来源丨凤凰网财经《公司研究院》 锐步，这个曾力压耐克、签下艾弗森和姚明的运动品牌"没落贵族"，如今或将成为安踏全球化版图的新拼图。网传安踏将收购美国品牌管理公司ABG 旗 下的锐步，而多家媒体称相关实缴已完成，安踏则回应"不对市场传闻发表评论"，既未否认也未证实传闻。 这已是安踏第二次传出有意收购锐步。早在2021年，安踏就曾"示好"锐步，但彼时阿迪达斯以25亿美元将其卖给了品牌管理公司ABG。到2024年，锐步全 球份额仍不足1.5%，沦为二线品牌。如今，安踏卷土重来。若交易成行，这将是安踏继FILA、亚玛芬（始祖鸟母公司）、狼爪后的又一重磅收购。 问题是，阿迪达斯和ABG均未能救活的锐步，安踏能否靠供应链和零售运营能力让其"起死回生"？ 01 运动品牌圈要变天？ 安踏集团于1999年创立，2007年于港交所上市。2024年，安踏体育以708.26亿元营收，首次超越耐克中国，坐上中国运动市场头把交椅。安踏集团董事局 主席丁世忠曾说："安踏未来一定会成为一家国际化公司，我们会通过收购兼并走向国际化。" 业内人士分析，安踏收购锐步的战略意图明显：一方面可以补强专业运动板块，另一方面能借助锐步的欧美渠道推动主品牌 ...

作者 丨DW 来源丨凤凰网财经《公司研究院》 锐步，这个曾力压耐克、签下艾弗森和姚明的运动品牌"没落贵族"，如今或将成为安踏全球化版图 的新拼图。网传安踏将收购美国品牌管理公司ABG 旗下的锐步，而多家媒体称相关实缴已完成， 安踏则回应"不对市场传闻发表评论"，既未否认也未证实传闻。 相比之下，曾经的行业巨头锐步却日渐式微。锐步创立于1958年（前身始于1895年英国福斯特跑 鞋，也是世界上第一款钉鞋）。1979年，美国商人保罗·法尔曼接手后，锐步迎来黄金时代，不仅 在1982年推出首款女性健身鞋，还在1987年凭借14亿美元销售额超越耐克，成为全球运动鞋第一 品牌。锐步曾凭借Pump充气篮球鞋、艾弗森和姚明代言在千禧年前后成为篮球文化的符号。 这已是安踏第二次传出有意收购锐步。早在2021年，安踏就曾"示好"锐步，但彼时阿迪达斯以25 亿美元将其卖给了品牌管理公司ABG。到2024年，锐步全球份额仍不足1.5%，沦为二线品牌。如 今，安踏卷土重来。若交易成行，这将是安踏继FILA、亚玛芬（始祖鸟母公司）、狼爪后的又一重 磅收购。 问题是，阿迪达斯和ABG均未能救活的锐步，安踏能否靠供应链和零售运营能力让其" ...

Core Viewpoint - The article discusses the rapid changes in consumer preferences among the middle class in China, particularly in outdoor activities like camping, cycling, and skiing, highlighting a shift from enthusiasm to disillusionment and financial constraints [4][6][29]. Group 1: Changing Trends in Outdoor Activities - The once-popular outdoor activities, referred to as the "three treasures" of the middle class—camping, cycling, and skiing—are experiencing a decline in interest and participation [4][5]. - Social media trends have shifted from promoting outdoor activities to discussions about abandoning them due to high costs and inventory issues [5][6]. - The middle class's preferences are volatile, with a tendency to quickly abandon previous interests for new trends, leading to a cycle of rapid consumption and subsequent disillusionment [6][12]. Group 2: Market Dynamics and Consumer Behavior - The production of mid-to-high-end bicycles in China saw a 15.1% year-on-year increase in 2023, indicating a brief surge in interest before a market correction [9]. - Skiing gained popularity post-Winter Olympics, with a 209% increase in ski ticket orders in early November 2023 compared to 2019 [9]. - However, the skiing industry is facing significant challenges, with many brands reporting sales declines of 30%-50% and some even halting operations due to excess inventory [17][20]. Group 3: Economic Factors and Consumer Spending - The article notes a shift in consumer behavior, with middle-class individuals becoming more price-sensitive and seeking value for money, leading to a decline in spending on previously popular outdoor activities [24][29]. - The camping industry, which had seen growth during the pandemic, is now struggling with high competition and low consumer turnout, leading to many businesses closing or pivoting [21][22]. - The overall sentiment reflects a broader economic trend where middle-class consumers are prioritizing essential spending over luxury or leisure activities [24][29]. Group 4: Industry Challenges and Future Outlook - The influx of new businesses in the cycling and outdoor sectors has led to oversaturation, with many companies unable to sustain operations amid declining consumer interest [15][20]. - The article emphasizes the need for businesses in these sectors to adapt to changing consumer preferences and economic realities, suggesting that only those with a long-term vision and commitment to quality will survive [31][32]. - The narrative concludes with a cautionary note about the fleeting nature of trends and the importance of understanding the underlying consumer motivations in the outdoor industry [30][32].

