current position:Home>International sports brands are down, the national tide is rising, and the market pattern has changed?

International sports brands are down, the national tide is rising, and the market pattern has changed?

2022-09-23 05:57:36Take it lightly

21世纪经济报道记者 高江虹 Intern Tang Zhenrui 北京报道

除了9月1Day is about to send2022年Q2财报的Lululemon,For more than a month, including Anta、李宁、Xtep and Adidas、Puma and other major sports brands2022The basic disclosure of the interim financial report is completed.

Multiple financial reports in hand,Various brands inevitably compare their pros and cons with each other.安踏以259.65The mid-term revenue of 100 million yuan is firmly seated as the first brother in the domestic sports market.Plus this half year,Strict epidemic prevention policies in high-tier cities such as Beijing, Shanghai and Shenzhen、The conflict between Russia and Ukraine since the global supply chain tension as well as the European and American markets serious problems such as inflation,The revenue of international brands in the Greater China market has shown negative growth to varying degrees.

今年上半年PumaSignificant decline in revenue in the Greater China market34%,Adidas fell even further35%,And it has been declining for five consecutive quarters,Nike has for three consecutive quarters of decline.

compared to international brands,Domestic sports brands are faced with the situation seems to be better,安踏、361Through the cold winter at the beginning of the year,Li Ning begins to make strides,Xtep achieved the brand's best performance in five years.

The joys and sorrows of a domestic brother

8月23日,Anta Group announced2022上半年业绩,Anta implementation report showed operating income259.65亿元,同比增长13.8%,Continue to secure the position of the first brother in the domestic sports market,And widened the gap with domestic competitors.Li Ning behind Anta,Revenue for the first half of the year was only124亿元,Xtep's revenue in the first half of the third place56.8亿元,第四名361度营收36.5亿元.

If you compete with international sports brands,就绝对值而言,Anta still seems to be number one.Adidas' first-half revenue in Greater China was17.23亿欧元,彪马为2.68亿欧元.值得指出的是,Nike's financial report statistics time is slightly different from other brands,其他品牌的2022年上半年是2022年1-6月,And that's the equivalent of Nike's2022second half of fiscal year2021年12月-2022年5月,Its revenue in Greater China is approximately250亿元,But the statistical differences embodied in618This important promotion time,Therefore, Nike comparability is not strong.

Anta and anta's two big brandsFILAThe pace is not consistent.今年上半年,Anta's main brand andFILArevenue was realized133.6亿元和107.8亿元,同比分别增长26.3%和-0.5%.

上半年,It used to be sing-alongFILAlost its previous strong growth momentum,营收微跌0.5%,毛利率也从72.3%下滑至68.6%,为2021First decline since mid-year.

Compared with the main brand of Anta,FILANot a sports brand,Its products focus on leisure fashion,The positioning is different from that of Anta.In the first half of the year, due to the spread of the epidemic,Relatively high-end product line positioningFILA受到的冲击更为明显.据悉,FILA最高峰的时候有30%closing rate of,It is the brand most affected by Anta's internal business.

上半年,Consumers are interested in higher-end consumer brands such asFILADemand has dropped significantly,There are a lot of substitute goods in the market,People are more inclined to reduce the consumer grade to enhance their ability to resist risks.尽管FILAThe design is outstanding,However, the product quality is not much different from that of its peers,A frequently hundreds of yuanTT-shirts are inevitably ignored by risk-averse consumers.

FILAAccounts for half of Anta Group's revenue,出于对FILA前景的担忧,The capital market has doubts about Anta's future performance.Concerned about the market,FILA方面表示,今年将以“保健康”为主调,在商品、品牌、Strengthen dynamic management in retail dimension,Efforts to achieve in the second half of the year10%以上增长,Single-digit growth for the year.

