老牌西服报喜鸟还能搭上户外风口吗？

Core Viewpoint - The company is experiencing a decline in both revenue and net profit for 2024, prompting a shift towards the outdoor market as a strategic response to ongoing performance pressures [1][3][4]. Financial Performance - In 2024, the company reported revenue of 5.153 billion yuan, a year-on-year decrease of 1.91%, and a net profit of 495 million yuan, down 29.07% [3][4]. - Marketing expenses increased to 2.13 billion yuan in 2024, up 4.88% from the previous year, contributing to the decline in profitability [3][4]. - The company had previously seen revenue and net profit growth of 21.82% and 52.11% respectively in 2023, indicating a significant reversal in performance [4]. Marketing Strategy - The rise in marketing expenses is attributed to increased efforts in market expansion and brand promotion, which have not yielded the expected results [3][5]. - The company has engaged various celebrities for marketing campaigns, but the effectiveness of these strategies has diminished over time [3][4]. Outdoor Market Expansion - The company is intensifying its focus on the outdoor market, highlighted by the acquisition of the American high-end outdoor brand Woolrich for 384 million yuan [7][9]. - The outdoor brand Lefeiye, which the company has been representing since 2016, saw revenue growth of 27.95% in 2024, indicating a positive trend in this segment [6][8]. - The overall outdoor equipment market in China is projected to grow from 87.2 billion yuan in 2023 to over 100 billion yuan by 2028, suggesting a lucrative opportunity for the company [8][10]. Competitive Landscape - The outdoor market is becoming increasingly competitive, with established players like Anta and Nike already present, making it challenging for the company to gain market share [9][10]. - Analysts suggest that the company's lack of expertise in the outdoor sector may hinder its ability to compete effectively against more specialized brands [10].