宝尊收购Sweaty Betty中国业务，重塑英国版lululemon

Core Insights - Sweaty Betty, a UK yoga apparel brand, is ending its direct operation model in China, having been acquired by Baozun, which now manages the brand alongside GAP and Hunter [1][5][9] - The acquisition comes as Sweaty Betty struggles to compete with lululemon in the Chinese market, where its performance has been underwhelming despite lululemon's significant growth [3][5][16] - Baozun aims to leverage its e-commerce expertise to revitalize Sweaty Betty's brand presence in China, focusing on differentiating the brand from competitors [11][15][18] Group 1 - Sweaty Betty's China operations have been sold to Baozun, marking it as the third international brand acquisition by the company [1][5] - The brand's performance in China has been declining, with significant inventory clearance efforts noted prior to the sale [5][9] - Baozun's previous acquisitions, including GAP and Hunter, have shown promising results, indicating potential for Sweaty Betty under its management [11][18] Group 2 - Sweaty Betty's pricing strategy aligns closely with lululemon, which poses challenges in establishing its unique value proposition in the competitive Chinese market [3][13] - The parent company, Wolverine Worldwide, reported a 2.4% decline in Sweaty Betty's annual revenue, prompting the decision to sell its Chinese operations [9][11] - Baozun's brand management segment has seen a 23.4% revenue increase, suggesting a strong foundation for managing Sweaty Betty effectively [11][18] Group 3 - The high-end yoga apparel market in China is experiencing a slowdown, with lululemon's growth rate dropping to around 20% [16][18] - Competitors like Vuori and alo are expanding their presence in China, intensifying the competitive landscape for Sweaty Betty [16][18] - Baozun's strategy may need to focus on storytelling and product differentiation to succeed in the challenging market environment [15][18]