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。 涨价后消费者不爱去了 不是消费者抛弃迪卡侬，而是迪卡侬亲手关上了"乐园"的大门。 北京的宋城曾是一个长在迪卡侬里的快乐男人。在迪卡侬线下门店，宋城一逛就是大半天。他不仅能在里面找到物美价廉的商品，还能享受免费又丰富的运 动体验机会。 这两年，精打细算的宋城，去迪卡侬的次数变少了，原因无他，价格变贵了：20L背包从49.9元涨到89.9元；MH500冲锋衣从199元变成599元；抓绒外套一 夜翻倍，249元直接跳上499元。"冲锋衣换条拉链就贵3倍，这价格我不如去拼多多上买。" 不是消费者抛弃迪卡侬，而是迪卡侬亲手关上了"乐园"的大门。 文 ｜ 易浠 编辑 ｜ 吴跃 来源｜ 财经天下WEEKLY（ID：cjtxweekly） 封面来源 ｜ 视觉中国 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 ...

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。 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。 以下文章来源于财经天下WEEKLY ，作者财经天下 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？ 01 涨价后消费者不爱去了 不是消费者抛弃迪卡侬，而是迪卡侬亲手关上了"乐园"的大门。 北京的宋城曾是一个长在迪卡侬里的快乐男人。在迪卡侬线下门店，宋城一逛就是大半天。他不仅能在里 面找到物美价 ...

Core Viewpoint - The Guangdong Consumer Council, in collaboration with the Macao Consumer Council and the Guangzhou Consumer Council, has released a comparative test report on hiking shoes to guide consumers in making informed purchasing decisions due to the complexity and misleading claims in the market [1][2]. Group 1: Test Results - All samples tested showed good performance in chemical safety indicators such as formaldehyde content and carcinogenic aromatic amine dyes, as well as in physical performance indicators including peel strength, bending resistance, abrasion resistance, slip resistance, waterproof performance, water vapor permeability, and cushioning performance [2]. - Seven brands, including Hantu, Salomon, and LI-NING, demonstrated excellent peel strength above 120 N/cm, indicating strong sole adhesion [2]. - Five brands, including Columbia and Salomon, maintained waterproof performance after 30,000 flexes, while three brands, including LI-NING, excelled in water vapor permeability [2]. Group 2: Consumer Guidance - Consumers are advised to purchase hiking shoes through official channels and to carefully inspect product appearance and labels, as well as to try on shoes to ensure proper fit [3]. - It is recommended to select appropriate hiking shoe styles based on the terrain, such as low-top shoes for flat surfaces, and to avoid using lightweight hiking shoes in extreme conditions to prevent safety hazards and extend the shoe's lifespan [3].

曾经的"丑鞋之王"Crocs，如今却面临着前所未有的困境。2025年一季度，这家洞洞鞋巨头的营收增速从14.6%暴跌至2.4%，北美市场甚至出现负增长。8月7 日，其单日股价暴跌近30%，市值蒸发超17亿美元，CEO安德鲁·里斯在财报电话会议上焦虑地表示："消费者连商店都不进了"。 这标志着曾经风靡全球的 Crocs，跌落神坛。 反观竞争对手，安踏将工厂搬迁至东南亚以降低关税成本；达芙妮则在抖音开设152个直播间，狂销199元骑士靴。Crocs则陷入了进退两难的境地：高端线 卖不动，降价又怕损害品牌形象。 与此同时，Crocs的竞争对手们正虎视眈眈。电商平台上，斯凯奇的"泡泡鞋"凭借更柔软的鞋垫吸引了舒适度至上的消费者；天美意则以更时尚的设计吸引 年轻人；而39.9元包邮的白牌洞洞鞋，更是直接收割了对价格极其敏感的消费群体。就连回力也推出了自家的洞洞鞋，引发了老粉丝的惊呼。 更雪上加霜的是，潮流的变迁速度远超股市。Crocs曾经凭借"丑到极致就是潮"的理念逆袭，如今却遭到Z世代的嫌弃，被年轻人戏称为"像踩澡盆"、"雨天 灌水"、"鞋底薄得像纸"。运动品牌正借此机会收复失地，CEO里斯也无奈承认，2026年世界 ...

