（文章来源：每日经济新闻） 每经AI快讯，9月25日，阿迪达斯（ADIDAS）欧股股价转跌，跌幅高达3.2%。 ...

格隆汇9月25日｜阿迪达斯(ADIDAS)欧股股价转跌，跌幅达3.2%。 ...

Core Insights - Adidas is actively participating as the chief sports sponsor in the inaugural Shanghai Sports Festival, which aims to integrate sports into daily life and promote a healthy lifestyle among citizens [1][2][4] Group 1: Event Participation - The Shanghai Sports Festival features a variety of activities, including the "Dance Up!" college dance competition, which showcases the popularity of dance among the youth and encourages self-expression [2][3] - The event attracted dance teams from twelve prestigious universities, with the Password dance team from Communication University of China winning the title of "Adidas Annual College Dance Team" [2][3] Group 2: Brand Engagement - Adidas is leveraging its brand ambassador, Song Yuqi, to engage young people in the dance movement, promoting the Adidas Sportswear three-stripe dance series that caters to various dance-related needs [3] - The festival serves as a platform for Adidas to connect with Generation Z consumers, blending sports elements with street culture [3][4] Group 3: Community Involvement - The festival offers diverse, low-threshold sports activities for citizens, including yoga, BODYJAM, fencing, pickleball, and basketball, ensuring accessibility for all age groups and fitness levels [5] - Professional coaches lead the activities to ensure safety and expertise, with community recruitment for participation through a mini-program [5] Group 4: Strategic Goals - Adidas aims to enhance its localization strategy and activate public enthusiasm for sports and fitness through its involvement in the Shanghai Sports Festival [6] - The company is committed to its mission of "changing lives through sports" and plans to innovate continuously in the sports sector to support Shanghai's development as a globally influential sports city [6]

Core Viewpoint - The potential sale of Puma shares held by the Pinault family is generating significant interest in the capital market, with various buyers, including Adidas, Authentic Brands Group (ABG), and CVC Capital, expressing interest in acquiring the 29% stake [1][6][10] Group 1: Market Reactions and Stock Performance - Following speculation that Adidas might be a potential buyer, Puma's stock price rose by 2.9% on September 16 and surged by 16.8% on September 17, marking a total increase of over 19% in two days [1][9] - The stock price had previously experienced a decline of 23% earlier in the year due to macroeconomic challenges and a significant drop to a new low since 2016 [6][9] Group 2: Ownership Structure and Potential Buyers - The Pinault family, through their holding company Artémis, owns 29% of Puma, making them the largest single shareholder, while other institutional investors hold around 3% each [3][5] - If CVC acquires the 29% stake from Artémis, it would become the largest single shareholder in Puma [5] - ABG is known for acquiring and revitalizing struggling brands and has previously engaged in competitive bidding with CVC for other brands, indicating a strong interest in Puma [5][6] Group 3: Historical Context and Strategic Implications - The historical rivalry between Adidas and Puma dates back to their founding by the Dassler brothers in 1948, and a potential acquisition would symbolize a "family reunion" in the industry [8][9] - The combined revenue of Adidas and Puma could challenge Nike's market dominance, with projected revenues of approximately $514 billion for Nike, €236.8 billion for Adidas, and €88.17 billion for Puma [8][9] - The merger would allow for a dual-brand strategy, potentially covering a broader customer base from professional sports to fashion [8][9] Group 4: Challenges and Regulatory Concerns - The acquisition faces significant hurdles, including potential antitrust issues from the EU, particularly in overlapping markets like football sponsorship [9] - Maintaining brand identity and managing the competitive history between Adidas and Puma would also pose challenges [9]

Core Viewpoint - The potential sale of Puma shares held by the Pinault family is generating significant interest in the capital market, with various buyers, including Adidas, Authentic Brands Group (ABG), and CVC Capital, expressing interest in acquiring the 29% stake [1][4][9] Group 1: Market Reactions and Stock Performance - Following speculation about Adidas potentially acquiring Puma, Puma's stock price rose by 2.9% on September 16 and surged by 16.8% on September 17, marking a total increase of over 19% in two days [1][5][9] - The stock price had previously suffered a decline of 23% earlier in the year due to macroeconomic challenges and a global workforce reduction of 500 employees [5] Group 2: Stakeholder Interests - The Pinault family, through their holding company Artémis, owns 29% of Puma, making them the largest shareholder, while other institutional investors hold around 3% each [3][4] - ABG is known for acquiring and revitalizing struggling brands, having acquired over 50 global brands since its inception in 2010, including Reebok [4][5] Group 3: Historical Context and Strategic Implications - The historical rivalry between Adidas and Puma dates back to their founding by the Dassler brothers in 1948, and a potential acquisition would symbolize a "family reunion" in the industry [6][8] - If Adidas successfully acquires Puma, the combined revenue could approach Nike's, with projections of $51.4 billion for Nike, €23.68 billion for Adidas, and €8.817 billion for Puma [8] - The merger would allow for a dual-brand strategy, potentially enhancing competitiveness against Nike, but faces challenges such as EU antitrust regulations and maintaining brand identities [8][9]

