靠冲锋衣年入18亿，户外生意有多疯？

Core Viewpoint - The article discusses the competitive landscape of the outdoor apparel market, focusing on the upcoming IPO of the brand 伯希和 and its comparison with another brand, 蕉下, highlighting the challenges and opportunities in the sector. Group 1: Market Overview - The outdoor apparel market, particularly for sun-protective clothing, is experiencing rapid growth, with significant increases in search volume on e-commerce platforms and interest from capital markets [4][8]. - The market has seen a surge in competition, with various brands entering the space, including traditional outdoor brands, sports brands, and even fast fashion and underwear brands [7][26]. Group 2: Company Comparisons - Both 伯希和 and 蕉下 have adopted a direct-to-consumer (DTC) model and achieved impressive revenue growth, with 伯希和's revenue projected to grow from RMB 378 million in 2022 to RMB 1.766 billion in 2024, representing a compound annual growth rate (CAGR) of 140.21% [17][18]. - 伯希和's product line has expanded beyond its original focus on jackets to include a variety of outdoor apparel, while 蕉下 has similarly diversified its offerings [12][14]. Group 3: Financial Performance - 伯希和's revenue growth is accompanied by a significant increase in adjusted net profit, which is expected to rise from RMB 28 million in 2022 to RMB 304 million in 2024 [17]. - 蕉下 has also shown strong revenue growth, with its income increasing from RMB 385 million in 2019 to RMB 2.211 billion in 2022, despite facing challenges in the market [19]. Group 4: Competitive Challenges - Both companies face skepticism regarding their reliance on OEM manufacturing, which raises concerns about product differentiation and brand loyalty [35][36]. - The outdoor apparel market is characterized by low brand concentration, with 伯希和 holding only a 3.9% market share in the performance outdoor clothing segment as of 2024 [29][31]. Group 5: Strategic Positioning - 伯希和 aims to position itself as a high-performance outdoor lifestyle brand, while 蕉下 focuses on urban outdoor apparel, leading to different competitive strategies [10][40]. - The article emphasizes the need for both brands to establish long-term brand value beyond just sales growth, as they prepare for their respective IPOs [41].