In the mass down jacket market, a number of brands such as Yaya, Yalu, and Robin Hood have achieved rapid growth through the deployment of Douyin e-commerce dividend channels. On the other hand, the growth momentum of Bosideng's Xuezhongfei and Bingjie is much more modest.

text | Node Finance, author | Wuzhou

I don’t know whether it’s because the price of down jackets is rising rapidly, or if workers’ wages are rising slowly, it has become a consensus among consumers that they can’t afford a down jacket with a monthly salary of over 10,000 yuan.

In this wave of public opinion, Bosideng has become the number one target of “denunciation”. However, in the view of Node Finance, "expensiveness" is not the main risk of Bosideng. Just like a large number of people flock to buy action cameras and drones worth several hundred yuan, this does not hinder the business of high-end brands GoPro and DJI. Hot.

Brands and consumers always choose each other. Under this logic, Bosideng has chosen high-end people with higher consumption potential, which is understandable. But Bosideng’s problem lies in “too much pursuit of high-end products and neglect of cultivating the mass market.”

Currently, in the mass down jacket market, a number of brands such as Yaya, Yalu, and Robin Hood have achieved rapid growth through the deployment of Douyin e-commerce dividend channels. On the other hand, the growth momentum of Bosideng's Xuezhongfei and Bingjie is much more modest.

Once this trend continues, Bosideng may face the dilemma of "establishing a high-end position but losing the mass market", which will in turn affect investors' revaluation of its stock value.

"Expensive" is a neutral word

Recently, the ice and snow brought by the Siberian cold air mass have made friends from the north and south deeply aware of the importance of owning a high-quality down jacket.

However, what is embarrassing is that down jackets that often cost more than 4 figures have become "luxury goods" in the eyes of ordinary workers. Since October, public opinion on social media about "down jackets becoming more expensive" and "down jackets costing over 10,000 yuan" has been brewing.

As the leader of domestic down jackets, Bosideng has taken the lead in this "expensive" wave.

However, when faced with the hot topic of "Why can Bosideng down jackets sell for more than a thousand yuan?", different consumers have different opinions. Some consumers believe that Bosideng's down jackets were affordable in the past, but now they have suddenly become expensive and unfriendly to consumers; others believe that Bosideng's quality is not inferior to that of Canada Goose, Moncler, etc., and it is also cost-effective in comparison.

Since then, "expensive" is no longer a derogatory word, but a neutral word.

According to "Node Finance", the reason why Bosideng was able to get out of the trough in the past was that its brand upgrade in the direction of "expensive" played an important role.

Before 2017, Bosideng was a group company operating diversified businesses. In addition to down jackets, it also operated multiple apparel brands such as OEM, men's clothing, women's clothing, children's clothing, and workwear. Not only does the company have a large number of diversified businesses that lack synergy, but its branded down jacket business, which accounts for the largest revenue segment, has also struggled with price wars for a long time.

's extensive operation ended up with a huge accumulated inventory, a large number of low-efficiency stores scattered across the country, and shrinking shareholders' net profits.

As a result, in 2018, Bosideng launched a transformation plan centered on "focusing on the main channel and focusing on the main brand". This plan actually mainly includes two key actions - one is "downsizing", that is, cutting off men's and children's clothing and other Four Seasons apparel business; the second is "upgrading", which is to build Bosideng into a high-end brand to escape the bitter sea of ​​price wars in the industry.

Looking in the rearview mirror, the transformation strategy has allowed Bosideng to complete an identity transformation.

First of all, in terms of "focusing on the main channel", the revenue share of Bosideng brand down jacket business has increased from more than 60% before the transformation (2017) to more than 80%. At the same time, the company includes "women's clothing" and "diversified clothing". The total revenue proportion dropped from 25.8% in fiscal year 2017 to 4.6% in fiscal year 2022.

It can be said that the current business framework of Bosideng's "down jacket expert" is very clear.

Secondly, in terms of "focusing on the main brand". After this transformation, Bosideng, as the group's main brand, has long accounted for about 90% of the company's branded down jacket business revenue, and is the absolute core of the Bosideng brand down jacket segment. Not only that, Bosideng has also stepped out of the industry's vicious cycle of "homogeneous low-price competition" through brand upgrades.