Core Viewpoint - The article discusses the growing quality issues surrounding the brand Arc'teryx, which was once celebrated for its high-end outdoor gear but is now facing significant consumer backlash due to product defects and poor customer service experiences [2][15][30]. Group 1: Quality Issues - Consumers have reported various quality problems with Arc'teryx products, including items that have frayed or pilled after minimal use, leading to dissatisfaction with the brand's reputation for high-quality materials and craftsmanship [6][15][19]. - The brand's customer service has been criticized, with some customers receiving inadequate responses regarding their quality complaints, further eroding trust in the brand [8][9][15]. Group 2: Market Position and Sales Performance - Arc'teryx has become a trendy symbol among the middle class, often referred to as part of the "middle-class three-piece set," alongside brands like Lululemon and Salomon [4][28]. - The brand's sales have seen significant growth, with revenue exceeding $2 billion in the previous year, reflecting a 36% year-on-year increase in its outdoor functional clothing segment [25][29]. - The company has successfully positioned itself in the high-end market, with flagship stores designed to enhance its luxury image, but this has also led to a shift in consumer perception from outdoor utility to fashion statement [27][28]. Group 3: Consumer Sentiment and Brand Trust - There is a rising sentiment against Arc'teryx on social media, with some consumers expressing their decision to stop purchasing the brand due to quality concerns [16][23]. - The brand's previous reputation for quality and service is being challenged, and it is crucial for Arc'teryx to address these issues to regain consumer trust and maintain its market position [30].

Core Viewpoint - The article highlights the growing quality concerns surrounding the brand Arc'teryx, which was once celebrated for its high-end outdoor gear but is now facing significant criticism from consumers regarding product quality and customer service [2][16][24]. Group 1: Quality Issues - Arc'teryx has been increasingly criticized for quality issues, with consumers reporting problems such as seams coming undone and fabric pilling after minimal use [6][9][10]. - The brand's reputation for using "top-tier materials and craftsmanship" is being questioned as customers experience dissatisfaction with the quality of their purchases [16][32]. - There is a noticeable shift in consumer sentiment, with some customers expressing their intention to stop purchasing Arc'teryx products due to these quality concerns [17][20][22]. Group 2: Market Position and Financial Performance - Arc'teryx has established itself as a leading brand in the "middle-class three-piece set," alongside brands like lululemon and Salomon, becoming a fashionable choice rather than just an outdoor necessity [3][30]. - The brand's parent company, Amer Sports, reported a revenue of over $2 billion in 2024, with a 36% year-on-year growth in its outdoor functional clothing segment [31]. - Despite the impressive financial performance, the ongoing quality issues pose a risk to the brand's long-term success and consumer trust [32]. Group 3: Brand Strategy and Consumer Perception - Following its acquisition by Anta Group, Arc'teryx has focused on enhancing its brand image through high-end retail strategies, including flagship stores and limited releases [25][26]. - The brand's pricing strategy positions its products as luxury items, with jackets priced at several thousand yuan, appealing to consumers seeking status symbols [28][30]. - However, the erosion of consumer trust due to quality issues may undermine the brand's perceived value and market position [32].

