要途径。"品牌需要更多新鲜感、灵感 时，联名就显得非常重要，同时消费者也很喜欢。"吴亮表示，2025年阿迪达斯持续深化与多元设计师 的合作版图。 临近春节，阿迪达斯将携手中国设计师品牌SAMUELGUÌYANG杨桂东，推出第四代新中式风格新年限 定系列。值得一提的是，品牌打造的三叶草熊猫T恤，不仅风靡国内年轻消费市场，更收获詹姆斯·哈 登、安东尼·爱德华兹、杰伦·威廉姆斯等NBA球星的青睐。 凭借在创新性、 ...

以往咨询机构试图给跨国企业兜售的那种"全球平均消费者"不存在了，世界不同地区的消费者都有他们自己的品味和意愿。 当其它商家还在准备双旦节的时候，阿迪达斯的春节营销已经早早开打。 他们一口气推出了十几件颜色、材质、廓形各异的带有盘扣元素的"新中式"三叶草中国限定外套，并且还召集了15位明星、运动员上身拍摄，"重拳出 击"来营销这个系列。 一些消费者吐槽，这是不是太刻板了？ 到了蛇年，则直接留下了最经典的盘扣，但采用了更挺括宽松的廓形，颜色也不是传统的大红大绿，而是暗红、米白、浅蓝、深蓝等，增加了可搭配性。 可以说，这实现了"老中能发现创新，老外一看就懂"的效果。 但去年买过的人已经"真香"了，到处安利说很适合过年穿，又精神又暖和，还很好穿搭。而且，外国人想买都买不到。 和这个新中式外套一样提气的，还有阿迪达斯的业绩，已经十个季度连续增长了，甚至在过去四个季度都是双位数增长。与之形成对比的，是增长乏力的 安踏、耐克，还有CEO刚辞职的lululemon。 阿迪达斯为什么能走出这么一条与众不同的道路呢？ 新中式又成强心针？ 细看这件"三道杠"外套，还是能发现很多设计上的想法。 比如硬挺立领，既能竖起来也能压下来，提 ...

Industry Overview - The Zacks Shoes and Retail Apparel industry is facing persistent pressures from higher input and freight costs, supply-chain inefficiencies, and elevated selling, general and administrative (SG&A) expenses related to digital and store investments, which are negatively impacting margins [1][5] - The industry is also affected by currency volatility, geopolitical uncertainty, and evolving trade and tariff policies, alongside a softer consumer backdrop and a tight labor market [1][5] Consumer Demand Trends - Demand for activewear, footwear, and wellness-focused products remains strong, driven by a broader shift towards healthier lifestyles [2][6] - Companies are leveraging this trend through product innovation, expanded athleisure assortments, and enhanced e-commerce and omnichannel capabilities [2][6] E-Commerce Investments - Digital channels are a major growth engine for the athleisure market, with brands expanding their reach through websites and social media [7] - Investments in faster delivery, supply-chain efficiency, and fulfillment enhancements are sharpening competitive edges, while physical stores are being reimagined to create a seamless omnichannel experience [7] Industry Performance - The Zacks Shoes and Retail Apparel industry has underperformed the broader Zacks Consumer Discretionary sector and the S&P 500 over the past year, with a collective decline of 18.9% [12] - The industry's current Zacks Industry Rank is 180, placing it in the bottom 25% of over 250 Zacks industries, indicating dull prospects for the near term [9][10] Valuation Metrics - The industry is currently trading at a forward 12-month price-to-earnings (P/E) ratio of 26.34X, compared to the S&P 500's 23.44X and the sector's 18.19X [13] - Over the last five years, the industry's P/E ratio has ranged from a high of 38.15X to a low of 20.83X, with a median of 27.10X [13] Key Companies - **Steven Madden**: Positioned for durable upside through a strategic shift towards higher-margin direct-to-consumer channels, with a focus on online and owned-store growth [17][18] - **NIKE**: Set to benefit from its Consumer Direct Acceleration strategy, focusing on sports and product innovation while reducing reliance on promotions [20][22] - **Adidas**: Poised for growth due to strong demand and improved margins from price increases and a better channel mix [24][25] - **Wolverine**: Focused on brand structure and efficiency improvements, with a strong emphasis on direct-to-consumer business [28][29] - **Caleres**: Improving investment case supported by strong brand momentum and cost discipline, with a focus on inventory management [32][33]

来源：环球市场播报 在与Ye的合作关系终止导致股价下跌后，阿迪达斯（Adidas，ETR：ADS）赢得美国第九巡回上诉法院 的裁决，驳回其就Yeezy合作相关风险误导投资者的指控。 ...

