HOKA和On昂跑们，正在撕掉「中产」标签

Core Insights - A new wave of sports brands, emerging around 2010, has successfully carved out a niche in the market by redefining the essence of sports and reshaping consumer aesthetics, thereby altering the competitive landscape that has persisted for decades [1] - The labels "middle class" have been applied to these brands, reflecting their appeal to a quality consumer base [1] Group 1: Brand Performance - HOKA reported a 23.7% year-on-year increase in net sales to $530.9 million for Q3 of fiscal year 2025, while On reported a 43% increase to 726.6 million Swiss francs for Q1 of fiscal year 2025, both exceeding expectations [3] - Both brands have accelerated their flagship store openings in China, with On opening its first flagship store in Chengdu on April 26 and HOKA following with its global flagship experience center in Shanghai shortly thereafter [3][4] Group 2: Store Strategy - The trend of sports brands establishing flagship stores in prime urban locations is driven by the dual considerations of brand upgrading and community engagement, enhancing brand image and consumer interaction [4] - On's flagship store in Chengdu, covering over 500 square meters, showcases its core product lines and aims to increase apparel sales from 4.5% to 10% of total revenue by 2024 [6][20] - HOKA's global flagship experience center in Shanghai spans 1,600 square meters and serves as a platform for brand culture and consumer engagement, emphasizing the importance of experiential retail [9][11] Group 3: Service and Community Engagement - The competition in the sports consumer market has shifted from product-centric to service-oriented, with brands focusing on creating differentiated service systems to meet the real needs of runners [12][19] - HOKA's "Flying Run Lab" offers comprehensive athletic assessments and is open to the public, reflecting a commitment to democratizing elite-level services [14][15] - On has established a running base in Shanghai, providing unique services such as shoe rentals and pet charging stations, reinforcing its identity as a "runner's home" [17][19] Group 4: Market Dynamics - The Chinese sports brand market is becoming increasingly competitive, with both international and local brands intensifying their strategies [20] - HOKA and On, while smaller than lululemon, are showing strong growth potential in China, with On targeting 10% of global revenue from the Chinese market by 2026 [20][22] - HOKA is focusing on local endorsements and community engagement to deepen its market presence, while On is leveraging global collaborations to enhance brand recognition [22][24]