中产最爱的羽绒服，卖不动了？

Core Viewpoint - Moncler, once a leading brand in high-end down jackets, is experiencing a significant decline in sales and brand heat, attributed to intensified competition and changing consumer preferences in the luxury market [1][3][14]. Sales Performance - Moncler's revenue for Q3 2025 decreased by 1% year-on-year to €616 million, marking the end of nine consecutive years of double-digit growth [3][7]. - The brand's main product line, which accounts for nearly 90% of total revenue, also saw a 1% decline in Q3 revenue [3][7]. - The Asian market's revenue remained flat compared to the previous year, contributing 45% to the group's income, but showing a clear reduction in growth momentum [7][10]. Consumer Engagement - Engagement on social media platforms has waned, with Moncler-related content on Xiaohongshu showing a significant drop in likes and comments compared to previous years [6][9]. - On Tmall, the classic Maya jacket received only 12 comments this season, a stark contrast to 40 comments in the previous year [6][10]. Competitive Landscape - Moncler faces fierce competition from brands like Canada Goose and MACKAGE, which have captured a larger share of the high-end down jacket market [9][10]. - In the Tmall sales ranking for down jackets priced above 5000 yuan, Moncler only secured two spots, while Canada Goose dominated with 13 models [9][10]. Brand Positioning and Strategy - Moncler's brand identity, which combines luxury and fashion, is being challenged as outdoor brands gain popularity [14][18]. - The brand has attempted to reconnect with its outdoor roots by reviving the Moncler Grenoble line, but this initiative has not yet translated into significant sales growth [23][27]. - Experts suggest that Moncler needs to adopt a differentiated positioning strategy to compete effectively in the evolving luxury market [28].