2026 年开始了。其实和昨天并没有什么本质区别，但日期从 2025 跳到 2026 的那一下，重量感还是在的。 也正因如此，我最近在看的不少海外时尚杂志，几乎都在新年这几天抛出了各自的"。 所以今天想做的事很简单：这些杂志的性格、视角都不一样，但它们总会在某些地方达成一致。我把这种"共识"整理成 5 条趋势线，聊聊 2026 SS 最值得 关注的方向。参考的来源主要来自法国、英国、美国的《Numero》《GQ》《Facesmag》《L'Officiel》《Vogue》等等，作为读全球趋势的入口，我觉得 够用了。 不过我一直觉得，趋势更像一条"线"而不是一个"点"。不是说到了 2026 才突然从 0 诞生出全新的东西，而是过去的延续、现在的强化、以及未来的走 向，在这一年被更清楚地看见。 先把结论放在最前面：2026 SS 可以用五句话最稳定地概括——"更短的下装 + 更松弛的轮廓 + 材质/表面的趣味 + 配饰回归 + 脚下更开放"。你看多了这 一季的秀，会发现它们总在这些共性上反复出现。 第一条，从短裤开始，尤其是更极端的"迷你短裤"。在现实生活里，男生对短到大腿根的长度确实长期有心理门槛，但趋势就是这样 ...

当消费市场的潮水转向，消费者更加理性，市场竞争日趋激烈，品牌价值的战略地位愈发凸显，已然成 为企业的核心资产之一。高品牌价值不仅意味着更强的消费者心智认同，能够降低消费决策成本、增厚 业绩，也能够稳固投资者信心长期、支撑企业的长期市场价值。 对于正处于结构性变革关键期的男装品牌来说，一份品牌价值"认证"，仅仅是对企业过往发展成果的肯 定，更示着其在未来市场格局中的潜力与话语权。 在此背景下，知名男装品牌GXG母公司慕尚集团在格隆汇"金格奖"年度卓越公司评选中荣获"年度品牌 价值奖"，传递出强劲的发展信心。 该奖项从品牌差异化、知名度、客户忠诚度等多角度衡量品牌价值，甄选出的企业都创造了卓越品牌， 并在品牌价值提升的过程中做出创新和不凡实践，最终结果通过定量数据分析和专家评审团等方式得 出，颇具含金量。 可以说，此次获奖充分印证了慕尚集团品牌价值的持续增长，背后的逻辑和潜力也值得深入探究。 1、男装转型大势已至，GXG有望引领"新格局" 诸多现象表明，男装品牌正在经历一场深刻而普遍的"转型阵痛。 翻看近期男装上市公司的财报不难发现，曾经精准匹配中国男性不同职业阶段需求的头部品牌，如今普 遍深陷业绩下滑、门店收缩 ...

从行业表现看，各行业消费品牌指数存在明显差异。更高的行业评分，意味着该行业的无品牌产品与低 评分品牌较少，且销售额更多集中于头部品牌；较低的行业评分，则意味着该行业仍有较大的品牌竞争 空间。与此前分布一致，CBI指数位居前列的行业为3C数码、家用电器、美妆、运动户外等。这表明， 在这些领域中，消费者对产品品质、功能及品牌认知的要求更高，品牌效应更为明显。 （文章来源：新华财经） 新华财经北京12月25日电（记者丁雅雯）2025年第三季度"中国线上消费品牌指数"（CBI）25日正式发 布。本期指数为62.65，较去年同期增长0.92%，增速自2023年起保持增长态势，显示消费者在线上购物 时，对品质、品牌的重视程度持续增强。 纪洋表示，尽管市场上出现"白牌崛起"的讨论，但CBI整体走势表明，品牌消费仍处于扩张阶段。"许多 品牌方面临战略方向的困惑，在'低价获客'与'价值创新'之间难以抉择。从消费需求和趋势上看，企业 仍应致力于提升品牌价值，避免陷入低价竞争或通过削减产品功能降低成本的发展模式。" 据悉，中国线上消费品牌指数（CBI）由北京大学国家发展研究院、北京大学数字金融研究中心、中山 大学商学院合作开发。指 ...

素有"西服大王"之称的金利来正在寻求新的增长路径。近日，金利来在武汉开出了旗下第一家台球门店，店内陈列了专业台球服饰，设有专业互动体验 区……曾在商务男装领域颇有名声的金利来正在通过涉足台球服饰领域寻求新增长。商务男装的失意在金利来身上更具象，业绩持续下滑、私有化被拒，如 何推动业绩增长为股东负责成为金利来接下来面临的挑战。 转型的背后是金利来难言乐观的业绩表现。金利来起家于领带业务，早在1971年，金利来在中国香港正式注册商标，品牌诞生；1984年，该品牌进入中国内 地市场后，以一句"金利来，男人的世界"的广告打开了其在内地市场发展的多年高光时刻。1992年，金利来登陆港交所，敲开资本市场大门。随着自身的发 展，金利来的业务也逐渐拓展到皮具、男士饰物、西装、衬衫等全系列男士服装服饰产品。根据财报数据，2024年之前，金利来业绩快速增长，被业界称 为"西服大王"，门店超千家。但在2014年之后，金利来业绩开始下滑，营收规模从巅峰时期的超18亿港元下滑至12亿港元。 布局台球领域 从金利来旗舰店情况来看，其皮带产品价格在200元左右，部分夹克售价在800元上下，少部分服饰产品在千元以上。相较台球，在众多"70后 ...