Core Insights - Arc'teryx has made significant moves in the footwear sector, launching its first independent footwear line in March 2024 and establishing a dedicated Footwear Business Unit in April 2025, led by a former Nike executive [2][10][12] - The outdoor sports market in China is projected to exceed 3 trillion yuan by 2025, with hiking becoming a core segment alongside camping and cycling [4][10] - The demand for outdoor footwear is increasing, as evidenced by a 100% year-on-year sales growth for trail running and hiking shoes during the recent "618" shopping festival [6][10] Company Strategy - The establishment of a specialized footwear department indicates Arc'teryx's ambition to become a leader in the global mountain sports footwear market [2][10] - The footwear pricing strategy targets the high-end market, with prices ranging from 1500 to 3800 yuan, contrasting with lower-priced competitors like Salomon [13][15] - Arc'teryx aims to leverage its technical expertise from apparel to footwear, incorporating advanced materials like GORE-TEX to enhance product offerings [20][24] Market Performance - Arc'teryx's parent company, Amer Sports, reported a 35.9% revenue increase in the outdoor functional apparel segment, reaching $2.194 billion, although growth rates across all segments are slowing [10][11] - The footwear segment has seen a threefold increase in business volume since 2022, with market share in North America rising from 4% to 10% [16][20] - Competitors like On and HOKA are showing strong growth, prompting Arc'teryx to accelerate its footwear development to capture market share [20][26] Consumer Insights - Arc'teryx's footwear appeals to professional outdoor enthusiasts and high-end consumers who prioritize performance and brand prestige [16][20] - Customer feedback highlights the importance of performance features such as slip resistance and comfort, which are critical for outdoor footwear [26][28] - The brand's marketing strategy focuses on building a strong reputation through user experience and product performance rather than traditional advertising [28]

Core Viewpoint - Amer Sports is effectively managing the impact of rising import tariffs through a combination of pricing strategies, supplier negotiations, and supply chain optimization, allowing the company to maintain a positive growth trajectory despite macroeconomic uncertainties [1][2]. Financial Performance - In Q1 2025, Amer Sports reported a revenue increase of 23% year-over-year, reaching $1.473 billion, with adjusted net profit rising significantly to $150 million from approximately $50.2 million in the same period last year [1]. - The company has raised its full-year revenue growth forecast to 15%-17%, despite the ongoing 30% tariffs on imports from China, indicating confidence in its operational and financial momentum [2]. Market Position and Growth - The Greater China region is currently the second-largest market for Amer Sports but is experiencing the fastest growth, with a 43% year-over-year increase in Q1, amounting to $446 million [2]. - The Americas and EMEA regions also showed steady growth, with revenues of $465 million and $405 million respectively, both achieving a 12% increase [2]. - The Asia-Pacific region reported a remarkable 49% year-over-year growth, reaching $157 million [2]. Stock Market Reaction - Following the earnings release, Amer Sports' stock surged, reaching a peak of $37.99 per share, marking a new high for the year, and closing at $37.37, which represents an increase of over 19% [3]. - The company's market capitalization surpassed $20 billion, nearly doubling since its IPO [3]. Industry Trends - The outdoor sports market is benefiting from a cultural shift among young consumers in China, with 43.6% of this demographic viewing outdoor activities as social currency, leading to a long-term consumption trend [3]. - The average annual spending on outdoor sports activities in China ranges from 2,000 to 5,000 yuan, with top international brands averaging around 1,000 yuan per item [3].

