Core Viewpoint - The U.S. consumer spending is weak due to trade policy uncertainties and macroeconomic conditions, significantly impacting the performance of North American footwear and apparel brands [1][2]. Group 1: Company Performance - Under Armour reported a 4% year-over-year decline in revenue for Q1 of fiscal year 2026, totaling $1.1 billion, with a projected 6% decline for Q2 [1]. - Crocs, known for its "Croc" shoes, reported a net loss of approximately $428 million for Q2, with North American revenue down 6.5% year-over-year, and expects a further decline of 9% to 11% in Q3 [1]. Group 2: Impact of Tariffs - The U.S. tariffs on imports from countries like Vietnam and Indonesia have raised costs for major brands such as Nike, which estimates an additional $1 billion in costs due to tariffs [2]. - Gap anticipates an increase in costs between $250 million to $300 million due to the tariffs [2]. - Retailers may need to raise prices by 10% to 12% to offset these costs, which will ultimately affect U.S. consumers, particularly those with lower incomes [2]. Group 3: Consumer Behavior and Market Dynamics - U.S. consumers are cautious with non-essential spending, leading to decreased foot traffic in stores and a preference for cheaper alternatives [3]. - The footwear and apparel industry faces a dilemma: raise prices to maintain profit margins or absorb costs, which would severely impact profitability [3]. - A letter signed by 76 footwear brands, including Nike and Adidas, was sent to the White House, indicating that tariffs pose a "survival threat" to the industry [3].

Core Insights - The fashion industry is witnessing a surge in demand for unconventional footwear, particularly the "Dune" flip-flops and creek shoes, indicating a shift in consumer preferences towards unique and functional designs [2][4][6]. Group 1: Market Trends - The "Dune" flip-flops have seen a 162% increase in search volume, with many styles sold out, highlighting their popularity [4]. - Creek shoes have gained significant traction in China, with sales reaching 17 million yuan during the last major shopping event, indicating a growing market for this type of footwear [6]. - The number of related posts about creek shoes on social media platform Xiaohongshu increased by 209.91% in a 90-day period, showcasing rising consumer interest [8]. Group 2: Consumer Behavior - The rise of creek shoes reflects a broader trend among middle-class consumers seeking unique outdoor experiences, as outdoor activity participation has surged [24][30]. - The demand for creek shoes is driven by a desire for both functionality and style, with various brands offering different features to cater to diverse consumer needs [27][29]. - The emergence of "Gorpcore" fashion, which incorporates outdoor gear into everyday wear, signifies a shift in consumer attitudes towards practicality and aesthetics [32][34]. Group 3: Brand Strategies - Major brands like KEEN and HOKA are capitalizing on the creek shoe trend by emphasizing features such as quick-drying materials and stylish designs [27][29]. - Collaborations and limited-edition releases have become common strategies among brands to create buzz and drive sales in the creek shoe market [27]. - The competitive landscape includes both high-end brands and more affordable options, allowing a wide range of consumers to participate in this trend [29].

Core Viewpoint - The article discusses the revival of traditional snack brands in China through new e-commerce platforms like Pinduoduo, highlighting the transformation of old brands in the digital economy and the mutual benefits of this collaboration [4][19]. Group 1: Challenges Faced by Traditional Brands - The golden era for Fujian snack brands was from the 1990s to the early 2000s, characterized by strong offline distribution networks and high demand [5]. - The rise of e-commerce has disrupted traditional business models, leading to a decline in market share for older brands as they struggle against emerging competitors like Three Squirrels and Good Products [5][6]. - Older brands are perceived as outdated by younger consumers, who favor new brands that leverage internet marketing to create a trendy image [5][7]. - Traditional brands have been slow to adapt to channel changes, leading to a disconnect with modern consumer preferences, particularly among Gen Z [7][8]. Group 2: Revival Strategies via Pinduoduo - Pinduoduo offers a differentiated path for traditional brands, focusing on data, efficiency, and cost reduction to facilitate their digital revival [9]. - The platform provides real-time consumer data, enabling brands to make data-driven decisions rather than relying on past experiences [9][10]. - Pinduoduo's model allows for rapid product development, significantly reducing the testing cycle for new products from months to days [10]. - Cost efficiency is achieved through lower service fees compared to traditional platforms, allowing brands to reinvest savings into production and marketing [11]. Group 3: Strategic Support and Ecosystem Development - Pinduoduo's "100 Billion Support" policy aims to invest in resources for traditional brands over three years, enhancing their growth ecosystem [12]. - The platform helps brands reach younger consumers through targeted marketing strategies, improving customer acquisition efficiency [14]. - The initiative encourages brands to shift from a focus on cost-effectiveness to enhancing perceived value, thereby upgrading their market positioning [15][16]. - Overall, Pinduoduo's support fosters a systemic transformation for traditional brands, enabling them to thrive in the digital economy [17][19].

