12月4日，运动品牌361°正式接入淘宝闪购。首批业务率先落地重庆，北京、上海、广州、济南等160个城市，共1500家门店将陆续上线淘宝闪购。即日 起，消费者在淘宝闪购搜索"361"，即可选择附近门店下单，享受运动装备30分钟极速送达服务。 目前，361°接入闪购的商品已实现多品类覆盖，如年度重磅跑鞋单品飞燃4.5、应对秋冬雨水天气的防泼水"雨屏系列"跑鞋等当季爆款，以及基础款鞋 服、配件、及儿童产品。 校对盛媛媛 "淘宝拥有庞大的电商购物流量，用户在浏览体育用品、参与平台大促或观看直播时，即时消费需求的转化更高，有望带来显著的零售增量增长。同时对 品牌的供应链和运营能力提出了更高要求。"361°品牌新零售总监表示。 阿里巴巴9月季度财报显示，截至10月31日，约3500个天猫品牌将其线下门店接入淘宝闪购。在协同效应下，天猫双11期间，淘宝App实现消费者同比双 位数增长，天猫品牌即时零售日均订单环比9月增长198%。品牌线下门店接入淘宝闪购，在天猫通过线上线下（300959）一体化经营，给消费者带来全新 购物体验。 晓风 ...

记者丨贺泓源 编辑丨高梦阳 安踏集团对于Jack Wolfskin（狼爪）的改造正在拉开帷幕。 2025年12月2日，狼爪发布闭店通知，宣布因公司运营策略调整， 其小红书旗舰店预计于2025年12月31日正式结束运 营。"自本公告发布之日起，我们将进入运营收尾阶段，店铺将逐步停止销售功能，但您的权益仍将得到全面保障。" 狼爪在公告中称。 据界面新闻报道称，狼爪小红书店铺之前由合作经销商代运营，由于品牌运营策略调整，与目前代运营公司到年底会 结束合作，因此需要闭店重新调整。 对于狼爪关闭小红书旗舰店一事， 安踏集团向21世纪经济报道记者的回应是，以前述闭店通知为准。 4月10日，安踏集团宣布，以全资收购起源于德国的户外服饰、鞋履及装备专业品牌狼爪，基础对价为现金2.9亿美 元。 6月18日，安踏集团宣布，姚剑成为狼爪品牌掌舵人。 姚剑是安踏的"大功臣"，正是他开启了始祖鸟在华狂奔。 2019年3月，安踏集团联合财团完成对始祖鸟母公司亚玛芬体育收购的几个月后，姚剑入职亚玛芬，担任大中华区总经 理。2024年，姚剑晋升为亚玛芬大中华区总裁，全面负责始祖鸟和威尔胜等品牌的中国业务。同年，姚剑担任亚玛芬 大中华区总裁期 ...

2025年12月2日，狼爪发布闭店通知，宣布因公司运营策略调整，其小红书旗舰店预计于2025年12月31日正式结束运营。"自本 公告发布之日起，我们将进入运营收尾阶段，店铺将逐步停止销售功能，但您的权益仍将得到全面保障。"狼爪在公告中称。 据智通财经报道称，狼爪小红书店铺之前由合作经销商代运营，由于品牌运营策略调整，与目前代运营公司到年底会结束合 作，因此需要闭店重新调整。 对于狼爪关闭小红书旗舰店一事，安踏集团向21世纪经济报道记者的回应是，以前述闭店通知为准。 4月10日，安踏集团宣布，以全资收购起源于德国的户外服饰、鞋履及装备专业品牌狼爪，基础对价为现金2.9亿美元。 6月18日，安踏集团宣布，姚剑成为狼爪品牌掌舵人。 21世纪经济报道记者贺泓源 安踏集团对于Jack Wolfskin(狼爪)的改造正在拉开帷幕。 "改造"狼爪 选择姚剑接手狼爪，可见安踏集团对该品牌寄予厚望。 2025年8月，丁世忠在公开信中再度力挺狼爪。"我们已组建联合管理团队，今年内将制定3-5年的复兴计划，围绕其核心价值重 塑产品与品牌体系。"他称。 客观上，狼爪在国内有过相对辉煌期。该品牌成立于1981年，总部在德国伊德斯坦因( ...

