以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 将投中网设为"星标⭐"，第一时间收获最新推送 涨价后消费者不爱去了？ 作者丨 易浠 编辑丨 吴跃 来源丨 财经天下WEEKLY 19.9元的速干T恤、49.9元的双肩包、99元的登山鞋，这些让消费者高呼真香的迪卡侬商品，自两 年前以肉眼可见的速度消失后，去迪卡侬的消费者就变少了。 在消费者加速"逃离"中，迪卡侬开始考虑出售中国业务了。今年4月以来，迪卡侬中国业务"卖身"的 传闻就在坊间流传开来。 8月下旬，有媒体报道称，迪卡侬正计划出售中国子公司约30%的股权。 这一业务初步估值区间约10亿~15亿欧元，折合人民币约100亿元。对于市场传闻，迪卡侬中国方面 回复称："不予置评。 " 据了解，目前已有多家投资机构进入谈判阶段。 知情人士王啸告诉《财经天下》，"早就听说安踏与迪卡侬在接触，但由于价格一直没谈妥，估计年 底有结果，安踏认为迪卡侬要价高了"。 迪卡侬在中国是怎么走到今天这一步的？ 涨价后消费者不爱去了 不是消费者抛弃迪卡侬，而是迪卡侬亲手关 ...

以下文章来源于商业弧光 ，作者柳柳 商业弧光 . 听风者，捕光人，最准点的商业节拍 出品｜虎嗅商业消费组 作者｜柳柳 编辑｜苗正卿 题图｜KEEN 年轻人鞋柜里的顶流迭代迅速，曾风靡一时的Crocs洞洞鞋式微，Birkenstock勃肯鞋接棒上位。如今，薄底鞋、芭蕾鞋、溯溪鞋风头正劲，上演着一场 静默革命。 在"错鞋理论"里，建立个人风格，只需选择最意想不到的鞋子来完成穿搭。主体基调都是，不遵循规则，去表达自我，这或许是每一款爆款崛起与退潮 的底层原因：洞洞鞋和勃肯鞋的生存法则是"丑时尚"。薄底鞋继2024年爆火后2025年热度延续，其中芭蕾鞋被很多奢侈品牌看中布局。溯溪鞋，这种 专为户外涉水设计的透气功能性鞋履，不经意间成为年轻人街头巷尾的新宠。 年轻人对鞋的喜好更迭之快，总令人捉摸不透。到底是谁在拿捏他们的鞋柜？ 丑鞋洞洞鞋为何不火了？ 凭借 "洞门文化"，洞洞鞋鼻祖Crocs曾在2023年创造过营收200亿美元的商业神话，成为校园里的潮流符号。 然而，最近一年，市场表现尽显颓势。2024年四个季度，Crocs的营收同比增速分别为14.6%、9.7%、7.4%、4.0%，下滑趋势明显。2025 年一季度， ...

出品｜虎嗅商业消费组 年轻人鞋柜里的顶流迭代迅速，曾风靡一时的Crocs洞洞鞋式微，Birkenstock勃肯鞋接棒上位。如今，薄底鞋、芭蕾鞋、溯溪鞋风头正劲，上演着一场静默 革命。 在"错鞋理论"里，建立个人风格，只需选择最意想不到的鞋子来完成穿搭。主体基调都是，不遵循规则，去表达自我，这或许是每一款爆款崛起与退潮的底 层原因：洞洞鞋和勃肯鞋的生存法则是"丑时尚"。薄底鞋继2024年爆火后2025年热度延续，其中芭蕾鞋被很多奢侈品牌看中布局。溯溪鞋，这种专为户外涉 水设计的透气功能性鞋履，不经意间成为年轻人街头巷尾的新宠。 年轻人对鞋的喜好更迭之快，总令人捉摸不透。到底是谁在拿捏他们的鞋柜？ 更深层的危机在于价值体系的崩塌。Crocs自身的定价与市场竞争的矛盾加剧困境。电商平台上 39 元的平替款大量出现，让千元内价位的Crocs，试图打造 的"功能性轻奢"定位不堪一击。 Crocs自身的业务决策与运营问题更是难辞其咎，此前收购意大利休闲鞋品牌HEYDUDE导致的库存压力与关税增加相互叠加，推高运营成本，拖累业绩。 不过，Crocs天猫旗舰店目前仍保持着10%的增长，这揭示了一个现实：洞洞鞋并未真正消失，只 ...

