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 experienced a significant decline, struggling to maintain its market presence and resorting to selling trademarks to survive [6][9][34]. Group 1: Historical Success - Kappa was founded in 1916 in Italy and became a prominent sports brand, especially known for its association with football teams like Juventus and AC Milan [10][12]. - At its peak, Kappa achieved annual sales of 4.2 billion and operated nearly 4,000 stores, surpassing competitors like Li Ning and Anta [7][20]. - The brand's success was driven by innovative marketing strategies and a focus on trendy sportswear, appealing to younger consumers [14][16]. Group 2: Decline and Challenges - After the 2008 Beijing Olympics, Kappa faced a downturn as the sportswear market declined, leading to significant inventory issues [22]. - Kappa's reliance on a light-asset model and external manufacturers hindered its ability to respond quickly to market changes, resulting in a loss of control over product quality and brand reputation [22][32]. - The brand's market share diminished as competitors adapted to new consumer trends, while Kappa struggled to innovate and maintain relevance [23][25]. Group 3: Attempts at Revival - Kappa made several attempts to revitalize its brand, including collaborations with celebrities and a shift towards a fashion-oriented strategy [27][29]. - Despite these efforts, Kappa's financial performance continued to decline, with net profits dropping significantly from 8-9 billion to around 300 million from 2018 to 2020 [30]. - The company ultimately resorted to selling trademarks and intellectual property rights to sustain operations, indicating a dire financial situation [32][32].