According to brokerage statistics, from fiscal year 2020 to fiscal year 2022, the proportion of Bosideng brand down jacket products priced at more than 1,800 yuan increased from 27.5% to 46.9%. Previously, Bosideng Chief Financial Officer and Vice President Zhu Gaofeng revealed that the overall average price of the group has risen to 1,600 yuan in 2021, and will increase to 2,000 yuan in the next three years.

In terms of performance contribution, the price increase of Bosideng's main brand has contributed much more than the company's "downsizing" action of cutting off diversified businesses. Due to the high price of the main brand, Bosideng's overall gross profit margin has increased from 46% before the transformation in fiscal year 2017 to 59% in fiscal year 2022. Among them, the gross profit margin of Bosideng's main brand in the past three years has been 63%, 66%, and 69 respectively. %.

Currently, in the down jacket market worth more than 1,000 yuan, no domestic brand except Bosideng can compete with foreign luxury brands such as Canada Goose and Moncler.

can sell down jackets from a few hundred yuan to thousands of yuan, and they can still sell well. Bosideng’s ability to build high-end brands is undoubted. The support behind this includes Bosideng’s capture of the popular trend of down jackets that are “both functional and fashionable” , as well as the matching of company R&D and brand, etc., will not be discussed here.

However, Bosideng, which is firmly established in the high-end market, is not without worries. On the contrary, Bosideng’s weak voice in the mass down jacket market has become a current concern.

"Node Finance" observed that in the past three years, with the rise of Douyin e-commerce With the rise of new channels such as Kuaishou and Kuaishou e-commerce, Yaya, Yalu, and some Internet celebrity brands with strong online operation capabilities have achieved rapid growth. They are capturing the market that Bosideng once gave up.

Lost the mass market

China is a consumer of down jackets A big country. A survey shows that more than 30% of the citizens own more than 3 down jackets, and the proportion among women is 60%.

The huge consumer group, combined with the general price increases of down jacket brands in recent years, has made the down jacket market early. It exceeded the 100 billion yuan mark in 2018. According to data from the China National Garment Association, the size of my country's down jacket market is expected to be 160 billion yuan in 2022.

Calculated, in the past four years, the compound annual growth rate of China's down jacket market has been as high as nearly 22%.

However, a worrying point is that in terms of output, my country's down jacket market entered the stock market as early as 2015. The total national down jacket output in 2021 will be 126 million pieces, less than 66% of the total output in 2018. Fortunately, the price of down jackets continues to increase. According to data from the China National Commercial Information Center, from the average price calculation, the overall average price in 2021 has exceeded 550 yuan/piece.

From the perspective of the industry, price increases are the core driver The growth method is not reliable. A study by Goldman Sachs shows that a women’s coat in Japan can account for up to 1.3%-1.5% of its average annual disposable income.

If calculated based on the average unit price of Bosideng’s main brand in 2021 of 1,600 yuan, It already accounted for about 4.6% of the country's per capita disposable income that year, which is obviously not a consumption level that most people can afford.

In fact, judging from the distribution of consumer price segments in the down jacket market, those below 500 yuan and 500-1,000 yuan The mid-to-low-end market is the absolute core of the down jacket market. Eps Consulting once analyzed the down jacket transaction data of a mainstream domestic e-commerce platform and found that down jacket sales of more than 1,000 yuan accounted for less than 5%.

Taking into account Canada Goose The sales of high-end brands such as , Bosideng and others mainly come from offline stores. The actual sales volume of down jackets priced at more than 1,000 yuan will account for more than 5%. There are currently no detailed statistics on the sales price range of down jackets, but according to Feigua data, A survey on "Consumer Budget Distribution for Purchasing Down Jackets" shows that only 25% of consumers are willing to buy down jackets worth more than 1,000 yuan.

The implication is that more than 70% of consumers are willing to control the budget for purchasing down jackets within 1,000 yuan. In this big cake, Bosideng is currently being squeezed out.

Bosideng's branded down jacket business is divided into three parts - high-end Bosideng, mid-range Snow Flying, and low-end Bingjie.

In the high-end market, according to Bosideng, the company's main brand's down jacket sales of less than 1,000 yuan accounted for only 12% in 2019. With Bosideng's continuous price increases in the past three years, this proportion may have fallen below 10%. When "Node Finance" visited the Bosideng Shopping Center store before, it was found that the samples of down jackets with price tags of less than 1,000 yuan were significantly less than those with price tags above 1,000 yuan.