Core Viewpoint - Crocs, the leading brand in the clogs market, has issued a revenue guidance indicating a projected year-over-year decline of 9% to 11% for Q3 2025, signaling a potential downturn in the popularity of clogs [1][2]. Group 1: Company Performance - Following the revenue guidance, Crocs' stock price plummeted nearly 30%, resulting in a market capitalization of approximately $4 billion, which is nearly half of its peak value in 2024 [2]. - The decline in Crocs' performance reflects a broader trend in the clog market, suggesting that the once-popular footwear is experiencing a decline in consumer interest [3][4]. Group 2: Consumer Experience and Safety Concerns - Consumers of clogs face multiple safety risks, including ankle sprains, falls, being caught in escalators, and potential shrinkage of the shoes due to heat [5][16]. - Specific incidents highlight these risks, such as a consumer spraining an ankle after stepping on a loose manhole cover while wearing Crocs [7], and another experiencing multiple falls due to the lack of grip on slippery surfaces [9][18]. - The design of clogs, which often includes high heels and thick soles, compromises stability and increases the likelihood of accidents [18][21]. Group 3: Market Trends and Alternatives - The popularity of clogs is waning, with consumers increasingly seeking alternatives that offer better safety features and comfort, such as creek shoes [27]. - Sales data indicates a significant rise in creek shoe sales, with a 50% increase since June 2025 and a 75% increase in transaction value on platforms like Tmall [29]. - The global sandal market is also expanding, projected to grow from $32.6 billion in 2024 to $44.81 billion by 2033, indicating a shift in consumer preferences towards safer and more functional footwear options [29].

Core Insights - The article discusses the rising popularity of creek shoes, highlighting a significant increase in sales and consumer interest over the past few years, particularly in the context of outdoor activities [4][15][27]. Sales Performance - Creek shoes have seen a sales growth of over 50% for two consecutive years, with sales reaching 330 million yuan in the first half of this year, marking a 53.4% year-on-year increase [4][6]. - The average price of creek shoes has risen from 209.4 yuan to 267.7 yuan over the past three years, indicating a trend towards higher-priced products [6]. Market Dynamics - KEEN leads the market share in the creek shoe category, while the brand "Leading Camel" has the highest sales volume [8]. - Creek shoes can be categorized into three price segments: 1. Budget brands (100-350 yuan): Leading Camel, Decathlon, and Pathfinder 2. Mid-range brands (351-700 yuan): Merrell, Asics, and Columbia 3. High-end brands (701-1050 yuan): KEEN, Salomon, and HOKA [9][10]. Consumer Behavior - The target demographic for creek shoes is predominantly male, with over 70% of consumers aged between 31 and 50 years [12]. - The increasing popularity of creek shoes is attributed to the rise in outdoor activities, particularly during summer months, as consumers seek practical and stylish footwear for water-related activities [15][18]. Social Media Influence - Social media platforms, especially Xiaohongshu, have played a crucial role in driving discussions and interest in creek shoes, with a notable increase in online mentions and engagement [6][15]. - Consumers often compare creek shoes with other types of footwear, such as sandals and traditional water shoes, finding creek shoes to be more practical and suitable for specific outdoor scenarios [18][20]. Fashion and Functionality - Creek shoes are not only seen as functional outdoor gear but also as fashionable items that can be worn in various settings, including casual outings and urban environments [24][27]. - The trend of professional outdoor gear becoming more mainstream and stylish is evident, with brands leveraging social media and diverse sales channels to enhance their appeal [25][27].

