5折卖鞋，「中产的旧爱」失宠了

Core Insights - Nike's performance in the Greater China region has significantly declined, with revenue dropping to $1.423 billion, a year-on-year decrease of 17%, and EBITDA plummeting by 49% [1][2][4] Group 1: Financial Performance - The latest financial report indicates a substantial underperformance in the Greater China market, with revenue at $1.423 billion and a 17% year-on-year decline [1] - The EBITDA for the region has nearly halved, reflecting a 49% drop in profitability [1][2] Group 2: Market Reaction - The disappointing financial results led to a strong market reaction, with Nike's stock price falling by 10.54% in a single day, resulting in a market capitalization loss of over $10 billion [2] - As of December 26, the stock price remained low at $60.93 per share [2] Group 3: Strategic Challenges - Nike's direct-to-consumer (DTC) strategy, initially seen as a model, has not been effective in China, leading to increased inventory and price volatility [2][5] - The brand's premium positioning is being challenged by local brands and international brands operating with localized strategies, further squeezing Nike's market space [2][6] Group 4: Operational Issues - The shift towards DTC has resulted in a disconnect with actual market demand, leading to an imbalance in the brand's overall operational mechanism [6][10] - Nike's reliance on discounting through e-commerce and outlet channels has disrupted the market pricing structure and diminished its high-end brand image [6][9] Group 5: Competitive Landscape - The market has seen a rise in specialized brands in various segments, such as outdoor and yoga, which are capturing market share from Nike [10][11] - Local brands like Anta and Li Ning are gaining ground due to their localized strategies and competitive pricing, further pressuring Nike's core business [10][11] Group 6: Product Strategy - Nike's product strategy has become overly reliant on classic styles and colorways, leading to a dilution of brand exclusivity [11] - In contrast, local brands are expanding into more specialized categories and achieving significant revenue growth, surpassing Nike in the Chinese market [11][13] Group 7: Future Outlook - Despite current challenges, Nike remains committed to the Chinese market, recognizing its long-term potential and planning to optimize operations to better connect with consumers [9][10] - The company needs to prioritize strategic focus areas and enhance localization to rebuild connections with Chinese consumers [13]