"Xuezhongfei" and "Bingjie", which represent Bosideng's main focus on the mid-to-low-end market, have not followed a steep growth curve in terms of revenue in the past few years. In fiscal year 2022, the revenue scale of Xuezhongfei and Bingjie were 1.222 billion yuan and 126 million yuan respectively, a year-on-year increase of 25.4% and -46.7% respectively.

In the same year, the annual sales of Yaya, which focuses on the mass market, exceeded 10 billion yuan, approaching the 11.7 billion yuan of Bosideng's main brand. At the same time, Yalu, which started almost at the same time as Bosideng, has already exceeded 2 billion yuan in revenue after taking advantage of online channels.

In addition to down jacket brands with a long history such as Yaya and Yalu, which are crushing Bosideng in the mass market, some new Internet celebrity brands, such as COCO ZONE and Robin Hood, rely on Douyin e-commerce channel dividends and extremely high The cost-effectiveness has gained a group of loyal fans. According to Feigua data, the average monthly sales of COCO ZONE, an Internet celebrity brand that is deeply tied to the female anchor "Liu Yiyi", from March to September this year reached 350 million yuan.

Compared with these Internet celebrity brands, Bosideng's Xuezhongfei and Bingjie have more brand advantages. Among them, Xuezhongfei, founded in 1999, has a strong ice and snow sports gene, but this high-quality brand asset has become Bosideng's focus on upgrading its main brand. Sacrifice.

In the 2022 fiscal year, Xuezhongfei’s revenue of more than 1.2 billion yuan seems to be a qualitative improvement from the 200 million yuan it just became independent in 2017, but it is insignificant compared to Yaya’s tens of billions and Yalu’s several billions. Bingjie, whose company has laid out mid-to-low-end women's down jackets, is facing a "worse" situation - not only is it small, but its sales in 2022 will also be cut in half.

At this point, the problem faced by Bosideng is: although the high-end upgrade of the main brand has been successful, Xuezhongfei and Bingjie are not enough to defend the mass market with larger market capacity.

New channels have become a key battle

In the past three years, Yaya, which has undergone restructuring, has disrupted the originally stable camp of down jackets like a runaway horse.

According to data provided by Yaya official, the brand's GMV (total transaction value) has exceeded 10 billion yuan in 2022, while the company's sales in 2019 were only 80 million yuan. In just 4 years,

’s revenue has increased nearly 100 times, breaking the industry growth record. An insider revealed to "Node Finance" that Yaya's sales this year may exceed 15 billion yuan.

Through tracking analysis, "Node Finance" believes that there are three keys to Yaya's explosive growth:

First, the good chemical reaction between the new team and Douyin e-commerce;

Second, the brand positioning in the mass down jacket market;

Third, design and supply chain transformation based on new positioning

In August 2020, Yaya changed owners, and the takeover was Fan Jibo. The latter acquired all the shares of Yaya through the controlled Bochen Investment. The total amount of this transaction is 1.5 billion yuan.

The reason why Fan Jibo dared to spend huge sums of money to win YaYa, a "hot potato" that has been poorly managed for a long time, was because of his team's successful online operation experience of the Yalu brand. Before acquiring Yaya, Fan Jibo’s e-commerce agency operation company had achieved a GMV of 2 billion yuan in Yalu’s e-commerce business.

Fan Jibo’s team knows how to effectively operate a down jacket brand with a long history.

As expected, the first thing Fan Jibo did when he took over Yaya was to sort out its sales channels, especially opening up traditional e-commerce and live broadcast e-commerce channels such as Tmall, Douyin e-commerce, JD.com, and then laid out a series of "Dabo" , self-broadcasting, and optimization of people and goods in the live broadcast room” and other operational details, Yaya’s sales reached 3.5 billion yuan that year.

According to "Node Finance", most of the growth of YaYa's online channels comes from the contribution of Douyin e-commerce. A report recently released by Feigua Data shows that YaYa's growth in Douyin's e-commerce down jacket market in the first three quarters of this year Its sales market share is 12.1%, close to the second and third places combined.

Secondly, Yaya’s outstanding performance also comes from “adhering to the brand positioning of the down jacket mass market.” According to Liu Yongxi, the head of the YaYa brand, they have set the core positioning of the YaYa brand as "Uniqlo in the down industry." Previously, he also revealed that the average unit price of YaYa is concentrated between 399 yuan and 699 yuan. And this is the market that Bosideng has lost. In addition to sorting out channels and positioning,

has also comprehensively integrated product development and supply chain systems. On the basis of retaining the advantageous products of YaYa's down jackets for middle-aged and elderly people, the new team has integrated designer resources and upstream suppliers to transfer core users to those aged 25-35 to create diversified young clothing with more design for them.