Group 1 - The traditional e-commerce promotional calendar is being disrupted, with significant discounts available during the summer months, leading to a shift in consumer purchasing behavior [1][3] - Consumers are increasingly attracted to high-cost performance products during the summer, as evidenced by the sale of a Kate Spade bag at a price lower than previous promotional events [1] - E-commerce platforms and brands are more willing to offer discounts in the summer, with events like the "8.8 Fast Grab Festival" providing prices 20% lower than regular levels [1] Group 2 - The summer season has seen a surge in demand for categories such as light luxury and sportswear, with brands like Anta, Fila, and Skechers identifying this period as a new growth opportunity [3] - Consumers are shifting from concentrating their spending during major promotional events to seeking value in everyday purchases, indicating a move towards a more regular promotional landscape [3]

Core Viewpoint - The article discusses the rising popularity of "ugly shoes," particularly creek shoes, driven by a shift in consumer preferences towards comfort and practicality over traditional aesthetics, highlighting significant market growth and consumer engagement in this segment [5][10][20]. Group 1: Market Trends - Creek shoes have gained substantial traction, with Tmall reporting a 75% year-on-year increase in transaction value and over 120% growth in transaction volume for outdoor footwear in 2024 [10]. - The popularity of creek shoes is reflected in social media engagement, with discussions on platforms like Xiaohongshu exceeding 80 million views and nearly 40,000 participants [10][12]. - The creek shoe market is characterized by a diverse price range, allowing consumers greater freedom in selection, which contrasts with the dominance of Crocs in the clog market [13][15]. Group 2: Consumer Behavior - Young consumers are increasingly drawn to creek shoes as they seek comfort and a break from traditional beauty standards, aligning with a broader cultural shift towards self-expression and individuality [20][21]. - The trend of "ugly shoes" is seen as a response to societal pressures, with brands like Crocs and KEEN embracing this aesthetic to resonate with younger audiences [25][27]. - The article notes that the appeal of creek shoes lies in their versatility, allowing for seamless transitions between outdoor activities and everyday wear, which is particularly attractive to younger consumers [16]. Group 3: Competitive Landscape - The creek shoe market is becoming increasingly competitive, with numerous brands entering the space, leading to a fragmented market compared to the more concentrated clog market dominated by Crocs [13][34]. - Price segmentation is evident, with top-tier brands like KEEN priced between 1200-2300 RMB, while mid-tier options range from 400-1200 RMB, and budget-friendly choices from domestic brands fall between 150-450 RMB [15]. - Despite the growth, there are concerns about the sustainability of creek shoes' popularity, as they may be susceptible to changing consumer preferences and economic conditions [30][34]. Group 4: Challenges - The article highlights potential pitfalls for creek shoes, including quality issues reported by consumers, which could hinder broader acceptance and market penetration [37]. - The overall economic environment is shifting towards cautious consumer spending, which may impact the sales of creek shoes and other non-essential footwear [34][35]. - Brands must prioritize consumer needs and quality to maintain their market position, as neglecting these aspects could lead to a decline in popularity [37].

Core Viewpoint - The article emphasizes the importance of appropriate outdoor gear during heavy rainfall, highlighting various products available on JD.com to ensure safety and comfort while navigating wet conditions [1][5]. Group 1: Weather Impact - Continuous heavy rainfall has been reported in multiple regions including Shaanxi, Shanxi, and Hebei, with a red rainstorm warning issued in Beijing, predicting localized heavy to torrential rain from July 28 to 29 [1]. - The article advises minimizing outdoor activities during severe weather and suggests protective gear for those who must go out [5]. Group 2: Recommended Footwear - For outdoor activities in wet conditions, specialized footwear such as creek shoes or sports sandals is recommended, including options like Hoka Hopera creek shoes and ASICS sports sandals, which provide breathability and grip [2]. - Other footwear options include Crocs and BEYS rain boots, designed for water resistance and safety on slippery surfaces [1][2]. Group 3: Recommended Outerwear - A high-performance waterproof and windproof jacket is essential for staying dry during rain, with various options available such as the Explorer brand jackets and North Face jackets, which utilize advanced materials to prevent moisture accumulation [3]. - JD.com offers a wide range of waterproof jackets from brands like Helly Hansen and Columbia, catering to consumers' needs for protection against rain [3].