Group 1 - Adidas has announced a new apparel partnership with Audi F1 team, set to officially begin in the 2026 season [1] - The collaboration will cover Audi drivers Nico Hülkenberg and Gabriel Bortoleto, as well as engineers, mechanics, and other team members [1] - Adidas will develop custom high-performance apparel emphasizing functionality and track performance [1] Group 2 - A co-branded collection featuring Audi F1 team and Adidas will be launched before the 2026 season, including clothing, footwear, and accessories for the global market [1]

Industry Overview - The Zacks Shoes and Retail Apparel industry is focusing on brand-building initiatives and promotional efforts to enhance consumer engagement, driven by strong demand for activewear and wellness-oriented products [1][5] - Companies are leveraging product innovation, expanding athleisure collections, and investing in e-commerce and omnichannel strategies to capitalize on the growing trend towards healthy lifestyles [1][3] Challenges - The industry is facing persistent headwinds such as rising input and logistics costs, supply-chain disruptions, and elevated selling, general and administrative (SG&A) expenses, which are pressuring profit margins [2][7] - Macroeconomic factors including currency fluctuations, geopolitical uncertainty, and changes in tax and tariff policies are adding complexity to the operating environment [2][7] Future Outlook - Sustainable growth in the industry will depend on continued innovation, upgrades to digital infrastructure, and enhanced consumer engagement [3][5] - Established players like NIKE, Adidas, Skechers, Birkenstock, and Wolverine are well-positioned to navigate challenges and seize long-term opportunities [3][5] Consumer Demand Trends - There is a strong and steady consumer demand for athletic and athleisure products, projected to continue through 2025, with a growing appetite for performance and style [5] - The health and wellness movement is influencing buying patterns, leading to increased popularity of versatile, multi-functional footwear designs [5] E-Commerce Investments - Digital channels are a major growth engine for the athleisure market, with brands expanding their online presence through websites and social media [6] - Investments in supply-chain efficiency and fulfillment enhancements are critical for maintaining competitive advantages [6] Cost Headwinds - Companies are grappling with elevated costs due to commodity price inflation, supply-chain bottlenecks, and increased logistics expenses [7] - Higher SG&A expenses are driven by increased spending on marketing and digital initiatives, compounded by economic uncertainties and a challenging labor market [7] Industry Performance - The Zacks Shoes and Retail Apparel industry has underperformed compared to the broader Consumer Discretionary sector and the S&P 500, with a collective decline of 6.4% over the past year [12] - The industry currently holds a Zacks Industry Rank of 58, placing it in the top 24% of over 250 Zacks industries, indicating positive earnings outlooks for constituent companies [9][10] Valuation - The industry is trading at a forward 12-month price-to-earnings (P/E) ratio of 28.96X, higher than the S&P 500's 23.02X and the sector's 20.24X [13] Notable Companies - **Skechers**: Focused on a multi-brand approach and e-commerce growth, with a projected sales growth of 8.2% for 2025 [18] - **Wolverine**: Emphasizing brand structure and efficiency, with expected sales growth of 6.5% and earnings growth of 46.2% for 2025 [22] - **NIKE**: Implementing a Consumer Direct Acceleration strategy, with projected declines in sales and earnings for fiscal 2026 [25] - **Adidas**: Benefiting from strong demand and improved margins, with projected sales growth of 13.8% and earnings growth of 86.5% for 2025 [29] - **Birkenstock**: Focused on high-quality products and DTC channels, with projected sales growth of 26.9% and earnings growth of 39.6% for fiscal 2025 [33]

