图片来源：Costfoto/NurPhoto via Getty Images 露露乐蒙（Lululemon）已对开市客（Costco）提起诉讼，指控这家仓储式会员店运营商销售其部分流 行运动休闲服饰的低价仿品。露露乐蒙在其向美国加州中区联邦地区法院提交的诉状中称，开市客通过 销售未经授权许可、侵犯其专利的山寨版服装，利用其声誉、商誉和劳动成果"非法牟利"。 露露乐蒙指控开市客通过流行品牌产品的制造商，为其自有品牌Kirkland生产产品，但该公司和制造商 并未告知消费者许多Kirkland自有品牌商品与露露乐蒙产品之间的联系。露露乐蒙声称，正因如此，至 少部分消费者相信Kirkland品牌商品是由"原版"产品的正宗供应商制造。露露乐蒙称开市客并未尝试消 除这种模糊性。 露露乐蒙公司一位发言人在声明中表示："作为一家以创新引领的公司，我们在产品研发和设计上投入 巨资，我们非常严肃地承担起保护和维护知识产权的责任，并在必要时采取适当的法律行动。" 露露乐蒙称开市客正在仿制的部分产品包括其热销的Scuba连帽衫、Define夹克和ABC长裤。 露露乐蒙声称，开市客销售的其中一款仿制品是Hi-Tec男士Scuba全 ...

Core Insights - The article highlights the decline of the Jeanswest brand, particularly in Australia, where all stores have closed, while in China, the brand is attempting a transformation with significant discounts [1][4]. Company Overview - Jeanswest, founded in Australia 53 years ago, was once a global leader in denim fashion, with a peak of 3,156 stores worldwide [2]. - The brand was introduced to China in 1993 by the Sunrise Group and became a popular choice among young consumers [2]. Sales Performance - From 2013 to 2016, Jeanswest's sales in Hong Kong dollars decreased significantly: 46.8 billion, 39.7 billion, 28.1 billion, and 19.3 billion respectively [2]. - By the end of 2017, the number of stores in mainland China had dropped to 1,219, only 40% of its peak [2]. Business Strategy - The Sunrise Group announced a restructuring of Jeanswest Australia to adapt to changes in the global retail landscape, focusing on e-commerce [4]. - From 2020 to 2024, Jeanswest's e-commerce sales in China are projected to grow over 13 times, with a forecasted total sales exceeding 6 billion yuan in 2024 [4]. Market Position - The brand is currently offering clearance sales in its stores, with prices as low as 59 yuan for T-shirts, reflecting a significant shift from its previous market position as a premium brand [6][7]. - Despite the low prices, the brand struggles to compete with fast fashion giants like UR, Uniqlo, and Zara, which have faster supply chains and more frequent product updates [8]. Consumer Sentiment - Many consumers express nostalgia for Jeanswest, associating it with their youth and past fashion choices, despite its current low-price strategy [10].

Core Insights - The article discusses the decline of the Jeanswest brand, which once had over 3,000 stores globally but has now declared bankruptcy in Australia, closing all its stores there. In contrast, lululemon, a contemporary brand, has only 767 stores as of the end of fiscal year 2024 [1][3][30]. Company Overview - Jeanswest was founded in Australia 53 years ago and was introduced to China by the Sunrise Group in 1993, leading to rapid expansion. At its peak, the brand had 3,156 stores worldwide, significantly contributing to the Sunrise Group's performance [3][17]. - The brand's pricing strategy has drastically changed over the years, with jeans once priced over 200 yuan now available for as low as 19 yuan, reflecting a significant decline in brand value and market position [4][26]. Market Position and Challenges - The brand has faced increasing competition from both domestic and international brands, leading to a decline in sales. From 2013 to 2016, Jeanswest's sales dropped from 46.8 billion HKD to 19.3 billion HKD, and by the end of 2017, the number of stores in mainland China had decreased to 1,219, only 42% of its peak [18][21]. - The closure of all stores in Australia raises questions about the brand's strength and future in the Chinese market, where it is now focusing its efforts [21][30]. Strategic Adjustments - The Sunrise Group has stated that the Australian and Chinese operations of Jeanswest are independent, with the Australian entity shifting focus towards e-commerce in response to market changes. In contrast, the Chinese market has seen a significant increase in e-commerce sales, growing over 13 times from 2020 to 2024, with total sales exceeding 6 billion yuan in 2024 [30][31]. - Despite the challenges, the brand has attempted to revitalize its image by engaging celebrities for endorsements, although the long-term effectiveness of this strategy remains uncertain [26][31]. Consumer Perception - The brand's decline has led to nostalgia among consumers who once viewed Jeanswest as a fashion icon. However, its current pricing and product offerings have diminished its appeal, with consumers finding better deals elsewhere during promotional events like "618" [22][29].

①中信证券：中长期维度，三大高确定性趋势仍是选择重心；②财通证券：市场情绪逐步企稳，配置 上"以我为主、以内为主"；③长城证券：建议关注红利板块，重视经济周期下大类资产的价格规律。 ①中信证券：5月有三条线存在机会 中信证券表示，对于5月，有三条线存在机会：（1）新技术和产业题材；（2）海外科技映射链修复。 该方向主要受益于前期超跌，以及估值和业绩匹配度较高，建议关注海外算力链挂钩的光模块、PCB、 服务器等；（3）服务业扩内需，包括文旅产业链上的酒店、景区、OTA，以及医疗服务领域的眼科、 齿科、中医等。 ②财通证券：市场情绪逐步企稳，配置上"以我为主、以内为主" 财通证券表示，继汇金等国资增持ETF后市场情绪逐步企稳，3月下旬+4月以来金融/消费表现居前，月 度较全A有明显超额。从最新一季报来看，全A业绩修复，内需相关的食饮景气延续、消费龙头公司表 现更优。配置上"以我为主、以内为主"，重视内需支撑+政策预期的大金融地产链、消费、央企重组三 大权重方向，有业绩支撑+胜率催化+补涨动力+赔率性价比，仍是当前阻力较小方向： （1）大金融地产链：券商受益股市向上与央国企合并，股份行受益地产改善+补涨，地产后周期 ...