Core Viewpoint - The article discusses the growth and strategic positioning of On, a high-end sports brand, emphasizing its unique market approach and innovative technologies that differentiate it from traditional competitors [6][8][12]. Group 1: Brand Positioning and Strategy - On has positioned itself as a high-end brand, maintaining pricing power and avoiding discounting strategies, which is reflected in its gross margin consistently above 60% [8][9]. - The brand does not offer "downgraded" versions of its shoes, focusing instead on maintaining a premium product line that appeals to both elite athletes and everyday consumers [9][10]. - On's apparel segment has seen significant growth, with a 100.2% increase in sales, indicating successful market penetration and the attraction of new consumer demographics [12][13]. Group 2: Market Performance and Growth - Over the past three quarters, On's global revenue has increased by over 30%, with the Asia-Pacific region experiencing growth exceeding 100% [6][8]. - The company aims for a revenue target of 3.5 billion Swiss francs by 2026, with China identified as a crucial market for achieving this goal [8][12]. - On's strategy includes a controlled expansion of retail locations, with plans to open only 20 to 25 new stores globally in the coming year, reflecting a cautious yet confident growth approach [8][12]. Group 3: Innovation and Technology - On's innovative technologies, such as the LightSpray™ manufacturing process, allow for efficient production and high-quality products, enhancing its competitive edge [10][18]. - The brand's commitment to athlete feedback and product innovation is central to its growth strategy, ensuring that products meet the needs of both elite and casual runners [17][19]. - The introduction of new products, like the Cloudmonster Hyper, showcases On's focus on expanding its technology application across different shoe categories [10][12].

业界流传一句话，"一流企业做标准、二流企业做品牌、三流企业做产品"，这也是中国制造的发展 路径。从引进模仿到吸收创新再到自立自强，中国制造从努力提升产品质量，到积极打造国产品牌，再 到制定全球技术标准，从价值链低端持续向上攀升。国潮兴起，体现的正是中国制造的转型升级之路。 增品种、提品质，提供更多更好的中国制造 中国制造增品种、提品质是国潮兴起的核心基石。增品种，打破了国货品类单一的局限，多元化供 给精准匹配了年轻群体个性化、体验式的消费需求；提品质，则彻底扭转了此前中国制造"低端廉价"的 刻板印象。中国制造在性能、工艺上不断突破，也让优秀传统文化元素有了可靠的载体支撑。 中国制造增品种、提品质的过程，是从零突破、不断进阶的艰辛过程。新中国成立初期，中国制造 一穷二白，工业基础近乎空白，连日常消费品都难以自主生产。凭借庞大人口基数带来的广阔市场、成 本较低的劳动力资源、丰富的原材料储备与土地能源供给，叠加改革开放后出台的税收减免、政策扶持 等优惠条件，我国成功吸引全球制造业产业链的中低端环节向国内梯度转移。大量制造企业由此起步， 一方面承接面向国内市场的基础产品生产，满足民众基本生活需求；另一方面通过"三来一 ...

