近日，法国服饰品牌Etam在天猫、小红书等官方账号发布闭店公告称，因公司业务调整，Etam天猫官方旗舰店于11月30日停止运营。 12月3日，记者在Etam天猫官方旗舰店查阅发现， 店里仅留下少量内衣产品供中奖和会员积分兑换，已无新品供应。 2015年，Etam将内衣业务引入中国，但后来其中国市场业务走向下坡路，业绩下滑、亏损、门店关闭成了"日常"。至2018年，内衣成了Etam艾格在中国 市场硕果仅存的业务。 据21世纪经济报道，2018年，Etam将中国市场的成衣业务出售给香港某投资机构，仅保留内衣业务。2020年，其中国市场门店数量已经为0，此次关闭的 线上店正是内衣店。 这并不是首家欧洲服饰品牌退出中国市场。 11月21日，德国内衣品牌黛安芬集团中国子公司宣布，自2025年12月31日起停止在中国大陆的运营，其线上和线下渠道将从12月起陆续停止运营。 据公开资料，黛安芬创立于1886年，已经拥有130多年的悠久历史。黛安芬最早在1992年进入中国市场，是最早将"钢圈内衣"引入中国的外资品牌之一。 此后，黛安芬在中国设立了两家工厂，并在各主要城市设立有分公司，高峰时期在全国共有1万多名员工，中国总部在上 ...

本文源自：金融界AI电报 美国鹰服饰公司第三季度业绩超预期，并将全年调整后营业利润指引上调至3.03-3.08亿美元，理由 是"土耳其5"需求创纪录。美股周三早间，美国鹰服饰公司股价大涨15.5%。 ...

Group 1 - The core viewpoint of the article is that American Eagle Outfitters (AEO) reported better-than-expected third-quarter performance and raised its full-year adjusted operating profit guidance to between $303 million and $308 million, driven by record demand for "Turkey 5" [1][2]. Group 2 - AEO's stock price surged by 15.5% in early trading on Wednesday following the earnings report [1][2].

日播时尚（603196）(603196.SH)发布公告，公司拟通过发行股份及支付现金的方式收购四川茵地乐材 料科技集团有限公司71%股权并募集配套资金。根据上海证券交易所并购重组审核委员会公告的《上海 证券交易所并购重组审核委员会2025年第21次审议会议公告》，上交所并购重组审核委员会定于2025年 12月10日召开2025年第21次并购重组审核委员会审议会议，审核公司本次交易的申请。 ...

Core Insights - The article discusses the rise of parody brands and their appeal among young consumers, particularly in the context of established luxury brands like Arc'teryx and Ralph Lauren [3][14][25]. Group 1: Brand Imitation and Consumer Behavior - The emergence of parody brands, such as "始祖马" (Ancestor Horse), reflects a trend where consumers engage with fashion in a humorous and ironic manner, often as a critique of blind consumerism [6][12]. - Young consumers are increasingly drawn to these parody products, which offer a sense of individuality and a break from traditional luxury branding [12][31]. - The popularity of these parody items is partly driven by their lower price points compared to original luxury brands, appealing to cost-sensitive consumers [28][30]. Group 2: Market Performance of Luxury Brands - Ralph Lauren reported a 17% year-over-year increase in net income, reaching $2 billion, with a notable 30% sales growth in the Chinese market [26]. - Arc'teryx's parent company, Amer Sports, saw a 30% revenue increase to $1.756 billion, with a 47% growth in the Greater China region [26][27]. - The financial success of these brands highlights the ongoing demand for high-quality products, even as parody brands gain traction [26][27]. Group 3: Consumer Trends and Preferences - The article notes a shift in consumer preferences, with younger generations prioritizing personalized expression and cultural identity over traditional brand loyalty [31][32]. - Emotional consumption is becoming a significant trend, where consumers are motivated by personal satisfaction and curiosity rather than mere brand prestige [32][33]. - The economic environment has led to a bifurcation in the market, with one segment focusing on high-quality, premium brands and another catering to price-sensitive consumers seeking value [30][31]. Group 4: Intellectual Property Concerns - The rise of parody brands raises potential intellectual property issues, as these products often mimic established brands without authorization [14][34]. - Legal actions have been taken by brands like Ralph Lauren against imitators, indicating the ongoing tension between parody and trademark infringement [38][41].