The rich product styles are also a major reason why YaYa can dominate the down jacket category of Douyin e-commerce for a long time. According to Liu Yongxi’s review, YaYa will open different live broadcast rooms according to different product styles, such as those that are younger and more fashionable, those that are older, those that are more female, those that are more male, etc. This operation method is in line with the personalization of Douyin. traffic distribution mechanism.

In short, with a combination of punches, Yaya firmly occupies the profitable channel of Douyin e-commerce.

In comparison, Bosideng’s operations on Douyin e-commerce are much inferior. According to Feigua Data Report, in the first three quarters of this year, the combined sales market share of the two down jacket brands Bosideng and Xuezhongfei was 8.9%, which was lower than Yaya’s 12.1%, and Bosideng’s 5.7% market share was also lower than Yalu’s 6.6% %.

Secondly, looking at the down jacket market segments such as "women's wear, men's wear, children's wear, sports, and outdoor", Bosideng, except for taking the lead in the men's down jacket market, has fallen out of the top two in the rest of the market segments. For a leading down jacket brand, this is obviously a phenomenon worthy of vigilance.

Judging from the financial report data, Bosideng's online channels have also continued to grow in the past few years. For example, the proportion of online sales of its brand down jacket business has increased from 20.1% in fiscal year 2017 to 35.6% in fiscal year 2022.

But in the fast-changing down jacket market, Bosideng can’t just compare with its past. It also needs to outperform its competitors, such as Yaya, Yalu, and Internet celebrity brands such as COCO ZONE and Robin Hood.

Obviously, in the past period of time, Bosideng has not outperformed its competitors on Douyin e-commerce.

However, having said that, it is not too late for Bosideng to make up for its shortcomings. Whether it is the re-layout of the mass market or the optimization of the operation of Douyin e-commerce channels, as long as the company realizes the seriousness of the situation, Bosideng can make up for it. There are still a lot of bullets.

Can Bosideng reverse the above unfavorable situation? We'll see.

According to brokerage statistics, from fiscal year 2020 to fiscal year 2022, the proportion of Bosideng brand down jacket products priced at more than 1,800 yuan increased from 27.5% to 46.9%. Previously, Bosideng Chief Financial Officer and Vice President Zhu Gaofeng revealed that the overall average price of the group has risen to 1,600 yuan in 2021, and will increase to 2,000 yuan in the next three years.

In terms of performance contribution, the price increase of Bosideng's main brand has contributed much more than the company's "downsizing" action of cutting off diversified businesses. Due to the high price of the main brand, Bosideng's overall gross profit margin has increased from 46% before the transformation in fiscal year 2017 to 59% in fiscal year 2022. Among them, the gross profit margin of Bosideng's main brand in the past three years has been 63%, 66%, and 69 respectively. %.

Currently, in the down jacket market worth more than 1,000 yuan, no domestic brand except Bosideng can compete with foreign luxury brands such as Canada Goose and Moncler.

can sell down jackets from a few hundred yuan to thousands of yuan, and they can still sell well. Bosideng’s ability to build high-end brands is undoubted. The support behind this includes Bosideng’s capture of the popular trend of down jackets that are “both functional and fashionable” , as well as the matching of company R&D and brand, etc., will not be discussed here.

However, Bosideng, which is firmly established in the high-end market, is not without worries. On the contrary, Bosideng’s weak voice in the mass down jacket market has become a current concern.

"Node Finance" observed that in the past three years, with the rise of Douyin e-commerce With the rise of new channels such as Kuaishou and Kuaishou e-commerce, Yaya, Yalu, and some Internet celebrity brands with strong online operation capabilities have achieved rapid growth. They are capturing the market that Bosideng once gave up.

Lost the mass market

China is a consumer of down jackets A big country. A survey shows that more than 30% of the citizens own more than 3 down jackets, and the proportion among women is 60%.

The huge consumer group, combined with the general price increases of down jacket brands in recent years, has made the down jacket market early. It exceeded the 100 billion yuan mark in 2018. According to data from the China National Garment Association, the size of my country's down jacket market is expected to be 160 billion yuan in 2022.

Calculated, in the past four years, the compound annual growth rate of China's down jacket market has been as high as nearly 22%.

