韩国版lululemon被收购，瑜伽服创业风口已过

Core Insights - The entrepreneurial stories of brands resembling lululemon in different markets are diminishing, as evidenced by the acquisition of the Korean yoga apparel brand andar by Bain Capital, with an estimated valuation of around 2 billion RMB [1][5] - Similar to the case of MAIA ACTIVE, which was acquired by Anta Group, the trend indicates a closing window for new entrants in the yoga apparel market [1][12] Group 1: Market Dynamics - andar, founded in 2015, has surpassed MAIA ACTIVE in scale, with its parent company Eco Marketing reporting Q3 revenue of 117.8 billion KRW and operating profit of 15.5 billion KRW, marking a historical quarterly high [5][7] - The brand has successfully positioned itself with lower prices and designs tailored for Asian women, capitalizing on the growing fitness culture in Korea [7][9] - The entry of lululemon into the Korean market in 2024 has created a competitive landscape, as andar had already established its presence during the previous decade [7][9] Group 2: Challenges Faced by Brands - Both andar and MAIA ACTIVE face challenges despite their unique positioning, as they are caught in a competitive environment with high-end brands like lululemon and low-end "white label" yoga apparel [9][12] - MAIA ACTIVE's mid-range positioning has led to difficulties in scaling, as reliance on e-commerce has proven insufficient, necessitating the opening of physical stores, which brings additional costs and challenges [9][12] - The overall trend indicates that many emerging yoga apparel brands are struggling, with some like Outdoor Voices undergoing significant restructuring and others like Particle Fever facing sales pressures [12][14] Group 3: Industry Trends - The yoga apparel market is witnessing a head-to-head competition among international brands, with major players like Nike and Adidas expanding their yoga product lines [14][16] - The saturation of the yoga apparel market is prompting brands to explore new opportunities in outdoor and other athletic segments, as seen with brands like Outopia and JSC [17][19] - The narrative of "downstream" and "alternative" brands continues, but the premium brand value remains largely with international players, indicating a shift in the entrepreneurial landscape for domestic brands [19]