Core Viewpoint - A consumer reported on social media that an Adidas down jacket purchased from a live-streaming platform was actually a product manufactured by a subcontractor, Xuezhongfei, raising concerns about brand authenticity and pricing strategies [1] Company Summary - The jacket in question was labeled as being distributed by Adidas Sports (China) Co., Ltd., with the manufacturer identified as Jiangsu Xuezhongfei Garment Co., Ltd. [1]

Core Viewpoint - Recent consumer complaints on social media suggest that Adidas down jackets sold on short video platforms are actually produced by Snow Flying, raising questions about brand pricing and product sourcing [3][6]. Group 1: Product Comparison - An Adidas down jacket priced at 579 yuan has a fill power of 600+ and a down content of 80%, while a similar jacket from Snow Flying is priced at 519 yuan, with a fill power of 680+ and a down content of 90% [6]. - Another Adidas jacket priced at 869 yuan contains 135 grams of duck down and 80% down content, whereas a comparable Snow Flying jacket is priced at 879 yuan, containing 200-249 grams of duck down and 90% down content [7]. Group 2: Company Background - Jiangsu Snow Flying Garment Co., Ltd. was established in September 1997, with a registered capital of approximately 150 million yuan. Its business scope includes textile sales, garment manufacturing, and import-export activities [12]. - Snow Flying is fully owned by Jiangsu Kangbo Intelligent Manufacturing Co., Ltd., which is a wholly-owned subsidiary of Bosideng Co., Ltd. [12]. Group 3: Consumer Feedback and Brand Response - Adidas customer service stated that they do not have information on whether products are outsourced or the details of the manufacturing process, emphasizing that all products are shipped directly from warehouses [7]. - The Adidas official flagship store on short video platforms has received similar consumer inquiries regarding the sourcing of their down jackets [6].

Core Viewpoint - A consumer reported on social media that an Adidas down jacket purchased from a live-streaming platform was actually a product made by a different brand, Snow Flying, suggesting that it would be better to buy directly from Snow Flying to avoid the markup [1] Group 1 - The consumer's claim raises concerns about the authenticity of products sold through live-streaming platforms [1] - Adidas customer service responded by stating that all products sold are guaranteed for quality [1]

Core Insights - Tmall's 2025 Double 11 event saw significant sales growth, with over 80 brands achieving over 100 million yuan in sales within the first hour, surpassing last year's opening day performance [1] - The beauty category performed exceptionally well, with brands like Proya and Estée Lauder reaching 100 million yuan in sales within minutes of the event's start [1] - The home appliance and decoration sector benefited from government subsidies and Tmall's discounts, leading brands like Haier and Midea to achieve rapid sales growth [2] - The 3C digital products category was notably boosted by new product launches, with the iPhone 17 series achieving sales exceeding last year's total within two hours [2] - Live streaming sales also saw a strong performance, with multiple hosts breaking the 100 million yuan sales mark in the first hour, exceeding last year's figures [2] Group 1 - Tmall reported that 30,516 brands doubled their sales compared to last year, with 18,919 brands surpassing last year's total sales in the first hour [1] - The beauty category had eight brands entering the "billion yuan club" within the first ten minutes, indicating a strong market demand [1] - Major sports brands like Fila and Nike also achieved over 100 million yuan in sales within minutes, with several brands showing double-digit growth compared to last year [1] Group 2 - Discounts in the home appliance sector reached as low as 50%, driving significant sales for brands like Stone and Source Wood [2] - The launch of new products in the 3C category, including the iPhone 17 series, contributed to a surge in sales, with Apple Store's iPhone sales exceeding last year's total in under two hours [2] - Tmall's promotional strategy included a total of 500 billion yuan in consumer coupons, marking the largest discount effort of the year [2]

