Ai Rui Zi Xun·2025-09-20 12:40Investment Rating - The report does not explicitly provide an investment rating for the apparel industry Core Insights - The report highlights the growing popularity of loose-fitting pants over leggings, with market share for leggings expected to drop from 46.9% in 2022 to 38.7% by 2025, while loose pants gain traction [2] - Domestic watch brands like Seagull are experiencing significant sales growth in overseas markets, with a 95.63% increase during Black Friday promotions, driven by their high cost-performance ratio [1] - Luxury brands are increasingly entering the beauty market, with LVMH's perfume and cosmetics division generating €4 billion in revenue, accounting for 10% of the group's sales [4] Industry Trends - The trend of "de-streetification" is emerging among traditional streetwear brands, as they seek to elevate their image through quality and positioning, with brands like KITH and NOAH leading this transformation [3] - The luxury sector faces challenges in marketing, particularly during events like Qixi Festival, where brands struggle with cultural misinterpretation and market saturation [3] - The sportswear market is diversifying, with brands balancing the functionality of leggings with the comfort of loose pants, reflecting consumer demand for both performance and style [2] Top Brand News - Anta Sports reported a revenue of 38.54 billion yuan in the first half of 2025, a 14.3% increase, but faced an 8.27% drop in stock price due to concerns over growth potential [5] - FILA achieved a revenue of 14.18 billion yuan, growing 8.6% by focusing on high-end sports fashion and targeting middle-class consumers [5] - Bosideng ranked 45th in the 2025 global apparel brand value list with a brand value of $2.09 billion, reflecting its strong market position and commitment to innovation [8]