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 ...

"直男天堂"迪卡侬，撑不住了？ 就在前几天，彭博社发布报道称，迪卡侬母公司正在考虑把中国地区30%股权进行出售，预估价格在10亿~15亿欧元之间。 虽然迪卡侬中国并未就此事做出官方回应，但很明显的一个趋势就是：中国市场，越来越不好卷了。 根据迪卡侬的财报显示，2024年迪卡侬虽然业绩有所增长，但是净利润却相较前一年下降了15.5%。 对于任何一个大型集团来说，这都不是什么好势头，而作为迪卡侬全球的大金矿之一，迪卡侬从中国市场需求破局方法，就板上钉钉了。 印象中，前几年的迪卡侬，在中国混得那叫一个春风得意。 赶上了瑜伽、骑行和露营的运动风口，迪卡侬作为入门级专业运动产品，一度受到不少女性用户和新中产们的欢迎。 但不少迪卡侬的老用户发现，从去年开始在迪卡侬的产品变得越来越贵了。 有机构统计显示，2022年迪卡侬的产品均价为128.81元，到了2024年，就已经高达196.32元，过去备受欢迎的登山背包，价格更是直接翻了一倍。 不少网友都在社交媒体上惊呼，曾经的"穷鬼天堂"迪卡侬，终究还是变了脸。 靠着多而全的品类和性价比，迪卡侬成为了"穷鬼天堂"。 但如今的迪卡侬，却悄悄变脸了。 背叛穷鬼，真的是迪卡侬走的一步臭 ...

在lululemon变得"不酷"之前，很长一段时间里面，它一直是那个最酷的品牌。 lululemon最早是一个小众瑜伽品牌，后来一路狂飙，很长时间内一直是全球仅次于耐克、市值第二高 的运动品牌。 这个品牌破圈的过程，已经成为一个让人津津乐道的商业故事。在北美起家的时候，lululemon瞄准的 是年收入10～15万美金，30～35岁的高学历的白领女性： 本文来自微信公众号：投资人黄海 （ID：haivcconsumer），作者：投资人黄海，题图来自：视觉中国 经常购买运动品牌的朋友们，大家最近有没有一个感觉：lululemon不酷了。 创始人给这个群体起了一个名字，叫"超级女孩"。 这个群体对运动穿着的品质有很高要求，同时她们希望一套运动服既能在运动时候穿，也能适用于生活 休闲场景。lululemon的衣服虽然价格比较贵，但是舒适度很高，很快就把这群人吸引成了忠实客户群 体。 lululemon在发展的过程中，很少采用传统的广告营销、明星代言这些打法。它更加倾向做社区活动来 增加用户粘性。同时，lululemon的logo也从来不出现在产品显眼之处，有种低调不张扬的气质。 早期购买lululemon的用户，都 ...

Core Viewpoint - The article discusses the rapid changes in consumer preferences among the middle class in China, particularly regarding outdoor activities such as camping, cycling, and skiing, highlighting a shift from enthusiasm to disillusionment and the impact on related industries [3][5][12]. Group 1: Changing Consumer Preferences - The once-popular outdoor activities, referred to as the "three treasures" of the middle class, have seen a decline in interest, with social media reflecting a shift from promotion to liquidation of related gear [5][6]. - The middle class's preferences are volatile, with trends rapidly changing from traditional sports to newer activities like camping and cycling, which were once seen as symbols of a refined lifestyle [7][12]. - Data from the China Bicycle Association indicates a 15.1% year-on-year increase in the production of mid-to-high-end bicycles priced over 1,000 yuan in 2023, reflecting a brief surge in interest before a downturn [9]. Group 2: Industry Impact - The skiing industry, influenced by the Winter Olympics, saw a significant increase in participation, with a 209% rise in ski ticket orders in early November 2023 compared to 2019 [9][11]. - However, the skiing market is experiencing a downturn, with many brands reporting sales declines of 30%-50% and some even halting operations due to excess inventory [17][19]. - The camping industry, which thrived during the pandemic, is now facing challenges as many businesses are unable to sustain operations, leading to closures and a significant drop in consumer interest [21][22]. Group 3: Economic Factors - The article notes a shift in consumer behavior towards cost-effectiveness, with middle-class individuals prioritizing budget-friendly options over luxury experiences, leading to a decline in spending on outdoor activities [24][26]. - The economic environment has changed, with individuals now more focused on finding discounts and deals, contrasting sharply with previous years of carefree spending [25][26]. - The article emphasizes that the outdoor industry is facing a "survival of the fittest" scenario, where only those with deep industry knowledge and experience will thrive amid the changing landscape [30][31].