阿迪达斯又一次活跃在时装周舞台上。 10月16日，2026春夏上海时装周收官日。傍晚，微风徐徐。上海老市府大楼天井下，一场由"三条纹"带 来的大秀在线上、线下同步开启。三条纹T台上，赛车、冰球、武术、街舞……看似风格迥异的元素被 有机串联。期间，多个话题冲上热搜。 对于阿迪达斯大中华区的老员工们来说，这场大秀有着与以往不同的意义。自2022年萧家乐挂帅阿迪达 斯大中华区董事总经理以来，由本土团队负责的中国市场开始反弹，至今已连续9个季度实现增长。 业绩复苏背后，成立20周年的上海创意中心（以下简称"CCS"）功不可没。据统计，目前阿迪达斯在中 国市场销售的产品，超过60%由本土团队设计，95%为中国制造。如今，这场品牌大秀也被交由CCS全 权负责。 大秀尾声，身着黑色工作服的伍景熙（Patrick）带着CCS设计团队走上T台向观众们致谢。Patrick是阿 迪达斯大中华区产品高级副总裁，也是CCS的负责人，此次大秀是他与CCS团队首次走到聚光灯下与消 费者们见面。 据Patrick透露，本次大秀上由CCS团队设计、闪耀于秀场的百套造型中，将有超80%的单品在未来分阶 段与消费者们见面，实现从秀场到街头的转化。 ...

在时尚世界，House Code（品牌法典）至关重要，它是任何一个悠久历史的品牌赖以生存和发展的核心基因与规则体系，是在创始人精神的基础上，经过数 十年甚至上百年沉淀而成的、一套关于"我们是谁"以及"我们如何做事"的终极答案。 House Code的构成要素很多，显眼如品牌logo、标志性产品、核心工艺和材质，隐藏的要素是核心身份，是品牌的精神与价值观。前者是品牌与外界沟通的 介质，是品牌的"卖相"，但后者则确保了品牌在市场潮流变化之下，仍能保持与当下世界的相关性。 成立至今逾76年的阿迪达斯早已经将触角伸向专业运动之外的时尚领域，也正在以本地化思路再次诠释其品牌的核心House Code之一——标志性的三条纹。 用潮流重塑专业， 阿迪达斯离年轻人又近了一点 10月16日晚，阿迪达斯压轴登上上海时装周压轴舞台，整场大秀以POWER OF THREE为灵感核心，展示百余套造型，延展出对应品牌创新方向的三重板 块：运动的速度、东方的节奏、街头的自我表达。 在更偏女性向的时尚领域，阿迪达斯也频出本土爆款。以设计师Yuanhui做的花苞裙为例，花苞裙2.0版创新加入舒适打底裤设计,对单品进行在地化改造，有 效解决了日 ...

Core Insights - The global sports footwear and apparel industry is largely defined by the competition between Nike and Adidas, with a historical context of dominance by German, American, and Japanese brands before Nike's rise in the 1980s [1] - In the Chinese market, Nike and Adidas have faced increasing competition from domestic brands like Anta and Li-Ning since 2017, leading to a decline in Adidas's market share [1][10] - Adidas is actively working to regain its position in the Chinese market, showing a notable increase in revenue and market strategies [10][12] Market Dynamics - Nike's market share in China has decreased from 18.1% in 2021 to 16.2% in 2024, while Adidas's share has dropped from 15% to 8.7% in the same period [14] - Anta's market share increased from 9.8% to 10.5%, and Li-Ning's share rose slightly from 9.3% to 9.4% [14] - The competitive landscape is intensifying, with domestic brands gaining traction and impacting the pricing power of established international brands [6][22] Financial Performance - Nike's revenue in Greater China fell by 10% to $1.512 billion (approximately 10.775 billion RMB) for the latest fiscal quarter, with a decline in both direct and wholesale channels [4][5] - Adidas reported a 2.2% increase in revenue to €5.952 billion (approximately 49.625 billion RMB) in Q2, with a significant contribution from the Greater China region, which saw an 11% increase [10][11] - The operating profit margin for Adidas in China reached 22.7%, surpassing its margins in Europe and North America [11] Strategic Initiatives - Adidas's CEO, Bjorn Gulden, has been actively engaging with the Chinese market, emphasizing the importance of local production and design [12][14] - Nike is also increasing its investment in China, focusing on enhancing its retail experience and product offerings to regain market share [17][20] - Both companies are facing pressure from the rise of domestic brands, which are improving product quality and competitive pricing [8][22]

