Core Insights - The appointment of Kim Jones as the creative director for Bosideng's high-end series is seen as a significant move towards the company's high-end strategy, resulting in a market response that added HKD 4.7 billion to shareholder value [2][4] - Bosideng's stock price surged nearly 9% to HKD 4.91, marking a recent high, indicating strong investor confidence in the brand's strategic direction [2][4] Market Reaction - Kim Jones' joining is perceived as a pivotal step in Bosideng's strategy for high-end market positioning and international brand recognition [4] - The global downtrend of high-end down jacket brands like Canada Goose presents an opportunity for Bosideng to capture market share [4][12] Industry Context - Kim Jones is a renowned designer with a successful track record at Louis Vuitton and Dior, known for his ability to blend high fashion with streetwear, which aligns with Bosideng's aspirations [6][8] - The fashion industry is witnessing a shift, with established high-end brands facing growth challenges, creating a potential opening for domestic brands like Bosideng [12][13] Financial Performance - Bosideng reported a revenue of CNY 25.9 billion for the fiscal year 2024/25, marking a historical high and a 14.3% increase in net profit to CNY 3.51 billion [12] - The company's marketing expenses have significantly increased, raising concerns about the sustainability of its growth strategy [12][13] Strategic Moves - Bosideng has previously collaborated with various international designers, but Kim Jones' role is more integrated, covering design, visual arts, and global marketing strategies [8] - The brand's high-end series "Dengfeng" was launched with prices exceeding CNY 10,000, although it faced criticism regarding its perceived value [9][11] Competitive Landscape - Bosideng faces multifaceted competition from both high-end brands like Moncler and Canada Goose, as well as cross-category competitors like Lululemon [13] - The brand's ability to establish a strong luxury perception and narrative will be crucial for its success in the high-end market [12][13]

Core Viewpoint - The appointment of Kim Jones as the creative director for Bosideng's high-end series is seen as a significant step in the company's strategy to upscale its brand and product offerings, leading to a notable market response with a stock price increase of nearly 9% [2][4][10]. Company Strategy - Bosideng aims to transition towards a high-end market, as evidenced by its previous initiatives, including a logo redesign and the launch of its first high-end series "Dengfeng" priced above 10,000 yuan [7][8]. - The company has previously collaborated with various international designers, but Kim Jones's role marks a deeper involvement in design, visual arts, and global marketing strategies [6][8]. Market Dynamics - The global down jacket market is experiencing shifts, with traditional high-end brands like Canada Goose facing growth challenges, creating opportunities for domestic brands like Bosideng to capture market share [4][10]. - The competitive landscape is becoming more complex, with Bosideng needing to address both high-end competitors and cross-category challengers [12]. Financial Performance - Bosideng reported a revenue of 25.9 billion yuan for the 2024/25 fiscal year, marking a historical high for eight consecutive years, with a net profit increase of 14.3% to 3.51 billion yuan [10]. - The company's sales and distribution expenses have surged from 2.45 billion yuan to 8.055 billion yuan from 2018 to 2024, indicating a high dependency on marketing for growth [12]. Industry Impact - Kim Jones's appointment is viewed as a pivotal moment for Bosideng, potentially enhancing its brand perception and market positioning in the high-end segment [4][11]. - The fashion industry is witnessing a trend towards rational consumer behavior, where both high-end appeal and cost-effectiveness are prioritized [10].

大师的退场并不代表一个时代的终结，而是意大利时尚生态成熟的一种表现。 刚结束的上海时装周上，一场以"新女性力量"为叙事主线的Stivanano2026春夏系列大秀，以剪裁明快的造型将刚 柔相济的当代女性形象刻在T台上。 比如一件醋酸面料的半裙，用经典包臀廓形致敬职业精神，又通过腰间一片灵动垂坠的长尾自然过渡，隐喻女性 在职场与社交场景之间无缝转换。"当代女性仍在平衡社会角色与自我实现之间付出巨大心力，服装可以成为她们 的柔软铠甲。"Stivanano品牌设计师Valentina在接受第一财经专访时表示。 在曾任职于Prada、Bally、Ralph & Russo等奢侈品牌的Valentina身上，可以看到上世纪90年代意大利时尚精神的延 续。2018年她创立自己的品牌Stivanano，试图为女性赋予一种"优雅的韧性"。 这一理念让人想到意大利时装大师乔治·阿玛尼。上世纪80年代，正是他为女性设计的"权力西服"，以宽肩设计和 利落剪裁，为女性打破性别边界，让她们穿上既有气场、力量感，又兼具女性曲线与精致柔美的西装。 时代的车轮滚滚向前，时尚的灯塔也进行着明暗更迭。当乔治·阿玛尼于上月去世，当Prada集团全 ...

