从口碑承压到增速放缓，斐乐下一步如何破局？

Core Viewpoint - The recent service controversy involving FILA KIDS has raised significant public concern regarding the brand's service philosophy, prompting an official apology from the company and criticism of the involved employee [1][2]. Group 1: Service Controversy - A customer at a FILA KIDS store in Zhengzhou had their membership information noted as "buying a pair of shoes is too expensive," which was shared in a WeChat group, leading to customer dissatisfaction and calls for withdrawal from the group [2]. - FILA's official response included an apology for the unpleasant experience and a commitment to address the behavior of the employee involved, emphasizing a violation of employee conduct guidelines [2]. Group 2: Financial Performance - Despite the service controversy, FILA's financial performance remains strong, with reported revenue of 14.18 billion yuan for the first half of 2025, marking a historical high and an 8.6% year-on-year increase [3]. - The brand's gross margin, although down by 2.2 percentage points to 68%, still exceeds the main brand ANTA's gross margin of 54.9%, indicating FILA's position as a key revenue driver for the group [3]. Group 3: Strategic Challenges - FILA faces challenges as its retail growth has slowed, with quarterly retail revenue growth rates decreasing from high single digits to low single digits from Q1 to Q3 of this year [6]. - The brand's pricing strategy is becoming less effective in a market where consumer spending is increasingly rational, and it struggles to compete with both lower-end brands and domestic competitors like Li Ning [6]. - FILA's contribution to ANTA Group's revenue has been declining, dropping from 43.5% in 2019 to 36.8% in the first half of this year, while other brands under ANTA are experiencing rapid growth [6]. Group 4: Strategic Adjustments - In response to market changes, FILA has initiated the "ONE FILA" strategy, focusing on brand elevation, product innovation, and retail upgrades, alongside a new store image aimed at specific consumer demographics [6][9]. - A management change occurred earlier this year, with Jiang Yan taking over leadership of FILA, raising questions about the new management's ability to drive growth in the high-end sports fashion sector [9].