Core Insights - The luxury industry has cooled down while the sports industry has risen, driven by a shift in consumer values from social status to health and authentic experiences [3] - The new generation of consumers is redefining what is worth spending money on, aligning with Maslow's hierarchy of needs focused on love and self-actualization [3] Group 1: Market Trends - The outdoor sports market in China is projected to grow significantly, with a 23% increase expected in 2024, reaching a market size of 150.4 billion [4] - Outdoor and sports-related products are becoming mainstream, with brands like Salomon noting the transition of outdoor sports from niche to mainstream culture [4] - The demand for outdoor and sports beauty products is rising, with 70% of sunscreen and 60% of makeup products tagged with "outdoor" or "sports" in the first seven months of 2025 [5] Group 2: Product Innovations - High-performance products are now essential, with features like "high SPF," "waterproof," and "sweat-resistant" becoming baseline requirements [8] - The fastest-growing segments include cycling and swimming, with sales for related products increasing by 20 times and over 80% respectively [8] - New product launches, such as the "Vibes" spray series by Adidas, are designed to meet the needs of outdoor enthusiasts, combining functionality with luxury [19][21] Group 3: Consumer Behavior - The rise of outdoor activities as a default lifestyle for urban dwellers is evident, with significant engagement on social media platforms [22] - The consumer base is diversifying, with male users and children's products becoming key growth areas, driven by specific needs for sun protection and safety [28] - There is a growing expectation for products to not only perform well but also to be aesthetically pleasing and easy to use [25] Group 4: Future Outlook - The outdoor/sports beauty market is still in its early growth stages, with significant potential for brands that can innovate and meet the evolving needs of consumers [29] - Brands must focus on technical innovation and rapid product development to capture the growing demand for outdoor and sports-related beauty products [30][31] - The integration of outdoor activities into everyday life is changing the value proposition of beauty and personal care products, emphasizing durability and ease of use [35][36]

Core Insights - The article highlights the transformation of the Chengdu IFS-Chunxi Road-Taikoo Li shopping district, showcasing its blend of traditional and modern elements, and its appeal to international consumers [1] Group 1: Tax Refund Policies - Chengdu IFS features over 180 duty-free shops, offering a wide range of products including clothing, electronics, and cultural items, making it a comprehensive shopping destination for tax refunds [1] - The district has introduced an "immediate purchase and refund" service, allowing tourists to receive tax refunds at the point of sale, enhancing the shopping experience [1] Group 2: Online Services and Growth - The "Code Refund" online service allows tourists to process tax refunds via a mobile app, streamlining the refund process and encouraging repeat purchases [2] - From January to July this year, the sales and tax refund amounts in Jinjiang District increased by 219.5% year-on-year, serving nearly 5,000 foreign tourists [2] Group 3: Brand and Store Development - The district has attracted numerous flagship stores, including Adidas' first brand center in Sichuan, which offers personalized products that resonate with foreign tourists [3] - Jinjiang District has established the first national flagship economy development center and research institute, fostering new brands and shopping experiences [3] - To date, the Chengdu IFS-Chunxi Road-Taikoo Li area has introduced over 600 flagship stores and nearly 2,000 international brands, hosting over 100 premiere events [3]

Group 1 - Adidas has signed NBA star Anthony Edwards for his first promotional tour in China, following previous visits by other NBA players, indicating a strong push in marketing and brand engagement in the Chinese market [2] - The influx of NBA stars to China is part of a broader strategy by sports brands like Adidas, Li Ning, and Under Armour to leverage celebrity endorsements for new product launches and to connect with local fans [2] - Despite claims that the sneaker market is declining, major sports brands continue to invest heavily in basketball, suggesting confidence in the long-term viability of this segment [2][4] Group 2 - Adidas has recently signed a lifetime contract with NBA star Damian Lillard, highlighting the brand's commitment to basketball and its strategy to secure long-term partnerships with key athletes [4] - The basketball business for Adidas saw significant success in the 1980s and 1990s, but the brand is now focused on identifying new star players to maintain its market presence [4] - Under Armour has successfully built its basketball brand around Stephen Curry, demonstrating the potential for growth through strategic athlete partnerships [4] Group 3 - The sneaker market has experienced a cooling trend, with only 47% of sneakers on the StockX platform expected to sell above retail price in 2024, down from 58% in 2020, indicating a shift in consumer behavior [8] - The rise of marathon running has led to increased competition from new brands like ON and HOKA, prompting traditional brands to diversify their offerings towards running shoes [9] - Despite the market cooling, basketball shoes remain a crucial segment for sports brands, with companies like Li Ning emphasizing the importance of basketball in their overall strategy [9][11] Group 4 - High-end basketball shoes are viewed as a premium segment within the sneaker market, representing the pinnacle of technology and trendsetting in athletic footwear [11] - The era of extreme sneaker speculation may be over, leading to more rational pricing and increased accessibility for consumers, provided that brands continue to innovate and offer attractive products [11]