在服装赛道，女装行业的竞争早已演变成了"修罗场"，但男装却成为赛场上的"安全区"。 今年双11大促，男性群体热衷的多项运动、休闲服饰品牌率先迈入战报"亿元俱乐部"；而诸如，头部品牌如海澜之家、报喜鸟等，仍凭借品牌力和运营效 率，持续扩大领先优势。 另据分析指出，中国男装市场，已进入一个以品牌力、产品力和运营效率为核心竞争要素的成熟期。不管是大众，还是细分市场的品牌，正在通过聚焦和 差异化找到属于自己的生存空间。 不过，相对于男装市场的业绩安全屋，在社交平台，对于男装品牌的评价却显得"差强人意"。 在常年给父亲置办服饰的林女士看来，"通常，男装可选的品牌和款式其实不多。且只要是品牌，男装基本上并不便宜。相对来说，女装，不论是价格还 是款式，都具有明显的领先优势。" 林女士还吐槽，"给爸爸买了十几年的男装，丝毫没看到市场的变化，买来买去，最终就那几样。可以说，又贵又丑。" 尽管社交媒体关于"男装设计乏善可陈"、"款式万年不变"的吐槽从未停止，但那些以男装为主营业务的公司，其毛利率和客户忠诚度往往高得令人艳羡。 这类似一个反直觉的商业谜题，在一个看似由"颜值"和"性价比"驱动的消费时代，设计保守、价格不菲的男装，却 ...

大中华区业绩承压，仍为最大海外市场 截至2025年8月31日的2025财年，迅销集团全年营收达到3.4万亿日元，同比增长9.6%；营业利润5511亿 日元，同比增长13.6%；归属于母公司股东的净利润4330亿日元，同比增长16.4%。 旗舰品牌优衣库仍是集团的核心支柱，2025财年收益约2.9万亿日元，占总营收约86%。不过，从增长 结构来看，对单一品牌的依赖风险进一步加深。副线品牌GU（极优）营收3307亿日元，同比增长 3.6%，但营业利润下降12.6%，未能形成新的增长支撑。集团旗下Theory、PLST等全球品牌事业收入下 滑5.3%至1315亿日元，经营利润录得亏损9亿日元，凸显多品牌战略执行受阻。 从区域表现看，日本本土业务依旧稳健。优衣库日本收入首次突破1万亿日元，同比增长10.1%，营业 利润增长17.5%，创下历史新高，成为集团利润的重要来源。国际市场继续担当主要增长引擎，2025财 年国际业务收入达1.91万亿日元，同比增长11.6%，占集团总营收的56%。其中，北美和欧洲市场分别 录得24.5%和33.6%的增长。 新京报贝壳财经记者 曲筱艺 编辑 杨娟娟 校对 杨利 过去数年，优衣库 ...

伊芙丽集团，是成立于2001年的多品牌泛生活时尚零售集团，旗下拥有女装、美妆等多个子品牌，全国超2000 家 门店，员工规模数万人。2023 年，伊芙丽从法国引进美妆品牌珂蒂丝，打造第二增长曲线。然而，新业务从 0 到 1 的拓展中，"无适用管理系统"成为首要难题——早期数据统计依赖人工，导购每日需手动汇总订单、业绩、会 员信息，管理层无法实时掌握全国门店的券转化率、导购执行情况及区域销售差距，决策效率低下，甚至影响新 业务推广节奏。 面对"业务先行、系统滞后"的困境，伊芙丽选择与飞书深度合作，借助飞书多维表格的"百万行容量"、"秒级计算 速度"及"无代码灵活搭建"三大核心能力，快速构建美妆业务珂蒂丝的管理系统，成为破解新业务"系统荒"的关键 钥匙。 1.零代码搭建，覆盖全链路管理。珂蒂丝业务团队通过飞书多维表格，仅用数天时间便搭建了包含订单、会员、 导购、店铺、优惠券等 5 大模块的管理系统，覆盖从发券、转化、业绩确认到数据播报的全流程。主表数据量从 初期的几十万条，快速升级至百万行，支撑全国门店的高频数据录入与分析需求。 2.千人千面仪表盘，决策效率提升 50%。依托飞书多维表格的"百万行数据库"能力，珂 ...