凭借专业运动科技与科研实力积淀，李宁户外产品构建了以专业户外防护功能为核心，东方美学设计为 加持的产品竞争力。在户外装备面料方面，李宁与国家级科研机构联合研发了可实现主动透气的独家防 暴雨双透纳米科技，推动了"李宁·龘"户外专业御水科技体系的构建和完善，并应用于核心 IP 产品万龙 甲冲锋衣系列、珑壳防小雨系列等。其中，万龙甲系列产品的防风透湿性能不仅符合国家 I 级标准，同 时斩获了ISPO 流行趋势大奖等荣誉。在东方美学表达上，李宁户外在视觉设计中融合瓷青绿和唐明光 铠等东方元素，并通过 2024"溯之东方"主题大秀、2025"行天地 探河山"年度系列活动，打造独具特色 的户外体验与产品记忆点，形成李宁户外差异化叙事。 11月29日，李宁(02331)户外首店"COUNTERFLOW 溯"在北京朝阳大悦城（000031）正式启幕，这是李 宁户外品类以独立店的形式首次亮相，标志着李宁进一步加码户外市场布局。李宁户外融合专业科技实 力与东方美学表达，聚焦户外生活方式，是李宁公司"单品牌、多品类、多渠道"战略在户外赛道的延 伸。 作为专业运动品牌，李宁在聚焦跑步、篮球、综训、羽毛球、乒乓球和运动休闲六大核心品类 ...

Core Viewpoint - The potential acquisition of Puma by Anta Sports is under consideration, with other bidders like Li Ning and Asics also in the mix, indicating a significant shift in the global sportswear market [2][3]. Group 1: Acquisition Interest - Anta Sports is reportedly considering a bid for Puma, possibly in collaboration with private equity firms [2]. - Other potential bidders include Li Ning and Asics, although both companies have denied any substantial negotiations regarding the acquisition [2][4]. Group 2: Puma's Current Situation - Puma's largest shareholder, Artemis SAS, is exploring options for its 29.3% stake, with a sale being a possibility due to financial pressures from the Kering Group [4][5]. - Puma's performance has declined significantly, with a 10.4% year-over-year drop in sales to €1.9557 billion and a net loss of €62.3 million in Q3 2025 [6]. - The company faces challenges such as weak brand momentum, changing channel structures, U.S. tariff pressures, and high inventory levels [6]. Group 3: Anta's Growth and Strategy - Anta has achieved a significant milestone, with combined revenues from Anta Sports and Amer Sports surpassing ¥100 billion, making it the third-largest sportswear group globally [7]. - In H1 2025, Anta's revenue grew by 14.3% to ¥38.54 billion, with Amer Sports' revenue increasing by 23.46% to approximately ¥19.44 billion [8]. - Anta's ambition for global expansion is evident, with ongoing rumors of potential acquisitions, including Reebok, although these have been denied [9][10]. Group 4: Anta's Acquisition History - Anta has a track record of successful acquisitions, having built a portfolio of around 20 brands through strategic purchases since 2009 [11]. - Recent acquisitions include a stake in the Korean fashion e-commerce platform Musinsa and full ownership of the German outdoor brand Wolfskin [12]. - The acquisition of Puma would solidify Anta's position as a globally influential sports brand group, potentially reshaping the competitive landscape among Nike, Adidas, and Puma [12].

Market Performance - The Black Friday kickoff has significantly boosted overseas consumption, leading to a positive sentiment in the A/H-share consumer sectors[1] - Weekly performance of various sectors showed strong growth, with the gaming sector leading at 6.9%, followed by overseas sportswear at 6.8% and overseas cosmetics at 4.1%[11] - Year-to-date performance highlights jewelry as the top performer with a 133.9% increase, while overseas sportswear has seen a decline of 15.4%[11] Sector Analysis - The overseas sportswear sector is expected to have a PE ratio of 30.2x in 2025, which is 57% of the average PE over the past five years[15] - The domestic sportswear sector's expected PE is 14.7x, representing 77% of its historical average[15] - The gaming sector's expected PE is 17.2x, which is only 28% of its five-year average, indicating potential undervaluation[15] Company Highlights - Notable stock performances include Sands China up 11.2% and MGM China up 9.1%, driven by positive trends in Macau's gaming revenue[14] - Lululemon's stock surged by 9.5% due to strong demand for new winter apparel, with expectations for a positive Q3 2025 earnings report[14] - E.L.F. Beauty's stock rose by 8.7% following favorable analyst ratings and improved sales trends[14] Consumer Sentiment - The retail sector saw a 3.6% increase, with Walmart and Target benefiting from the Black Friday shopping season[14] - The luxury goods sector increased by 2.5%, supported by expectations of strong performance during the holiday shopping season despite high valuation levels[14] - Domestic cosmetics stocks rose by 2.2%, with significant growth reported by companies like Shiseido and Marubi[14]