However, a worrying point is that in terms of output, my country's down jacket market entered the stock market as early as 2015. The total national down jacket output in 2021 will be 126 million pieces, less than 66% of the total output in 2018. Fortunately, the price of down jackets continues to increase. According to data from the China National Commercial Information Center, from the average price calculation, the overall average price in 2021 has exceeded 550 yuan/piece.

From the perspective of the industry, price increases are the core driver The growth method is not reliable. A study by Goldman Sachs shows that a women’s coat in Japan can account for up to 1.3%-1.5% of its average annual disposable income.

If calculated based on the average unit price of Bosideng’s main brand in 2021 of 1,600 yuan, It already accounted for about 4.6% of the country's per capita disposable income that year, which is obviously not a consumption level that most people can afford.

In fact, judging from the distribution of consumer price segments in the down jacket market, those below 500 yuan and 500-1,000 yuan The mid-to-low-end market is the absolute core of the down jacket market. Eps Consulting once analyzed the down jacket transaction data of a mainstream domestic e-commerce platform and found that down jacket sales of more than 1,000 yuan accounted for less than 5%.

Taking into account Canada Goose The sales of high-end brands such as , Bosideng and others mainly come from offline stores. The actual sales volume of down jackets priced at more than 1,000 yuan will account for more than 5%. There are currently no detailed statistics on the sales price range of down jackets, but according to Feigua data, A survey on "Consumer Budget Distribution for Purchasing Down Jackets" shows that only 25% of consumers are willing to buy down jackets worth more than 1,000 yuan.

The implication is that more than 70% of consumers are willing to control the budget for purchasing down jackets within 1,000 yuan. In this big cake, Bosideng is currently being squeezed out.

Bosideng's branded down jacket business is divided into three parts - high-end Bosideng, mid-range Snow Flying, and low-end Bingjie.

In the high-end market, according to Bosideng, the company's main brand's down jacket sales of less than 1,000 yuan accounted for only 12% in 2019. With Bosideng's continuous price increases in the past three years, this proportion may have fallen below 10%. When "Node Finance" visited the Bosideng Shopping Center store before, it was found that the samples of down jackets with price tags of less than 1,000 yuan were significantly less than those with price tags above 1,000 yuan.

"Xuezhongfei" and "Bingjie", which represent Bosideng's main focus on the mid-to-low-end market, have not followed a steep growth curve in terms of revenue in the past few years. In fiscal year 2022, the revenue scale of Xuezhongfei and Bingjie were 1.222 billion yuan and 126 million yuan respectively, a year-on-year increase of 25.4% and -46.7% respectively.

In the same year, the annual sales of Yaya, which focuses on the mass market, exceeded 10 billion yuan, approaching the 11.7 billion yuan of Bosideng's main brand. At the same time, Yalu, which started almost at the same time as Bosideng, has already exceeded 2 billion yuan in revenue after taking advantage of online channels.

In addition to down jacket brands with a long history such as Yaya and Yalu, which are crushing Bosideng in the mass market, some new Internet celebrity brands, such as COCO ZONE and Robin Hood, rely on Douyin e-commerce channel dividends and extremely high The cost-effectiveness has gained a group of loyal fans. According to Feigua data, the average monthly sales of COCO ZONE, an Internet celebrity brand that is deeply tied to the female anchor "Liu Yiyi", from March to September this year reached 350 million yuan.

Compared with these Internet celebrity brands, Bosideng's Xuezhongfei and Bingjie have more brand advantages. Among them, Xuezhongfei, founded in 1999, has a strong ice and snow sports gene, but this high-quality brand asset has become Bosideng's focus on upgrading its main brand. Sacrifice.

In the 2022 fiscal year, Xuezhongfei’s revenue of more than 1.2 billion yuan seems to be a qualitative improvement from the 200 million yuan it just became independent in 2017, but it is insignificant compared to Yaya’s tens of billions and Yalu’s several billions. Bingjie, whose company has laid out mid-to-low-end women's down jackets, is facing a "worse" situation - not only is it small, but its sales in 2022 will also be cut in half.

At this point, the problem faced by Bosideng is: although the high-end upgrade of the main brand has been successful, Xuezhongfei and Bingjie are not enough to defend the mass market with larger market capacity.

New channels have become a key battle

In the past three years, Yaya, which has undergone restructuring, has disrupted the originally stable camp of down jackets like a runaway horse.