Investment Rating - The report indicates a recovery phase for Nike, with a stable revenue growth of 1% year-on-year in FY26Q2, despite challenges in certain markets [1][11]. Core Insights - Nike is currently in a mid-recovery phase, focusing on strategic adjustments and product innovation. The performance in key markets will depend on the rollout of core sports products and the strategic reset in major markets [1][17]. - The North American market shows strong performance with a 9% year-on-year revenue increase, while the Greater China region faces a 16% decline as it undergoes a strategic reset [1][13]. - The report highlights a mixed performance in the beauty and personal care sector, with online skincare sales growing by 4.8% year-on-year, while makeup sales increased by 10% [2][18]. Summary by Sections Nike Performance - FY26Q2 revenue reached $124.27 billion, with a 1% year-on-year growth. Wholesale channels grew by 8%, while NIKEDirect saw a decline of 9% [1][11]. - The North American market's revenue increased by 9%, driven by strong demand in running, children's apparel, and basketball categories [1][13]. - The Greater China market's revenue decreased by 16%, impacted by reduced foot traffic and inventory issues [1][13]. Beauty and Personal Care Sector - Online skincare sales in November grew by 4.8%, with Tmall and Douyin showing contrasting performance [2][18]. - Makeup sales increased by 10%, with Tmall and Douyin also reflecting varied growth rates [2][18]. - Brands are shifting focus to Tmall as ROI on Douyin advertising declines [2][18]. Retail Trends - November clothing retail sales grew by 3.5% year-on-year, but the growth rate has slowed compared to October [3][25]. - Jewelry retail sales saw a decline of 8.5% year-on-year, while gold prices supported demand [3][25]. - The cosmetics sector experienced a 6.1% year-on-year growth, but the growth rate has decreased compared to previous months [3][32]. Investment Recommendations - For apparel brands, Hai Lan's Home is recommended for its strong profitability and expansion potential, while Li Ning is seen as having a potential turning point [4]. - In the beauty sector, companies like Juzi Biotechnology and Jinbo Biological are highlighted for their resilience and product launches [4]. - The jewelry sector remains attractive due to rising gold prices, with recommendations for brands like Laoputang [4].

Core Insights - The innerwear industry is experiencing a shift in consumer perception from "functional necessity" to "scientific self-appreciation," with 58% of consumers focusing on emotional value and scientific selection [1][3] - The DreamX Technology men's innerwear conference in Shanghai highlighted structural changes in the industry, emphasizing the importance of private domain operations and strategies for sustainable growth [1][4] Industry Trends - Three significant trends in the innerwear market: 1. Consumer mindset is evolving towards valuing brand and quality assurance, with emotional value and scientific selection becoming core demands [3] 2. Product technology is advancing towards a digital health ecosystem, with tech-enabled products rapidly gaining popularity [3] 3. Consumption scenarios are expanding from physiological needs to psychological aspects, with high-energy fitness, outdoor activities, and daily commuting driving demand [3] - In the men's apparel category, a structural transformation is evident: 1. Sports leisure has replaced business formal wear as the main growth driver, with casual and functional blends dominating the market [3] 2. Consumer demand is shifting from "looking good" to "smart dressing," with over 60% of products utilizing functional fabrics [3] 3. Style segmentation is growing, with trends like Guochao and City Boy seeing a 156% increase in store growth [3] Company Strategies - DreamX Technology has identified four core development directions for the upcoming year: 1. Focus on "quality products" by upgrading the supply chain and differentiating product strategies [2] 2. Enhance "content" by launching new features and improving private domain live-streaming tools [2] 3. Deepen "AI empowerment" to optimize operational efficiency across the entire supply chain [2] 4. Expand the open ecosystem by connecting diverse online and offline partners [2] - The company aims to leverage its B2R model and AI technology to provide comprehensive support for merchants, enhancing user engagement and driving sustainable growth [2] Performance Highlights - DreamX Technology has achieved impressive growth despite market changes, with high user loyalty and low return rates since 2025 [4] - Key product categories like down jackets, outdoor jackets, loungewear, and underwear have emerged as new growth engines, with some brands experiencing growth rates exceeding 200% [4] - GXG, through exclusive collaboration with DreamX, achieved sales exceeding 10 million yuan, setting a benchmark for private domain cooperation [4] Practical Insights - Brand representatives from GXG, MEINS, and others shared successful growth strategies at the conference, emphasizing the importance of private domain operations [5] - The company is committed to empowering partners to achieve performance growth while driving transformation in the men's innerwear industry [5]