Investment Rating - The investment rating for the textile, apparel, and luxury goods industry is "Positive" and maintained [9] Core Insights - The report summarizes the Q3 2025 financial performance of overseas sports brands, highlighting sales performance, profitability, and inventory status, indicating a gradual improvement in overall performance [2][4] - Revenue performance among major footwear and apparel companies shows divergence, with some brands experiencing strong growth while others face challenges [5][6] - The outlook for the industry suggests a gradual recovery in demand and inventory replenishment, particularly for brands like Adidas and On, while Nike continues to face headwinds [8][36] Revenue Performance - Revenue growth varied significantly among companies in Q3 2025, with Adidas (+12%), On (+35%), and Amer Sports (+30%) showing strong growth, while Nike and VF both reported a decline of -1% [5][19] - The overall revenue performance in Q3 2025 improved compared to Q2, despite some brands continuing to face pressure [5][6] Guidance - The visibility for the full year has improved, with brands like UA restoring full-year guidance, indicating a positive trend despite expected performance divergence [6][26] - Strong growth trends are expected to continue for On and Amer Sports, while Nike and VF are projected to see declines but with signs of improvement [6][31] Inventory - The industry is entering a phase of inventory replenishment, with moderate recovery in demand observed in the U.S. and Europe, although challenges remain in certain markets [7][36] - U.S. apparel inventory levels are in a destocking phase, with wholesale inventory ratios declining since 2023, while retail inventory levels have stabilized [7][36] Future Outlook - The industry is expected to gradually transition into a replenishment phase, with demand showing signs of recovery, particularly in the U.S. apparel sector [8][36] - Brands like Adidas are actively seeking to replenish inventory for growth, while Nike continues to destock amid ongoing challenges [8][36]

Core Insights - JD Outlet and Suqian have reached a collaboration, with the JD Outlet Suqian Central Mall set to open in early 2026, aiming to become a new fashion consumption landmark and commercial icon for the city [1][5] - The mall will feature nearly 100 well-known brands across various categories, including sportswear, light luxury, men's and women's clothing, and children's apparel, providing a one-stop discount shopping experience for consumers [3][5] Group 1 - The collaboration involves JD, Suqian City, and Hailan Group, focusing on deep cooperation in the field of consumption upgrades, leveraging JD's resource integration capabilities, Hailan's offline operational advantages, and Suqian's policy support [5][7] - The project aims to activate the regional consumption market and inject vitality into the economic and social development of Suqian [5][7] Group 2 - JD Outlet has established 47 stores nationwide since the project's launch, covering cities such as Jiangyin, Qingdao, Shijiazhuang, Foshan, Hefei, and Zibo, reaching over one million consumers [3][5] - The innovative retail model of JD Outlet is expected to provide more convenient and diverse discount shopping experiences for consumers as more stores open across various cities [7]

Core Insights - Adidas aims to achieve a full recovery in the Chinese market within three years, with recent quarterly revenue reaching €947 million, a 10% year-on-year increase, marking ten consecutive quarters of growth [2] - The company's strategy of "For China, By China" has led to nearly 95% of products sold in China being locally produced and 60% designed locally, surpassing global CEO Bjorn Gulden's initial targets [2] - The shift from "For" to "Love" in the company's messaging reflects a deeper emotional connection with Chinese consumers, emphasizing the importance of brand localization [2][3] Localization Strategy - The concept of true localization involves integrating the brand into the daily narratives of consumers, aiming for 100% emotional resonance rather than just physical presence [5] - A mature local supply chain supports this strategy, allowing for rapid market response and high-quality production standards [5] - The Shanghai Creative Center (CCS) plays a crucial role in product innovation, co-creating with local consumers to ensure relevance and appeal [6] Consumer Engagement - Modern consumers prioritize brands that listen and adapt to their feedback, fostering a long-term trust relationship [8] - The success of creative products showcased at the Shanghai Fashion Week indicates strong market resonance, with over 80% of these products set to launch commercially [8] Market Trends - The traditional sports marketing approach is being reevaluated, with a focus on everyday enjoyment of sports rather than just elite competitions [9] - The rise of female participation in sports is prompting Adidas to target this demographic through storytelling and community engagement, particularly in street dance [9][10] Product Performance - The Terrace series of retro sports shoes and the ADIZERO running shoes have seen significant sales growth, with the latter achieving 51% of championships in major athletic events [12] - Adidas emphasizes the integration of performance and lifestyle in its products, aiming to resonate with consumers' daily lives [13] Future Initiatives - Adidas is expanding its reach into niche markets like hiking and skiing, collaborating with athletes and influencers to capture these segments [15] - The establishment of the "Adidas University Sports Community" reflects a long-term commitment to supporting youth sports in China, with partnerships with top universities [16][18] - The company is also focusing on growth in third- and fourth-tier cities and the children's apparel market, with plans to open 700 new stores in collaboration with local partners [19]

