一个危险的思路是砸钱开路。 全球运动品牌，都在奔向中国。 随着材料技术壁垒逐渐削平，战场变成了开阔的平地。中国市场竞争比欧美更激烈，六百元以下的入门 级运动装备市场已经成为红海，现在战火正在燃烧到更高阶的市场。 近期，第一财经记者采访了数位业内人士。他们认为，中国全民运动方兴未艾，为全球运动品牌带来机 会，但不是所有人都能笑到最后。这些正在大展拳脚的品牌，注定会有人出局，而且前车之鉴不远。 来自挪威的高端户外品牌Norrøna，来自英国的专业跑步品牌soar也在2025年进军中国市场。滔搏是这两 个品牌在中国的独家运营合作方，从品牌塑造、市场推广、产品引入，一直到渠道销售都由其负责。 "Norrøna因为是高端户外，产品矩阵完善，我们认为有机会从单店上做拓展。此外，滔搏还推出了跑步 品牌集合店ektos,其中囊括了滔博独家引入的soar、Ciele等跑步品牌。"滔搏高级副总裁张强说。有些价 格段的市场竞争已经非常激烈，而随着国内市场升级和人群需求进阶，"我们认为高单价区间还是有一 些个性化机会的。" 在大众运动领域，耐克、阿迪达斯、李宁和安踏等都有丰富的产品线。这些产品折扣之后的价格，有时 候可以低至200至 ...

每经AI快讯，2月20日，安德玛（Under Armour）和昂跑（On Holding）的股价均上涨约4%。 ...

Industry Overview - The Retail - Apparel and Shoes industry started 2026 on a stable note despite a volatile macroeconomic environment, with demand increasingly influenced by selective, value-conscious consumers and rapid trend cycles [1] - The industry is currently ranked in the top 15% of the Zacks Industry Rank, indicating an expectation to outperform the market over the next three to six months [1] Recommended Stocks - Five apparel and shoes stocks with a top Zacks Rank for a stable portfolio are Deckers Outdoor Corp. (DECK), On Holding AG (ONON), Tapestry Inc. (TPR), American Eagle Outfitters Inc. (AEO), and FIGS Inc. (FIGS), all holding a Zacks Rank 1 (Strong Buy) [2] Deckers Outdoor Corp. (DECK) - Deckers Outdoor is experiencing solid momentum, driven by strong execution across its HOKA and UGG brands, with HOKA being the key growth engine supported by expanding global demand [5] - The company is seeing accelerated growth in international markets, enhancing long-term earnings visibility beyond the U.S., while maintaining pricing discipline and cost controls to support margin resilience [6] - Expected revenue and earnings growth rates for DECK are 8.6% and 8.7%, respectively, for the current fiscal year ending March 2026, with a 0.7% improvement in the Zacks Consensus Estimate for earnings over the last seven days [7] On Holding AG (ONON) - On Holding specializes in footwear and sports apparel, offering products through various channels including independent retailers and online platforms [9] - The expected revenue and earnings growth rates for ONON are 21% and 82.8%, respectively, for the current year, with a 0.6% improvement in the Zacks Consensus Estimate for earnings over the last 60 days [9] Tapestry Inc. (TPR) - Tapestry is strengthening its position as a leading global house of brands, driven by strong performance from Coach, effectively attracting Gen Z consumers and achieving growth in unit volume and pricing power [10] - The adjusted gross margin for TPR rose by 110 basis points in Q2 of fiscal 2026, with international markets providing further growth opportunities [11] - Expected revenue and earnings growth rates for TPR are 9.6% and 23.7%, respectively, for the current year ending June 2026, with a 1.6% improvement in the Zacks Consensus Estimate for earnings over the last seven days [12] American Eagle Outfitters Inc. (AEO) - AEO is benefiting from brand strength and solid demand, with a better-than-expected holiday season prompting an increase in its operating income outlook [13] - The company has seen balanced performance across channels, with both stores and digital contributing positively [14] - Expected revenue and earnings growth rates for AEO are 3.4% and 23.1%, respectively, for the current year ending January 2027, with a 3% improvement in the Zacks Consensus Estimate for earnings over the last 30 days [16] FIGS Inc. (FIGS) - FIGS is a direct-to-consumer healthcare apparel and lifestyle brand, creating advanced apparel for healthcare professionals through its digital platform and retail stores [17] - Expected revenue and earnings growth rates for FIGS are 5.4% and 1.5%, respectively, for the current year, with the Zacks Consensus Estimate for earnings remaining flat over the last 30 days [18]