Core Viewpoint - The outdoor sports market in China is experiencing rapid growth, with significant investments flowing into domestic brands, raising questions about sustainability and long-term viability in a competitive landscape [5][6][19]. Group 1: Market Dynamics - The outdoor sports market in China reached a scale of 248 billion yuan in 2022, with a year-on-year growth of 15.8%, and is expected to exceed 400 billion yuan by 2025 [7][19]. - The participation in outdoor activities has surged, with 400 million people engaging in various outdoor sports by the end of 2021, indicating a shift in lifestyle and consumer behavior [7][8]. - Major brands like Pelliot have shown explosive growth, with revenue increasing from 379 million yuan in 2022 to 1.766 billion yuan in 2024, reflecting a compound annual growth rate of 115.86% [5][6]. Group 2: Brand Positioning and Strategy - Domestic brands are striving to emulate the success of industry leaders like Anta, which reported a revenue of 70.826 billion yuan in the previous year, and has expanded its portfolio through acquisitions of high-end outdoor brands [6][21]. - Brands such as Pelliot and Kailas are focusing on developing signature products, with Pelliot's jackets contributing over 80% of its revenue [10][11]. - The pricing strategy among top domestic brands has seen an increase of 25% to 65% over the past year, indicating a shift towards premium positioning [19][20]. Group 3: Challenges and Opportunities - Despite the growth, domestic brands face challenges in achieving high brand equity compared to international counterparts, often being labeled as "domestic alternatives" [16][18]. - The marketing expenditures for brands like Belliot have surged, with advertising costs rising from 68.71 million yuan in 2022 to 359 million yuan in 2024, highlighting the financial strain of customer acquisition [15]. - The outdoor market in China is still in its early stages compared to developed countries, with a penetration rate of only 2%, suggesting significant room for growth and innovation [21][22]. Group 4: Consumer Trends - The shift in consumer preferences towards lightweight and experiential outdoor activities is reshaping the market, with a focus on design and fashion becoming as important as functionality [23][24]. - The concept of "Chinese-style outdoor" emphasizes participation and enjoyment rather than extreme challenges, which aligns with the evolving lifestyle of consumers [23][24]. Group 5: Future Outlook - The future of the outdoor economy in China may not lie in merely replacing international giants but in fostering domestic innovation and iteration [24]. - Brands that can effectively balance quality, marketing, and consumer engagement are likely to thrive in this burgeoning market [24].

