A New Way For China'S Down Jacket Industry

The new year's day has just passed, and the cold air in the magic capital is so chilly that Shanghai people have bought Canadian geese out of stock, and have rushed to the hot topic list.

In the early two years after entering the mainland of China, Canada goose didn't expect to go out again in this way, which sparked the hot discussion of "down jacket freedom" this winter.

As a seasonal dress, the stereotyped down jacket is "bulky and bulky", emitting a "colorful" earthy seven color light. Insulated from fashion, it has encouraged countless young people shivering in the cold wind.

But now, down jacket has changed, anti freezing also wants to be beautiful, has become the first kingcraft. Prada's suit down jacket is simple and capable; miumiumiu's down jacket has a back-to-earth waist and a perfect figure without any discount.

In addition to international brands, the local old down jackets represented by bosden have also quietly changed into fashionable new clothes and become the "new gift giving favorite" of young people. According to public data, during the new year's Day holiday, bosden sold 300 million yuan a day, breaking a record.

Unknowingly, once "rely on the weather" down jacket, retrograde out of the circle. Behind the new generation of the old category, there is the thrust from the big environment, and it is also inseparable from the flame of all kinds of players to gather firewood and blow high.

01、 It took 40 years, Down jacket finds a new way to live in China

"Shuangyu", a down jacket brand, was born in the 1970s, and then duck, Yalu, bosden, etc. have gradually become famous through TV advertisements.

However, in the era of relative lack of material, brand down jacket is still a minority rare product, and the whole industry has not rolled up a big wave of development. According to Huachuang securities, the real rapid expansion period of domestic down jacket began after the millennium.

The decade after 2001 is the golden age of local down jacket brands, among which bosden is the best. Through self incubation and horizontal expansion, it has built the brand matrix of bosden, xuezhongfei, KangBo, Bingjie, Shuangyu and Shangyu, and has won nearly 40% of the domestic market share.

In 2007, bosden went public in Hong Kong with HSBC and Goldman Sachs as the leading investors. The former invested $70 million, which was an investment outside the financial sector at that time.

Unexpectedly, after the listing of bosden, failed to usher in Dengfeng, but fell into a weak track. But it's not the industry alone. It is understood that from 2012 to 2015, most of the domestic traditional down jacket enterprises were in the dilemma of de stocking.

On the one hand, fast fashion brands, represented by UNIQLO, Zara and H & M, quickly cut into the down jacket Market with fashionable styles and designs, which are quite popular with young consumers; on the other hand, with the hot wave of traditional e-commerce, the offline stores of traditional down jacket brands are facing difficulties in sales, and the surplus products have to be "cleared" for sale.

This "pain" lasted until around 2018, when international down jacket brands such as monkey and Canada goose began to become popular in China. They expanded under the background of China's consumption upgrading, and promoted the domestic traditional down jacket brands to enter the stage of fashion transformation.

Bosden, in 2018, walked out of a perfect turning arc. At the New York Fashion Week, Chinese elements such as window panes, ink painting and other Chinese elements embellished the design, which raised waves of fashion. The "starry sky", "extremely cold" and "vast land" of Milan Fashion Week stimulated its share price to rise 5.3%.

For nearly 50 years, down garments have finally found a way to live in China, which is "not dependent on the weather" - fashion.

Of course, behind this change, there are also differences in consumption concepts among different generations of consumers. Different from the consumption concept of the post-70s-80s, the new generation of post-90s-95s and post-00s consumers have a higher acceptance of local culture and have their own understanding of fashion trends.

For down jacket, young consumers no longer meet the basic function of cold protection and warmth, fashion and cool become their basic demands. According to first financial data, 45% of consumers often wear fashionable / cool down jackets.

With the support of fashion labels, consumers' purchase frequency of down jacket has gradually increased, and the proportion of consumers who buy at least one down jacket every year accounts for 75%.

Young customers gather and purchase frequency increases, and the scale of down jacket Market in China is growing significantly. According to the China clothing association, the scale of China's down jacket Market in 2018 is about 106.8 billion yuan, with an increase of more than 10%, and it is expected to reach 131.6 billion yuan in 2020.

Although there is a new way to live, at present, brands that can play well in it, including international high-end down jacket represented by monkey and Canada goose, as well as domestic brand bosden, which quickly completed the turn, have their own unique playing methods.

02、 do in rome as rome does, Canadian geese focus on high-end mall and increase online marketing

Fashion and youth are the common features among fast fashion brand down jacket, international down jacket brand Canada goose and monkey.

After being acquired by Remo Ruffini, an Italian entrepreneur, in 2003, moncler has become completely fashionable through co branding with major fashion brands, star endorsement, design and development, etc.

In terms of category, these big brands are not absolutely "down jacket", but expand other related products, such as knitwear, scarf, gloves, shoe bag, etc.

After entering the Chinese market, whether in terms of channel landing, marketing methods, or digital empowerment, it shows certain characteristics of adapting measures to local conditions.

Channel landing: flagship stores and flash stores in the shopping center are parallel, and the proportion of online stores is increasing

As can be seen from the above figure, the stores of Canada goose, which entered China in 2018, will be rapidly opened, mainly in 2020, with flagship stores and flash stores in high-end shopping centers running in parallel.

