Group 1 - The core argument of the article highlights the unexpected success of "ugly shoes," particularly Crocs and Birkenstock, which have gained popularity despite initial criticism, with Crocs outperforming the Dow Jones U.S. Shoe Company Index for four consecutive years [2][18] - Birkenstock has seen continuous double-digit revenue growth for nine consecutive quarters, demonstrating that "ugliness" can translate into commercial success [3][18] - The rise of Birkenstock was significantly boosted by its appearance in the movie "Barbie," leading to a 110% increase in search volume on fashion platform Lyst [6][18] Group 2 - Both Crocs and Birkenstock share a foundation in practicality, with Birkenstock focusing on foot health and comfort, while Crocs emphasized comfort and ease of cleaning [7][9] - Crocs experienced a 300-fold increase in revenue from 2003 to 2006, driven by word-of-mouth among professionals like chefs and doctors [9][18] - The operational strategies of Crocs and Birkenstock differ significantly, with Crocs adopting a high-volume, low-cost model, while Birkenstock maintains a focus on scarcity and high-quality production in Germany [23][24] Group 3 - Crocs has shifted production to third-party manufacturers, allowing for flexibility and rapid response to market demands, but this has also led to a high incidence of counterfeiting [24][11] - In contrast, Birkenstock controls its production closely, with 95% of its products made in Germany, which helps maintain brand integrity and pricing power [24][25] - Birkenstock's average selling price has consistently increased, with a high full-price sell-through rate of 90%, indicating strong brand positioning in the market [28][18] Group 4 - The article emphasizes that the key to success for these brands lies not just in their "ugliness," but in the additional value they provide to consumers, creating a narrative that resonates with their audience [29][32] - Birkenstock's commitment to traditional craftsmanship and European materials enhances its brand value, distinguishing it from mass-produced alternatives [32][33] - The luxury positioning of Birkenstock has allowed it to thrive in a market where scarcity and exclusivity are highly valued, contrasting with Crocs' volume-driven approach [28][18]

笑出声的丑鞋不止Crocs一家，2012年，《THE CUT》评选"史上最丑的五十双鞋"，诞生于1774年的德 国凉鞋 Birkenstock（即勃肯鞋） 赫然在列。 2007年6月，《华盛顿邮报》时尚板块对时任总统小布什发难，理由是小布什穿黑袜子的同时穿了一双 同色的洞洞鞋，丑到了看照片的每一个人[1]。 小布什还是生错了时代，十八年过去，丑鞋已经比小布什本人还要受欢迎。曾经对着丑鞋口诛笔伐的时 尚杂志们放下屠刀，转而承认2024年是属于怪鞋的一年[2]。 在年轻人人脚一双的时代里，洞洞鞋母公司 卡骆驰（Crocs Inc.） 股价，连续四年跑赢道琼斯美国球鞋 公司指数。 结果步入25财年，勃肯鞋践行了"越丑越好卖"的真理，营收连续九季度保持双位数的增长。 勃肯鞋在电影《芭比》中的亮相，随后在时尚引擎Lyst上的搜索量暴增110%[3] 2021年，LVMH旗下的私募基金L Catterton果断出手，以43亿美元收购了Birkenstock 70%的股份。时至 今日，Birkenstock的市值已经突破百亿美元，几乎等同于两个李宁。 可见丑得泯然众人是个体力活，丑得剑走偏锋，就是脑力活了。 相似的破圈之路 ...

Group 1 - BIGC has launched ticket sales for YE's concert in Korea, titled "YE LIVE IN KOREA," presented by Coupang Play [2][4] - The concert is scheduled for May 31, 2025, at Incheon Munhak Stadium and will feature the first live performance of the Donda 2 album, marking YE's first solo concert in Korea in nearly nine years [3][4] - Tickets are available globally, targeting overseas fandoms, with a purchase limit of four tickets per person, and are exclusively available in Korea through Coupang Play [4] Group 2 - BIGC is enhancing its reputation in global live streaming and concert production, aiming to connect artists with fans worldwide through unforgettable experiences [5]

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel industry, including Anta Sports, Li Ning, and Bosideng [5][11][24]. Core Insights - Adidas is expected to achieve a revenue of €6.153 billion in Q1 2025, representing a 13% year-on-year growth, with a 17% growth for the Adidas brand excluding Yeezy [1][16]. - The textile and apparel sector is anticipated to experience a recovery in demand in 2025, supported by government policies and increased participation in sports activities [3][22]. - The report emphasizes the importance of focusing on companies with strong fundamentals and quality brands for potential investment opportunities [3][22]. Summary by Sections Adidas Performance - Adidas forecasts a 13% year-on-year revenue growth for Q1 2025, with a gross margin increase of 0.9 percentage points to 52.1% [1][16]. - The company expects double-digit growth across all consumer markets [1][16]. Market Trends - The retail sales of clothing, shoes, and textiles in China grew by 3.4% year-on-year in the first quarter of 2025, with the sportswear segment expected to outperform overall textile consumption [3][22]. - The report suggests a volatile recovery in demand for the textile sector throughout 2025 [3][22]. Recommendations - The report recommends focusing on companies with strong fundamentals, such as Shenzhou International and Huayi Group, with respective 2025 PE ratios of 11x and 15x [4][23]. - Key companies highlighted for investment include Anta Sports, with a projected 2025 PE of 18x, and Bosideng, expected to deliver strong performance in 2025 [24][25]. Company Performance - Anta Sports reported significant growth in Q1 2025, with terminal sales increasing by high single digits, and other brands showing a 65%-70% year-on-year increase [24]. - For the home textile sector, Luolai Life expects a 20% growth in 2025, with a net profit of CNY 520 million [24][41].

淘宝百亿补贴也开始区域竞价。 淘宝百亿补贴近期上线区域竞价功能，商家可根据自身情况选择销售区域，以省份为单位竞价，每 个区域竞价获胜的前三名将被平台优先派单，前三名售罄后其他名次才有被派单的机会。天猫商家 参与该活动可享受交易佣金 100% 返还。 接近淘宝的人士告诉我们，这一调整旨在改善百亿补贴商品价格不够低的情况。一些经销商有意愿 在平台更低价卖货，但碍于品牌经销规则，担心商品窜货售外地被品牌处罚而未能报出最低价。平 台鼓励更多商家参与区域内竞价，在最低价的基础上叠加官方补贴，拿出比竞争对手更具优势的价 格。 拼多多在 2023 年前后便开始实施此类区域竞价模式。淘宝、京东等多家电商平台此后都开始力推 百亿补贴，从招商、货源管理到风控制度等各个环节学习拼多多。他们暂时都活在拼多多的影子 里，还没能动摇百亿补贴与拼多多强关联的用户心智。 教育新业务增速下降、东方甄选 GMV 收缩，新东方股价跌超 20%。 财报显示，新东方去年 9-11 月营业收入同比上升 19.4% 至 10.39 亿美元，经营利润同比下降 9.8% 至 1930 万美元。昨晚至今，这家公司美、港股股价都下跌超 20%，市值没了近 170 ...