从细分赛道杀入的lululemon，业绩增长的光芒盖过了耐克和阿迪达斯双巨头。
近日，加拿大运动服装品牌lululemon发布2022财年第二季度财报。财报显示，截至2022年7月31日，lululemon2022财年第二季度营收比去年同期增长了29%，为19亿美元，净利润达2.89亿美元。
lululemon在中国大陆市场发展稳健，业务净营收同比增长逾30%，三年复合年增长率接近70%。对于中国市场的发展，lululemon曾在今年4月份公布“Power of Three x2”五年发展计划时提到，预计到2026财年，中国大陆将成为lululemon全球第二大市场。
与此形成对比的是，同作为外来选手的耐克和阿迪达斯，在中国市场业绩在持续下滑。
在大中华区市场，阿迪达斯营收已经连续五个季度下滑，耐克也已经连续三个季度下跌。此前有报道称，阿迪达斯首席执行官罗思德自曝在中国犯错，将于明年初离任，这比他原定的任期结束时间早了三年。
事实上，如梳理安踏集团、李宁、特步、361度等国产运动企业的2022年半年报，中国运动市场的竞争格局已然发生变化。
最引人注目的一点是，安踏集团的上半年营收首次超过耐克中国。
安踏集团财报显示，2022年上半年，安踏集团实现收益259.65亿元，同比增长13.8%。根据安踏集团给出的数据，其上半年的收入体量已相当于相同报告期内 1.1个耐克中国、2.1个李宁公司、2.13个阿迪达斯。
李宁和特步也交出了不错的成绩单。2022上半年，李宁营收利润双增，收入同比增长21.7%至124.09亿元；特步营收增加37.5%至56.84亿元，净利润达5.9亿元，同比增加38.4%。
运动服装品牌玩家们的处境正在悄然变化。
阿迪耐克被抢了风头
8月23日，安踏集团公布了2022上半年业绩，报告显示安踏实现营业收入259.65亿元；而排在安踏后面的李宁，上半年营收为124亿元；第三名的特步上半年营收56.8亿元；第四名361度营收36.5亿元。
对比之下，安踏集团稳居国内运动市场第一的位置，同时也超越了阿迪达斯国际运动品牌在中国市场的表现。数据显示，阿迪达斯在大中华区的上半年营收为117.85亿元。
安踏集团称其上半年的收入体量已相当于相同报告期内1.1个耐克中国、2.13个阿迪达斯。
从整个运动市场来看，比起营收不断突破的中国企业，国际运动品牌却遭遇“水土不服”。
8月4日，阿迪达斯披露了2022上半年的业绩报告，大中华区营收17.23亿欧元，同比下降28.4%，剔除汇率因素后，大中华区的营收同比下降34.8%。
这是阿迪达斯大中华区持续第五个季度的下降。除了阿迪达斯，耐克也已经连续三个季度的下滑。
根据魔镜市场情报数据，2021年3月至2022年7月，头部海外运动品牌中，阿迪达斯淘系电商平台销售额连续1个月同比负增长，耐克淘系电商平台销售额有12个月出现同比负增长。
不过，凭借瑜伽裤细分赛道火出圈的lululemon，成为少有的例外。据魔镜数据，自2020年起，lululemon在淘宝、天猫平台便一直有较好的销售情况。根据最近发布的魔镜2022年第一季度白皮书显示，lululemon在今年第一季度在淘宝、天猫平台的销售额达到5.6亿元，同比增长高达82.1%。
同时，财报显示，lululemon2022财年第二季度，营收、净利润均处于上升态势，同比增长29%、39.42%。整体上，相比耐克和阿迪达斯，凭借主打瑜伽裤品类一路狂奔的lululemon，在营收增速、净利润增速，都略有优势。
中国服装行业战略专家杨大筠向时代周报记者表示，从近两年的整体表现来看，运动市场需求趋于饱和，原先市场份额占比较高的耐克、阿迪达斯的增长趋势呈现下滑在正常范围内。
杨大筠同时补充道，国货运动品牌在中国消费市场崛起也影响了阿迪达斯和耐克的业绩。随着中国本土企业设计能力、水平以及品牌推广能力的提升带动业绩增长，耐克和阿迪达斯的优势会被逐渐压缩。
阿迪达斯首席执行官罗思德在接受媒体采访时也承认：“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。”
“如今的中国消费者，喜欢（产品）有一种‘中国的感觉’。‘中国的感觉’到底是什么，阿迪达斯一定会去研究，并想方设法加以解决，找到属于中国消费者的感觉。尽管很难，但对于国际知名品牌来说，应当不是无法破解的难题。”罗思德表示。
GlobalData Apparel分析师Darcey Jupp称，阿迪达斯已经落后于竞争对手，提供的产品乏善可陈，其依赖中国销售来扩张的战略也因中国市场的现状而受阻。
但需要注意的是，耐克财报统计周期和其他品牌并不相同，存在时间差异。
