从碾压安踏李宁，到如今月亏过亿：被抛弃的运动品牌顶流，到底错在哪？

Core Viewpoint - Kappa, once a leading sports brand in China, has faced significant decline, struggling to maintain market presence and resorting to selling trademarks for survival [5][6][28]. Group 1: Historical Performance - Kappa achieved peak sales of 4.2 billion in its prime, with nearly 4,000 stores, surpassing competitors like Li Ning and Anta [6][20]. - The brand's revenue fell to 1.68 billion in the latest fiscal year, a 3.7% decline year-on-year [6][30]. - Kappa's market presence diminished significantly, with store numbers dropping from 4,000 to 1,000 [23]. Group 2: Strategic Decisions - Kappa's entry into the Chinese market in 2002 was initially unsuccessful due to a lack of consumer acceptance [11]. - Under new leadership, Kappa pivoted to a trendy sports market, adopting bold designs and innovative marketing strategies [13][15]. - The company adopted a light asset model, relying heavily on third-party manufacturers and distributors, which ultimately led to a loss of control over product quality and brand reputation [23][33]. Group 3: Market Challenges - The sports apparel industry faced a downturn post-2008 Beijing Olympics, leading to inventory crises for Kappa and its competitors [22]. - Competitors like Li Ning and Anta adapted quickly to market changes, while Kappa struggled to respond effectively [23]. - The emergence of new brands and changing consumer preferences further eroded Kappa's market share [25][30]. Group 4: Recent Developments - Kappa attempted to revitalize its brand through collaborations and marketing campaigns targeting younger consumers, but these efforts did not translate into increased sales [29][30]. - The company reported significant losses, including 1.783 billion in the 2022 fiscal year, prompting the sale of trademarks to sustain operations [28][34]. - Kappa's inability to innovate and adapt to market demands has left it in a precarious position, questioning its future viability [33][35].