21世纪经济报道记者胡慧茵广州报道 在新冠疫情暴发的背景下，以美国为首的发达国家寻求重塑全球生产链，并在2020年提出了"友岸制 造"的说法。正因如此，拥有劳动力成本优势的越南成为了美国"友岸制造"的试验田，承接了众多纺织 品、鞋类、服装等劳动密集型产业的转移。之后，越南的纺织服装业和皮革制鞋业迅速发展，成为该国 两大重点出口产业。 据越南皮革鞋类手袋协会数据，预计越南鞋类和箱包产品2024年出口额为260亿至270亿美元，比2023年 增加30亿美元，成为全球第二大鞋类出口国和第三大鞋类生产国。另外，据越南纺织服装集团的数据， 预计越南纺织业2024年出口额近440亿美元，年增长率超10%，成为全球第二大纺织服装出口国。在越 南出口订单不断跃升的背后，美国是其最重要的出口市场。 就在越南加速赶制来自美国的订单时，来自美国的服装、鞋类品牌也抓紧在越南布局产品代工厂。 美国"对等关税"大棒之下，在出口中扮演着重要角色的越南成了最大的受害者之一。 美国对越南征收的"对等关税"将在4月9日正式生效。就在一周前，美国总统特朗普在白宫签署两项关于 所谓"对等关税"的行政令，宣布美国对贸易伙伴设立10%的"最低基准关税" ...

清明时节，踏青赏花露营正当时！正值京东出游季，京东运动携阿迪达斯、FILA、牧高笛等多个知名 品牌，带来涵盖运动鞋服、体育健身、户外装备等众多出游必备好物，更有每满200减30优惠。大家可 以来京东APP搜索"出游焕新"进入会场，开启舒适惬意的踏青之旅！ 如今外出游玩，兼具功能性与时尚感的穿搭越来越受到户外爱好者们的喜爱。山系女孩必备TNV女士 速干防晒服，凉感透气，在户外穿着更舒适；下装搭配TNV速干户外半身工装裙，机能版型飒酷有 型；易烊千玺同款FILA 情侣款针织短袖，微落肩版型休闲舒适，轻松拿捏松弛感；运动鞋就选择 Adidas「寻光者」SPIRITAIN 2.0厚底网面老爹鞋，Y2K设计复古感十足，透气网眼鞋面春夏穿着不闷 热。 外出旅行，功能强大的箱包搭子必不可少。短途旅行就选择Diplomat外交官铝框拉杆箱、卡拉羊云朵行 李箱，都是轻量顺滑，耐磨又大容量的出行行李箱优选；随身携带的双肩包可以选择Herschel加拿大赫 行轻量系列Retreat Small双肩包，轻便实用又不失时尚感；或是tomtoc几何双肩包，时尚简约，收纳功 能强大，日常通勤装电脑也毫不费力。 出游在即，大家来京东APP搜 ...

2025开年，阿迪达斯翩然启幕一系列品牌盛事。无论是在上海永源路整条街道打造"贝壳头街区"，还是 在上海西岸举办炫酷的ADIZRERO科技发布会，又或是竞速跑鞋产品助力运动员在国内外路跑赛事中 赢得冠军，阿迪达斯当属今年运动用品行业中势头最为强劲的品牌之一。 3月29日，阿迪达斯又重磅官宣，巴黎奥运会游泳冠军潘展乐成为品牌代言人。 全球知名运动品牌阿迪达斯"牵手"中国顶尖运动员，不仅仅是简单的品牌代言联动，更是其深耕中国市 场、践行"在中国，为中国"理念的关键举措。 顶峰相见，为破纪录而来 "纪录就是用来打破的，垄断更是要被打破。"潘展乐曾公开表示。这位不到21岁的奥运冠军正一步步地 将这句话付诸实践。 男子100米自由泳的项目上，潘展乐一直在破纪录的路上。2022年布达佩斯游泳世锦赛，潘展乐以47秒 65的成绩追平全国纪录，成为中国第二位在该项目上游进48秒的选手；2023年杭州亚运会，他又以46秒 97的成绩成为亚洲历史上首位在该项目游进47秒的选手。 2024年，潘展乐的职业生涯迎来了新高峰。先是在多哈游泳世锦赛男子4×100米自由泳接力决赛中，潘 展乐以46秒80的开棒成绩打破了世界纪录，随后在巴黎奥 ...