安踏集团、李宁、特步以及阿迪达斯的上半年业绩，时间范围是2022年1—6月，而耐克采用2022财年第三、四季度的数据，即2021年12月—2022年5月。
根据这个数据，耐克在大中华区的营收为37.21亿美元，以业绩公告当日的汇率计算则为236.81亿元。但这并不包括6·18大促收入，也不包括耐克旗下品牌“匡威”的营收。
仍需拉近差距
尽管曾经的老大哥们在中国市场表现出现疲态，国产运动品牌发展势头也比较迅猛，但无论是安踏还是李宁，离达到国际知名品牌还有一段距离。
有服装业内人士向时代周报记者表示，安踏是带着整个集团的品牌营收一起和耐克比拼，还不能算是真正意义上的“超越”，安踏集团的多品牌运营能力可圈可点，但论安踏集团旗下单一品牌的品牌力，仍和耐克有很大差距。
国际市场调研机构Brand Finance发布的“2022全球最有价值50强服饰品牌榜单”显示，耐克品牌价值增长9%至332亿美元，蝉联第1的位置。阿迪达斯品牌价值位列第5，安踏为第17位，李宁为第44位。
事实上，安踏等一众国产品牌仍面临着各自的问题待解决。
比如安踏集团虽然营收有了大突破，但净利润表现却不如其他国产品牌。上半年，安踏净利润为39.5亿元，同比下滑6.6%；而李宁净利润为21.9亿元，同比增长11.6%；特步净利润为5.9亿元，同比增38.4% ；361度净利润为5.5亿元，同比增37.2%。
同时，安踏集团旗下FILA品牌的业绩开始下滑。
2022年上半年，FILA品牌实现营收107.8亿元，同比下滑0.5%；实现经营溢利24.26亿元，同比下滑22.8%。
安踏表示，报告期中，疫情反弹及闭店地区主要集中于一、二线城市，FILA于这些地区布局较多，因而受到影响较大。
“实际上FILA的增速早就已经放缓，上半年出现下滑也并不意外。与此同时，FILA对于安踏的重要性不言而喻，如果持续下滑对安踏来说是个很大挑战。”上述服装业内人士对时代周报记者表示。
无论是安踏、李宁还是特步、361度，国产运动品牌在产品的基础研发面确实还存在进步空间。
从安踏2021年财报可以发现，其2021年的研发投入占比为2.3%，同期李宁的研发占比为1.83%，特步为2.5%，361度为 4.16%。但据相关媒体报道，耐克、阿迪达斯有5%～10%的研发占比。
前瞻产业研究院报告表示，耐克专利总数达到了4534项，约为安踏的8倍，价值5000美元以上的专利数量达到了661项，约为安踏的22倍。
国产品牌们也认识到研发的重要性，不断加强专业性。
9月5日，特步表示未来10年，将投入50亿助力中国路跑事业，包括产品研发创新、赛事及运动员支持等。安踏集团也预计，到2030年，研发累计投入将超过200亿元。
From the subdivision track into the lululemon, the light of performance growth has overshadowed the two giants Nike Inc and Adidas.
Recently, Canadian sportswear brand lululemon released its results for the second quarter of fiscal year 2022. Revenue in the second quarter of the fiscal year ended July 31, 2022 rose 29% from a year earlier to $1.9 billion, with a net profit of $289 million, according to the report.
Lululemon is growing steadily in the Chinese mainland market, with net revenue rising more than 30 per cent year-on-year and a three-year compound annual growth rate of nearly 70 per cent. Regarding the development of the Chinese market, lululemon mentioned when announcing the "Power of Three x2" five-year development plan in April this year that Chinese mainland is expected to become the second largest market of lululemon in the world by fiscal year 2026.