The high price of the product is the premise of the high-end market. In turn, offline stores that provide high-end services can let high-end consumers enjoy the scarce experience brought by brand premium. On the one hand, the flash store can display new products to stimulate consumption; on the other hand, it can also reduce the risk of store location failure through its water test.

In addition, compared with foreign countries, both moncler and Canada goose have increased online channels to a certain extent in China. Both of them have online boutiques in wechat to launch new products regularly. Canada goose also opened tmall flagship store.

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Digital empowerment: push personalized customized services to capture consumption trends

In 2020, Canada goose launched personalized service to meet the personalized needs of consumers. Among them, the hot pressing customization service has landed in Shanghai IPAM limited time official flash shop, while the customized hood trim service will be launched in Shanghai IPAM limited time flash shop, Beijing Sanlitun and Shenyang Vientiane City boutique.

In recent years, more and more luxury brands have launched personalized services. With the help of digital technology, they can accurately capture consumption trends through big data analysis, help designers improve their design and meet the personalized needs of consumers.

Pattern marketing: entering into social platforms such as microblog, wechat app and Twitter

Through the settlement of multiple localized social platforms, while increasing the brand exposure, the target customers can easily understand the new series of products released by the brand and Book offline activities of the brand while browsing the social news.

In addition, these fashion information quietly penetrate into the life of consumers in low-level cities, improve their awareness of fashion, and let them find that they can pursue the value of individuation and collection while pursuing the practicability of commodities.

In addition to the conventional operation, moncler also increases the target customers' awareness of its products by increasing digital advertising and outdoor advertising, star street shooting or walking show wearing moncler clothes to drive the fan economy, launching limited cooperative products jointly with fashion brand or cross-border famous brands, and other creative marketing, such as pet dog down jacket, and developing behavior art in railway stations.

03、 Catch up with international brands, When the transformation of local down garment giants is in progress

Monkey and Canada goose have made a good example.

The local down jacket giants represented by bosden have caught up with the trend of the country, put on fashionable new clothes, and make efforts in product design, channel construction, store image, brand marketing and other aspects to upgrade and raise prices.

Products: continuous upgrading, both functional and fashionable

In recent years, bosden has gradually formed 7 joint brands and 8 theme series products, which has changed the old image of single style and monotonous color, broken through the functional bondage of cold protection and warmth preservation, realized the transformation of fashion and youth, and met the personalized consumption needs of different scenes and different groups.

For example, the four categories of down jacket can meet the daily needs of scientific researchers, professional skiers, outdoor sports enthusiasts and ordinary people.

Pricing: when the product is upgraded, the price will rise accordingly

Although most of bosden's products are still in the range of 1500-5000 yuan at present, some of its series have exceeded 10000 yuan, and have the trend of catching up with that of moncler and Canada goose.

Channel: self operated offline and widely distributed online

According to financial report data, as of September 30, 2020, bosden has 1086 self operated stores, a net increase of 634 compared with March 2017. Direct marketing channels can deeply contact with market changes and enhance the rapid response ability of brands.

Bosden's brand new store image is created by the French designer team. The flagship store plans from display, color matching to the creation of regional space, striving to present a new space full of science and technology.

It is worth noting that although they are both direct stores, due to the poor pricing, bosden stores mostly share the same floor with medium and high-end brands, while moncler and Canada goose stores are mostly juxtaposed with luxury goods.

Online, bosden is widely distributed, and tmall flagship stores, live e-commerce, and official wechat mall cooperate to fight. Last year, the total channel sales of "double 11" exceeded 1.5 billion yuan, and the online retail amount increased by more than 25% over the same period of last year, ranking the first in China's clothing brand sales.

Generally speaking, bosden still has a certain gap with moncler and Canada goose in terms of product design fashion, diversified categories and being loved by young people. But it is a long-term process to change consumers' cognition of brand.

In the future, bosden also needs to promote brand development through continuous product innovation, customer and channel structure adjustment.

Marketing: offering a series of combination boxing

■ launch IP co branded products at Fashion Week

In 2018, 2019 and 2020, bosden was invited to attend New York, Milan and London Fashion Week respectively, and jointly launched fashionable down jacket with Disney and marvel.

■ cooperate with international famous designers and invite top stars to speak for them

In addition to cooperating with France, Italy and the United States, bosden also launched the "new generation of down jacket" with herm è s golden age * Jean Paul Gaultier in 2019 and 2020, and invited Yang Mi and Chen Weiting as the spokesmen of the designer series.

■ build social media traffic matrix such as microblog and Twitter

At present, bosden has more than 2.66 million Weibo fans and 1.09 million twitter fans. At the same time, it has opened wechat public account and little red book, constructed social media flow matrix, and planted grass through fashion bloggers, opinions (KOLs), and short video of Douyin to fully drain online and offline stores and promote transaction conversion.

As an ancient category, down jacket tries to break through the restrictions of seasons and scenes, and develop towards lightweight and specialization. The two wheels that push it forward are design and technology.