（来源：普华有策） 运动鞋履行业深度剖析：经营模式、规模预测及发展走向 鞋履是居民生活必需品，能支撑和保护双脚，减少地面带来的影响。运动鞋履是其中一类，按不同运动 特点设计，强调缓冲、防震等特性；随着被大众接受，其设计融入生活化等元素，不仅适用于运动场 合，也适合日常穿着，成为鞋履市场不可或缺的部分。 1、运动鞋履行业主要经营模式 品牌运营与制造一体模式是指公司从事鞋履品牌运营的同时，鞋履的产品设计和开发制造主要由公司负 责。目前采用这种模式的企业包括贵人鸟、万里马等。上述两种模式也并非绝对，贵人鸟、万里马等也 存在少部分鞋履外包生产的情况。 2、运动鞋履行业市场规模及预测 （1）全球运动鞋行业市场规模及预测 运动鞋履作为现代居民生活消费必需品，全球鞋履行业市场规模巨大。2019-2023年复合增长率2.4%， 受公共卫生事件等影响，2020年规模降至5705亿元，后稳健增长，2023年达9356亿元。受益于运动时尚 风潮、库存周期回暖、消费者支付意愿上升及对健康运动重视，需求稳步增长，预计2028年规模超 14000亿元，且运动鞋在灵活适配等方面具优势，推动行业稳定发展。 2019-2028年全球运动鞋行业 ...

商报记者孟佳俊 "痛文化"消费热潮正在袭来。赛场看台上，观众的痛包缀满印着社群Logo、励志标语；演唱会现场，粉 丝痛包"痛层"里的偶像周边娃娃更是人手必备。"年轻人背痛包"已成为个性化表达的明确趋势。正是敏 锐捕捉到这一需求变化，近来匡威、LEE、Dickies、李宁等运动品牌纷纷加码痛包产品布局，将这一细 分品类打造成争夺年轻消费群体注意力的新战场。 痛包与普通单肩包、双肩包的核心差异并不显著，关键在于其专门设置了一个透明隔层袋，可作为展示 周边的"专属面板"。而这一特色设计的源头，要追溯到日本的"痛包文化"：最初是动漫爱好者将喜爱的 徽章别在包上，徽章数量越多，象征对角色的喜爱程度越深；背着这样的包出门，仿佛与心爱的角色同 行，这份独特的情感联结，也成为痛包吸引年轻人的重要原因。 从市场格局来看，电商平台上涉足痛包的运动品牌已有十余个，包括阿迪达斯、安踏、李宁等，产品价 格基本稳定在100-200元区间；从销售数据反馈，部分品牌的痛包单品销量已突破千余个。为进一步吸 引年轻消费者，不少运动品牌直接将"痛包"二字融入宣传文案。 当前痛包市场更呈现出集中上新的态势，不少产品均为今年刚发售的新品。例如，匡威推 ...

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]

近年来，上海以"首店经济"为杠杆，撬动全球时尚运动产业升级。耐克、阿迪达斯、始祖鸟等头部 品牌纷纷将旗舰店、概念店乃至全球首店落地上海，不仅将其作为强化品牌形象的"前沿阵地"，更将其 视为定义未来产品、消费模式甚至行业标准的"战略母港"。上海，正从"中国时尚之都"加速跃升为"全 球时尚运动产业的创新策源地"。 来自复旦大学消费市场大数据实验室的最新数据显示，今年1月至7月，上海新增首店554家。级别 方面，新增全球及亚洲首店11家，全国及内地首店85家，高能级首店合计占比17.3%，品牌属地包括中 国、日本、法国、意大利、美国、韩国、英国、德国等。 耐克、阿迪达斯、始祖鸟等头部品牌纷纷将旗舰项目落地上海，形成"开一家火一家"的集聚效应。 近日，NBA传奇巨星勒布朗·詹姆斯作为耐克签约运动员第15次到访中国，借此机会，耐克在沪全 球首发詹姆斯第23代签名战靴LeBron XXIII，将于9月25日在中国率先发售"Uncharted无人之境"首发配 色，凸显上海作为新品首发地的优先级。 此外，阿迪达斯今年5月、6月连落两子：三叶草全球旗舰店入驻安福路，打造"创意由你"定制区； 可持续门店亮相田林路，以绿色消费理念 ...

Nike faces no shortage of concerns about competition and tariffs, but one analyst on Wednesday said the sneaker and athletic-gear maker might be turning the corner on both. ...

Core Insights - The article discusses the busy schedule of corporate events, including Analyst Days and Shareholder Meetings, which can provide valuable insights into companies' short-term trends and strategic plans [1][2][3] Company Events - Uber Technologies participated in a Fireside Chat with Goldman Sachs analysts, while Visa, Apple, and Nike are hosting significant events this week [2] - CrowdStrike's Analyst Day is scheduled for September 17, following a stock price decline of over 20% from its peak of $518 in early July, despite strong revenue and earnings performance [6][9] - Wynn Resorts will hold its Analyst Day on September 19, with shares nearly doubling since April, although recent reports indicate challenges in the Las Vegas tourism sector [7][9] - Alibaba's Shareholder Meeting is set for September 25, with the company recently announcing the development of new AI chips, positioning itself competitively in the tech sector [10] - FedEx's Shareholder Meeting is on September 29, with expectations for clarity on its Freight division spinoff amid a 20% stock price decline over the past year [11] Economic Context - The article highlights the upcoming macroeconomic data releases, including retail sales and Federal Reserve policy decisions, which could impact market sentiment and company performance [4][5][12] - The Cboe Volatility Index (VIX) is currently around 15, indicating modest expected volatility in the S&P 500, suggesting a stable market environment for the time being [12]

Nike’s (NYSE:NKE) turnaround efforts are finally gaining traction, TD Cowen says, as improved marketplace and inventory management coupled with the brand’s dominance in key sports (running, basketball) led analyst John Kernan to raise his outlook on the sportswear giant to Buy from Hold and ...

耐克(NKE.US)盘初一度涨超2.5%，最高触及75.46美元。消息面上，TD Cowen将耐克的目标价从62美元 上调至85美元，评级从"持有"上调至"买入"。调查显示，耐克和乔丹品牌有改善迹象，而同行的份额增 长和品牌热度正在放缓。该行认为，耐克的市场潜力和利润率复苏未得到充分重视。(格隆汇) ...

Oh. Uh, we got eight minutes at opening bell. And there's, uh, the CEO, CLA, uh, going to be, of course, doing the honors as you might expect.Big IPO today, uh, last where it was priced roughly a $15 billion market value at Open, Jim. But of course, we'll see how it performs as again, one of the more high-profile IPOs we've seen. Not just buy now, pay later, by the way.Right. They seem to have wanted it higher, right. They didn't.The underwriters want it lower, get a bigger pop. These guys different. They g ...

Oh. Uh, we got eight minutes at opening bell. And there's, uh, the CEO, CLA, uh, going to be, of course, doing the honors as you might expect.Big IPO today, uh, last where it was priced roughly a $15 billion market value at Open, Jim. But of course, we'll see how it performs as again, one of the more high-profile IPOs we've seen. Not just buy now, pay later, by the way.Right. They seem to have wanted it higher, right. They didn't.The underwriters want it lower, get a bigger pop. These guys different. They g ...