波司登：“第二增长曲线”可能是毒药

Core Viewpoint - Bosideng has established itself as the leading down jacket brand in China, but it struggles to find a second growth curve, leading to concerns about diversification strategies [4][5][6]. Group 1: Historical Diversification Attempts - Bosideng's previous diversification efforts have largely failed, with a significant portion of its revenue from non-core businesses leading to value destruction [9][10]. - The company has faced challenges due to the seasonal nature of down jackets, which limits revenue generation to a few months each year [9]. - Past acquisitions and expansions into various clothing categories have not yielded the expected results, with non-core revenue still accounting for 4% of total income [9][12]. Group 2: Current Diversification Efforts - The company is currently focusing on two new areas: outdoor apparel and luxury down jackets, aiming to leverage its existing strengths in down materials [14][15]. - Bosideng's outdoor product line, particularly in sun protection, initially saw rapid growth but has since stagnated due to high pricing and lack of differentiation [15][19]. - The competitive landscape in the outdoor apparel market is intense, with many brands vying for market share, making it difficult for Bosideng to maintain its premium positioning [16][17]. Group 3: Comparison with Moncler - Unlike Moncler, which successfully diversified into luxury segments while maintaining a strong brand identity, Bosideng's attempts at diversification have diluted its core brand focus [20][22]. - Moncler's success is attributed to its strong ties to the fashion industry and a focus on high-end design, which Bosideng lacks [20][22]. Group 4: Focus on Core Business - Bosideng's recent strategic shift emphasizes returning to its core brand and enhancing its high-end market presence through improved supply chain management and direct sales [24][26]. - The company has reduced its number of stores significantly, focusing on efficiency and higher-quality retail experiences [24][26]. - There is potential for growth in the mid-range market, where Bosideng's other brands have not performed as well as expected, indicating room for improvement [30][31]. Group 5: Future Strategies - The company should consider a "down + other" strategy, combining down materials with other outerwear to strengthen its market position [32][33]. - Acquisitions of high-end niche brands within the same sector could enhance Bosideng's operational capabilities and market reach [32][33]. - The focus should remain on the down jacket segment, as the company has not fully capitalized on its existing market share and brand strength [33].