中国消费者追捧，勃肯鞋亚洲收入猛涨24%

Core Insights - Birkenstock has experienced significant growth in China, driven by a combination of comfort and a sense of identity, with a 12% year-over-year revenue increase in Q3, reaching €635 million [3] - The Asia-Pacific region saw a remarkable 21% revenue increase, with China being the primary driver, as the brand expands its offline presence and leverages e-commerce to reach younger consumers [3][4] - The brand's positioning as a lifestyle symbol has allowed it to avoid direct competition with sports giants like Nike and Adidas, instead competing with brands like UGG and Crocs [4] Financial Performance - Birkenstock's wholesale revenue grew by 15%, reaching €390.2 million, while retail revenue increased by 9% to €243.9 million, supported by channel expansion and pricing strategies [4] - The company's gross margin improved from 59.5% to 60.5%, with adjusted EBITDA rising by 17% to €21.83 million and net profit soaring by 73% to €129.2 million [4] - Despite tariff challenges, the brand has maintained pricing power, indicating strong demand and the ability to enhance profit margins without losing customers [5] Market Positioning - Birkenstock's expansion aligns with a polarized global footwear market, where it has successfully positioned itself within the high-end lifestyle segment, aided by collaborations with brands like Dior Men and Rick Owens [4] - The company is expected to maintain a revenue growth forecast of 15% to 17% for the 2024/25 fiscal year, capitalizing on structural opportunities in Chinese consumer upgrades [5] - Birkenstock's majority stake was sold to LVMH-backed private equity firm L Catterton in 2021, marking its transition into a luxury brand within the footwear sector [6]