Core Insights - On's Q2 revenue reached 749.2 million Swiss francs, a 32% year-over-year increase, with a 38.2% growth at constant currency [1] - The company reported a net loss of 40.9 million Swiss francs, a decline of 232.7% compared to a profit of 30.8 million Swiss francs in the same period last year [1][2] - Direct-to-consumer (DTC) sales grew by 47.2% to 308.3 million Swiss francs, accounting for a record 41.1% of total sales in Q2 [1][2] Revenue Breakdown - Wholesale channel sales increased by 23.1% to 441 million Swiss francs, or 28.8% at constant currency [2] - Regional sales showed significant growth: EMEA at 42.9%, Americas at 16.8%, and Asia-Pacific at 101.3% [2] - Footwear remains the core category, with sales of 704.9 million Swiss francs, up 29.9%, while apparel and accessories saw increases of 67.5% and 133.3%, respectively [2] Profitability Metrics - Despite revenue growth, the net profit for the first half of 2025 decreased by 87.1% to 15.8 million Swiss francs, with a net margin of 1.1% [4] - The adjusted EBITDA margin for Q2 was 18.2%, up 220 basis points year-over-year, with an absolute adjusted EBITDA of 136.1 million Swiss francs [2][3] Future Guidance - On has raised its full-year 2025 guidance, expecting at least a 31% increase in net sales at constant currency, projecting total sales to reach 2.91 billion Swiss francs [5] - The company anticipates a gross margin between 60.5% and 61%, and an adjusted EBITDA margin of 17% to 17.5%, both higher than previous forecasts [5] Competitive Landscape - HOKA, a competitor, reported a 19.8% revenue growth but faced declining margins due to rising costs and increased operational expenses [6][7] - HOKA's challenges include competition from brands like On and KAILAS, as well as negative consumer feedback regarding product quality and design [7]

Core Insights - The article discusses the emergence of a new consumption model known as "flash purchase," which has expanded from food and beverage to include categories like clothing, footwear, and consumer electronics [1] Industry Trends - Flash purchase has become a popular method for consumers to buy daily necessities and emergency items, indicating a shift in consumer behavior towards instant retail [1] - The frequency of flash purchases has increased, leading to rapid growth in instant sales for mobile phone retail stores [1] Sales Performance - A flash purchase platform reported that since June of this year, the transaction volume for mobile phones has increased by over 300% year-on-year [1] - Sales for smartwatches, tablets, and laptops have also seen significant growth, with transaction volumes increasing by over 200% [1] - The sales of sports shoes and apparel, such as running shoes and sports T-shirts, have similarly experienced a year-on-year increase of over 200% [1]

当下，数字化手段和工具已成为传统鞋服行业高质量发展的不二选择。进入数字化转型深水区后，在微 盟等SaaS（软件运营）服务商的数字化赋能下，不少鞋服企业迎来了更大、更多的利润空间和发展机 遇。 鞋服产业数字化加速 近年来，随着数字技术与实体经济融合的深入推进，鞋服产业也在加速数字化转型。 日前，百丽时尚集团（下称"百丽时尚"）首席客户运营官罗征在接受记者采访时说，通过与国内知名 SaaS服务商微盟深度合作，百丽时尚以零售数字化为抓手，积极推动门店上云，实现了门店实时数字化 和线上线下运营一体化。 据了解，百丽时尚已在鞋履行业深耕30多年，是一家"航母级"的时尚鞋服企业，拥有20多个品牌，以及 近万家直营实体门店。 过去，传统鞋服企业主要依靠百货商场通过价格、广告等方式面对海量消费者进行单向输出，由于无法 与用户产生互动，很难精准触达用户。如今，市场已进入消费者为王的时代，如何通过更多的途径和场 景精准找到用户，成为鞋服企业业务拓展的关键，而零售数字化无疑是其中最重要的一环。 基于此，百丽时尚很早就开始布局直营模式，并建立起了垂直一体化的市场布局，使得企业能够充分了 解和适应市场动向，从而更直接地面对消费市场，快 ...

