暴跌15%！穷鬼买不起，中产不买账，这家运动巨头要“卖股”了？

Core Viewpoint - Decathlon, once a dominant player in the Chinese sports retail market, is experiencing a decline in popularity and profitability due to increased competition and a shift in consumer preferences towards brands like Lululemon and Salomon [3][5][15]. Group 1: Market Position and Strategy - Decathlon's initial success in China was driven by its "high quality, low price" strategy, which resonated with urban young professionals and families seeking affordable sports gear [5][7]. - The company has faced challenges as competitors have emerged with more targeted pricing strategies, eroding Decathlon's market share in the entry-level sports segment [3][15]. - In 2024, Decathlon's net profit fell by 15.5% to €787 million, raising concerns about its profitability amidst a changing market landscape [9][11]. Group 2: Competitive Landscape - Competitors like Lululemon and Camel have gained traction, with Lululemon becoming a staple for middle-class consumers, further complicating Decathlon's market position [15][19]. - Decathlon's attempts to shift towards higher-end products have not resonated with its core consumer base, which primarily values affordability [25][40]. - The brand's identity as a "value leader" is at risk as it struggles to balance price increases with maintaining quality and consumer trust [19][36]. Group 3: Consumer Perception and Brand Narrative - The brand's recent price hikes have led to consumer backlash, with many feeling betrayed as Decathlon's value proposition diminishes [19][38]. - Decathlon's marketing efforts have focused on sustainability, but this narrative has not effectively connected with its primary consumer demographic, which prioritizes value over environmental concerns [43][45]. - The company is attempting to revitalize its image by reintroducing affordable products and leveraging nostalgic marketing strategies, such as the "urea bag" campaign, to reconnect with consumers [50][55]. Group 4: Future Outlook - Decathlon is exploring options to sell approximately 30% of its Chinese subsidiary as part of a significant capital restructuring effort [37]. - The company aims to enhance product quality and align its offerings with consumer expectations to regain market share and consumer loyalty [40][58]. - There is a focus on optimizing the supply chain and deepening market penetration to better meet the evolving needs of Chinese consumers in the next 20 years [58][60].