Summary of the Conference Call Company Overview - The company, Camel, operates four sub-brands: Camel (comprehensive outdoor sports), Himalaya (high-end professional outdoor), Panda (mountain outdoor), and Penguin (high-quality down jackets), catering to diverse consumer needs [1][4]. Core Insights and Arguments - Camel has implemented the "Chinese Textile Chip" technology revolution, developing proprietary fabrics and innovative designs tailored to the Chinese body shape, moving away from traditional cost-performance competition to create new value [1][7]. - The company has established multiple research institutions in collaboration with the China Textile Academy, launching the "Micro Wind" and "Peak" fabric brands, enhancing product quality to international standards, with the Himalaya 8,848 series outperforming competitors using Gortex materials [1][8]. - Camel maintains its own manufacturing with a 500,000 square meter integrated production base and 12 factories, ensuring quality control and efficiency from the source [1][9]. - The Himalaya brand integrates Eastern aesthetics with practical needs, employing ergonomic designs for Asian body types and involving professional outdoor experts in the design process to ensure comfort and functionality [1][10][11]. - The brand emphasizes environmental sustainability, launching the first fluorine-free jacket, the 3,500 Cangshan series, which utilizes recyclable materials and minimizes environmental impact [1][12]. Achievements and Market Position - Camel has achieved significant success in the outdoor market, ranking first in sales for jackets and outdoor down jackets for five consecutive years, with its outdoor shoes and various other products also leading in national sales [3]. Challenges and Responses - The Chinese outdoor industry faces challenges such as profit outflow, reliance on foreign materials, design homogeneity, and severe homogenization. Camel addresses these issues through independent R&D and innovative design [7]. Innovation Measures - Camel has taken specific measures for innovation, including self-developed fabrics and establishing production bases, collaborating with research institutions to enhance product quality to top international levels [8][9]. User Experience and Engagement - The Camel Outdoor Club enhances user experience through activities like hiking, camping, and night running, promoting the "Urban Style" concept to lower outdoor participation barriers and developing a mini-program to track user outdoor data [2][13]. Market Demand and Competitiveness - Camel ensures its products meet market demands and maintain competitiveness by deeply engaging in the design process and utilizing its own factories for flexible production adjustments [14][15]. Strategic Goals - The brand aims to document users' outdoor activities as personal outdoor assets, launching initiatives like the "China Ten Peaks" plan to encourage climbing and challenges [16]. Product Testing and Quality Assurance - Camel has established the Himalaya Mountaineering Team for real-world product testing, achieving significant climbing records and emphasizing safety in outdoor activities [18][19].

Global Market Overview - The global hiking shoe market is experiencing steady growth, driven by increasing health awareness and the popularity of outdoor activities. The market size is projected to reach $20.94 billion by 2025 and $26.73 billion by 2033, with a compound annual growth rate (CAGR) of approximately 3.1% during the forecast period [1]. North America Market - North America is currently the largest regional market, accounting for 40% of the global market share. The U.S. is the primary market, with a projected market size of $6.12 billion in 2024, expected to grow to $8.63 billion by 2033, reflecting a CAGR of about 3.9%, which is higher than the North American average growth rate [1]. - The extensive outdoor culture in North America, particularly in the U.S. and Canada, is a key driver of market growth, with hiking, trekking, and camping becoming integral to the lifestyle of the middle and high-income groups [1]. Europe Market - The European hiking shoe market is projected to reach approximately $5.94 billion in 2024, representing 30% of the global market share. The market is driven by a strong outdoor culture, especially in countries like Germany, Switzerland, and Austria, where hiking is considered an important part of family leisure and health [3]. - European consumers have higher demands for product performance and sustainability, favoring brands that use renewable materials and have transparent carbon footprints [3]. Asia-Pacific Market - The Asia-Pacific region, while only holding a 23% share of the global hiking shoe market, is the fastest-growing regional market. The market size is expected to reach approximately $4.67 billion in 2024 and grow to $6.79 billion by 2031, with a CAGR of about 5.5% [3]. - The rapid growth of the urban middle class, increased health awareness, and the popularity of "light outdoor" lifestyles are the main drivers of market growth in this region. Consumers prioritize shoe aesthetics, comfort, and brand social attributes, particularly among younger demographics [3]. Latin America Market - Latin America accounts for only 5% of the global hiking shoe market, but its future growth potential is significant due to economic stabilization, increased urbanization, and a rise in outdoor tourism activities. Consumers in this region are price-sensitive but are also raising their expectations for functionality and comfort in hiking shoes [4]. Consumer Trends - Functionality and Comfort: Approximately 70% of consumers globally prioritize comfort and functionality in hiking shoes, especially for prolonged outdoor activities and extreme environments [6]. - Sustainability and Environmental Awareness: In Europe and North America, sustainability is a crucial factor in consumer choices, with about 60% of European consumers and 50% of North American consumers considering sustainable practices when selecting hiking shoes [6]. - Fashion and Design: Hiking shoes are increasingly viewed as fashion items, particularly in the Asia-Pacific region, where consumers demand higher aesthetic standards. The "Gorpcore" trend is particularly popular among young people in Asia [6]. - Price and Value: While high-end brands dominate the market, consumers are becoming more price-sensitive, especially in emerging markets like Asia and Latin America, where about 45% of Asian consumers prioritize value for money when purchasing hiking shoes [7]. - Specialization: As outdoor activities become more specialized, consumers are seeking shoes tailored for specific activities like climbing and trekking, prompting brands to innovate in technical performance and design [7]. Challenges in Market Expansion - Cultural Differences and Consumer Preferences: There are significant differences in consumer preferences across regions, necessitating tailored products that align with local climates, hiking habits, and trends [9]. - Environmental Regulations and Sustainability: Stricter environmental regulations in various countries, particularly in Europe, impose higher standards for product recyclability and production processes, impacting manufacturing practices [9]. - Brand Recognition and Market Competition: In emerging markets, 68% of consumers tend to trust local or established international brands, presenting challenges for new brands that require time to build recognition and competitive advantages [9].

