研究报告 Research Report 3 Mar 2026 全球服装、鞋类及配饰设计 Global Apparel, Footwear & Acc Design 全球运动鞋服份额获取或已达瓶颈，服饰大融合时代到来 Global Athletic Footwear & Apparel Share Gains May Be Plateauing, The Era of "Apparel Convergence" Is Arriving Related Reports 2026 大消费渠道专家会：伯希和维持高增长态势，始祖鸟和萨洛蒙持续 拓圈 2026 Big Consumption Channel Expert Meeting: Pelliot Maintains High Growth Momentum, Arc'teryx and Salomon Continue to Expand Consumer Reach (25 Feb 2026) 2026 大消费渠道专家会：puma 中国业绩稳健向上，26 年 ADIDAS 订货增 速最优 2026 Big Consumption Channel Expert ...

[Table_Title] 研究报告 Research Report 25 Feb 2026 中国香港服装、鞋类及配饰设计 China (A-share) Hong Kong Apparel, Footwear & Acc Design 2026 大消费渠道专家会：伯希和维持高增长态势，始祖鸟和萨洛蒙持续拓圈 2026 Big Consumption Channel Expert Meeting: Pelliot Maintains High Growth Momentum, Arc'teryx and Salomon Continue to Expand Consumer Reach 寇媛媛 Yuanyuan Kou 林泽宇 Caleb Lin yy.kou@htisec.com caleb.zy.lin@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies within it [20]. Core Insights - PUMA China is experiencing steady growth, primarily driven by same-store sales and a healthy inventory, with a focus on upgrading stores in key business districts [2][8]. - The product mix is balanced between footwear and apparel, with significant growth in women's apparel and a strong performance from leisure and trendy products [3][9]. - The acquisition of PUMA by Anta is viewed positively, as it is expected to enhance PUMA's market share and technical capabilities while addressing Anta's brand integration challenges [4][10]. Summary by Sections Business Structure and Performance - PUMA China operates under a traditional sports brand business model, with a growing share of direct-operated stores, currently at approximately 30% [1][7]. - The ordering model follows a traditional futures system, with double-digit growth in orders for the first three quarters of 2026 [1][7]. Product and Market Dynamics - The majority of PUMA's products are leisure-oriented, with over 60% of sales coming from this category, and women's apparel sales are on the rise [3][9]. - PUMA's pricing strategy shows clear ranges, with footwear priced between RMB 500-800 and apparel ranging from RMB 300-1000 depending on the season [3][9]. Competitive Landscape - PUMA's main competitors include New Balance and ASICS, with a market positioning strategy that aims for differentiation through product offerings [4][10]. - Recent sales data indicates a divergence among mainstream sports brands, with Adidas showing strong double-digit growth while others like Li-Ning and Anta have faced challenges [5][11]. Future Outlook - The basketball category is anticipated to rebound in 2026, driven by a recovery in youth training and increased participation in sports [12]. - PUMA's focus on localized products remains low, primarily consisting of seasonal and co-branded items, indicating potential for growth in this area [4][10].

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies within it. Core Insights - The 2025 Q4 Lyst ranking indicates a consumer shift towards brands that emphasize stability, classic styles, and practicality, moving away from short-term trends [2][12] - The top three brands, Saint Laurent, Miu Miu, and COS, maintained their positions, reflecting consumer preference for brands with clear style boundaries and consistent aesthetic expression [2][12] - Mid-tier brands like Ralph Lauren and Burberry saw significant improvements, attributed to a return to classic styles and strong holiday gifting demand [2][12][13] - The overall trend suggests a transition in the fashion industry from "visual shock value" to "Borecore," where classic, durable, and versatile items are becoming mainstream choices [2][12] Summary by Sections Brand Rankings - The top three brands in the Lyst ranking for Q4 2025 were unchanged: Saint Laurent, Miu Miu, and COS [1][11] - Ralph Lauren rose five places to rank fourth, while Burberry and Gucci each climbed five places to eighth and ninth, respectively [1][11] - Notable declines were seen in brands like Bottega Veneta and Loewe, each dropping five places [1][11] Consumer Preferences - Consumers are increasingly favoring brands that offer clear style definitions and consistent aesthetics, moving away from fleeting trends [2][12] - The demand for classic and practical items is on the rise, with brands like Ralph Lauren and Burberry benefiting from this shift [2][12][13] Item Popularity - The report highlights that practical outerwear and knitwear are leading in item popularity, with specific products like Polo Ralph Lauren's half-zip cable-knit sweater and Burberry's wool scarf gaining significant attention [8][14] - Accessories such as Burberry cashmere scarves and Arc'teryx knit beanies also maintained high interest, with Arc'teryx searches surging by 1,058% in Q4 [8][14]