Domestic down jacket brands have begun to “move up” and enter the mid-to-high-end blank market
According to statistics from the China National Garment Association, China’s down jacket market size will be approximately 156.2 billion yuan in 2021, with an average annual compound growth rate of 12.73% from 2016 to 2021. The consumption power of users for high-end down jackets cannot be underestimated. According to reports, according to data from the China National Commercial Information Center, from 2014 to 2020, the average unit price of domestic down jackets rose from 452 yuan to 656 yuan; the average transaction price of large-scale cold-proof clothing exceeded 1,000 yuan, of which the proportion of more than 2,000 yuan was close to 70 %.
Compared to the past, this winter, a more obvious trend in down jacket products is that domestic down jacket brands are “moving up”, not only increasing the unit price of their products, they are also gradually challenging the real “high-end”.
China’s first down jacket brand “Shuangyu” was born in the 1970s. After the reform and opening up, China’s down jacket market began to sprout, and state-owned down jacket brands Yaya and Yalu were established one after another. Since then, brands such as Bosideng, Dayu, Xuelun, and Xuezhongfei have also emerged one after another. At present, my country’s down jacket market has formed a typical pyramid development pattern.
Bosideng is the first leading manufacturer to test the high-end brand of down jackets. Bosideng, which has a history of 46 years, has already begun its transformation. In 2018, Bosideng re-established its brand positioning and focused on the mid-to-high-end down jacket market. No longer just a tool to keep out the cold in the past, the Bosideng brand has continuously appeared on the T stages of Milan Fashion Week and London Fashion Week. It has invited celebrities from all walks of life who fit the brand image as spokespersons, and has collaborated with famous designers to launch joint products to achieve high volume. , high-exposure marketing activities affect consumer perceptions.
High-end products naturally also have the added value of high technology. Bosideng products have developed functions such as heating systems, and also introduced the Beidou satellite navigation system into the field of down jackets, which can actively transmit distress signals in times of distress. Bosideng’s down jackets, which focus on “fashion sense” and “tech sense”, have naturally increased their prices.
At the company’s 2021/2022 fiscal year conference call, Bosideng Chief Financial Officer and Vice President Zhu Gaofeng said: “Before the brand transformation in 2017, the average Bosideng tag price was about 1,000 to 1,100 yuan, and it will reach 1,800 yuan in 2021. Around.” In 2021, Bosideng went a step further and launched the windbreaker down and Dengfeng 2.0 series products, with a maximum price of nearly 15,000 yuan, which is close to Canada Goose, further demonstrating its determination to carry out high-end products to the end. By the end of March 2022, Bosideng’s financial report showed that among Bosideng brand’s online sales, the proportion of revenue from products above 1,800 yuan had increased from 31.8% in the same period last year to 46.9%; Bosideng brand sales revenue also increased by 16.3% to 11.62 billion yuan; gross profit margin also increased to a record high of 60.1%.
But when we expand our focus to the entire market, this originally blank “no man’s land” begins to be paid attention to by more and more players.
Sports brands such as Anta and Li Ning have also gradually launched down jacket products worth more than 1,000 yuan. Clothing brand PEACEBIRD has also recently released a new down product matrix, and the newly created “SKYPEOPLE” has also joined it. They are all trying to capture the huge demand of young consumer groups.
According to statistics from the China National Garment Association, China’s down jacket market size will be approximately 156.2 billion yuan in 2021, and the average annual compound growth rate of the market size from 2016 to 2021 will be 12.73%.
Domestic down jacket brands have begun to “move up” and test the price space of more than 5,000 yuan or even tens of thousands of yuan, gradually launching a challenge towards true “high-end”.
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