上周财报披露到了尾声。Lululemon最新一季度财报虽然全球净营收同比增长7%至26亿美元，但净利润 同比下降12.8%至3.07亿美元。好在中国内地市场表现尤为强劲，净营收同比激增46%。或是被财务压 力所致，Lululemon首席执行官卡尔文·麦克唐纳被董事会炒了，将于明年一月底卸任，新CEO人选未 定。 过去一周时尚品牌在资本市场也很活跃，拥有梦龙、和路雪等品牌的全球最大冰淇淋企业梦龙冰淇淋公 司从联合利华独立出来IPO，上周一在阿姆斯特丹、伦敦和纽约三地上市。内地护肤品牌丸美也准备在 香港挂牌上市，欧莱雅加码投资医美巨头高德美，杰尼亚第二次投资加拿大跑步品牌norda。 重磅新店开张方面，北京迪奥之家的开业绝对是投入行业内的一颗重磅信号弹，标志着中国奢侈品市场 回暖的信号确定加强，而韩国时尚零售平台Musinsa全球海外旗舰店首店落户上海恒隆，则清晰展现韩 国品牌对中国市场的热情也正升温，近期已有二三十家韩国品牌进入中国。 1. 韩国时尚零售平台Musinsa计划五年在华开百店 韩国时尚零售平台MUSINSA全球首家海外旗舰店MUSINSA STANDARD于12月14日在上海恒隆商场正 式开业。该 ...

露露乐蒙的危机核心，是其北美大本营的增长引擎骤然"熄火"。这里曾是其利润最丰厚、根基最 深厚的市场，如今却成了最大的拖累。 据《北美前哨》栏目观察，露露乐蒙在北美已经成为过去时的代名词，门店人气远不及Alo等新 生品牌。以坐落在纽约哥伦布商圈的门店而言，Alo和露露乐蒙相邻，但当Alo的试衣间大排长龙 之际，对面的露露乐蒙却门可罗雀。 根据露露乐蒙最新的第三季度财报显示，核心数据难掩颓势。本季度美国市场的销售额下降了 2%。这是该集团近六个季度以来，第五次营收增长低于10%。而对比鲜明的是，在去年之前的 整整10年中，仅有四个季度的销售增长率低于10%。曾经驱动公司估值在2023年冲上640亿美元 峰值的增长魔力，已然消失。 近日，运动休闲品牌露露乐蒙（Lululemon）宣布，首席执行官凯文・麦克唐纳（Calvin McDonald）将于明年1月31日正式卸任。此前，该公司已连续一年多业绩表现不佳。公司在新 闻稿中表示，董事会正与一家"顶尖高管猎头公司"合作物色新任首席执行官。分析师也坦言，麦 克唐纳是在为低迷的业绩"买单"。 实际上，这家公司的股价在今年已经"腰斩"，而换帅消息公布后，其盘后交易价格飙升超 ...

图片来源：智通财经 智通财经记者 | 秦李欣 智通财经编辑 | 任雪松 截至目前，今年lululemon公司股价已下跌46.40%，市值蒸发约250亿美元。市场和投资人对lululemon的未来充满了担忧。 图：截自Yahoo Finance 当地时间12月11日，lululemon官网发布公告称，已任职超七年的Calvin McDonald将辞去首席执行官一职。此决定将于2026年1月31日生效。为确保平稳过 渡，Calvin McDonald将在2026年3月31日前担任公司高级顾问。同日，lululemon还最新发布了2025财年第三季度财报。在lululemon宣布领导层变动和季度 业绩后，其股价在盘后交易中上涨了10%。 图：截自lululemon官网 实际上，lululemon创始人Chip Wilson曾公开批评lululemon董事会和CEO Calvin McDonald，认为他们使lululemon正逐渐"失去潮流感"（loss of cool）。今 年10月，他自费在《华尔街日报》刊登广告，矛头直指公司管理层："专注于财务的首席执行官们不知道如何吸引或激励创意人才，更糟糕的事，他们自 认 ...