Core Viewpoint - Adidas aims to recover from its low point in three years, with recent quarterly performance showing a 10% year-on-year revenue increase to €947 million in Greater China, attributed to the "In China, For China" strategy [1][3]. Group 1: Localization Strategy - The localization strategy has led to nearly 95% of products sold in China being locally produced, with 60% designed in China, surpassing the global CEO's targets [1]. - The shift from "For China" to "Love China" signifies Adidas's deeper commitment to the Chinese market, emphasizing emotional connections with consumers [3]. - True localization involves integrating the brand into the daily narratives of consumers, aiming for 100% emotional resonance rather than just numerical metrics [7][10]. Group 2: Product Development and Consumer Engagement - The Shanghai Creative Center (CCS) has been pivotal in creating culturally relevant products, with over 80% of showcased items set to be commercialized [8][10]. - Adidas focuses on continuous product iteration based on consumer feedback, enhancing its connection with local users [8][10]. - The brand is shifting its marketing approach to emphasize lifestyle and enjoyment in sports, particularly targeting the growing female consumer segment through initiatives like street dance [12][14]. Group 3: Market Expansion and Future Outlook - Adidas is expanding into third- and fourth-tier cities and the children's market, with plans to open 700 new stores in collaboration with local partners [22]. - The establishment of the Adidas University Sports Community reflects a long-term commitment to youth sports in China, providing comprehensive support to university teams [19][21]. - The company maintains a strong focus on sustainability, aiming to lead in environmental indices despite broader industry cost-cutting trends [22].

Core Insights - The article highlights the increasing popularity of campus sports events, driven by both policy support and the demand from youth, particularly the Z generation [6][9] - Major sports brands are actively sponsoring campus sports events, establishing deep connections with educational institutions to enhance brand loyalty among students [4][8] Group 1: Campus Sports Events - The 2025CURA National Relay Finals recently took place, featuring 42 universities, showcasing the growing trend of campus sports events [4] - The implementation of the "Student Physical Fitness Plan" has led to a significant increase in sports participation among university students, with 85% meeting weekly exercise standards [7] - Over 60% of university students actively follow campus sports events, indicating a strong interest in athletic activities [7] Group 2: Brand Involvement - Adidas has initiated the China University Student Road Running League, with over 40 universities participating and more than 40,000 student participants in various running events [8] - Other brands like Nike, Under Armour, Anta, and Xtep are also entering the campus market through sponsorships and partnerships with university sports events [8][10] - The competition for the Z generation as a consumer base is intensifying, with the annual consumption scale of university students projected to reach approximately 850 billion yuan in 2024 [9] Group 3: Future Trends - The article predicts that more sports brands will invest in youth and campus sports in the near future, recognizing the potential of this demographic [8] - The sponsorship model is evolving from a simple "event + sponsorship" to a more integrated ecosystem involving universities, brands, media, and technology companies [10][11] - This collaborative approach aims to create sustainable sports IPs, enhancing the overall value of campus sports events and addressing funding and resource challenges [11]

Core Insights - The popularity of college sports events is on the rise, driven by policy support and the demand from youth [4][6] - Sports brands are increasingly sponsoring college sports events and engaging in collaborative projects with educational institutions [3][4][9] Group 1: Market Trends - The "Student Physical Fitness Strengthening Plan" has led to a significant increase in college sports participation, with over 85% of students meeting weekly exercise standards [4] - Adidas has organized over 10,000 running events in collaboration with more than 40 universities, engaging over 300,000 students in the past two years [4][8] - The annual consumption scale of college students in China is estimated to be around 850 billion yuan, indicating a substantial market potential [7] Group 2: Brand Strategies - Major sports brands like Nike, Under Armour, and Anta are actively entering the campus market through sponsorships and partnerships [4][5][8] - Nike focuses on college running events to reach a large student runner demographic, while Under Armour has partnered with the Asian University Basketball League [4][5] - The collaboration between brands and universities is evolving into an ecosystem involving media and technology companies, enhancing the sustainability of college sports events [8][9] Group 3: Consumer Behavior - Generation Z is becoming a significant consumer group, with a strong interest in sports and fitness, as well as a desire for personalized and social experiences [3][7] - College sports events serve as a platform for young people to express themselves and build connections, providing brands with valuable engagement opportunities [7][9] - The integration of sports brands into college culture is seen as a way to foster brand loyalty that extends into students' professional lives [3][6]