Group 1 - On Holding AG (NYSE:ONON) is currently considered one of the best foreign stocks to buy, with Bernstein SocGen Group reaffirming its Outperform rating and maintaining a price target of $70, despite a 15% drop in stock price in 2025 [1][3] - Bernstein describes On Holding as the most compelling long-term compounder in the global sportswear market, indicating strong potential for double-digit sales and profit growth due to a solid expansion plan [3] - Stifel analyst Jim Duffy also reiterated a Buy rating on On Holding, maintaining a price target of $60, influenced by the announcement of a new Chief Financial Officer [4] Group 2 - The new CFO, Frank Sluis, will begin his role on May 1, 2026, following a search that started in April 2025 to separate the combined CEO/CFO position previously held by Martin Hoffmann [5] - Sluis has a background in managing scaled global consumer businesses, particularly at Ahold Delhaize, which aligns with On Holding's market opportunities [5] - On Holding AG is a Swiss company known for designing and manufacturing premium athletic footwear, apparel, and accessories, particularly recognized for its patented CloudTec cushioning technology [6]

Core Insights - Emerging brands are showing strong competitive positioning that can lead to long-term growth opportunities [1] - Identifying these brands early can uncover significant investment potential, despite the volatility in their stock prices [1] E.l.f. Beauty - E.l.f. Beauty has seen a stock decline of 67% but continues to be a leading cosmetics brand with a strategy focused on premium products at competitive prices [4][6] - The company has grown its trailing-12-month revenue from $578 million to $1.52 billion over the past three years, indicating strong growth [5] - In the recent quarter, net sales increased by 38% year over year to $489 million, despite a challenging consumer spending environment [8] - E.l.f. Beauty's market cap is currently $4.4 billion, with a forward price-to-earnings (P/E) multiple of 24, which is considered reasonable for a fast-growing brand [8] On Holding - On Holding's stock has decreased by 29% from recent highs, but the brand shows significant growth potential with a 35% year-over-year sales increase on a constant-currency basis [9] - The company has a market cap of $15 billion and a forward P/E of 26, which is attractive given its sales and earnings growth exceeding 30% year over year [13] - On Holding maintains strong pricing power, indicating a durable brand that can sustain premium pricing without resorting to discounts [11][12]

2026.02.08 本文字数：3884，阅读时长大约6.5分钟 作者 |第一财经 刘晓颖 刚进入2026年，体育消费用品圈就先迎来一波震荡。 "老大哥"耐克集团在1月下旬一口气公布了全球四大区域中三个区域的高层管理人士调整。其中，现任 大中华区CEO董炜将于3月31日正式卸任。同期，耐克也公布了欧洲、中东及非洲分部的管理层调整。 董炜的离任让人意外但又或是早晚之事。业绩承压成为高管们"下课"最直接导火索。作为全球体育消费 品牌的领头羊，耐克近两年深陷业绩困局，其大中华区业务持续低迷：2025财年（2024年6月1日至2025 年5月31日），大中华区营收同比降幅达13%，也是耐克全球跌幅最大的市场。2026财年第二季度 （2025年9月1日11月30日），耐克大中华区业绩同比下降17%。 但耐克的问题又岂止大中华区。过去两年，耐克总部也是各种动荡。2024年10月，面对危机已有一段时 间的耐克召回了退休四年的贺雁峰（Elliott Hill）重新担任集团总裁兼CEO。此后，总部高层便开始大 规模重组，品牌、产品、营销、战略、人力资源等关键岗位纷纷换帅。 事实上，这个行业不止耐克一家产生了危机感。全球的体育鞋 ...