近日，在2025年国际雪联世界单板滑雪和自由式滑雪锦标赛上，阿迪达斯签约运动员苏翊鸣以出色的表 现摘得男子单板滑雪坡面障碍技巧项目银牌，完成了自己的世锦赛首秀。值得一提的是，他在比赛中身 着的正是其与阿迪达斯TERREX共创的滑雪服系列。 在本届赛事中，苏翊鸣表现出了极佳的竞技状态，以资格赛第一的成绩晋级决赛。决赛首轮，他便获得 了85.07的高分，并最终凭借这一成绩，摘得职业生涯首枚世锦赛奖牌，也创下了中国单板滑雪世锦赛 历史最佳战绩。此外，苏翊鸣还是全场16位选手中唯一一位全程零失误的运动员。 据了解，阿迪达斯TERREX与苏翊鸣共创滑雪服是1年9个月研磨打造的产品，这款滑雪服不仅融入苏翊 鸣的个人风格与对单板滑雪运动的深刻理解，同时结合了阿迪达斯在专业运动装备领域的先进设计理念 与制作工艺，为苏翊鸣的赛场表现提供了坚实的保障。 阿迪达斯TERREX与苏翊鸣共创滑雪服在外观上简约大气，充满设计感，采用了阿迪达斯最新的GORE- TEX 3L科技面料和C-KNIT内衬技术，使雪服具备出色的防风、防水和透气性能，能够有效抵御风雪侵 袭，确保运动员在极端天气条件下依然保持身体干爽舒适。此外，该款雪服充分考虑了运 ...

Group 1 - Nike holds a 2.85% market share, making it the largest global retailer, but its market share decreased by 0.15 percentage points in 2024 [3] - Shein's market share increased by 0.24 percentage points to 1.53%, positioning it as a significant player in the fashion market alongside luxury brands like Hermes and Chanel [3] - Shein is the highest-ranked Chinese brand among the top ten global fashion retailers, with Zara and Uniqlo also showing positive growth [3] Group 2 - Shein has invested over 10 billion yuan to enhance its smart supply chain centered in Guangzhou, with projects expected to generate significant export trade [4] - The "Shein Bay Area Smart Industrial Park" in Zhaoqing is set to be operational this year, with an anticipated annual service trade export of 3.5 billion yuan [4] - Collaborations with leading universities and companies aim to promote sustainable development and innovation in textile technology [4] Group 3 - The importance of cross-border e-commerce is highlighted, with predictions indicating it will reshape the global economy by 2040 [5] - In 2024, China's cross-border e-commerce imports and exports reached 2.63 trillion yuan, marking a 10.8% year-on-year growth [5] - Shein is leveraging its flexible supply chain to support third-party brands and industry merchants in expanding into international markets [5] Group 4 - Shein plans to launch over 150 industry connection activities by 2025, utilizing both online and offline methods to assist local merchants in international expansion [6] - The company has already conducted multiple training sessions in various regions to empower local industry merchants [6] - Guangdong province has become a model for Shein's industry connection initiatives, achieving coverage of all 21 prefecture-level cities in 2024 [6]

