私有化失败转向台球，商务男装金利来另辟蹊径

Core Insights - Goldlion, known as the "King of Suits," is seeking new growth paths by entering the billiards apparel market, opening its first billiards store in Wuhan, which features professional billiards clothing and an interactive experience area [1][3] - The company has faced declining performance in its traditional business of men's formal wear, with revenue dropping from over HKD 1.8 billion at its peak to HKD 1.2 billion [4][5] - The billiards market in China is growing, with a projected market size of RMB 872 billion in 2024, reflecting a 20.5% year-on-year increase, and the number of billiards clubs increasing at an annual rate of 12% [8][9] Company Strategy - Goldlion aims to position its billiards brand as a fashionable, high-quality leisure brand targeting middle-class male consumers aged 25-45, combining professional equipment with social experiences [3][8] - The company has previously attempted to diversify its offerings, launching new product lines and series to attract different consumer segments, but these efforts have not significantly improved its performance [7][8] - Goldlion's management believes that billiards aligns with its brand philosophy of balancing tradition and innovation, hoping to attract younger consumers through this new venture [8][9] Industry Context - The men's formal wear industry is experiencing widespread challenges, with several brands, including Seven Wolves and Youngor, reporting declines in revenue and profit [5][6] - The market for men's apparel is becoming polarized, with lower-priced segments growing while higher-priced segments face pressure from international brands and private label products [6] - The demand for billiards apparel may not match the popularity of the sport itself, as many consumers enjoy playing billiards but are reluctant to purchase specialized clothing [8]