以下文章来源于NewSportsGo ，作者奥特曼 NewSportsGo . Let's Go Outdoors！见山，见水，见世界！ 二十年合作崩盘与运动品牌商业暗战。 文 ｜ 奥特曼 来源｜ NewSportsGo（ID：TYSportsGo） 封面来源 ｜ IC photo 20年合作，换来了一场90万的官司。 据外媒报道，耐克本周一在洛杉矶联邦地区法院对陈冠希进行起诉，诉讼原因是违反合约。 这场诉讼不仅让陈冠希陷入舆论风波，也让耐克与这位顶流明星20年的合作关系走向破裂，引发各界关注。 合作与矛盾 陈冠希于2004年创立潮流品牌CLOT，凭借其敏锐的潮流嗅觉和独特的设计理念，迅速在潮流界崭露头角。 2006年，耐克慧眼识珠，与CLOT开启合作，陆续推出多款联名鞋服。从2008年的Air Max 1 Kiss of Death到2017年的丝绸Air Force 1，这些联名产品不仅 融合了东方文化与潮流设计，更在球鞋二级市场表现抢眼，受到北美、东南亚及中国潮流爱好者和收藏家的热烈追捧。 时间来到2017年，当时的丝绸Air Force 1成为潮流圈的传奇之作，其独特的丝绸材质和具有东方韵味的设计，使 ...

值得注意的是，陈冠希在与耐克结束合作关系后，迅速转向其竞争对手阿迪达斯并展开全新合作。此举 被认为是其大胆的商业决策之一，与阿迪达斯的合作在短时间内推出了多款联名产品，吸引了全球消费 者的目光。耐克的诉讼直接针对陈冠希个人，而非其品牌或与阿迪达斯的合作，说明耐克正加大力度保 护其品牌资产。 耐克近期的财报数据显示，其全球营收和净利润均有所下降，这无疑给公司带来了挑战。在此背景下， 品牌对合约的严格执行及对合作伙伴的要求显得尤为重要。耐克对于品牌资产的保护可以从其对陈冠希 的诉讼中窥得一斑，这不仅是针对单一事件的应对，也反映了公司在日益竞争激烈的市场中所采取的策 略。 来源：市场资讯 （来源：美股情报站） 8月13日的股市行情中，耐克公司(NKE)的股价上扬3.07%，连续两天呈现上涨趋势，累计涨幅达到 4.30%。这一走势引来了投资者的广泛关注，展现出耐克在资本市场的强劲表现。 耐克近期的股价波动，很大程度上受到了一些突发事件和合约纠纷的影响。据报道，耐克已向加州中区 联邦地方法院提起诉讼，指控华裔明星陈冠希及其公司Juice Los Angeles LLC违约，要求赔偿12.6万美 元（约合人民币90万元） ...

Core Viewpoint - The U.S. consumer spending is weak due to trade policy uncertainties and macroeconomic conditions, significantly impacting the performance of North American footwear and apparel brands [1][2]. Group 1: Company Performance - Under Armour reported a 4% year-over-year decline in revenue for Q1 of fiscal year 2026, totaling $1.1 billion, with a projected 6% decline for Q2 [1]. - Crocs, known for its "Croc" shoes, reported a net loss of approximately $428 million for Q2, with North American revenue down 6.5% year-over-year, and expects a further decline of 9% to 11% in Q3 [1]. Group 2: Impact of Tariffs - The U.S. tariffs on imports from countries like Vietnam and Indonesia have raised costs for major brands such as Nike, which estimates an additional $1 billion in costs due to tariffs [2]. - Gap anticipates an increase in costs between $250 million to $300 million due to the tariffs [2]. - Retailers may need to raise prices by 10% to 12% to offset these costs, which will ultimately affect U.S. consumers, particularly those with lower incomes [2]. Group 3: Consumer Behavior and Market Dynamics - U.S. consumers are cautious with non-essential spending, leading to decreased foot traffic in stores and a preference for cheaper alternatives [3]. - The footwear and apparel industry faces a dilemma: raise prices to maintain profit margins or absorb costs, which would severely impact profitability [3]. - A letter signed by 76 footwear brands, including Nike and Adidas, was sent to the White House, indicating that tariffs pose a "survival threat" to the industry [3].

Core Insights - NIKE Inc.'s EMEA strategy is positioned as a significant growth driver for fiscal 2026, focusing on marketplace cleanup and an integrated digital channel strategy [1][8] - The EMEA region showed growth in key performance categories, including running and training, with women's sportswear footwear returning to growth [1][3] - The company ended the quarter with inventory slightly above targets and a healthier balance of full-price sales [1] EMEA Strategy - A key component of NIKE's EMEA strategy is the "sport offense" realignment, which involves dedicated cross-functional teams to enhance athlete relationships and tailor product offerings [2] - This approach allows NIKE to align local consumer demand with sport-specific product pipelines, such as high-performing running footwear and expanded women's basketball offerings [2] - The strategy supports sharper marketplace segmentation, enabling unique assortments for wholesale partners while maintaining premium positioning in NIKE Direct [2] Growth Expectations - NIKE anticipates that the EMEA region will benefit from a stronger holiday order book and growth in performance categories, which will help offset declines in classic franchises [3] - Improved wholesale sell-through rates, healthier inventory levels, and higher full-price sales penetration are expected to support momentum in the region [3] - If the sport offense model continues to generate consumer excitement and channel profitability, EMEA could be crucial for the company's sustainable growth in fiscal 2026 [3] Competitive Landscape - Key competitors for NIKE in the global market include adidas AG and lululemon athletica inc. [4] - adidas leverages its heritage in performance sports and lifestyle segments, maintaining a strong presence in markets like EMEA and Asia-Pacific, while focusing on innovation and sustainability [5] - lululemon has established a premium niche in athletic apparel and is expanding into high-performance categories, benefiting from a vertically integrated model [6] Financial Performance - NIKE shares have declined by 1.1% year to date, compared to the industry's decline of 5.2% [7] - The company trades at a forward price-to-earnings ratio of 40.07X, higher than the industry average of 29.34X [9] - The Zacks Consensus Estimate indicates a year-over-year decline of 12.04% in fiscal 2025 earnings, with a projected growth of 1.9% in fiscal 2026 [10]