来源：智通财经 智通财经记者 | 秦李欣 智通财经编辑 | 任雪松 截至目前，今年lululemon公司股价已下跌46.40%，市值蒸发约250亿美元。市场和投资人对lululemon的 未来充满了担忧。 当地时间12月11日，lululemon官网发布公告称，已任职超七年的Calvin McDonald将辞去首席执行官一 职。此决定将于2026年1月31日生效。为确保平稳过渡，Calvin McDonald将在2026年3月31日前担任公 司高级顾问。同日，lululemon还最新发布了2025财年第三季度财报。在lululemon宣布领导层变动和季 度业绩后，其股价在盘后交易中上涨了10%。 图：截自Yahoo Finance 实际上，lululemon创始人Chip Wilson曾公开批评lululemon董事会和CEO Calvin McDonald，认为他们使 lululemon正逐渐"失去潮流感"（loss of cool）。今年10月，他自费在《华尔街日报》刊登广告，矛头直 指公司管理层："专注于财务的首席执行官们不知道如何吸引或激励创意人才，更糟糕的事，他们自认 为了解优秀的产品，实则不然。" ...

营收：25.7亿美元（预期24.8亿美元） 来源：环球市场播报 运动休闲品牌露露乐蒙（Lululemon）于周四宣布，首席执行官凯文・麦克唐纳（Calvin McDonald）将 于1月31日正式卸任。此前，该公司已连续一年多业绩表现不佳。 公司在新闻稿中表示，董事会正与一家"顶尖高管猎头公司"合作物色新任首席执行官。麦克唐纳将以高 级顾问身份留任至3月31日，助力平稳过渡。 在新任首席执行官遴选期间，Lululemon首席财务官梅根・弗兰克（Meghan Frank）与首席商务官安德 烈・梅斯特里尼（André Maestrini）将担任临时联合首席执行官。董事会主席玛蒂・莫菲特（Marti Morfitt）还将兼任新增的执行主席一职。她在声明中表示，公司已具备坚实基础，但需要一位新领导者 引领其完成转型。 消息公布后，Lululemon股价在盘后交易中上涨约10%。 麦克唐纳的卸任消息，与Lululemon发布第三季度财报及新一轮疲软业绩指引在同日公布。 公司财报核心数据与华尔街预期对比如下： 每股收益：2.59美元（预期2.25美元） 截至11月2日的三个月，公司净利润为3.0684亿美元，即每股2.5 ...

"我相信中国将成为我们最大的国际市场，我们对在中国的增长非常坚定。"Vuori国际业务高级副总裁 Andy Lawrence近日在北京接受21世纪经济报道记者专访时表示，在中国门店及其电商业务整体表现皆 超出预期。 根据规划，Vuori将于年底前在北京再开设一家新店，并逐步进入深圳、成都等核心城市。Lawrence强 调，品牌将采取审慎的扩张策略，聚焦一线城市及周边区域，避免分散布局多个城市。下一阶段重点城 市包括深圳与成都。 值得注意的是，Vuori的北京首店选址于国际运动品牌竞争激烈的三里屯商圈，与Lululemon正面交锋， 而据传同样源自美国的Alo Yoga也即将入驻。这片"兵家必争之地"反映出中国运动休闲市场的持续升 温。据中研普华产业研究院数据，截至2024年底，中国瑜伽市场规模已突破800亿元，年复合增长率保 持在15%以上，成为国际品牌重点布局的蓝海市场。 作为后起之秀的Vuori自然也不愿错过中国市场的商机。在产品层面，Lawrence观察到中国消费者对 Vuori的创新面料以及更具趋势感的廓形展现出了较高的认知度和青睐。此外，他特别指出，中国消费 偏好正逐渐转向更低调的标识与自然色系，与 ...

Core Insights - The consumer market is undergoing a deep transformation towards "rationalization, value orientation, and experiential consumption," with modern families showing a composite demand for "high quality, strong experience, and high cost-performance" [1] Group 1: New Retail Concepts - Skechers has opened its first "Comfort Paradise" store in Wuxi, redefining the children's outlet shopping model by integrating "retail + experience," setting a new benchmark for family consumption scenarios [1] - The outlet model has evolved beyond traditional inventory clearance, becoming a preferred shopping choice for families and young consumers due to its significant cost-performance advantage [2] Group 2: Store Design and Layout - The store features a "castle" design inspiration for its exterior, creating a distinctive visual symbol that attracts family customers [2] - The layout breaks traditional category limitations by focusing on all-age footwear while integrating clothing and accessories, forming a "one-stop" family shopping experience [2] - Exclusive online popular styles have been introduced in-store, making it one of the most comprehensive Skechers children's stores, enhancing core competitiveness through differentiated product selection [2] Group 3: Interactive Experience - Skechers has innovatively incorporated the "paradise" concept into the retail space, creating an immersive interactive entertainment area to address the common pain points of traditional children's retail [3] - The store includes a LEGO wall and "Touch Planet" interactive facilities, significantly enhancing shopping fun and experience, transforming the store into a "new family leisure destination" [3] - The outdoor platform is utilized for a "paradise parent-child platform," featuring light amusement facilities and themed activities, effectively extending family customer dwell time and enhancing competitive differentiation [3] - This store renovation represents a deep strategic practice of "experiential retail," providing diverse and engaging consumption choices for Chinese families and serving as a model for future similar stores nationwide [3]