In contrast, Nike Inc and Adidas, both outsiders, continue to decline in the Chinese market.
In the Greater China market, Adidas revenue has declined for five consecutive quarters, and Nike Inc has fallen for three consecutive quarters. It follows reports that Rothschild, chief executive of Adidas, revealed that he had made a mistake in China and would leave office early next year, three years earlier than his original term.
In fact, such as combing the 2022 semi-annual reports of Anta Group, Li Ning Co. Ltd., Xtep, 361degrees and other domestic sports enterprises, the competition pattern of China's sports market has changed.
The most striking point is that Anta Group's revenue in the first half of the year surpassed Nike Inc China for the first time.
According to the financial report of Anta Group, the income of Anta Group reached 25.965 billion yuan in the first half of 2022, an increase of 13.8% over the same period last year. According to the data given by Anta Group, its first-half revenue volume is equivalent to 1.1 Nike Inc China, 2.1 Li Ning Co. Ltd. Company and 2.13 Adidas in the same reporting period.
Li Ning Co. Ltd. and Xtep also handed in good transcripts. In the first half of 2022, Li Ning Co. Ltd. 's revenue and profit increased by 21.7% to 12.409 billion yuan compared with the same period last year. Xtep's revenue increased by 37.5% to 5.684 billion yuan, and the net profit reached 590 million yuan, an increase of 38.4% over the same period last year.
The situation of players of sportswear brands is quietly changing.
Adi Nike was overshadowed.
On August 23, Anta Group announced its results for the first half of 2022. The report showed that Anta realized operating income of 25.965 billion yuan, while Li Ning Co. Ltd., who ranked behind Anta, had revenue of 12.4 billion yuan in the first half of the year. Xtep, who ranked third, earned 5.68 billion yuan in the first half of the year. Fourth place 361st degree revenue 3.65 billion yuan.
By contrast, Anta Group firmly occupies the first position in the domestic sports market, but also surpasses the performance of Adidas international sports brand in the Chinese market. Data show that Adidas's revenue in Greater China in the first half of the year was 11.785 billion yuan.
Anta said its revenue in the first half of the year was equivalent to 1.1 Nike Inc China and 2.13 Adidas in the same reporting period.
From the perspective of the whole sports market, compared with Chinese enterprises with continuous breakthroughs in revenue, international sports brands have encountered "soil and water disobedience".
On Aug. 4, Adidas disclosed its results for the first half of 2022. Revenue in Greater China was 1.723 billion euros, down 28.4% from the same period last year. Excluding exchange rate factors, revenue in Greater China fell 34.8% from the same period last year.
This is the fifth consecutive quarter of decline in Adidas Greater China. In addition to Adidas, Nike Inc has also declined for three consecutive quarters.
According to the market intelligence data of Magic Mirror, among the head overseas sports brands from March 2021 to July 2022, the sales of Adidas Taobao e-commerce platform showed negative year-on-year growth for one month in a row, while Nike Inc Taos e-commerce platform sales showed negative year-on-year growth for 12 months.
However, lululemon, which is popular on the track with yoga pants, has become a rare exception. According to Magic Mirror data, lululemon has been selling well on Taobao and Tmall platforms since 2020. According to the recently released Magic Mirror White Paper for the first quarter of 2022, lululemon's sales on Taobao and Tmall reached 560 million yuan in the first quarter of this year, an increase of 82.1 percent over the same period last year.
At the same time, the financial report shows that revenue and net profit are on the rise in the second quarter of the lululemon2022 fiscal year, up 29% and 39.42% from the same period last year. On the whole, compared with Nike Inc and Adidas, lululemon, which specializes in yoga pants, has a slight advantage in revenue growth and net profit growth.
Yang Dayun, a strategic expert in China's clothing industry, told time Weekly that from the overall performance in the past two years, the sports market demand tends to be saturated, and the growth trend of Nike Inc and Adidas, which originally accounted for a relatively high market share, is declining in the normal range.
Yang Dayun also added that the rise of domestic sports brands in the Chinese consumer market has also affected the performance of Adidas and Nike Inc. With the improvement of Chinese local enterprises' design ability, level and brand promotion ability to drive performance growth, the advantages of Nike Inc and Adidas will be gradually compressed.