The management of Anta Group also stated that,从全球市场来看,在30亿美元规模以上体量的品牌,还能持续保持高速增长的几乎没有.FILA在经过过往5-6年的狂飙突进后,The pursuit of growth in the future,Will give way to the emphasis on and control of the quality of growth,Refinement to create the ultimate commodity power,Heavy and in-depth sub-categories,沉淀品牌资产.Anta will also tap the third growth line,such as outdoor markets.

domestic brands open“Halftime Champagne”



In addition to the main brand of Anta,Other professional sports brands have shouldered and digest the outbreak of different level pressure.Li Ning's revenue increased21.7%,361increased17.6%,Xtep also relies on37%The year-on-year growth achieved the best brand performance in the past five years.

8月23日,361disclosed the results for the first half of this year,The report shows that the company's operating income has grown steadily17.6%达到36.5亿元人民币,毛利增长16.6%达15.2亿元,毛利率41.3%,基本与2021年的41.8%保持一致.

361Degree of brand positioning is clear.361Mainly focus on third-tier and below markets,品牌有77.19%of stores are located in these areas.2022In the first half of the year, many places under the epidemic,Concentrate more on high-tier citiesFila、李宁、阿迪达斯、Brands like Nike face tougher challenges,Inventory and supply chain pressures are forcing these companies to devote more energy to dealing with related issues.Layout and sink market361度,从2012年至2021年,营收从49.51亿增长至59.33亿,增长幅度并不大,But it can be seen that the growth rate of the brand in the first half of the year has been higher than the average situation in the past few years.

和361degree of steady and steady,Xtep's performance in the first half of the year can be said to have made great progress,Played a beautiful battle,Achieve the best performance in five years.2022年上半年,Xtep revenue56.8亿元,同比增长37.5%,This is the brand's fastest rise in five years.Gross margins have not changed much,same as last year42%左右.

The domestic economic situation in the first half of the year did not create favorable market conditions,But Xtep Group quickly adjusted its business strategy,Increase the intensity of electric business to promote sales,And actively play the synergistic effect of core brand and new brand,扩展海外市场.值得一提的是,相比去年,Xtep optimizes inventory structure.Despite a slight increase in total inventories,But the backlog exceeds9Monthly inventory down compared to last year90%.

There are also domestic companies that actively deal with inventory problems.“二哥”李宁.Li ning company to a jointCEOQian Wei said,In the first half of the year, the Group focused on annual business and inventory control goals,Develop a monthly inventory target management mechanism,Follow up on a weekly basis,“Ultimately achieve better business with reasonable inventory”.Refinement management has a great effect on improving inventory,上半年,Li Ning company inventory turnover days55天,And the inventory age structure is further improved,12The proportion of inventories over a month has decreased,Offline retail sales of new products recorded10%-20%中段增长,The proportion of new products in circulation has increased6%.

Qian Wei said,Li Ning has experienced a transformation from wholesale thinking to retail thinking,That is, from the traditional mainly wholesale business ideas,Shift to a business strategy focused on commodities and efficiency.This business strategy has also contributed to revenue growth,In the first half of the year, the total operating income of Li Ning Company was125.14亿元,同比增加22%,净利润为21.89亿元,同比增加11.57%.同时,Li Ning achieved a net inflow of operating cash flow in the first half of this year15.83亿元.

Weak growth of international brands



Compared to fast-growing Chinese peers,International sports brands are inferior.

8月4日,Adidas revealed2022Financial results for the first half of the year,Without taking into account the exchange rate,实现营收108.97亿欧元,同比增长5%;净利润8亿欧元,同比下降16.9%.Of which revenue from Greater China17.23亿欧元,同比下降28.4%,After removing the exchange rate factor,Greater China revenue fell year-on-year34.8%.值得一提的是,This is adidas greater China for the fifth quarter of decline.

This phenomenon is not exclusive to adidas,International sports brand in the Chinese market is generally faced with the cold winter.PumaSignificant decline in revenue in the Greater China market34%,营收从4.06亿欧元降至2.68亿欧元,Nike also has three consecutive quarters of decline.