Core Insights - The establishment of a "dual platform" in the Liwan District aims to enhance dispute resolution and support for enterprises venturing into international markets, reflecting a proactive approach to managing cross-border trade challenges [1][2][4] - The mediation work station has achieved a high success rate of 97.2% in resolving disputes, with zero losses in foreign-related disputes, indicating effective conflict management strategies [1][3] - The "one-stop service" model has significantly reduced the time required for resolving cross-border payment disputes, showcasing the efficiency of the new system [2][3] Group 1: Dispute Resolution and Mediation - The mediation work station has successfully resolved 38 disputes this year, demonstrating its effectiveness in handling issues such as trademark infringement and cross-border claims [1] - The "Four Combinations" work method emphasizes legality, compliance, empathy, and reasonableness, contributing to a 30% decrease in litigation cases [2] - The satisfaction rate for mediation services has reached 100%, indicating strong support from local businesses [2] Group 2: Support for International Expansion - The service center has provided 20 different services, helping 18 enterprises secure overseas orders within a short timeframe [3] - The center's initiatives have led to a 35% increase in online transaction volume, amounting to over 50 million yuan, as businesses expand into Southeast Asian markets [3] - The implementation of a policy compilation and legal education activities has improved the standardization of foreign-related contracts to 90% [3] Group 3: Economic Growth and Business Environment - The annual foot traffic in the business district has increased by 50%, reflecting a growing interest in the area [4] - Over 300 new foreign-related registered enterprises have been established, indicating a shift towards becoming a hub for fashion industry innovation [4] - The integration of party leadership with legal services has enhanced the overall business environment, promoting a more supportive atmosphere for enterprises [4]

丑鞋家族，热闹不停。 前有洞洞鞋火出"洞门"、勃肯鞋被称为"老钱风的松弛感"，如今又轮到溯溪鞋上桌。 对比近三年的销量数据，溯溪鞋的销售额已经连续两年同比增长50%以上。今年上半年在主流电商平台的销售额达到3.3亿元，同比增长53.4%。 溯溪鞋不仅卖得好，身价也涨了。 还是近三年的数据，线上溯溪鞋的商品均价从209.4元涨到了267.7元，卖得更贵了。 其中，小红书女孩追捧的品牌KEEN，称自家的凉鞋（也是溯溪鞋）是"世界上最丑的凉鞋"，和BRIKENSTOCK、Crocs、UGG组成了"丑鞋F4"，均价700 元以上，但有人买了以后表示，"丑乖丑乖的，越看越喜欢"。 溯溪鞋到底什么来头？怎么越贵大家越爱买？ 今年夏天，"丑鞋家族"又有一个成员火了 溯溪鞋，看名字就知道，是去户外沿着小溪徒步、玩水穿的。虽然被大家吐槽"丑"，但今年它可是实打实的"流量明星"。 1、平价战斗机（100元-350元）：领航骆驼、迪卡侬、探路者 2、中高端玩家（351元-700元）：迈乐、亚瑟士、哥伦比亚 3、高端专业户（701元-1050元）：KEEN、萨洛蒙、可隆、HOKA 最直接的证据之一，就是互联网上讨论溯溪鞋的声量变高了 ...

管理人在履职过程中发现，雅琪公司与起步股份有限公司可能存在侵害债权人利益的情形，认为起步股 份有限公司依法应对雅琪公司债务承担连带清偿责任。 雅琪公司诉讼请求判决ST起步对其负担的无异议债务2236.53万元承担连带清偿责任，并由ST起步承担 本案诉讼费用。 经ST起步自查，公司与雅琪公司的鞋品业务往来发生于2018 - 2022年度，后续无其他业务合作。截至公 告披露日，由于案件尚未开庭审理，尚未作出判决，目前无法判断该诉讼对公司本期利润及期后利润的 影响。ST起步将根据法律法规的规定及时履行信息披露义务。公司指定信息披露媒体为《证券时报》 及上海证券交易所网站（www.sse.com.cn），提醒投资者注意投资风险。 ST起步 近日收到青田县人民法院送达的《民事诉讼状》，公司作为被告，涉案金额达2236.53万元及诉 讼费用，该案件目前尚未开庭。 据悉，青田县人民法院于2023年9月5日依法裁定受理温州市均腾鞋材厂（普通合伙）对青田县雅琪鞋服 有限公司的破产清算申请，并指定浙江五洲律师事务所为雅琪公司破申清算案管理人。2024年8月30 日，经法院裁定确认温州市均腾鞋材厂（普通合伙）等30人对雅琪公司享有 ...

证券代码：603557 证券简称：ST 起步 公告编号：2025-062 起步股份有限公司 关于公司涉及诉讼事项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 近日，公司收到青田县人民法院送达的《民事诉讼状》，涉及诉讼金额 海证券交易所股票上市规则》有关规定，就该诉讼事项公告如下： 一、基本情况 青田县人民法院于 2023 年 9 月 5 日作出（2023）浙 1121 破申 12 号民事裁 定书，依法裁定受理温州市均腾鞋材厂（普通合伙）对青田县雅琪鞋服有限公司 （以下简称"雅琪公司"）的破产清算申请，并于 2023 年 9 月 18 日作出（2023） 浙 1121 破 12 号《决定书》，指定浙江五洲律师事务所为雅琪公司破申清算案管 理人，管理人在履职中，依法对债权人申报的债权进行审查并经债权人会议审议 通过，2024 年 8 月 30 日，经青田县人民法院裁定确认温州市均腾鞋材厂（普通 合伙）等 30 人对债务人青田县雅琪鞋服有限公司享有债权数额为 22,365,273.91 元。 管理人在履职过 ...