Core Viewpoint - The current consumer trend is redefining "new product launches" by emphasizing emotional resonance and social engagement rather than just functional upgrades or price competitiveness [3][5][26]. Group 1: Consumer Behavior and Expectations - Consumers are increasingly looking for products that resonate with their emotions and lifestyles, rather than just additional features or aesthetic changes [3][4]. - Successful new products often tell a story or evoke a sense of nostalgia, as seen with the popularity of the Fujifilm X-Half, which appeals to a "retro film" aesthetic [3][7]. - The emotional connection and understanding of consumer needs are crucial for brands to stand out in a crowded market [5][26]. Group 2: New Product Launch Strategies - Brands must move beyond traditional SKU replacement strategies and engage consumers in a co-creation process that makes new launches feel like events [4][8]. - The Tmall platform has successfully facilitated the launch of numerous new products, with data showing significant sales growth, including five products achieving over 1 billion in sales and over 120 products exceeding 1 million [7][20]. - The introduction of immersive content and interactive experiences, such as live streaming and short videos, has transformed how new products are showcased, making them more engaging for consumers [8][9]. Group 3: Emotional Engagement and Consumer Trust - Emotional engagement is essential for driving immediate purchases, as consumers are more likely to buy when they feel a connection to the product [10][12]. - Tmall's approach to creating a sense of exclusivity and personalized experiences, such as limited edition products and celebrity collaborations, enhances consumer trust and willingness to purchase [12][21]. - The integration of comprehensive subsidy mechanisms, including government and platform discounts, has increased consumer confidence in their purchasing decisions [15][20]. Group 4: Trends and Market Dynamics - The resurgence of vintage and retro trends reflects a broader desire among younger consumers for meaningful and quality experiences, which presents opportunities for brands to innovate [23][26]. - Tmall's collaboration with fashion influencers and trendsetters has successfully tapped into these emerging trends, driving significant sales for brands like Burberry [23][26]. - The platform's ability to create trend-driven environments not only boosts product visibility but also fosters a deeper connection between brands and consumers [26].

以下文章来源于书单SHUDAN ，作者书单 书单SHUDAN . 对世界的另一种关注。 短短几年，亚瑟士何以逆袭？ 文 ｜ 笔下长青 编辑 ｜ 宋函 来源｜ 书单SHUDAN（ID：SHUDAN20150423） 封面来源 ｜ 视觉中国 名气不如耐克阿迪，但在地铁通勤、公园晨跑、马拉松比赛却经常人脚一双，有着"日本版安踏"之称的跑鞋之王亚瑟士，近两年在国内似乎越来越火。 亚瑟士的国际化战略，和今天的安踏特别像。亚瑟士2006年进入中国市场，将近20年来不但存在感弱，大部分时间还在亏损。然而这两年亚瑟士营收逆袭， 2024年全球销售额约349亿元人民币，同比增长近19%；其中，大中华区营收达48.23亿元，同比增长近30%，增速已经超过前两大市场欧洲和北美。 短短几年，亚瑟士何以逆袭？ 只要发亚瑟士的内容 流量就比平时高 "我只要发亚瑟士的内容，流量就比平时高。"资深球鞋博主阿泰如此说："上个月发的亚瑟士V16，其实是很老的一款鞋，只因为一个新的配色，就引来很 多人咨询，尽管这个配色实际上已经是去年的配色了。" 他是亲身感受到了亚瑟士近一两年在国内的走红，在他这些年对鞋子的研究中，看到不止一个国产品牌的鞋子在对 ...

Core Insights - A retro photography trend centered around the once-popular and now scarce instant film, known as "peel-apart film," is gaining traction on social media, attracting both celebrities and ordinary consumers [1][2] - The unique development effects and manual process of peel-apart film create a nostalgic atmosphere, leading to widespread discussion and imitation on social platforms [1][2] Group 1: Market Dynamics - The scarcity of peel-apart film, due to the discontinuation of production by Polaroid in 2008 and Fujifilm in 2016, has turned it into a rare resource, causing prices to soar [2][4] - On platforms like Xianyu, the price for a box of 10 sheets of Fujifilm FP-100C peel-apart film has reached between 2800 to 3300 yuan, with price increases surpassing that of gold, earning it the nickname "paper Moutai" [2][4] Group 2: Consumer Behavior - The trend has led to a surge in social media topics related to peel-apart film, with young consumers willing to pay high prices for the experience, often visiting photo studios to capture these images [2][6] - Photography institutions are also offering services that mimic the peel-apart film effect using modern cameras, catering to the demand for this nostalgic aesthetic [6] Group 3: Cultural Significance - The rise of peel-apart film reflects a broader consumer desire for "warm memory carriers" in an increasingly digital world, as people seek images that evoke emotional connections [6][8] - Despite the potential for price increases to deter some consumers, peel-apart film has established itself as a unique cultural phenomenon, symbolizing a love for retro trends and tangible memories [8]