Core Viewpoint - Bosideng, a leading down jacket brand in China, reported a modest mid-term performance for the first half of the 2025/26 fiscal year, with revenue of approximately 8.93 billion yuan, a slight increase of 1.4% year-on-year, and a net profit of about 1.20 billion yuan, up 5.2% year-on-year [1] Revenue Performance - The brand down jacket business generated approximately 6.57 billion yuan, accounting for 73.6% of total revenue, with a year-on-year growth of 8.3%. However, this growth rate has slowed compared to the previous two fiscal years, which saw growth rates of 28.1% and 22.7% respectively [2][4] - The main brand, Bosideng, contributed 5.72 billion yuan with an 8.3% growth rate, significantly lower than the previous year's growth rates of 25.5% and 19.4% [4] Market Competition - The slowdown in growth is attributed to intensified competition in the high-end down jacket market, with brands like Arc'teryx, KAILAS, Descente, The North Face, and others targeting high-net-worth consumers [4] Cost Pressures - Rising raw material prices have added cost pressures, with the price of duck down (95% down content) increasing from 304 yuan/kg in 2020 to 669 yuan/kg in 2025 [5] Strategic Initiatives - Despite market challenges, Bosideng is maintaining its high-end positioning, launching new product lines such as the "Master Puff" series and collaborating with luxury brand creative director Kim Jones for the AREAL line [6][7] - The management indicated that the AREAL series has performed better than expected, with about 60% of sales coming from new customers, primarily young consumers [7] Snow Flying Brand Performance - The Snow Flying brand, positioned in the mid-range market, experienced a revenue decline of 3.2% to 378 million yuan, despite increasing retail outlets [10][11] - The management emphasized that Snow Flying will continue to be a focus for the company, with increased investment in brand marketing and product development [11] Diversification Efforts - The diversified clothing business segment generated approximately 6.4 million yuan, accounting for 0.7% of total revenue, down 45.3% year-on-year. The company is exploring functional apparel categories while maintaining a focus on down jackets as the core product [12]

Core Viewpoint - Bosideng (03998.HK), a leading down jacket brand in China, reported a modest mid-term performance for the first half of the 2025/26 fiscal year, with revenue of approximately 8.93 billion yuan, a year-on-year increase of 1.4%, and a net profit of about 1.20 billion yuan, up 5.2% [2]. Revenue Performance - The brand's down jacket business generated approximately 6.57 billion yuan, accounting for 73.6% of total revenue, with a year-on-year growth of 8.3%. However, this growth rate has slowed compared to the previous two fiscal years, which saw growth rates of 28.1% and 22.7% respectively [3][5]. - The main brand, Bosideng, contributed 5.72 billion yuan in revenue, also achieving an 8.3% growth rate, significantly lower than the previous years' growth rates of 25.5% and 19.4% [5]. Market Challenges - The slowdown in growth is attributed to intensified competition in the high-end down jacket market, with brands like Arc'teryx, KAILAS, Descente, The North Face, and others attracting high-net-worth consumers [5]. - Rising raw material costs have also pressured Bosideng's cost structure, with the price of duck down increasing from 304 yuan/kg in 2020 to 669 yuan/kg in 2025 [5]. Strategic Initiatives - Despite market challenges, Bosideng is committed to maintaining its high-end positioning, launching the "Master Puff" series during Paris Fashion Week and collaborating with renowned designers to introduce premium product lines [6][8]. - The company has strategically invested in the Canadian luxury down jacket brand Moose Knuckles, acquiring approximately 31.6% of its shares to strengthen its high-end market presence [7]. Brand Development - The management indicated that the AREAL series has performed better than expected, with around 60% of sales revenue coming from new customers, primarily younger consumers [8]. - Bosideng aims to deepen its focus on down jackets while exploring new categories, ensuring that all new product developments align with its core business strategy [9][14]. Snow Flying Brand Performance - The Snow Flying brand, positioned in the mid-range market, experienced a revenue decline of 3.2% to 378 million yuan, despite increasing its retail outlets [10][13]. - The management expressed optimism about Snow Flying's recovery, noting a shift from negative to positive growth in sales during October and November [13].