早在6月27日,耐克公布了2022财年的业绩,大中华区营收75.47亿美元,相比去年同期减少13%.Due to the difference in fiscal year caliber(耐克2022财年为2021年5月31日-2022年5月31日),耐克22H2Equivalent to Anta22H1.根据耐克22Q3和22Q4的财报,The market revenue in Greater China is21.50亿美元和15.61亿美元,约人民币250亿元.

有专家提出,Comparing Nike China and Anta Group,有失公允.The former is only part of the market scope of an enterprise,The latter is the entire revenue of the entire group.Although Anta's revenue data is mainly contributed by the domestic market,But its overseas market also has some revenue,259.7billion is the revenue from the global market.different market ranges、Different fiscal year calibers、Lack of specific relevant numerical indicators,The conclusion drawn from such a comparison may be unconvincing.

不过,It is worth thinking about by major international brands that,Why they encounter in the Chinese market for such a big setback.8月初,阿迪达斯CEO Kasper Rorstedadmitted in an interview,“我们犯了错误.我们不够了解消费者,所以我们为那些做得更好的中国竞争商家们留下了空间.”Kasper RorstedIt is believed that the unfavorable performance in the first half of this year was mainly affected by the new crown epidemic and the conflict between Russia and Ukraine,The former has caused the near stagnation of store performance in high-tier cities,The latter has led to rising raw material logistics costs and supply chain difficulties.

In fact, these situations are common to other international brands..PumaPutting extra effort into dealing with inventory issues,Currently admits that it has lost the initiative in the Chinese market;ASICS also suffered separately in March and April.10%和28%的下滑,It didn't rise sharply until June and July.

Kasper RorstedStill optimistic about the prospects of the Chinese market,“I believe the Chinese market will return,And there is still a lot of room for growth in the future.”But the capital market did not give thisCEOopportunity for correction,他已于8月22Ri sadly announced his resignation two years early.

Sportswear market reshuffles



对于Kasper Rorstedthe sad departure,有分析指出,because of its wrong decision to lose a part of the Chinese market share,But that's only part of the reason.GlobalData Apparel分析师Darcey Jupp称,Adidas has fallen behind its rivals,The product offered is lackluster,Its strategy of relying on Chinese sales for expansion is also hampered by the current state of the Chinese market.

其实,更重要的是,今年7月,lululemon以374亿美元的市值超过阿迪达斯,升至全球运动品牌第二位,仅次于耐克.8月25日,Lululemonmarket value rose again395.57亿美元,On the same day, the market value of Adidas was only158.78亿美元,The widening gap between market value on both sides.

从销售额上看,目前LululemonHas not challenged Adidas for second place,lululemon的半年报9月1日才发布,根据其2022财年第一季度财报,在第一季度,Lululemon净营收增长32%,为16亿美元.而阿迪达斯2022Net sales in the first quarter of the year were53.02亿欧元,But its growth rate is only0.6%.The capital market is more promisingLululemon的业务前景,Hence a higher valuation premium.LululemonThe focus of the new store layout this year is still the Chinese market,Double-digit sales growth in China in the first quarter.迟早,In the Chinese market, major brands will be hand-to-hand.

截至2020年,The size of China's sportswear market has reached3150亿元,And the proportion of the apparel market has gradually increased.As the sports market cake gradually expands,,The distribution of the cake is also changing at the same time.

2021The market leader of the year is still Nike,阿迪达斯紧随其后.但2022A series of headwinds in the first half hit the market strongly in the short term,International brands have been hit hard.

可预见的是,Rising by the national tide、Effective implementation of brand sinking strategy and transformation strategy,It is obvious that domestic brands will gain more market share in the short term.目前,Many institutions are generally optimistic about domestic sports brands.

这场疫情,Unconsciously changed the situation of sportswear brand players.只是,It remains to be seen whether these effects can actually change the market landscape.

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