Core Insights - ASICS has transformed from a brand perceived as "dad shoes" to a favorite among young consumers, particularly with its Contend 4 model gaining popularity in urban settings [2][4][6] - The company's sales in the Chinese market have shown remarkable growth, with projected revenues of approximately 3.03 billion RMB, 3.77 billion RMB, and 4.88 billion RMB from 2022 to 2024, respectively, marking a strong upward trend [4][24] - ASICS has capitalized on the growing awareness of foot health, particularly among young workers suffering from flat feet, positioning itself as a solution for comfort and support [8][12][9] Market Performance - ASICS's global revenue surged by 19% year-on-year in 2024, with the Greater China region leading the growth at nearly 30% [4][24] - The brand's net sales in China increased from 62.4 billion JPY to 100.5 billion JPY from 2022 to 2024, a 61% increase over three years [24] - ASICS's Gel-Kayano and other classic models have seen a resurgence in popularity, with a 600% increase in trading volume for retro models in the first half of 2024 [20][24] Consumer Trends - Young consumers are increasingly prioritizing comfort and foot health over brand prestige, leading to a shift in purchasing behavior towards ASICS [12][19] - The rise of retro fashion has benefited ASICS, as its designs resonate with current trends, and collaborations with various brands have increased its visibility [20][22] - Social media has played a significant role in ASICS's resurgence, with discussions around foot health and comfort gaining traction among younger demographics [11][12] Competitive Landscape - ASICS faces intense competition in the retro sneaker market, with brands like New Balance and Nike also targeting the same consumer base [26][29] - The brand's technical advantages, such as its GEL cushioning technology, are being challenged as competitors improve their offerings [26] - Quality concerns have emerged, with reports of product defects and complaints about durability affecting brand perception [28][29] Future Outlook - ASICS must navigate a rapidly changing market landscape, where consumer preferences can shift quickly, and competition is fierce [29] - The brand's ability to innovate and tell new stories to consumers will be crucial for maintaining its momentum in the Chinese market [29]

Core Viewpoint - Asics has reported strong financial performance for Q1 of FY2025, with net sales and net profit both showing significant year-on-year growth, indicating a successful turnaround and increasing popularity among younger consumers in China [1][2][3]. Financial Performance - Asics' Q1 net sales reached 208.3 billion yen (approximately 10.3 billion RMB), a year-on-year increase of 19.7%, marking the first time the company surpassed the 200 billion yen mark in a single quarter [1]. - The net profit attributable to the parent company rose by 18.4% to 31.6 billion yen (approximately 1.57 billion RMB), achieving a historical high for the January-March period for three consecutive years [1]. - For FY2024, Asics reported total revenue of 349 billion RMB, an 18.9% increase, and operating profit of 48 billion RMB, a substantial growth of 84.7% [1]. Market Trends - The resurgence of retro styles has made Asics popular among younger consumers, with the brand being associated with comfort and nostalgia, previously perceived as "old people's shoes" [2][3]. - The "Y2K" and "millennial" trends have driven the popularity of retro running shoes, with the GEL-CONTEND 4 model selling over 400,000 units [3]. - Asics' performance running shoe segment has seen double-digit growth, contributing 48% of the company's revenue with 326.9 billion yen in sales, a 14.3% increase [3]. Brand Strategy - Asics has effectively targeted Gen Z consumers through innovative marketing strategies, including collaborations with popular culture icons and social media influencers [4]. - The brand's high-end sub-brand, Onitsuka Tiger, has also shown strong growth, contributing 95.4 billion yen in revenue, a 58.3% increase, with a profit margin of 34% [3][4]. Regional Performance - The Chinese market has become a significant growth driver for Asics, with net sales increasing from 62.4 billion yen in FY2022 to 100.5 billion yen in FY2024, making it the third-largest market for the brand [5]. - Asics has expanded its online and offline channels in China, sponsoring major running events and collaborating with fitness influencers, similar to strategies employed by other outdoor brands targeting the middle-class demographic [7]. Consumer Engagement - Asics has focused on creating emotional value for Chinese consumers, enhancing brand loyalty and engagement through community-building efforts [6][7]. - The pricing strategy of Asics remains competitive, with top-selling running shoes priced under 500 RMB, making them more accessible compared to other premium brands [7].