Core Viewpoint - The article discusses the rise of "ugly shoes" as a fashion trend among young people, highlighting a shift from traditional stylish footwear to more comfortable and unconventional designs that prioritize comfort over aesthetics [1][3][4]. Group 1: Fashion Trends - 2024 is declared the year of ugly shoes, with a trend towards wearing increasingly unconventional and unattractive footwear as a statement of individuality [3][4]. - Popular styles include clogs, Ugg boots, and chef shoes, which are now embraced by a wide demographic, from celebrities to everyday workers [3][4]. - The trend reflects a broader cultural shift away from consumerism and traditional fashion norms, with young people opting for comfort and practicality [4][45]. Group 2: Specific Shoe Styles - New versions of ugly shoes are emerging, with designs that intentionally emphasize unattractiveness, such as ballet flats inspired by old-fashioned shoes and five-toe shoes [6][22]. - The popularity of mesh shoes and jelly sandals has surged, with prices reaching up to $950 for designer versions, indicating a willingness to pay for unique and comfortable designs [10][12][24]. - Brands like KEEN have gained traction among young consumers, with their outdoor shoes being worn in urban settings, showcasing a blend of functionality and style [50][58]. Group 3: Cultural Implications - The shift towards ugly shoes signifies a rebellion against traditional beauty standards and societal expectations, particularly regarding women's fashion [71][75]. - High heels are increasingly viewed as outdated and impractical, with many young women opting for comfortable alternatives that reflect a more relaxed and authentic lifestyle [81][89]. - The article suggests that this trend is not just about footwear but represents a broader cultural movement towards comfort, individuality, and a rejection of past fashion norms [89][90].

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies within it [4]. Core Insights - The offline retail sales performance of sportswear brands in Southwest China was under pressure in 2Q25, primarily due to weak consumer spending, with major brands experiencing negative sales growth [2][6]. - NIKE's sales in Southwest China saw a significant year-on-year decline, while ADIDAS performed slightly better with a high single-digit to low double-digit decline [2][6]. - Outdoor brands like Columbia and The North Face showed better performance due to strong demand for outdoor activities, camping, and tourism [2][6]. - The summer sports shoe market is facing sluggish consumption in traditional categories, but there is a rising trend in outdoor and fashion footwear [2][6]. Summary by Sections Offline Retail Performance - In 2Q25, offline retail data for sports brands in Southwest China weakened compared to 1Q25, with all major brands reporting negative sales growth [2][6]. - Store traffic remained stable, but transaction rates and average customer spending declined due to weak consumer purchasing willingness [2][6]. Brand Performance - NIKE's focus on footwear has led to a decline in its apparel market share, while ADIDAS maintained stable discount levels and focused on apparel sales, contributing to its relatively better performance [4]. - FILA's sales decline has narrowed, and the brand is shifting towards professional sports categories, enhancing its market position [4]. - LI-NING has become a partner of the Chinese Olympic Committee, while Anta is expanding into the outdoor cycling market [4]. Inventory and Discounts - Inventory levels are slightly elevated, leading to increased discounting across brands, with LI-NING and Anta offering the highest discount rates [3][4]. - The discount intensity for outdoor brands varies, with PELLIOT offering the highest discounts [3][4]. Future Outlook - The report anticipates that outdoor brands will perform better in the second half of the year, driven by increased sales in outdoor activities [4].