以下文章来源于每日商业必读 ，作者余生 这一幕，成为加拿大鹅在中国市场高光时刻的缩影。然而七年后的今天，这个曾经让中产阶层趋之若鹜的奢侈羽绒服品牌，正经历着前所未有的寒 冬。 自 2018 年市值达到巅峰 78 亿美元（约 560 亿元人民币）以来，加拿大鹅市值已蒸发超 85% ，缩水近 480 亿元人民币，截至 8 月 5 日仅剩 10.63 亿美元（约 76.63 亿元人民币）。 更令市场震惊的是，控股加拿大鹅 12 年的贝恩资本（ Bain Capital ）正在考虑出售其所持股份。这家曾将加拿大鹅从一个区域品牌打造成全球 奢侈符号的私募巨头，如今已萌生退意。 从排队抢购到资本撤离，加拿大鹅究竟经历了什么？这只 " 会下金蛋的鹅 " 为何突然不灵了？ 导语：从排队抢购到资本撤离，加拿大鹅究竟经历了什么？ 贝恩的 " 造神 " 与退场 每日商业必读 . 商业世界的前沿阵地 2018 年冬季，北京三里屯的加拿大鹅（ Canada Goose ）中国首店开业，数百米长的队伍从太古里北区一路排到工体北路，人们裹着厚外套跺 着脚，只为抢购标价近万元的 " 远征系列 " 羽绒服。 三天内，所有热门型号被抢购一空。 ...

Core Viewpoint - Canada Goose, once a high-growth luxury outerwear brand, is facing significant challenges in maintaining its market position and growth trajectory, particularly in China, as competition intensifies and consumer preferences shift [5][10][22]. Group 1: Company Background and Growth - Canada Goose was founded in 1957 and transformed from a regional brand to a global luxury symbol, particularly after Bain Capital acquired a majority stake in 2013 [12][13]. - Under Bain Capital's guidance, Canada Goose expanded its product line from about 20 SKUs to over 200, introducing urban lightweight series and accessories, which helped establish a premium pricing strategy [14][16]. - The brand's revenue surged by 46.4% in the 2018 fiscal year, reaching a peak stock price of $72.3 per share, reflecting successful brand repositioning [17]. Group 2: Market Challenges and Decline - Canada Goose's market value has plummeted from a peak of $7.8 billion (approximately 56 billion RMB) to about $1.063 billion (approximately 7.663 billion RMB), a decline of over 85% [6][9]. - Revenue growth is projected to decline from 21.5% in 2022 to just 1.1% by 2025, with the Chinese market showing only a slight increase of 1% in fiscal year 2025 [9][21]. - The luxury outerwear market has become increasingly competitive, with brands like Moncler and Bosideng entering the high-end segment, eroding Canada Goose's pricing power [10][22]. Group 3: Consumer Behavior and Brand Perception - Changing consumer attitudes in China have led to a decline in the willingness to pay premium prices for Canada Goose products, as consumers now prioritize value and practicality over brand prestige [22][24]. - Canada Goose has faced reputational issues in China, including fines for false advertising and criticism over inconsistent return policies, which have negatively impacted brand perception [25][27]. - The brand's previous success in China, where revenue contribution rose from 12% to 35% between 2018 and 2022, has stagnated, with the market now showing signs of fatigue [21][22]. Group 4: Competitive Landscape - The Chinese down jacket market has grown significantly, from 85.8 billion RMB in 2016 to 196 billion RMB in 2023, creating opportunities for local brands to position themselves as alternatives to Canada Goose [28]. - Local brands like Bosideng and Gao Fan are increasingly capturing market share by offering high-quality products at lower price points, appealing to the evolving consumer base [30][31]. - The competitive landscape is further complicated by new entrants and established sports brands like Nike and Adidas, which are leveraging their brand equity to introduce functional and stylish outerwear [30][31].