中国服装行业：本土龙头企业崛起，国际品牌作出调整

Core Insights - Despite global economic headwinds, the Chinese apparel industry, particularly the sportswear segment, demonstrates significant resilience driven by consumer confidence, lifestyle changes, and government policy support [1][15] - The 2025 China Market Enterprise Transformation Index highlights key success factors for leading apparel companies, including business robustness, early innovation outcomes, and R&D investment [1][15] - Retail sales of clothing, footwear, and textiles in China grew by 12.9% year-on-year in 2023, reaching 1.4 trillion RMB, with sportswear being a major growth driver due to increased public health awareness and major sporting events [1][15] Industry Performance - In 2024, growth momentum in the apparel sector nearly stagnated due to domestic and international economic challenges, but initial signs of recovery emerged in early 2025 supported by government stimulus measures [2] - The competition in the sportswear sector is intensifying as domestic brands adapt to changing consumer preferences and build digital ecosystems [14][15] Company Analysis - Anta Sports ranked second in 2025, leveraging a multi-brand strategy and vertical integration to dominate the Chinese sportswear market, with a revenue increase of 16.2% in 2023, reaching 62.4 billion RMB [6][7] - Bosideng transformed from a mass-market brand to a leader in the high-end down jacket segment, achieving a revenue of 23.2 billion RMB in the 2023/24 fiscal year, a 38.4% increase [7] - Lululemon's ranking rose significantly from ninth to fifth, with a 19% revenue growth in 2023, reaching $9.6 billion, and a remarkable 67% growth in the Chinese market [8] - Adidas dropped from fourth to eighth place, facing challenges in customer engagement despite maintaining a lead in sustainability practices [9] Key Factors for Success - Business robustness, diversification, and customer engagement are critical for success in the apparel industry [5][17] - Continuous investment in innovation and R&D is essential for maintaining competitive advantages, as demonstrated by Anta and Bosideng [14][17] - Digital interaction and personalized services are vital for building consumer loyalty and driving sales growth [14][15]