Rothschild, chief executive of Adidas, admitted in an interview with the media: "We don't know enough about consumers, so we leave room for Chinese competitors who are doing better."
"Today's Chinese consumers like [products] have a 'Chinese feeling'. Adidas will certainly study what the 'feeling of China' is, and try every means to solve it, so as to find the feeling that belongs to Chinese consumers. Although it is difficult, it should not be an unbreakable problem for international well-known brands. " Rothschild said.
Darcey Jupp, an analyst at GlobalData Apparel, said Adidas has lagged behind its competitors, offering few products, and its strategy of relying on Chinese sales to expand has been hampered by the current state of the Chinese market.
But it should be noted that Nike Inc financial reporting statistical cycle and other brands are not the same, there is a time difference.
Anta Group, Li Ning Co. Ltd., Xtep and Adidas' first-half results range from January to June 2022, while Nike Inc uses data for the third and fourth quarters of fiscal 2022, that is, from December 2021 to May 2022.
According to this figure, Nike Inc's revenue in Greater China was $3.721 billion, compared with 23.681 billion yuan at the exchange rate on the day of the announcement. However, this does not include the June 18 major revenue promotion, nor does it include the revenue of Nike Inc's brand Converse.
We still need to close the gap.
Although the performance of the former big brothers in the Chinese market is weak, and the development momentum of domestic sports brands is relatively rapid, whether Anta or Li Ning Co. Ltd., there is still a long way to go to achieve international well-known brands.
Some people in the clothing industry told time Weekly that Anta competed with Nike Inc with the brand revenue of the whole group, which could not be regarded as "surpassing" in the real sense. Anta Group's multi-brand operation ability is praiseworthy, but on the brand strength of a single brand of Anta Group, there is still a big gap with Nike Inc.
Nike Inc's brand value rose 9 per cent to $33.2 billion, according to the 2022 list of the world's top 50 most valuable clothing brands released by Brand Finance, an international market research firm. Adidas brand value ranked 5th, Anta 17th and Li Ning Co. Ltd. 44th.
In fact, Anta and other domestic brands still face their own problems to be solved.
For example, although Anta Group has made a big breakthrough in revenue, its net profit performance is not as good as that of other domestic brands. In the first half of the year, Anta's net profit was 3.95 billion yuan, down 6.6 percent from the same period last year, while Li Ning Co. Ltd. 's net profit was 2.19 billion yuan, up 11.6 percent from the same period last year. Xtep's net profit was 590 million yuan, up 38.4 percent from the same period last year, and 361 degrees net profit was 550 million yuan, up 37.2 percent from the same period last year.
At the same time, the performance of Anta Group's FILA brand began to decline.
In the first half of 2022, the FILA brand achieved revenue of 10.78 billion yuan, down 0.5% from the same period last year, and operating profit of 2.426 billion yuan, down 22.8% from the same period last year.
Anta said that during the reporting period, the epidemic rebound and closure areas were mainly concentrated in first-and second-tier cities, and FILA was more distributed in these areas, so it was greatly affected.
In fact, the growth rate of FILA has already slowed down, and it is not surprising that there was a decline in the first half of the year. At the same time, the importance of FILA for Anta is self-evident. If it continues to decline, it will be a great challenge for Anta. " The above clothing industry insiders told time Weekly.
Whether it is Anta, Li Ning Co. Ltd. or Xtep, 361 degrees, domestic sports brands do have room for improvement in the basic research and development of their products.
From Anta's 2021 results, it can be found that its R & D investment accounted for 2.3% in 2021, compared with 1.83% for Li Ning Co. Ltd., 2.5% for Xtep and 4.16% for 361 degrees. However, according to relevant media reports, Nike Inc and Adidas account for 5% to 10% of research and development.
The forward-looking Industrial Research Institute reported that Nike Inc's total number of patents reached 4534, about eight times that of Anta, and the number of patents worth more than $5000 reached 661, about 22 times that of Anta.
Domestic brands also recognize the importance of research and development and continue to strengthen their professionalism.
Xtep said on Sept. 5 that in the next 10 years, he will invest 5 billion yuan to help China's road running industry, including product research and innovation, sports events and athlete support. Anta Group also estimates that the cumulative investment in R & D will exceed 20 billion yuan by 2030.
