年销691亿，Costco成了全球服装巨头

Core Viewpoint - Costco is emerging as a significant player in the global apparel market, with its clothing sales reaching $9.7 billion (approximately 69.1 billion RMB) in the fiscal year 2025, surpassing major luxury brands and traditional retailers [6][36]. Group 1: Sales Performance and Growth - Costco's apparel sales have seen a cumulative growth of 40% from 2019 to 2024, with a compound annual growth rate (CAGR) of nearly 7%, while the overall clothing market in China and the U.S. has been growing at only 4.64% and 3% respectively [7][36]. - The company's clothing business is not only large but also maintains a high growth rate, distinguishing itself from competitors like Sam's Club, which only saw a 21% increase in the same period [7][36]. Group 2: Consumer Behavior and Market Positioning - Two main types of consumers shop for clothing at Costco: those seeking luxury items at discounted prices and those looking for basic, no-frills apparel from Costco's private label, Kirkland Signature [11][21]. - The appeal of Costco lies in its ability to offer luxury brands alongside affordable basics, resonating with younger consumers who are increasingly skeptical of traditional luxury pricing and branding [15][16]. Group 3: Business Model and Strategy - Costco operates on a simplified SKU model, offering only 4,000 total SKUs compared to traditional supermarkets' 20,000, which allows for lower costs and higher turnover rates [29][30]. - The company employs a bundling sales strategy to increase sales volume and reduce inventory turnover time, which further enhances its purchasing power [30][31]. - Costco's marketing expenses are minimal, with only 9% of its revenue allocated to market, sales, and management, allowing it to maintain low prices while still achieving significant sales [32]. Group 4: Membership and Profitability - Membership fees are the primary profit driver for Costco, accounting for 65.7% of its net profit in fiscal year 2025, highlighting the company's focus on member services rather than traditional retail profit margins [39][40]. - The company has achieved a global membership renewal rate of nearly 90%, indicating strong customer loyalty and satisfaction [40]. Group 5: Market Expansion and Future Outlook - Costco's expansion in China has been met with enthusiasm, with record-breaking membership sign-ups and sales growth in new stores, suggesting that its business model is adaptable and appealing in diverse markets [41][42].