Core Viewpoint - The concept of "competition" in the consumer goods sector has intensified, evolving from mere growth to a survival mode, affecting even niche categories that were previously less competitive [1][4]. Group 1: Nature of Competition - The essence of "competition" is characterized by oversupply and supply homogenization, driven by excessive competition on the supply side [4]. - Two main factors contribute to this phenomenon: oversupply due to a high number of competitors and the homogenization of supply, where many brands follow similar paths, leading to a crowded market [4][6]. Group 2: Brand Homogenization - The trend of brand homogenization has become more pronounced in recent years, with brands increasingly adopting similar strategies and methods, resulting in a lack of differentiation [8][9]. - The rise of e-commerce has lowered the barriers for brand creation, leading to an explosion of brands and consequently, a homogenization of brand offerings [8][9]. Group 3: Building Brand Scarcity - To escape the cycle of homogenization, brands need to focus on creating scarcity through unique brand positioning and innovative strategies [10][11]. - The differentiation of brands can be achieved by understanding the dual nature of branding: as a tool for business strategy and as a result of consumer perception [12][14]. Group 4: Positioning Theory - The essence of consumer goods business is rooted in "concept" and the competition for consumer mindshare through effective positioning [20]. - Many brands tend to adopt a simplistic approach to positioning, focusing solely on product categories, which can lead to a lack of differentiation in a saturated market [21][22]. Group 5: Multi-Dimensional Brand Image - A multi-dimensional brand image is more difficult to replicate and can provide a competitive edge, as seen in successful brands like Apple [37][38]. - Building a multi-dimensional brand requires a cohesive narrative and alignment with business strategies to create a strong brand identity [38].

以下文章来源于东四十条资本 ，作者曹玮钰 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 有44年历史的Jack Wolfskin（狼爪），户外圈的老面孔了。 近年企业做CVC，做收购已经形成了一股风气。 作者丨 曹玮钰 来源丨 东四十条资本 44年的全球户外老品牌Jack Wolfskin（狼爪），正在经历第四次卖身。 近日，安踏集团宣布以2.9亿美元 （折合人民币21亿）从全球最大的高尔夫球杆制造商卡拉威（Callaway）母公司Topgolf Callaway 手中，全资收购 德国户外品牌Jack Wolfskin（狼爪）。交易预计于2025年第二季度末或第三季度初完成。 这一收购依然引发了不小的市场关注，但这只是安踏这些年对跨国品牌"买买买"的其中一步棋罢了。与5年前震惊业界的46亿欧元对亚玛芬体育的世纪 收购相比，2.9亿美元的小交易显得划算且轻车熟路。 对于一家已经卖身三次的老品牌，值得期待的反而是这家"老户外"接下来在安踏的"魔改"下会焕发出怎样的生机，毕竟安踏已经对狼爪抛出了"大众户 ...