Core Viewpoint - The rise of "tear-off film" (撕拉片) in the Chinese entertainment industry has become a new trend among celebrities, leading to increased engagement and popularity on social media platforms. This trend reflects a shift towards valuing unique, non-digital photography experiences, which resonate with younger audiences seeking nostalgia and authenticity [1][21][60]. Group 1: Celebrity Engagement - Celebrities like Yu Zheng and Liu Shishi have embraced the "tear-off film" trend, generating significant online buzz and engagement [1][6]. - The trend has led to a surge in popularity for various stars, with many posting their own "tear-off film" photos, resulting in high interaction rates on social media [10][15]. - The phenomenon has been described as a new way for stars to showcase their beauty, with the "tear-off film" serving as a unique aesthetic tool [12][28]. Group 2: Market Dynamics - The scarcity of "tear-off film" has driven up prices significantly, with some second-hand film packs selling for 1500 to 2000 yuan, marking an increase of over 28 times compared to their original price [28][31]. - The demand for "tear-off film" has led to a booming market, with related topics on platforms like Xiaohongshu and Douyin garnering billions of views [21][43]. - The trend has transformed "tear-off film" into a sought-after collectible, akin to luxury items, with some businesses reporting a 30% increase in revenue from related services [31][60]. Group 3: Cultural Significance - The "tear-off film" trend reflects a broader cultural movement among younger generations who are increasingly drawn to retro and analog photography as a form of self-expression [58][66]. - The unique characteristics of "tear-off film," such as its manual development process and the unpredictability of results, create a sense of nostalgia and emotional connection for users [22][67]. - This trend highlights a growing resistance to digital perfection, with consumers valuing the artistic and experiential aspects of photography over mere clarity [64][68].

Core Viewpoint - The rising popularity and price of "pull-apart film" (撕拉片) in the photography market is driven by its scarcity, social media influence, and nostalgia among younger consumers, leading to significant price increases in both the secondary market and photography services [2][6][7]. Group 1: Price Trends and Market Dynamics - The price of Fuji FP-100C color pull-apart film has surged to between 1400 yuan and 3300 yuan per box (10 sheets), which is at least 20 times higher than its pre-production price of 70 yuan per box [6][9]. - The price for taking a single pull-apart film photo in studios ranges from 230 yuan to 600 yuan, depending on the type of camera and additional services offered [9][11]. - The scarcity of pull-apart film, due to its discontinuation by major manufacturers like Polaroid and Fuji, has led to increased demand and higher prices in the second-hand market [6][10]. Group 2: Consumer Behavior and Market Influence - Social media has played a crucial role in popularizing pull-apart film, with its unique imaging effects attracting a younger audience and creating a retro trend [7][12]. - The target demographic for pull-apart film photography primarily includes students and young adults aged 20 to 40, often influenced by celebrity trends [12][16]. - The emotional and nostalgic value associated with expired pull-apart film contributes to its appeal, as many collectors and photography enthusiasts are willing to pay premium prices [6][12]. Group 3: Equipment and Quality Concerns - The price of pull-apart film cameras has also increased, with models like the Polaroid BigShot rising from around 1000-1600 yuan to approximately 4000 yuan [16][17]. - Users have reported varying quality in images due to the use of expired film, leading to a notable waste rate, which studios often communicate to customers beforehand [15][16]. - Professional-grade pull-apart film cameras are seen as a better investment due to their potential for future use with other film types, even if pull-apart film becomes unavailable [17].

Investment Rating - The report does not explicitly provide an investment rating for the apparel industry Core Insights - The apparel industry is witnessing a revival of basketball fashion, with brands like Balenciaga and NAMESAKE integrating retro elements into modern designs, appealing to the younger generation [2] - Gold jewelry brands are facing challenges due to rising gold prices, leading to a 24.69% year-on-year decline in gold jewelry consumption, while gold bars and coins saw a 24.54% increase in demand [3] - The outdoor sports market in China is projected to reach 600 billion yuan by 2025, with brands shifting focus to high-end outdoor apparel [4] - The luxury e-commerce market is showing signs of recovery, with Mytheresa reporting a 13.4% increase in net sales [7] - The luxury market is experiencing a downturn, with Kering and LVMH reporting significant sales declines, particularly in the Chinese market [8] Industry Environment Summary - Basketball fashion is expected to make a comeback by 2025, with a blend of retro and modern designs gaining popularity among Gen Z [2] - Rising gold prices are impacting gold jewelry consumption negatively, while innovative products are being introduced to attract younger consumers [3] - The surf culture is giving rise to new brands like Stockholm Surfboard Club, which combines Scandinavian culture with surfing elements [4] - Calvin Klein is returning to New York Fashion Week with a minimalist luxury approach, aiming to revive its brand identity [5] - The outdoor market is thriving, with high-end brands gaining traction as luxury consumers shift away from traditional luxury goods [6] Top Brand News Summary - Hermès is entering the haute couture market, planning to compete with established luxury brands [12] - Nike is launching a new brand, NikeSKIMS, in collaboration with Kim Kardashian's SKIMS, targeting the female fitness market [12] - Adidas is introducing a high-end line, A-Type, but faces challenges in brand positioning [13] - Supreme is revitalizing its brand through a collaboration with artist Damien Hirst, signaling a potential resurgence [14] - Love for minimalist designs is reflected in Nike's revival of its historical MoonShoe, aiming to attract consumers with its heritage [15] Investment Operations Summary - OTB Group reported a 4.4% decline in revenue for 2024, despite growth in direct channels [20] - Tapestry is selling its Stuart Weitzman brand for $105 million to focus on core brands [21] - Lao Pu Gold is experiencing a significant profit increase, with a projected net profit growth of 236% to 260% for 2024 [21] - Prada is evaluating a potential acquisition of Versace, indicating strategic moves within the luxury sector [22]