出品/壹览商业 作者/蒙嘉怡 编辑/薛向 调整仍在持续。 国家统计局数据显示，今年1—6月份，社会消费品零售总额24.55万亿元，同比增长5.0%，对比去年同期的3.7%增速，略有提升。其中，全国网上零售额 7.43万亿元，同比增长8.5%。按此计算，全国线下零售额17.12万亿元，同比增长3.75%，略低于大盘增速。 增速放缓的压力也传导到一线的个体商家。据壹览商业不完全统计，2025年上半年，国内至少有1.71万家门店宣布闭店，涵盖超过100家企业，其中不乏沃 尔玛、永辉超市、华润万家等大型渠道门店，以及星巴克、必胜客、海底捞等头部连锁餐饮品牌。 从行业看，商超行业至少关闭720家门店，百货关闭17家，餐饮近万家，服饰行业闭店近5000家，书店、影院等其他业态超4000家。 商超淘汰赛加速 据壹览商业不完全统计，2025年上半年，全国至少有720家超市关门，既有卜蜂莲花、华润万家、永辉超市、大润发等全国乃至全球性品牌，也有地利生 鲜、悦活里超市等区域性品牌。 | 大类 | 行业 | 品牌 | 闭店原因 | 数量 | | --- | --- | --- | --- | --- | | 渠道 | 超市 | 地 ...

据壹览商业不完全统计，10月第一周，共17个品牌关闭了至少25家门店。 | 闭店时间 | 行业 | 品牌 | 城市 | 门店 | 闭店原因 | 开业时间 | 开业时长 | 督注 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 9月29日 | 咖啡 | SO LONG COFFEE | 沈阳 | | 未说明 | 2024 | 1年 | | | 9月29日 | 酒店 | 万枫酒店 | 杭州 | 新天地店 | 未说明 | 2018 | 7年 | | | 9月29日 | 超市 | 特惠特连锁超市 | 句容 | 中街店 | 经营不善 | 2025年5月 | 未满半年 | | | 9月29日 | 零食 | 好想来 | 济南 | 1 | 未说明 | 1 | | 至少关闭3家门店 | | 9月29日 | 服饰 | 优衣库 | 北京 | 天通苑华联购物中心店 | 未说明 | 2014 | 11年 | | | 9月30日 | 服饰 | 优衣库 | 西安 | 大兴龙湖星悦荟店 | 未说明 | 2015 | 10年 | | | 9月30日 | 咖啡 | BeeW ...

Core Insights - Lao Feng Xiang, a century-old Chinese jewelry brand, has signed a strategic cooperation agreement with Maybach Luxury Goods Asia Pacific Ltd in Shanghai, marking a significant milestone in its brand development and market expansion efforts [1][3] - Lao Feng Xiang has been included in the "Apparel 50 2025" list published by Brand Finance, ranking 38th, which reflects a rise of five positions from the previous year [6][8] - The partnership aims to enhance brand promotion, expand into the Asia-Pacific market, and improve global positioning, showcasing a commitment to integrating Eastern and Western craftsmanship [3][6] Brand Value Rankings - Chanel has surpassed Louis Vuitton to become the most valuable apparel brand globally, according to the latest Brand Finance report [4][5] - Other notable brands in the top rankings include Nike, Hermès, and Rolex, with Lao Feng Xiang being the only mainland Chinese jewelry brand on the list [5][6] - The inclusion of Chinese brands like Anta, Bosideng, and Chow Tai Fook in the rankings highlights the transformation and cultural confidence within China's manufacturing sector [8]

自从疫情之后，"消费降级"频繁被提起，尤其是拼单、二手等共享平台的兴起，更是让越来越多人开始 主动减少不必要的消费。 可实际上，这一切的背后都在证明一点：低欲望时代，真的要来了！ 消费主义退潮，年轻人选择克制 中国互联网消费的黄金年代，曾被"双十一"与"618"刷屏的抢购热潮定义。可近两年来，这一切正悄然 改变。 2024年天猫、京东等电商平台的年中大促期间，成交额增幅明显放缓。调查数据显示，超过72%的95后 和00后用户在电商大促期间"只买刚需品"，并不再为促销噱头所动。 城市地铁上，越来越多年轻人开始用手机比价、做攻略、浏览二手平台，他们更愿意将有限的资金投入 到真正所需的商品与服务中，而不是盲目追逐品牌溢价和虚荣标签。 "精致露营"一度风靡社交网络，但2024年"土味野餐"成为新潮流。公园免费草坪上，年轻人自带家中剩 余的旧铁锅、塑料布和新鲜蔬菜，享受简单、低成本的野餐乐趣。 相比高价露营装备的堆砌，这种"返璞归真"式的娱乐方式，不仅节约开支，还激发了年轻人对生活本真 的体验。 此前的五一、国庆等长假期间，景区人山人海，但越来越多的年轻人选择宅家度过假期。 在很多网络平台上，"宅家经济"成为流行标签， ...