Core Viewpoint - The article discusses the recent trend of high-value auctions of confiscated goods by customs, particularly focusing on the auction of Disney merchandise, which has attracted significant attention and participation from young consumers and collectors [3][5][10]. Group 1: Auction Dynamics - A recent auction featured 735 Disney items, including 653 plush toys, with a starting bid of 32,480 yuan, which eventually saw a toy sell for 280,480 yuan, highlighting the extreme price volatility in the collectibles market [8][10][11]. - The auction attracted over 60,000 viewers and 139 bidders, indicating a growing interest in such events among the younger demographic [17][19]. - The auction's hype was fueled by social media, where claims about the rarity of certain items, such as "271 green bears," drove up bidding prices significantly [13][18]. Group 2: Market Trends - The article notes a shift in consumer behavior, with young people increasingly participating in customs auctions to find rare collectibles, reflecting a broader trend in the "cultural value" of such items [6][26]. - The rise of the "customs auction" phenomenon is linked to the growing popularity of "cultural goods," which are often difficult for outsiders to appraise accurately, leading to speculative buying [20][21]. - The customs auctions have become a new channel for middle-class consumers to acquire luxury items at lower prices, with some items being sold for just a few hundred yuan [32][35]. Group 3: Implications for Customs and Trade - The article highlights the evolving role of customs in regulating and auctioning off confiscated goods, which now includes a variety of high-demand cultural products, from toys to luxury fashion items [24][41]. - Customs officials have noted an increase in the seizure of high-value items, indicating a growing trend in smuggling and the need for stricter regulations in the trade of cultural goods [21][26]. - The auction process is described as lacking in quality assurance, with no guarantees on the authenticity of items sold, which poses risks for buyers [42][43].

Core Viewpoint - The article discusses the phenomenon of customs auctions becoming a popular avenue for middle-class consumers to acquire rare and valuable items, particularly Disney merchandise, at significantly lower prices than retail [3][27]. Group 1: Customs Auctions and Consumer Behavior - The recent customs auction featured 735 Disney items, including 271 "green Belle" dolls, which attracted over 60,000 viewers and resulted in a final bid of 280,480 yuan, significantly higher than the starting price of 32,480 yuan [3][5][12]. - The auction reflects a growing trend where young consumers are engaging in customs auctions to find bargains, with some participants viewing it as a gamble rather than a guaranteed investment [5][8]. - The auction's excitement was fueled by social media, where claims about the rarity of certain items, like the "green Belle," created a frenzy among bidders [8][14]. Group 2: Market Dynamics and Pricing - The value of the "green Belle" dolls skyrocketed from an initial estimate of 12,000 yuan to 280,480 yuan due to perceived rarity and demand, illustrating the volatility of collectible pricing in the secondary market [5][15]. - The article highlights the disparity between perceived and actual value, as the actual number of "green Belle" dolls was much lower than anticipated, leading to buyer disappointment [15][16]. - Customs auctions have become a new channel for middle-class consumers to acquire high-end brands at lower prices, with examples of luxury items being auctioned for just a few hundred yuan [28][30]. Group 3: Implications for the Customs and Auction Industry - The rise of customs auctions is linked to the increasing popularity of "cultural value" items, which are often difficult for outsiders to appraise accurately, leading to potential market manipulation [17][24]. - The customs department has noted a rise in the seizure of high-value items, including toys and collectibles, indicating a shift in the types of goods being smuggled and subsequently auctioned [21][25]. - The article suggests that customs auctions may serve as a barometer for trending consumer interests, as the types of items seized and auctioned reflect current market demands [21][24].

Group 1 - The article highlights the recent auction of 735 Disney merchandise items, including 653 plush toys, which attracted significant attention and resulted in a toy being sold for 280,480 yuan, a nearly ninefold increase from its starting price of 32,480 yuan [8][10][18] - The auction was characterized by intense bidding, with over 60,000 viewers and 139 participants, showcasing the growing interest in collectible items among younger consumers [5][18][21] - The auction featured a specific item known as "green Belle," which was misidentified, leading to confusion and inflated prices, demonstrating the speculative nature of the collectibles market [20][21][50] Group 2 - The article discusses the evolving role of customs in the collectibles market, indicating that customs authorities are increasingly involved in the auctioning of seized goods, which has become a new trend in the "guzi" (collectibles) economy [22][29][50] - It notes that the auction process is often opaque, with no guarantees regarding the authenticity of the items sold, raising concerns among buyers about potential counterfeit products [48][50] - The customs auctions have become a popular venue for middle-class consumers seeking to acquire luxury items at lower prices, reflecting a shift in consumer behavior towards seeking value in seized goods [33][36][39]