丨证券研究报告丨 行业研究丨专题报告丨纺织品、服装与奢侈品 [Table_Title] "织"道系列 7——运动制造 6 月跟踪：运动鞋 服订单增速分化，景气弱化趋势放缓 报告要点 [Table_Summary] 受益于海外品牌去库步入尾声，低基数下鞋服制造企业订单增速自 2023Q3 以来维持修复， 2025 年由于下游去库结束叠加终端零售偏弱，订单增速开始环比放缓。6 月运动鞋服订单增速 分化，景气弱化趋势放缓。当前下游行业在小幅补库后，因行业和多数品牌终端零售表现及预 期偏弱，预计海外服装渐入累库周期，制造短期内难现β。当前 Nike 经营筑底，后续若逐步修 复将有望带动行业整体回暖，推动制造商接单改善，制造板块有望迎来β。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 纺织品、服装与奢侈品 cjzqdt11111 [Table_Title "织"道系列2]7——运动制造 6 月跟踪：运动鞋 服订 ...

Market Cap - BNB's market capitalization surpassed Nike's [1]

Market Cap Comparison - BNB's market cap has surpassed Nike's [1] - BNB market cap is $110 billion [1] - Nike market cap is $109.9 billion [1]

Core Insights - NIKE Inc. is intensifying its focus on e-commerce amidst a challenging retail environment, with digital transformation efforts showing early signs of success [1][8] - The company is implementing strategies such as storytelling integration, partnerships with platforms like Amazon, and enhancing wholesale collaborations to expand consumer reach [1][8] - Despite digital gains, NIKE faces ongoing retail challenges, including declining wholesale revenues and high inventories in certain regions [2][8] E-commerce Strategy - NIKE Direct is evolving into a premium destination linked to sports moments and product launches, aiming for full-price sales even at the cost of lower short-term traffic [1][3] - The brand is committed to leveraging its sport-led identity to stimulate consumer demand both online and in physical stores [3] Competitive Landscape - Rivals lululemon and adidas are also enhancing their e-commerce strategies to capture consumer spending in a digital-first marketplace [4] - lululemon's e-commerce contributes over 40% of total revenues, supported by strong product innovation and brand activations [5] - adidas is experiencing growth in its e-commerce segment through exclusive product drops and targeted marketing, helping to mitigate the impact of weaker wholesale and store traffic [6] Financial Performance - NIKE's shares have increased by 27.5% over the past three months, outperforming the industry growth of 23.4% [7] - The Zacks Consensus Estimate indicates a projected earnings decline of 21.8% for fiscal 2026, followed by a growth of 53.7% for fiscal 2027 [9] - NIKE's forward price-to-earnings ratio stands at 40.05X, significantly above the industry's 30.08X [12]

Core Insights - Nike is promoting running among Americans, with over 50 million individuals participating regularly, and is encouraging them to engage in running events [1] - Chris Bennett, Nike Running Global Head Coach, is providing motivation and tips for runners through a nationwide media tour [2] Product Offerings - Nike offers a range of running footwear designed for various needs, focusing on cushioning, including models like Pegasus, Structure, and Vomero [3] Community Engagement - Running serves as a social activity, fostering community through run clubs and race events, which helps maintain motivation among participants [4] Coach Profile - Chris Bennett, known as "Coach B," has extensive experience in competitive running and coaching, helping runners of all levels build confidence and connection to the sport [5]

Investment Rating - The report maintains a "Positive" investment rating for the textile, apparel, and luxury goods industry [11]. Core Insights - Revenue performance in Q1 2025 shows divergence among brands, with On (+40%) and Adidas (+13%) performing well, while Nike (-7%) and Under Armour (-11%) face revenue declines due to weak demand and inventory adjustments [6][20]. - The cautious revenue guidance from key companies indicates a continuation of this divergent performance in upcoming quarters, with some brands canceling their full-year guidance [7][25]. - The industry is entering a replenishment phase, but weak end-consumer demand necessitates close monitoring of recovery trends [9][34]. Revenue Performance - In Q1 2025, On and Adidas exhibited strong revenue growth, while Nike and UA struggled with declines [6][18]. - The overall revenue growth rates varied significantly across regions, with North America and Greater China showing relative weakness [20][22]. Inventory Dynamics - The apparel industry has returned to a healthy inventory level but is now entering a replenishment phase, with some brands beginning to accumulate stock [8][9]. - Retailers' inventory-to-sales ratios are normal, but certain brands are still in a destocking phase, particularly Nike and VF [8][9]. Future Outlook - The report emphasizes the need to monitor the pace of consumer demand recovery, especially as the industry faces challenges from weak demand and inflationary pressures [9][34]. - Nike's gradual operational improvement may alleviate some negative pressures on the industry, suggesting potential for a rebound in the manufacturing sector [9][34].