Core Insights - The high-end down jacket market in China is experiencing significant changes, with domestic brands like Bosideng, Gao Fan, and Meili Cheng making strong inroads against established international brands such as Canada Goose and Moncler [1][5]. Group 1: International Brands Performance - Moncler reported a revenue of €1.841 billion for the first three quarters of 2025, showing a 1% decline year-on-year when calculated at current exchange rates [2]. - Canada Goose's revenue for the three months ending September 28, 2025, was CAD 273 million, reflecting a 1.8% increase year-on-year at current exchange rates, but an operating loss of CAD 17.6 million was reported [2][3]. - Both brands highlighted strong performance in the Chinese market, which has become a key growth driver despite challenges in other regions [2][3]. Group 2: Domestic Brands Growth - The Chinese down jacket market is projected to exceed ¥227 billion in 2024, with a 15% year-on-year growth, and the high-end segment (priced above ¥2,000) is expected to grow at 20% [5]. - Bosideng has significantly increased its product prices, with flagship items now ranging from ¥2,000 to ¥3,000, and some premium lines exceeding ¥10,000 [6][7]. - Gao Fan is expanding its presence with 23 stores across various provinces, indicating a strategic push into the high-end market [8]. Group 3: Product Innovation and Competition - High-end down jackets are competing on multiple fronts, including filling materials, technology, and design, with goose down becoming a standard for premium products [11]. - Brands are focusing on technological advancements, such as windproof and waterproof materials, to enhance product performance [12]. - Innovative designs and collaborations are being utilized to attract consumers, with brands like Moncler and Gao Fan integrating unique cultural elements into their products [13][15]. Group 4: Consumer Behavior and Market Dynamics - Consumers are increasingly discerning, valuing quality, experience, and brand narratives, which influences their purchasing decisions in the high-end down jacket market [14]. - The competitive landscape is intensifying, with domestic brands challenging international players, necessitating a focus on genuine quality to maintain market positioning [14].

Core Viewpoint - After a period of high growth, the luxury down jacket brand Moncler is facing challenges, with a 1% decline in revenue for Q3 2025 compared to the previous year, indicating stagnation in sales growth [1][3]. Financial Performance - For the first three quarters of 2025, Moncler reported total revenue of €1.8413 billion, remaining flat year-on-year [3]. - Moncler brand revenue for the same period was €1.5532 billion, down 1% year-on-year, while Stone Island's revenue was €288.1 million, also down 1% [3]. - The revenue growth rate for Moncler has slowed significantly, with previous years showing double-digit growth [3]. - In Q3 2024, Moncler experienced a 3% decline, but subsequent marketing efforts helped achieve 4% growth in Q4 and 1% growth in Q1 2025 [3]. Market Dynamics - The performance in Europe, the Middle East, Africa, and Japan has been weak due to a sluggish tourism industry, while the Asian market, particularly China, has shown strong growth [4]. - In the first three quarters of 2025, revenue from the Asia region reached €752.6 million, a 3% increase year-on-year, with China leading this growth [4]. - The competitive landscape in China's high-end down jacket market is intensifying, with both international and domestic brands vying for market share [5][6]. Strategic Initiatives - Moncler has been actively expanding its presence in China, launching collaborations and upgrading stores to enhance brand visibility [5]. - The company plans to leverage the growing Chinese market, which is expected to become a significant market in the next five years [5]. - Moncler has reintroduced its outdoor line, Moncler Grenoble, targeting the post-pandemic growth in outdoor activities, particularly in China [6]. Competitive Landscape - Competitors like Canada Goose and domestic brands such as Bosideng are increasing their presence in the high-end down jacket market, posing challenges for Moncler [6]. - The market is characterized by a dual structure where international brands dominate while local brands are rising [5][6]. - There is a noted gap in the high-end segment of the Chinese market, suggesting opportunities for brands that can differentiate themselves [7].