2026.02. 08 换人！品牌高层大洗牌 耐克高层团队的洗牌并非个案。 本文字数：3884，阅读时长大约6.5分钟 作者 | 第一财经 刘晓颖 刚进入2026年，体育消费用品圈就先迎来一波震荡。 "老大哥"耐克集团在1月下旬一口气公布了全球四大区域中三个区域的高层管理人士调整。其中，现 任大中华区CEO董炜将于3月31日正式卸任。同期，耐克也公布了欧洲、中东及非洲分部的管理层调 整。 董炜的离任让人意外但又或是早晚之事。业绩承压成为高管们"下课"最直接导火索。作为全球体育消 费品牌的领头羊，耐克近两年深陷业绩困局，其大中华区业务持续低迷：2025财年（2024年6月1日 至2025年5月31日），大中华区营收同比降幅达13%，也是耐克全球跌幅最大的市场。2026财年第 二季度（2025年9月1日11月30日），耐克大中华区业绩同比下降17%。 但耐克的问题又岂止大中华区。过去两年，耐克总部也是各种动荡。2024年10月，面对危机已有一 段时间的耐克召回了退休四年的贺雁峰（Elliott Hill）重新担任集团总裁兼CEO。此后，总部高层便 开始大规模重组，品牌、产品、营销、战略、人力资源等关键岗位纷纷换帅 ...

事实上，这个行业不止耐克一家产生了危机感。全球的体育鞋服用品消费市场在过去几年里经历了一轮 洗牌，格局与十年前大不一样。对于消费者而言，这个市场变得更精彩、更有趣了：品牌、产品层出不 穷，选择也更多元。但对于企业来说，无疑更残酷了。行业竞争格局发生剧烈重构，新兴的、垂类的新 玩家不断跑出来分食那些老牌企业的蛋糕，"我们的客户正在被抢走"。 刚进入2026年，体育消费用品圈就先迎来一波震荡。 "老大哥"耐克集团在1月下旬一口气公布了全球四大区域中三个区域的高层管理人士调整。其中，现任 大中华区CEO董炜将于3月31日正式卸任。同期，耐克也公布了欧洲、中东及非洲分部的管理层调整。 董炜的离任让人意外但又或是早晚之事。业绩承压成为高管们"下课"最直接导火索。作为全球体育消费 品牌的领头羊，耐克近两年深陷业绩困局，其大中华区业务持续低迷：2025财年（2024年6月1日至2025 年5月31日），大中华区营收同比降幅达13%，也是耐克全球跌幅最大的市场。2026财年第二季度 （2025年9月1日11月30日），耐克大中华区业绩同比下降17%。 但耐克的问题又岂止大中华区。过去两年，耐克总部也是各种动荡。2024年10 ...

Core Insights - On Holding (NYSE:ONON) is projected to double by 2030 despite a recent downgrade by Williams Trading from Buy to Hold, with a revised price target of $47 down from $55 due to concerns over product segmentation decisions [1][7] Financial Performance - In Q3 2025, On Holding's apparel category saw significant growth, surpassing 1 million units sold for the first time, with sales increasing by 86.9% to CHF50.1 million. Footwear sales also grew by 21.1%, reaching CHF731.3 million [3] - Following these results, On Holding raised its full-year 2025 constant currency sales growth guidance to 34%, up from a previous forecast of at least 31% [3] Market Trends - The company is expected to experience a deceleration in wholesale order growth in the Americas for FY2026, with similar slowdowns anticipated in Europe for the foreseeable future [2] - Increased direct-to-consumer costs are likely to exert pressure on EBIT margins over time [2] Company Overview - On Holding develops and distributes a range of sports products globally, including athletic footwear, apparel, and accessories for various activities such as running, outdoor sports, training, and tennis [4]

Group 1: Diverging Trends in China's Corporate Landscape - Major Chinese consumer brands, such as Anta Sports and TCL, are resuming foreign acquisitions to secure growth amid a sluggish domestic economy [1][2] - The trend of acquiring foreign brands is reminiscent of early 21st-century strategies, like Lenovo's acquisition of IBM's PC business, which had diminished over the past decade [3] - The acquisitions are driven by strategic necessity, as companies face increased competition and underperformance in their domestic markets [4] Group 2: Banking Sector Challenges - China Merchants Bank, a leading commercial bank, reported a significant slowdown in profit growth, with a mere 1.2% increase last year and operating income rising only 0.01% [5][6] - The bank's net interest income grew by just 2%, which is below the 5.4% increase in its loan book, indicating squeezed interest margins due to a low-interest-rate environment [6] - The bank is prioritizing loan quality over aggressive expansion, reflecting prudent management in uncertain economic conditions [7]