Core Insights - Under Armour's partnership with Stephen Curry, which began in 2013, significantly boosted its brand visibility and sales, making it the second-largest sports brand in the U.S. by 2015, surpassing Adidas [4][5] - However, the company has faced stagnation in revenue since 2017, with annual earnings hovering around $5 billion, and has struggled with profitability post-pandemic [5][10] - The shift in consumer preferences towards athleisure wear has left Under Armour's focus on professional sports apparel misaligned with market trends, leading to a decline in brand relevance [6][7] Company History and Growth - Under Armour was founded in 1996 by Kevin Plank, who aimed to create moisture-wicking athletic wear, capturing 70% of the market in the tight-fitting sports apparel segment by 2000 [4] - The brand's initial success was driven by its innovative products and strategic partnerships with professional athletes [4][5] Partnership with Stephen Curry - The collaboration with Curry was pivotal, as it coincided with his rise in the NBA, leading to a 350% increase in basketball shoe sales for Under Armour [5] - Despite the initial success, the partnership ended in November 2023, marking a significant shift for the brand [4] Market Position and Challenges - Under Armour's revenue growth has stagnated, with 65% of its income still coming from sports apparel, while only 25% is from footwear, indicating a lack of diversification [8] - The company has struggled to adapt to the athleisure trend, which has been embraced by competitors like Nike and Adidas [6][7] Internal Management Issues - Under Armour has faced internal turmoil, including leadership changes and allegations of financial mismanagement, which have hindered its operational effectiveness [10][11] - The company's reliance on distributors (70% pre-2015) has created barriers to understanding consumer demand, leading to inventory issues and a damaged brand image due to frequent discounting [9][10] Strategic Missteps - Under Armour's attempts to diversify into various sports categories have not yielded significant returns, resulting in resource dilution [8] - The company has made several costly decisions, such as acquiring MyFitnessPal for $700 million, which ultimately did not pan out, reflecting a lack of long-term strategic planning [11][12]

Group 1: Luxury Goods Market Overview - The global luxury goods market is expected to reach €1.44 trillion by 2025, remaining stable compared to the previous year, with a trend of gradual improvement anticipated for the coming year [10][11] - The personal luxury goods market is projected to maintain stability, with a forecasted market size of €358 billion for 2025, although a decline of approximately 2% is expected this year [11] Group 2: Company Developments - SMCP Group has initiated a process to sell up to 51.2% of its equity, aiming to stabilize its shareholder structure and focus on strategic development [3] - Anta Sports is reportedly a potential buyer for German sports brand PUMA, which has seen its stock price drop nearly 50% over the past year due to various market pressures [6] - Golden Goose reported a 13% increase in revenue to €517 million for the first nine months of the fiscal year, with a 21% growth in direct-to-consumer (DTC) sales [6][7] - L'Oréal announced a €60 million investment to upgrade its perfume factory in France, aiming to double its annual production capacity to 200 million bottles [16] - Ermenegildo Zegna Group will implement a new leadership structure, with the fourth generation of the Zegna family taking over as co-CEOs [17] - Parfümerie Pieper, a major family-owned perfume retailer in Germany, has filed for bankruptcy management while continuing normal operations [19] - Estée Lauder is considering selling its Korean skincare brand Dr.Jart+, which is expected to generate approximately $150 million in revenue for 2025 [21] - Watsons is planning to list in Hong Kong and the UK, with an expected fundraising target of up to $2 billion [24]