Core Viewpoint - Baozun E-commerce has completed the acquisition of the UK high-end yoga wear brand Sweaty Betty's business in China, marking its third international brand acquisition after GAP and Hunter [2][4]. Group 1: Company Overview - Baozun E-commerce, established in 2003, provides a one-stop e-commerce partnership and technology solutions for brand enterprises and retailers, with a workforce of 1,313 employees in 2024 [4]. - The company is listed on both the US and Hong Kong stock exchanges, reporting a revenue of $284 million in Q1 2025, a year-on-year increase of 3.27% [4]. - Baozun's brand management business (BBM) revenue grew by 23.4% year-on-year to approximately RMB 390 million, with adjusted operating losses narrowing by 28.1% [6]. Group 2: Acquisition Details - The operational team for Sweaty Betty in China will be the same as that for GAP and Hunter, indicating a consistent strategy in managing acquired brands [2][9]. - Sweaty Betty's entry into the Chinese market faced challenges, including the closure of its only independent store in mainland China in March 2023, with sales now limited to online channels [8][9]. Group 3: Market Context - Sweaty Betty, known for its stylish yoga pants, has seen a decline in global revenue, with 2023 figures at $203 million, down 3.6% year-on-year [8]. - The competitive landscape includes Alo Yoga, which is expanding into China with a focus on luxury and lifestyle products, and Lululemon, which reported a 21% increase in revenue from the Chinese market [11][12].

Core Viewpoint - Lululemon's recent financial performance indicates a slowdown in growth, with a significant drop in stock price following disappointing earnings guidance and increased inventory levels, raising concerns about the brand's high-end positioning and market strategy [3][5][8]. Financial Performance - For Q1 of fiscal year 2025, Lululemon reported revenue of $2.371 billion, a year-over-year increase of 7.32%, while net profit decreased by 2.13% to $310 million [3][5]. - The company has lowered its revenue guidance for Q2 and the full fiscal year, expecting a revenue increase of approximately 5% to 7% for the year, with total revenue projected between $11.15 billion and $11.3 billion [4][5]. - Following the earnings report, Lululemon's stock price fell by 19.8%, reaching a five-year low, with a year-to-date decline exceeding 39% and a market cap loss of over $17.1 billion [5][7]. Market Dynamics - Lululemon's inventory surged by 22.81% in Q1, contrasting with a revenue growth of only 7.32%, suggesting potential future discounting to manage excess inventory, which could harm brand perception [8][16]. - The company’s revenue breakdown shows that the Americas accounted for 57.47% of total revenue, while China contributed 17.39%, indicating a growing reliance on the Chinese market for growth [18][20]. Strategic Adjustments - Under CEO Calvin McDonald, Lululemon shifted its strategy towards a more inclusive market approach, increasing the proportion of men's products and expanding into new categories [11][12]. - The company plans to open 40 to 45 new stores in 2025, primarily in international markets, with a focus on second and third-tier cities in China [27][30]. Challenges Ahead - The brand faces a dilemma between maintaining its high-end image and expanding into lower-tier markets, which could dilute its brand equity [16][32]. - Analysts express concerns that Lululemon's growth quality is diverging from its premium positioning, likening its strategy to that of Coach rather than Hermes [35][36].

Core Viewpoint - The article discusses the derogatory term "county yoga pants" which reflects societal misogyny and the objectification of women, particularly in less urbanized areas, highlighting the negative stereotypes associated with women who wear yoga pants in these regions [4][5][30]. Group 1 - "County yoga pants" refers to women in economically developing counties who wear yoga pants, which has become a symbol of derogatory labeling by certain male internet users [8][10]. - The term has evolved into a stereotype where women are seen as "gold diggers" or "slutty" based on their choice of clothing, particularly yoga pants, which are unfairly associated with promiscuity [15][31]. - The article illustrates how these stereotypes are perpetuated through online discussions and tutorials on how to "handle" women labeled as "county yoga pants," reflecting a toxic mindset among certain male groups [19][21][30]. Group 2 - The phenomenon of "county yoga pants" is indicative of broader societal issues, including the stigmatization of women in less affluent areas and the perception that they do not deserve the same freedoms as women in urban settings [32][34]. - The article emphasizes that the low cost of spreading rumors in close-knit communities can lead to severe social consequences for women, including social ostracism and reputational damage [35][39]. - It highlights the psychological aspects of the men who propagate these stereotypes, suggesting that their own insecurities and sexual repression drive them to attack women, reducing them to mere sexual symbols [43][49][51].