Industry Overview - The Zacks Shoes and Retail Apparel industry is currently facing challenges such as rising costs, reduced consumer spending on discretionary items, and higher marketing expenses, which are pressuring profits [1][4] - Unfavorable currency fluctuations pose risks for globally operating companies within the industry [1] Growth Drivers - The industry shows promise due to rising consumer interest in healthy lifestyles and increasing demand for activewear and athletic footwear [2] - Innovation in design is a key growth driver, with companies focusing on product innovation, store expansion, digital transformation, and omnichannel strategies [2][5] - E-commerce has become a significant growth driver, with companies enhancing their digital platforms and customer engagement through social media and online sales [6] Consumer Demand Trends - Strong consumer demand for activewear, athleisure, and footwear is expected to continue through 2025, driven by a rising focus on fashion and health [5] - Companies are prioritizing product innovation and marketing to capture market share, with multi-functional shoes gaining popularity [5] Cost Challenges - Companies are experiencing higher costs due to commodity price inflation, supply-chain disruptions, and increased logistics costs, which are anticipated to impact margins in the short term [4] - Increased spending on marketing, operating overhead, and investments in stores and digital operations have raised SG&A costs [4] Industry Performance - The Zacks Shoes and Retail Apparel industry has underperformed compared to the broader Zacks Consumer Discretionary sector and the S&P 500, with a collective decline of 24.9% over the past year [10] - The industry currently holds a Zacks Industry Rank of 232, placing it in the bottom 6% of over 250 Zacks industries, indicating dull prospects for the near term [7][8] Valuation Metrics - The industry is trading at a forward 12-month price-to-earnings (P/E) ratio of 24.54X, higher than the S&P 500's 20.77X and the sector's 17.86X [11] Company Highlights - **NIKE Inc. (NKE)**: The company is focusing on its Consumer Direct Acceleration strategy, enhancing competitiveness through product innovation and brand storytelling. However, the consensus estimates indicate declines in sales and earnings for fiscal 2025 [14][15] - **Adidas AG (ADDYY)**: The company is benefiting from strong demand and improved margins due to price increases. The consensus estimates indicate growth in sales and earnings for fiscal 2025 [17][18] - **Birkenstock Holding plc (BIRK)**: The company has sustained strong demand despite inflation, with significant growth potential in various regions. The consensus estimates indicate growth in sales and earnings for fiscal 2025 [19][20]

Group 1 - The analyst previously gave a neutral rating to Adidas, awaiting the performance in Q4 2024 to assess the business turnaround [1] - Adidas did not disappoint in its performance, indicating positive developments in the company's operations [1] - The investment approach focuses on identifying undervalued companies with long-term growth potential, emphasizing the importance of buying quality companies at a discount [1]

Core Viewpoint - Adidas continues to innovate in running shoe technology, with the latest ADIZERO ADIOS PRO 4 showcasing significant advancements in weight and performance, reinforcing the brand's commitment to professional athletic gear [15][25]. Product Development and Innovation - The ADIZERO ADIOS PRO 4 is the lightest racing shoe in Adidas history, weighing 200g, which is 12% lighter than its predecessor, enhancing runner efficiency during long races [15][18]. - The shoe features a new forefoot rolling structure that improves propulsion and responsiveness, making it easier for runners to control their speed over long distances [17][18]. - Adidas has a history of successful shoe innovations, with the ADIZERO series being a key player in breaking world marathon records since its inception [10][11]. Market Position and Strategy - Adidas aims to be the best professional sports brand, focusing on performance running shoes as a reflection of its brand expertise [23]. - The company has seen an increase in market share from 8.2% to 8.9% in 2024, while Nike's share has decreased from 15.2% to 14.1%, indicating a positive trend for Adidas in the competitive landscape [25]. - The brand's commitment to innovation and performance is expected to drive growth in its running segment, aligning with consumer demands for high-performance athletic products [24][25]. Historical Context and Achievements - The ADIZERO series has a legacy of breaking records, with notable achievements including Haile Gebrselassie's world record in 2008 and subsequent records set by other athletes using the series [9][10]. - The introduction of BOOST technology in 2014 marked a significant advancement in running shoe performance, contributing to record-breaking performances [10]. Future Outlook - Adidas plans to continue its focus on innovation in sports technology, aiming to redefine the limits of competitive running and maintain its leadership in the market [25]. - The ADIZERO series is positioned to cater to both casual and professional runners, ensuring a broad appeal across different segments of the running community [19][21].