过去数年，优衣库凭借"高性价比"和"简约舒适"系列，包括基本款、户外装、轻便羽绒服及艺术家联名款，长期赢得中国消费者青 睐。然而，随着市场竞争加剧与消费心态转变，这家曾经的"性价比之王"正遭遇降温。 根据优衣库母公司迅销集团公布的2025财年业绩，其整体业绩再创新高，但区域增长分化明显。作为集团最大海外单一市场的大中华 区，2025财年收入占集团总营收约19%，营业收入和利润双降。 图/企业公告截图 大中华区业绩承压，仍为最大海外市场 截至2025年8月31日的2025财年，迅销集团全年营收达到3.4万亿日元，同比增长9.6%；营业利润5511亿日元，同比增长13.6%；归属 于母公司股东的净利润4330亿日元，同比增长16.4%。 旗舰品牌优衣库仍是集团的核心支柱，2025财年收益约2.9万亿日元，占总营收约86%。不过，从增长结构来看，对单一品牌的依赖风 险进一步加深。副线品牌GU（极优）营收3307亿日元，同比增长3.6%，但营业利润下降12.6%，未能形成新的增长支撑。集团旗下 Theory、PLST等全球品牌事业收入下滑5.3%至1315亿日元，经营利润录得亏损9亿日元，凸显多品牌战略执行受阻。 从 ...

（文/霍东阳 编辑/张广凯） 去年12月，西班牙服装巨头Mango创始人Isak Andic在巴塞罗那附近山区徒步时坠崖身亡，起初被视为一场意外事故。然而经过数月调查，这起案件近期出 现惊人逆转。 警方调查方向已从意外事故转向疑似谋杀案，而Isak Andic的长子、43岁的Jonathan Andic——也是事发时的唯一目击者——现已被列为主要嫌疑人。 2024年12月14日，71岁的Isak Andic与家人在巴塞罗那郊外的蒙特塞拉特山区徒步。在返程途中，他突然滑倒，从100-150米高的悬崖坠落，当场死亡。现场 的唯一目击者是他的长子Jonathan Andic。 案件起初被当作意外事故处理，并在今年1月迅速结案。然而，调查人员逐渐发现了疑点：Jonathan Andic提供的证词前后不一致，且他描述的事发经过与堕 崖现场的调查结果不相符，引起了警方的怀疑。 今年3月，警方决定重启调查。到了9月底，案件出现重大进展，警方正式将Jonathan Andic列为主要嫌疑人，案件性质由意外转为疑似谋杀。 作为最早进入中国市场的快时尚品牌之一，Mango在华二十余年的发展轨迹既见证了国际品牌在中国市场的早期辉煌 ...

Core Viewpoint - The recent revelation that a consumer's expensive Adidas down jacket was actually produced by a local OEM has sparked discussions about brand value and consumer awareness in the context of modern commercial practices [2][4]. Group 1: OEM Phenomenon - The phenomenon of OEM (Original Equipment Manufacturer) is not new, as consumers have long been aware of the existence of cheaper alternatives produced by OEMs for well-known brands [3][6]. - The practice of OEM is widespread across various industries, not just in clothing, and is considered a core model of modern commerce [3][4]. - Notable OEM manufacturers, such as Shenzhou International, have been recognized for producing garments for major global brands like Nike, Uniqlo, and Adidas since around 2005 [3]. Group 2: Brand Premium Logic - The advantages of the OEM model include economies of scale and specialization, allowing brands to focus on design and marketing while manufacturers handle production, thus reducing costs and increasing efficiency [4]. - Consumers often pay a premium for brands not necessarily for product quality but for trust and identity associated with the brand [4]. Group 3: Consumer Choices - Consumers have become more discerning, often opting for lower-priced alternatives from OEMs instead of paying high prices for branded products [6]. - The trend of "tag peeling," where consumers check the origin of products to avoid being misled, has become common, reflecting a shift towards more rational purchasing decisions [6]. - Ultimately, the decision to pay a brand premium depends on individual preferences, with some valuing brand prestige while others prioritize cost-effectiveness [6].

Group 1 - The core viewpoint of the report is that CICC maintains the EPS forecast for Bosideng at 0.34/0.38 HKD for FY26/27, with a target price increase of 4.6% to 5.89 HKD, indicating a 20% upside potential from the current stock price [1] - Recent research indicates that Bosideng's flagship store on Nanjing East Road in Shanghai has shown robust retail performance during the off-season, laying a solid foundation for the upcoming peak season [1] - Despite renovations at the main flagship store, Bosideng's sales in the Shanghai region remained strong in 1HFY26, supported by enhanced product and brand strength, as well as refined marketing management [1][2] Group 2 - CICC expects Bosideng's revenue to remain stable in 1HFY26, with healthy growth in the core down jacket business despite some fluctuations in OEM due to tariffs [2] - The company’s distribution channels have performed well under flexible policy guidance, contributing significantly to business growth in 1HFY26 [2] - Bosideng's collaboration with renowned designer Kim Jones to launch the new "AREAL Advanced Urban Line" demonstrates its commitment to upgrading its brand towards a high-end strategy [2]