Core Viewpoint - Lululemon has achieved a significant milestone by reaching a global net revenue of $10.6 billion in FY2024, becoming the third sports brand to join the "billion-dollar club" after Nike and Adidas [1]. However, the company faces challenges with declining revenue growth rates and a significant drop in stock price [2][3]. Financial Performance - In Q1 FY2025, Lululemon reported a net revenue of $2.4 billion, a year-on-year increase of 7%, with a gross profit margin of 58.3% [5]. The company has lowered its revenue growth forecast for FY2025 to 5%-7% [5][6]. - The stock price plummeted by 20% following the release of disappointing earnings guidance, highlighting the disparity between Lululemon's revenue and that of competitors like Nike and Adidas [6][8]. Market Position and Strategy - Lululemon's brand strategy appears to be in conflict as it expands from a niche market of high-end yoga pants to a broader range of athletic apparel, which has diluted its premium image [3][4]. The company is now competing directly with established brands like Nike and Adidas [4]. - The company has faced challenges in appealing to male consumers, as its brand identity is deeply rooted in female-oriented products [4][24]. Regional Performance - China has emerged as a crucial market for Lululemon, with revenue reaching $1.361 billion in the previous year, a 41% increase, significantly outpacing growth in North America [9][11]. The company plans to continue expanding its presence in China, with expectations of 25%-30% revenue growth in the region [12][13]. Competitive Landscape - Alo Yoga, a competitor that focuses on high-end yoga apparel, has capitalized on Lululemon's shift away from its core market, experiencing rapid growth and planning to enter the Chinese market [16][18][19]. This competition poses a risk to Lululemon's market share among its original customer base [20]. Brand Identity and Consumer Perception - Lululemon's transition from a niche brand to a more mainstream one has led to concerns about brand dilution, particularly in China, where the company has faced backlash over its choice of brand ambassadors [14][25]. The brand's identity as a "small, fashionable, and sexy" athletic brand is at risk as it attempts to appeal to a broader audience [25].

营收增长，中国市场是主力 在去年成功跨越百亿美元营收大关的Lululemon，于近日公布了2025财年第一季度的成绩单。 财报显示，报告期内Lululemon全球净营收同比增长7%，达到24亿美元。尽管第一季度取得增长，但 受美国新关税政策、美洲市场销售额下滑等因素影响，Lululemon下调了全年业绩指引。这也导致财报 发布当天，其盘后股价暴跌近20%。 据南都·湾财社记者观察，包括瑞银、摩根大通在内的至少6家国际知名投行及券商在近期下调对 Lululemon的评级或目标价，反映出市场对其增长前景及消费环境的担忧。 作为源自加拿大的年轻品牌，Lululemon曾凭借"中产社交符号"标签在国内一线城市迅速走红，穿上千 元瑜伽裤，一度被默认为"有时间运动、懂身材管理"的生活方式象征。 但随着2025财年第一季度财报的披露，也让人们看到这家高端运动品牌在全球宏观环境动荡下的重重压 力。 从2025财年第一季度财报中可以看到，Lululemon全球营收的区域分化特征尤为突出。 其中，以中国大陆为核心的国际市场是当之无愧的增长引擎：第一季度国际业务营收同比增长19%，其 中中国大陆市场营收增速达21%，固定美元口径下 ...

Core Viewpoint - Lululemon's stock experienced a significant drop of 23% following disappointing financial results, reflecting broader challenges in the American fashion supply chain due to rising operational costs and weak sales [1][3] Financial Performance - Lululemon's recent financial report showed both sales and profits falling short of expectations, particularly in the Americas market where comparable sales declined [3] - The company's high valuation bubble is being rapidly deflated as consumer spending tightens and price sensitivity increases, undermining its pricing power [3] Impact of Tariffs - The U.S. government's imposition of tariffs up to 30% on Chinese goods and additional tariffs on other Asian products has significantly increased costs for brands reliant on Asian supply chains, with Lululemon's CFO indicating a "major impact" on profit margins [3][5] - The broadening of tariff policies disrupts the entire supply chain, forcing brands to reassess their global production strategies amidst rising manufacturing costs [5] Structural Issues - Lululemon's stock decline highlights the vulnerability of high-valuation consumer brands in a changing macroeconomic environment, where even its core customers are cutting back on spending [5][6] - The brand's reliance on emotional value and perceived quality is being challenged by declining consumer confidence and rising credit defaults [5][6] Industry Context - Lululemon's struggles are indicative of a larger trend affecting the non-essential consumer goods sector, with major brands like Nike and Adidas also facing performance challenges [6] - The shift towards digital assets and the pressures from generative AI and the metaverse are creating strategic anxieties for traditional brands that depend on physical retail [6] Future Outlook - The current situation signals a shift in the fashion industry, where brands must navigate political risks and adapt to a new order prioritizing national security over globalization [8] - The recent tariff measures represent a systemic reconfiguration that could serve as a warning for brands dependent on global supply chains, emphasizing the need for resilience in the face of geopolitical tensions [8]