然而收购后的MooRER并不如预期中的那么有竞争力。根据公开数据，截至2025年2月的财年， MooRER营业额略低于5300万欧元，与上一年基本持平，未达到创始人此前提出的6000万欧元目标。随 后有关MooRER的消息便是九牧王对其的出售。 财务数据透露，九牧王净利润的大幅增长主要来源于投资收益。三季报显示，九牧王的交易性金融资产 为13.78亿元，较去年同期的7.19亿元大幅增长了91.56%，与去年同期的亏损相比，本期还实现了1.63亿 元的投资收益。 就此次出售相关问题，北京商报记者对九牧王进行采访，但截至发稿未收到回复。 "基于当下的消费环境，高端消费市场的不确定性在持续增加，出售MooRER股权可以回收资金用于支 持核心业务的发展，这是归核化战略的标准体现。九牧王在评估之后认为其品牌在多元化战略中的贡献 有限，不如集中资源强化主业。"盘古智库研究院高级研究员江瀚补充道。 九牧王业务以男装为主，具体包括男裤、茄克、衬衫等。其中，超一半的业务为男裤，根据上半年财 报，九牧王男裤业务营收占比为51.28%。 不过，从财报数据来看，九牧王的战略变革似乎还需要更长的时间。根据九牧王最新发布的三季度财 报， ...

Core Viewpoint - The article emphasizes the advantages of a new men's cotton jacket from the Italian brand "啄木鸟" (Woodpecker), highlighting its superior warmth, practicality, and affordability compared to traditional down jackets [10][20][34]. Group 1: Product Features - The new cotton jacket features advanced materials including camel down and graphene, providing exceptional warmth and comfort [12][34]. - The jacket's outer layer is made of high-density windproof and waterproof fabric, ensuring protection against rain and snow [16][65]. - The design is tailored to be slim-fitting and stylish, allowing for ease of movement without bulkiness [18][73]. Group 2: Brand and Pricing - The jacket is from the high-end brand "啄木鸟," which has been known for its commitment to quality since its establishment in 1932 [20][24]. - The promotional price for the jacket is set at 138 yuan, which is considered an exceptional deal for a high-quality product [27][34]. - The brand has a strong presence with over a thousand retail locations nationwide, providing reliable quality assurance [24]. Group 3: Target Audience and Versatility - The jacket is designed to fit a wide range of body types and ages, making it suitable for personal use or as a gift for family members [32][88]. - It is marketed as an ideal winter solution for both northern and southern regions, addressing diverse weather conditions [91].

Group 1 - Jiangyin Hailan Water Beverage Co., Ltd. has been established with a registered capital of 5 million RMB, focusing on food sales, plastic packaging, and health food sales [1] - The company is wholly owned by Hailan Home Brand Management Co., Ltd., which is part of Hailan Group [1] - Hailan Group's main brand, Hailan Home, went public in 2014 as the "first men's clothing stock" in A-shares, with a current market value of nearly 30 billion RMB [1] Group 2 - Hailan Group has recently submitted an application to the Hong Kong Stock Exchange, aiming for a dual listing (A+H) [1]

Investment Dynamics - The coffee brand "Bixing Coffee" has completed a Series B financing round of several tens of millions, led exclusively by Suzhou Agricultural Development Industry Science and Technology Innovation Fund. The funds will be used for expanding offline stores and brand promotion [1][3] - The Snow League, a professional winter sports league founded by Shaun White, has raised $15 million in financing, with new investors including 359 Capital, BITKRAFT Ventures, and WISE Ventures. This funding will support the league's first season bonuses and athletes [5] - Zhejiang Ruiwei New Materials Technology Co., Ltd. has completed its third round of equity financing, with investment from the Beautiful Navigation Fund, co-established by L'Oréal and Tiantu Capital. The company focuses on biodegradable materials in the consumer sector [6][7] Brand Dynamics - Prada Group's acquisition of Versace is set to finalize on December 2, with a cash transaction based on a €1.25 billion valuation, which is only 1.33 times Versace's projected $1.03 billion revenue for FY2024, significantly lower than the typical luxury industry valuation of 3 to 5 times [8][10] - The founder of high-end sports fashion brand MooRER has repurchased a 25% stake from Joeone, regaining 100% ownership of the brand, which will now refocus on its high-end niche positioning [12][13] - Katjes Group is in talks to acquire Unilever's snack brand Graze for approximately £35 million, significantly lower than the £150 million Unilever paid in 2019 [14][16] - Nestlé plans to merge its infant nutrition business units in China, which is expected to create new growth opportunities by leveraging the strengths of both brands [18][19] - Beyond Meat has quietly closed its flagship stores on major e-commerce platforms in China, with its factory in Jiaxing ceasing production, primarily due to a small local vegetarian market and high product pricing [22] - Swire Group has laid off about 10% of its Hong Kong headquarters staff, affecting around 40 employees, as part of a restructuring to enhance efficiency [24] - Gao Xin Retail has appointed Li Weiping as the new CEO, marking the third CEO change in two years since the acquisition by Dehong [25][26]