Core Insights - The competition between Nike and Adidas has defined the global sports footwear and apparel industry, with both brands historically dominating the market [1][2][3] Market Dynamics - Nike surpassed Adidas in North America in 1980, achieving a market share of 50%, while Adidas struggled due to a lag in the sports fashion trend [2] - Adidas began to recover in the 1990s by focusing on sports fashion and launched the Originals retro series in 1996, maintaining over 20% growth since 1994 [2] - In China, the competition has intensified since 2017, with domestic brands like Anta and Li Ning rapidly gaining market share, leading to a decline in Adidas's position [3][4] Financial Performance - As of the latest fiscal quarter ending August 31, 2025, Nike's revenue in Greater China fell by 10% year-on-year to $1.512 billion (approximately 10.775 billion RMB), with declines across various channels [7] - Adidas reported a 2.2% year-on-year revenue increase to €5.952 billion (approximately 49.625 billion RMB) in Q2, with Greater China being a significant growth driver, showing an 11% increase to €798 million (approximately 6.653 billion RMB) [12] Competitive Landscape - The domestic sports market is under pressure, with brands like Peak reporting significant losses and implementing salary cuts [9] - The rise of domestic brands has eroded Nike's pricing power, as they offer high-quality products at competitive prices [10] Strategic Moves - Adidas's CEO, Bjorn Gulden, has made multiple visits to China, indicating a strategic focus on the market, which is crucial for the brand's recovery [13][14] - Nike is also increasing its investment in China, planning to enhance its retail experience and product offerings to regain market share [17][20] Market Share Trends - Adidas's market share in China has dropped from 15% in 2021 to 8.7% in 2024, while Nike's share decreased from 18.1% to 16.2% [14] - Anta and Li Ning have increased their market shares, with Anta rising from 9.8% to 10.5% and Li Ning from 9.3% to 9.4% [14] Leadership Changes - Nike has appointed Dong Wei as the new chairperson and CEO for Greater China, emphasizing the importance of the Chinese market for its overall strategy [20][21]

Core Insights - The global sports footwear and apparel industry is largely characterized by the competition between Nike and Adidas, with a historical context of dominance by German, American, and Japanese brands before Nike's rise in the 1980s [1][2]. Market Dynamics - Nike surpassed Adidas in North America in 1980, achieving a market share of 50%, while Adidas struggled due to a lag in the sports fashion trend [2]. - Since 2017, domestic brands like Anta and Li-Ning have rapidly gained market share in China, leading to a significant decline in Adidas's position, which fell below Nike, Anta, and Li-Ning by 2024 [3][4]. Performance Metrics - In the Chinese market, Nike's market share decreased from 18.1% in 2021 to 16.2% in 2024, while Adidas's share dropped from 15% to 8.7% during the same period [12]. - As of the latest fiscal quarter, Nike's revenue in Greater China fell by 10% to $1.512 billion (approximately 10.775 billion RMB), with a notable decline in both direct and wholesale channels [7]. Competitive Strategies - Adidas reported a 2.2% increase in revenue to €5.952 billion (approximately 49.625 billion RMB) in Q2, with Greater China being a key growth driver, showing an 11% increase to €798 million (approximately 6.653 billion RMB) [11]. - Adidas's operating profit margin in China reached 22.7%, surpassing that of Europe and North America, indicating a strong performance in the region [11]. Brand Positioning - Domestic brands are increasingly competitive, with claims that they have closed the product gap with Nike, focusing on high-quality products at competitive prices [9]. - Nike is responding to market pressures by enhancing its investment in China, including the transformation of retail spaces into sports experience centers and optimizing product offerings [15][18]. Leadership Changes - Nike appointed Dong Wei as the new chairperson and CEO for Greater China, emphasizing the importance of the Chinese market in its recovery strategy [18][19].

Core Viewpoint - Adidas is increasingly focusing on the Chinese market, recognizing its potential for sustainable long-term growth due to its large population base, which contrasts with the saturation of the sports market in Europe [5][6]. Group 1: Company Performance - Under CEO Bjorn Gulden's leadership, Adidas has seen continuous revenue growth, with global revenue reaching €12.105 billion in the first half of the year, a year-on-year increase of 7.3% [5]. - The net profit attributable to shareholders for the same period was €798 million, reflecting a significant year-on-year growth of 121.4% [5]. - The Greater China region has been a key strategic market, contributing €1.827 billion in revenue during the first half of the year, which is a 13% increase year-on-year [5]. Group 2: Market Strategy - Gulden emphasizes the importance of "localization" in achieving success in overseas markets, advocating for empowering local teams to make decisions based on consumer preferences [7]. - The company recognizes that consumer demands can vary significantly between different markets, necessitating a tailored approach to product offerings [7]. - Currently, 95% of the products sold in China are "Made in China," with a growing number of products designed locally, which are well-received by both Chinese and international consumers [7].