Core Viewpoint - The A-share market is experiencing high volatility, with strong performance in large-cap technology growth stocks, but signs of sector differentiation and crowded trading are becoming increasingly evident [1][2]. Market Dynamics - Recent surges in AI, computing power, and semiconductor sectors have led some private equity firms to express concerns about short-term risks in technology stocks, prompting a shift in investment focus towards cyclical, consumer, and high-end manufacturing sectors [1][2]. - The financing balance in the A-share market has been rising, indicating a concentration of leveraged funds in technology stocks, which raises potential short-term risks [1][2]. Trading Conditions - The TMT (Technology, Media, Telecommunications) sector's trading volume has reached approximately 35%, placing it in the 92nd percentile since 2019, while the growth style's trading volume is around 58%, in the 97th percentile since 2019, indicating a crowded trading environment [2]. - Some private equity firms are adjusting their portfolios to balance exposure, with a focus on reducing positions in overvalued technology stocks while increasing allocations to sectors like new energy and consumer goods [4][6]. Investment Strategies - Private equity firms are showing a clear divergence in strategies, with some reducing exposure to high-flying technology stocks and reallocating to sectors with better valuation prospects, while others maintain their focus on growth opportunities [4][6]. - There is a growing interest in sectors related to overseas demand, such as appliances and consumer brands, which are perceived to have strong competitive advantages and profitability [6][7]. Sector Outlook - The technology sector is expected to continue evolving, with opportunities emerging within the domestic supply chain, particularly in AI and related industries, where valuations are relatively lower compared to international counterparts [5][6]. - Consumer and cyclical assets are gaining attention, with expectations of improved performance as overall market confidence rises, and certain cyclical stocks are anticipated to benefit from favorable supply-demand dynamics [7].

Investment Rating - The report does not explicitly provide an investment rating for the apparel industry Core Insights - The report highlights the growing popularity of loose-fitting pants over leggings, with market share for leggings expected to drop from 46.9% in 2022 to 38.7% by 2025, while loose pants gain traction [2] - Domestic watch brands like Seagull are experiencing significant sales growth in overseas markets, with a 95.63% increase during Black Friday promotions, driven by their high cost-performance ratio [1] - Luxury brands are increasingly entering the beauty market, with LVMH's perfume and cosmetics division generating €4 billion in revenue, accounting for 10% of the group's sales [4] Industry Trends - The trend of "de-streetification" is emerging among traditional streetwear brands, as they seek to elevate their image through quality and positioning, with brands like KITH and NOAH leading this transformation [3] - The luxury sector faces challenges in marketing, particularly during events like Qixi Festival, where brands struggle with cultural misinterpretation and market saturation [3] - The sportswear market is diversifying, with brands balancing the functionality of leggings with the comfort of loose pants, reflecting consumer demand for both performance and style [2] Top Brand News - Anta Sports reported a revenue of 38.54 billion yuan in the first half of 2025, a 14.3% increase, but faced an 8.27% drop in stock price due to concerns over growth potential [5] - FILA achieved a revenue of 14.18 billion yuan, growing 8.6% by focusing on high-end sports fashion and targeting middle-class consumers [5] - Bosideng ranked 45th in the 2025 global apparel brand value list with a brand value of $2.09 billion, reflecting its strong market position and commitment to innovation [8]

Group 1 - The Ministry of Commerce and nine other departments have jointly issued policies to expand service consumption, emphasizing the development of "first-release economy" and the creation of new consumption scenarios that integrate business, travel, culture, sports, and health [1][2] - The "first-release economy" concept encompasses the overall business activities of companies launching their latest products and services for the first time, including new products, new business formats, and new models [2][3] - Local governments are actively responding to national policies by implementing supportive measures, such as financial incentives for introducing first stores and promoting new consumption models [2] Group 2 - The "first-release economy" is showing multiple trends in the consumer market, meeting the demand for novelty and high-quality living, while also promoting cross-industry collaboration and creating new growth points [3] - Several listed companies in Zhejiang Province are accelerating their layout in the first-release economy, launching new brands and stores across various sectors, including beauty, digital products, and trendy toys [4] - The first-release economy has evolved from a marketing gimmick to a national strategy, with companies needing to focus on sustainable operations to seize opportunities in the new consumption wave [4]