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The report highlights the influence of nostalgic tennis shoes and 80s sports styles, emphasizing retro designs with modern elements [2][3] - Outdoor lifestyle trends are shaping the sneaker market, with a focus on practicality and lightweight designs [7][10] - The demand for easy-to-wear athletic shoes is increasing, prioritizing structures that allow for quick wear and removal [11] - The popularity of lightweight retro sneakers is on the rise, reflecting consumer interest in less bulky designs [16] - Vintage sports shoes are dominating the market, with styles like Samba and Gazelle maintaining strong popularity [20] - Jelly sneakers are characterized by bright colors and playful designs, appealing to a sense of nostalgia [25] - All-weather running shoes are gaining traction, with durable materials enhancing performance for outdoor training [30] - Retro running shoes are significantly impacting social media and retail, with brands like New Balance leading the trend [33] - Hybrid style shoes that combine traditional lacing with sporty elements are meeting consumer demands for comfort and versatility [37] Summary by Sections - **Nostalgic Tennis Shoes**: Focus on retro designs inspired by 80s styles, integrating modern elements like oversized tongues and low-top designs [2][3] - **Outdoor Lifestyle Influence**: Emphasis on practical, lightweight sneakers with features like slip-on designs and durable materials [7][10] - **Easy-to-Wear Athletic Shoes**: Growing importance of structures that facilitate easy wear, including alternative closure methods [11] - **Lightweight Retro Sneakers**: Increasing consumer interest in lightweight designs, moving away from bulky styles [16] - **Vintage Sports Shoes**: Continued dominance of retro styles, particularly Samba and Gazelle, in the market [20] - **Jelly Sneakers**: Bright colors and playful textures define this category, appealing to nostalgic sentiments [25] - **All-Weather Running Shoes**: Rising popularity due to durable materials and enhanced outdoor performance [30] - **Retro Running Shoes**: Significant influence on social media and retail, with New Balance as a key player [33] - **Hybrid Style Shoes**: Merging traditional and sporty elements to meet comfort and style demands [37]

Core Viewpoint - Adidas has successfully turned around its performance in the Chinese market, achieving double-digit growth in revenue for 2024, driven by a localized strategy and increased consumer engagement [1][2]. Group 1: Financial Performance - In 2024, Adidas reported global revenue of €23.68 billion, with the Greater China region contributing €3.46 billion, reflecting a 10.3% year-over-year increase [1]. - The fourth quarter of 2024 saw Greater China revenue reach €794 million, marking a 16.1% increase compared to the previous year [1]. - Adidas expects operating profit to rise to between €1.7 billion and €1.8 billion by 2025, excluding any revenue from the YEEZY line [1]. Group 2: Market Challenges and Recovery - From 2022, Adidas faced significant challenges, including a decline in revenue due to competition from local brands like Anta and a failure to adapt to changing consumer demands [1][2]. - The company experienced a severe inventory backlog and disruptions in sales channels, particularly after ending its collaboration with the YEEZY brand [2][6]. Group 3: Product Strategy and Innovation - In 2024, footwear accounted for over half of Adidas's revenue, with a 17% year-over-year increase when excluding currency effects [5]. - The Samba shoe line saw a remarkable 300% increase in sales, becoming a new revenue driver, while the YEEZY line's sales were significantly reduced [5][6]. - Adidas launched the "Adidas Essentials" line, which became one of the fastest-growing product lines, and increased the proportion of locally designed products in China to over 80% [6]. Group 4: Strategic Changes and Future Outlook - The new CEO, Bjørn Gulden, has emphasized the importance of direct-to-consumer (DTC) strategies while also strengthening relationships with wholesale partners, resulting in a 14% growth in wholesale channels and an 11% growth in DTC channels in 2024 [8][9]. - Adidas is focusing on expanding its presence in traditional sports like football and athletics while also investing in emerging sports and niche markets [10]. - The company aims to enhance brand visibility and health through innovative product lines and localized strategies, despite potential challenges in 2025 due to a lack of major sports events [10].