According to data provided by Yaya official, the brand's GMV (total transaction value) has exceeded 10 billion yuan in 2022, while the company's sales in 2019 were only 80 million yuan. In just 4 years,

’s revenue has increased nearly 100 times, breaking the industry growth record. An insider revealed to "Node Finance" that Yaya's sales this year may exceed 15 billion yuan.

Through tracking analysis, "Node Finance" believes that there are three keys to Yaya's explosive growth:

First, the good chemical reaction between the new team and Douyin e-commerce;

Second, the brand positioning in the mass down jacket market;

Third, design and supply chain transformation based on new positioning

In August 2020, Yaya changed owners, and the takeover was Fan Jibo. The latter acquired all the shares of Yaya through the controlled Bochen Investment. The total amount of this transaction is 1.5 billion yuan.

The reason why Fan Jibo dared to spend huge sums of money to win YaYa, a "hot potato" that has been poorly managed for a long time, was because of his team's successful online operation experience of the Yalu brand. Before acquiring Yaya, Fan Jibo’s e-commerce agency operation company had achieved a GMV of 2 billion yuan in Yalu’s e-commerce business.

Fan Jibo’s team knows how to effectively operate a down jacket brand with a long history.

As expected, the first thing Fan Jibo did when he took over Yaya was to sort out its sales channels, especially opening up traditional e-commerce and live broadcast e-commerce channels such as Tmall, Douyin e-commerce, JD.com, and then laid out a series of "Dabo" , self-broadcasting, and optimization of people and goods in the live broadcast room” and other operational details, Yaya’s sales reached 3.5 billion yuan that year.

According to "Node Finance", most of the growth of YaYa's online channels comes from the contribution of Douyin e-commerce. A report recently released by Feigua Data shows that YaYa's growth in Douyin's e-commerce down jacket market in the first three quarters of this year Its sales market share is 12.1%, close to the second and third places combined.

Secondly, Yaya’s outstanding performance also comes from “adhering to the brand positioning of the down jacket mass market.” According to Liu Yongxi, the head of the YaYa brand, they have set the core positioning of the YaYa brand as "Uniqlo in the down industry." Previously, he also revealed that the average unit price of YaYa is concentrated between 399 yuan and 699 yuan. And this is the market that Bosideng has lost. In addition to sorting out channels and positioning,

has also comprehensively integrated product development and supply chain systems. On the basis of retaining the advantageous products of YaYa's down jackets for middle-aged and elderly people, the new team has integrated designer resources and upstream suppliers to transfer core users to those aged 25-35 to create diversified young clothing with more design for them.

The rich product styles are also a major reason why YaYa can dominate the down jacket category of Douyin e-commerce for a long time. According to Liu Yongxi’s review, YaYa will open different live broadcast rooms according to different product styles, such as those that are younger and more fashionable, those that are older, those that are more female, those that are more male, etc. This operation method is in line with the personalization of Douyin. traffic distribution mechanism.

In short, with a combination of punches, Yaya firmly occupies the profitable channel of Douyin e-commerce.

In comparison, Bosideng’s operations on Douyin e-commerce are much inferior. According to Feigua Data Report, in the first three quarters of this year, the combined sales market share of the two down jacket brands Bosideng and Xuezhongfei was 8.9%, which was lower than Yaya’s 12.1%, and Bosideng’s 5.7% market share was also lower than Yalu’s 6.6% %.

Secondly, looking at the down jacket market segments such as "women's wear, men's wear, children's wear, sports, and outdoor", Bosideng, except for taking the lead in the men's down jacket market, has fallen out of the top two in the rest of the market segments. For a leading down jacket brand, this is obviously a phenomenon worthy of vigilance.

Judging from the financial report data, Bosideng's online channels have also continued to grow in the past few years. For example, the proportion of online sales of its brand down jacket business has increased from 20.1% in fiscal year 2017 to 35.6% in fiscal year 2022.

But in the fast-changing down jacket market, Bosideng can’t just compare with its past. It also needs to outperform its competitors, such as Yaya, Yalu, and Internet celebrity brands such as COCO ZONE and Robin Hood.

Obviously, in the past period of time, Bosideng has not outperformed its competitors on Douyin e-commerce.

However, having said that, it is not too late for Bosideng to make up for its shortcomings. Whether it is the re-layout of the mass market or the optimization of the operation of Douyin e-commerce channels, as long as the company realizes the seriousness of the situation, Bosideng can make up for it. There are still a lot of bullets.

Can Bosideng reverse the above unfavorable situation? We'll see.