Core Points - The 2025 China Sports Leisure Conference and Shandong Sports Consumption Season will be held from September 26 to 28 in Rizhao, Shandong Province [1] - The theme of the event is "New Sports Travel, New Consumption, New Vitality" [1] - The main venue is located at Wanpingkou Square, connected by a 28-kilometer Sunshine Coast Greenway [1] Event Highlights - The event will feature two major segments: a mass walking and cycling event at Wanpingkou and a "Thousand Boats Compete" boating competition [1] - Additional activities include a sea fishing competition and a fun beach event at Liujiabay [1] Economic Impact - Shandong Province aims to leverage the event to enhance the integration of sports with tourism and culture, promoting the "Good Luck Shandong" sports brand [1] - The province plans to create more premium sports tourism destinations and accelerate the development of the sports leisure industry [1] - The China Sports Leisure Conference has been successfully held in Rizhao for two consecutive years, attracting hundreds of thousands of participants and contributing to local economic growth [1]

Core Viewpoint - Lululemon Athletica reported strong earnings for Q2, exceeding market expectations, but sales fell slightly short, leading to a second consecutive downward revision of its full-year guidance [1][2] Financial Performance - Q2 earnings per share were $3.10, significantly above the analyst expectation of $2.86 [1] - Revenue grew 7% year-over-year to $2.53 billion, slightly below the market expectation of $2.54 billion [1] - Comparable store sales increased by only 1%, far below the expected 3.7% growth [1] Market Performance - North American core business remains under pressure, with comparable store sales in the Americas declining by 4% [1] - The management attributed the weak demand in North America to a slowdown in the overall growth of the athleisure industry and increased competition [1] - International markets showed strong performance, with comparable store sales in China increasing by 17% and other regions growing by 12% [1] Guidance Revision - The company revised its full-year revenue guidance for FY2025 to between $10.85 billion and $11 billion, down from the previous forecast of $11.15 billion to $11.3 billion [2] - Expected earnings per share were adjusted to $12.77 to $12.97, significantly lower than the prior estimate of $14.58 to $14.78 [2] - The new guidance includes an estimated $240 million reduction in gross profit due to changes in trade policies, including higher tariffs and the removal of tax exemptions [2] Investor Sentiment - Following the earnings report, Lululemon's stock price fell over 15% in after-hours trading, reflecting investor concerns about the recovery prospects in the U.S. market and profit pressures [2] - Year-to-date, the company's stock has declined nearly 50%, indicating significant investor apprehension regarding its performance [2]

Group 1 - Michael Burry has shifted from bearish to bullish positions in the stock market, indicating a change in his investment strategy [1][2] - Burry's Scion Asset Management converted six put options into nine call options, with notional values of $186 million and $522 million respectively [1] - The updated portfolio shows Burry's holdings have increased from seven positions to fifteen, including bullish bets on Estee Lauder and Lululemon, and call options on Alibaba and JD.com [1][2] Group 2 - Peter Mallouk noted that Burry's first-quarter portfolio suggested he believed tech stocks were overvalued and expected a significant pullback [2] - The S&P 500 index has risen over 28% since its low in April, reflecting a broader market recovery that Burry seems to be betting on [2] - Gerry Fowler described Burry's portfolio as opportunistic and contrarian, as he shifted from short positions on Alibaba and JD.com to long positions [2][3] Group 3 - Burry's bullish positions indicate he is not heavily relying on debt for financing, as options require less capital than purchasing underlying stocks [3] - Daniel Bustamante highlighted Burry's investments in struggling companies like Estee Lauder and VF Corp as turnaround plays, with new leadership aiming to revitalize sales [3] - Concerns were raised about Burry's bullish stance on Lululemon due to the recent departure of its chief product officer, which could impact the company's performance [3] Group 4 - Using options allows Burry to manage risk while potentially achieving asymmetric returns if any of the distressed companies rebound [4] - Burry's previous successful bet against the housing bubble in the mid-2000s was also characterized by asymmetric risk and reward [5]