“鸟”塌房，伯希和要摆脱“平替”身份

Core Insights - The article discusses the rapid rise of the domestic outdoor brand "Bershka" as a result of the controversy surrounding the established brand "Arc'teryx," which has damaged its image. This situation has created an opportunity for Bershka, which is now pursuing an IPO in Hong Kong [1][3]. Company Overview - Founded in 2012, Bershka initially struggled to gain traction, ranking 17th in outdoor brand sales on Tmall during the 2022 "Double 11" shopping festival. However, since 2022, the brand has experienced significant growth [1][3]. - Bershka's store network expanded from 39 stores in 2022 to 146 stores in 2023. The company has also accelerated its financing, completing a Series A round of 49 million RMB in 2023 and a Series B round of 288 million RMB in 2024 [3][10]. Market Position - According to Frost & Sullivan, Bershka has become one of the top three domestic high-performance outdoor apparel brands in mainland China, achieving a market share of 5.2% by 2024 [3][10]. - The brand's rapid rise is attributed to its strategic positioning, targeting the price-sensitive consumer segment while offering high-quality products comparable to international brands [4][6]. Product Strategy - Bershka focuses on using high-quality materials similar to those used by premium brands, collaborating with top technology companies like Polartec and eVent. This approach has earned it the nickname "Domestic Material King" [4][10]. - The pricing strategy is aggressive, with classic jackets priced around 500 RMB, significantly lower than similar products from Arc'teryx [6][10]. Marketing Strategy - The brand has effectively utilized celebrity endorsements, signing popular actor Cheng Yi, which led to a significant increase in sales. After the announcement of his endorsement, the brand's GMV exceeded 60 million RMB within 14 hours [7][10]. - Bershka's marketing content emphasizes professional outdoor activities, enhancing its image as a high-end brand [9][10]. Financial Performance - Bershka's revenue has shown remarkable growth, with figures of 378 million RMB in 2022, 908 million RMB in 2023, and projected 1.766 billion RMB in 2024. Net profit also increased from 24.31 million RMB in 2022 to 283.08 million RMB in 2024 [10][11]. - The company's gross margin improved from 54.3% in 2022 to 59.6% in 2024, outperforming competitors like Arc'teryx [13][15]. Challenges and Opportunities - Despite its rapid growth, Bershka faces challenges related to brand perception and cultural identity, particularly regarding its name's association with a controversial historical figure [18][20]. - The company is actively seeking to diversify its product offerings beyond jackets, introducing new categories like trail running shoes and mountaineering boots [21][23]. Future Outlook - Bershka aims to enhance its brand image and market presence by opening flagship stores in major cities and fostering community engagement through outdoor activities [24][26]. - The brand is also focusing on vertical integration of its supply chain to improve quality control and reduce costs, which could further enhance its profitability [26][28]. - The outdoor market in China is expected to grow significantly, providing Bershka with a valuable opportunity to solidify its position as a leading domestic brand [30][31].