Core Insights - Hush Puppies, a high-end American leisure lifestyle brand, is set to launch its new footwear collection in October 2025, focusing on "Comfort Revitalization" with technology-driven comfort and eco-friendly designs [1][5][11] - The transition of footwear operations from Belle Group to Beijing Jiama Clothing Co., Ltd. marks a significant shift in brand management and strategy, aiming to establish a comprehensive self-operated system for the brand [5][6][17] Strategic Developments - The complete operation of the footwear business is a crucial step for Jiama Clothing, indicating the establishment of a full-category self-operated system for Hush Puppies [5][6] - The acquisition of Hush Puppies' IP assets in mainland China and Hong Kong/Macau was completed in September 2023, laying the foundation for brand integration [6][8] Product Innovation - The upcoming footwear collection integrates innovative technology and environmental concepts, focusing on comfort, sustainability, and technology [10][11] - The products are designed to cater to the specific foot shape characteristics of Chinese consumers, with tailored designs for different aesthetic preferences of men and women [11] Market Positioning - Jiama Clothing is leveraging its multi-brand resources and omnichannel capabilities to enhance the brand value of Hush Puppies, ensuring a seamless consumer experience across online and offline channels [8][17] - The strategic channel layout includes independent footwear stores and upgraded flagship stores, creating a synergistic effect between apparel and footwear categories [8][17]

Core Viewpoint - The article highlights the strategic move of the Chinese apparel brand, Biyinlefen, towards high-end and international markets, particularly through the launch of its 2025 goose down jacket series in collaboration with "China National Geography" [1] Group 1: Market Positioning and Strategy - Biyinlefen aims to leverage the high-quality goose down sourced from Xinjiang, which is recognized for its superior quality and rarity, to establish a strong presence in the high-end outdoor market [3][5] - The company plans to upgrade all its down jackets to goose down jackets starting from the autumn and winter of 2025, emphasizing a long-term commitment to quality and innovation [7][9] - The brand's strategy includes a focus on high-quality, multifunctional, and aesthetically pleasing outdoor apparel, aligning with the evolving consumer demand for outdoor clothing [9][10] Group 2: Quality and Standards - Biyinlefen is committed to enhancing the quality of its products through rigorous sourcing and manufacturing processes, ensuring that its goose down meets high standards [5][6] - The company is also working on establishing higher industry standards for Chinese goose down apparel in collaboration with authoritative organizations [6] Group 3: Brand Development and Future Plans - The brand is positioning itself as a leader in the "outdoor new aristocracy" lifestyle, aiming to convey a high-end outdoor sports lifestyle centered around golf [10] - Plans include expanding the outdoor product line and opening independent outdoor stores to showcase the new product offerings and lifestyle [10] - Biyinlefen's vision is to create value for consumers and elevate the perception of Chinese apparel on the global stage, emphasizing the importance of cultural and quality development [10]

Core Insights - The apparel industry is a fundamental consumer sector, with increasing demand for personalized expression among younger generations, leading to diverse fashion trends and new opportunities in e-commerce [2] - Despite explosive growth, the apparel sector faces challenges such as slowing growth rates and rising operational costs, necessitating innovative strategies for merchants to find new growth avenues [2] - The recent launch of the "2025 Kuaishou Magnetic Engine Apparel Handbook" aims to guide merchants in efficient operations during the critical autumn and winter sales period [2][4] Group 1: Market Dynamics - Kuaishou's monthly active users reached 715 million and daily active users 409 million in Q2 2025, with over 70% of users from third-tier cities, indicating significant market coverage and consumer spending potential [3] - White-label merchants account for over half of Kuaishou's apparel sector, with brands like Monster Lab successfully leveraging the platform's unique marketing model to drive sales [3] - The brand Anta achieved over 1.5 million GMV in a single event during the 618 shopping festival, while Haier's store GMV increased by over four times during Father's Day promotions [3] Group 2: Brand Strategies - Established brand Tambor achieved sales of 280 million yuan on Kuaishou in 2024, benefiting from the platform's culture of authenticity and trust [4] - Kuaishou's cash incentive policies are viewed as more effective compared to other platforms that primarily offer traffic support [4] - The Kuaishou Magnetic Engine Apparel sector plans to focus on brand incentives, new merchant training, and marketing support in the upcoming quarters to enhance long-term business sustainability [4][5] Group 3: Operational Guidance - The "2025 Kuaishou Magnetic Engine Apparel Handbook" provides tailored operational methodologies for different types of merchants, aiming to promote long-term business strategies and reduce short-term competitive pressures [5] - The handbook will be updated bi-monthly to adapt to rapid industry changes and evolving consumer preferences [5] - Kuaishou will support merchants with various marketing activities during the autumn and winter seasons, including major sales events like Double 11, to facilitate business growth [5]