Core Insights - The high-end down jacket market in China is experiencing significant changes, with domestic brands like Bosideng, Gao Fan, and Meili Cheng making strong inroads against established international brands such as Canada Goose and Moncler [1][5]. Group 1: International Brands Performance - Moncler reported a revenue of €1.841 billion for the first three quarters of 2025, showing a 1% decline year-on-year when calculated at current exchange rates [2]. - Canada Goose's revenue for the three months ending September 28, 2025, was CAD 273 million, reflecting a 1.8% increase year-on-year at current exchange rates, but an operating loss of CAD 17.6 million was reported [2][3]. - Both brands highlighted strong performance in the Chinese market, which has become a key growth driver despite challenges in other regions [2][3]. Group 2: Domestic Brands Growth - The Chinese down jacket market is projected to exceed ¥227 billion in 2024, with a 15% year-on-year growth, and the high-end segment (priced above ¥2,000) is expected to grow at 20% [5]. - Bosideng has significantly increased its product prices, with flagship items now ranging from ¥2,000 to ¥3,000, and some premium lines exceeding ¥10,000 [6][7]. - Gao Fan is expanding its presence with 23 stores across various provinces, indicating a strategic push into the high-end market [8]. Group 3: Product Innovation and Competition - High-end down jackets are competing on multiple fronts, including filling materials, technology, and design, with goose down becoming a standard for premium products [11]. - Brands are focusing on technological advancements, such as windproof and waterproof materials, to enhance product performance [12]. - Innovative designs and collaborations are being utilized to attract consumers, with brands like Moncler and Gao Fan integrating unique cultural elements into their products [13][15]. Group 4: Consumer Behavior and Market Dynamics - Consumers are increasingly discerning, valuing quality, experience, and brand narratives, which influences their purchasing decisions in the high-end down jacket market [14]. - The competitive landscape is intensifying, with domestic brands challenging international players, necessitating a focus on genuine quality to maintain market positioning [14].