Core Insights - The report presented by Huang Fusheng at the "2026 Postal Financial Forum" highlights China's economic recovery, driven by the "14th Five-Year Plan" focusing on modern industrial systems and high-tech sectors [3][8]. Group 1: Economic Recovery and Industrial Policy - China is building a modern industrial system under the "14th Five-Year Plan," with a focus on high-tech sectors showing significant performance [3][8]. - The plan prioritizes the construction of a modern industrial system and strengthening the real economy, aiming to "recreate a Chinese high-tech industry" over the next decade [3][8]. - Key strategies include enhancing traditional industries, addressing core technology challenges, and fostering strategic emerging industries like new materials and quantum technology [3][8]. Group 2: Manufacturing Sector Performance - The manufacturing sector exhibits a K-shaped recovery, with high-tech product exports growing faster than the overall export growth rate of 5.3% in the first ten months of 2025 [4][9]. - Profit growth in upstream manufacturing sectors like transportation equipment and non-ferrous metal smelting significantly outpaces that of downstream industries such as furniture and apparel [4][9]. - A-share non-financial companies reported a revenue increase of 0.9% year-on-year in Q3 2025, with net profits rising by 3.29% [4][10]. Group 3: Consumer Wealth and Spending Trends - Recovery of resident wealth is projected to take 3-5 years, with service consumption identified as a future growth area [5][10]. - In 2025, there remains a significant gap in resident wealth compared to the peak in 2021, but optimistic scenarios suggest recovery to previous levels by 2028 [5][10]. - The consumption structure indicates a saturation in goods consumption (15% of GDP) compared to major Western countries, while service consumption in healthcare and education is below global averages, indicating substantial growth potential [5][10].

近日，法国服饰品牌Etam艾格发布消息，宣布Etam天猫官方旗舰店于11月30日停止运营。据21财经，12月2日，记者在天猫平台已查无此店。据其工作人 员透露，小红书、抖音店铺也同步关闭。 公告中，艾格对此表示，是因为公司业务调整。实际上，早在2018年，艾格已将中国市场的成衣业务Etam Weekend、ES和E&JOY出售给香港某投资机 构，仅保留内衣业务。2020年，中国市场门店数量已经为0，而此次关闭的线上店正是内衣店，这也意味着，进入中国市场31年的艾格，或将彻底退出。 Etam Etam 我们的在线客服将为你开放至2025年12月 15日。在此期间,如您有任何问题,可以随时和我 们联系。 感谢您一直以来对Etam品牌的支持与厚爱, 在此也祝您健康美丽,生活愉快! 关注 闭店公告 亲爱的顾客朋友: 因公司业务调整, Etam天猫官方旗舰店将于 2025年11月30日起停止运营。在此之前下单的 货品,我们将按计划送达。 店铺结束运营后,会员权益也将失效,请您尽 快前往【会员中心】进行线上兑换。 爱企查App显示，Etam中国关联公司伊范内衣（上海）有限公司成立于2017年10月，法定代表人为DE CA ...

2025.12. 03 本文字数：899，阅读时长大约2分钟 近日，法国服饰品牌Etam艾格发布消息，宣布Etam天猫官方旗舰店于11月30日停止运营。 据21财经， 12月2日，记者在天猫平台已查无此店。据其工作人员透露，小红书、抖音店铺 也同步关闭。 公告中，艾格对此表示，是因为公司业务调整。实际上，早在2018年，艾格已将中国市场的 成衣业务Etam Weekend、ES和E&JOY出售给香港某投资机构，仅保留内衣业务。2020 年，中国市场门店数量已经为0，而此次关闭的线上店正是内衣店， 这也意味着， 进入中国市 场31年的艾格，或将彻底退出 。 Etam Etam 关注 闭店公告 亲爱的顾客朋友: 因公司业务调整, Etam天猫官方旗舰店将于 2025年11月30日起停止运营。在此之前下单的 货品,我们将按计划送达。 店铺结束运营后,会员权益也将失效,请您尽 快前往【会员中心】进行线上兑换。 我们的在线客服将为你开放至2025年12月 15日。在此期间,如您有任何问题,可以随时和我 们联系。 感谢您一直以来对Etam品牌的支持与厚爱, 在此也祝您健康美丽,生活愉快! Etam官方旗舰店 2025年1 ...