wen | quanqiucaishuo panyan

“jinnian，nimaiyurongfulema？”

hanchaolaixi，zhengzhunbeigouzhiyurongfudexiaofeizhe，beijinqibaochude“yurongfuhanrongliang0%”、“yisidairong”dengshijianhenhenbeici，fenfenfangqixunzhao“pingti”zhuanxiangjiaoweikaopude“pinpaihuo”。

raner，xiaofeizhezaidakaigouwuruanjianhouquegengweizhenjing，mianduidongzheshangqianshenzhiguowanjiagedeyurongfu，zhiyan“gaopanbuqi”。

huigujinxienian，sihumeifengdongjixiaofeizhejiuhuizifakaiqiyichangyouguanyurongfujiagederelietaolun，congzhuiqiujizhi“xingjiabi”dao“yifenqianyifenhuo”，zaidaorujin“bianyibuganmai，guidemaibuqi”。

xiaofeizhefangfobeigedapinpaiqiangzhilajinyichangjiage“fucongxingceshi”，yanjianjianadae、monclerdengwanyuanyurongfubeishichangrepeng，bosideng（03998. hk）、gaofandengguochanpinpaifenfenzuoshanggaotai，taoshanggaojia“zhangshan”。

“国民老牌”成为“顶奢代表”

jinri，zaijujigedagaoshepinpaidebeijingsanlituntaiguli，yinglaileshoujiabosidengpinpaigainiandian——dengfeng。

dayuanyikan，dengfenggainiandianwanruyigejidizhanlanguan，julongfeiyuezaizhongluandiefengzhijian，dianneibingchuanxueshandechenjinshibujing，gengshishejiganshizu。

“bosidengshenmeshihouzheimegaoduanle？”“yikanjiushiwomaibuqideyangzi。”

gui，xianranbushixiaofeizhedecuojue。ciqian，bosidengjiuyintuichuyikuanshiyong“hangkongcailiaojishu”、dingjiachaowanyuandegaosheyurongfu，erbeiwangyouzhize“yuelaiyuetuoliqunzhong”。

huiguzaoxienian，bosidengzaixiaofeizhexinzhonghaishizouzhedazhongluxiande“guohuozhiguang”。

2007nian，bosidengyi“yurongfudiyigu”denglugangjiaosuo，fengguangguohoushipumianerlaiguanyu“guoduyilaiyurongfuzhuye”dezhiyisheng。zici，bosidengkaiqiduoyuanhuayewuzhuanxing，tongguoyixilieshougouyukuozhangjucuo，kuaisubujulenanzhuang、nvzhuang、tongzhuangdengduolingyu。

raner，yewuzhuanxingjinzhanquebingbulixiang，fandaojiangbosidengqixiapinpailaohuadewentifangda，diejiabishidianshangdailaidechongji，bosidengmeinengjishishunyingyonghuxuqiu，zhujianchengwei“shidaideyanlei”。

fanyingdaoyejishang，zi2013cainian（2012nian3yuezhi2013nian3yue）chuangxia93.25yiyuanjieduanxingyingshoufengzhihou，bosidenglianxu3nianyingshoufuzengzhang，2016cainianyijiangzhi57.87yiyuan。

zhuanjifashengzai2018nian，yizhilaizijianadadeedaizhe“wanyuanyurongfu”feiruzhongguoshichang，tongshiyeweibishikuyumeiyouxingushidebosidengdakaiyigexinsilu，jitianbuguochanpinpaizaigaoduanyurongfudeshichangkongque。

2018nian，bosidenggenghuanleshiyong42niandepinpailogo，xuanbuzhongxinjujiaozhupinpai，bingyirantashanggaoduanhuazhengcheng。

bosidengdezhanshuhenjiandan，zhijiemofangwanyuanguojishepai，yu2019niantuichugaoduandingwei“dengfeng”xilie，zuigaoshoujiada11800yuan，bosidengyechengweishougechangshiwanyuanjiagedaideguochanyurongfupinpai。2021nian，dengfengxilie2.0jiageyoushangleyigetaijie，gaoda14900yuan。

bosidengzhujian“ehua”detongshi，yuelaiyueduodeguochanpinpaijiaruzheichanggaoduanhuazhanshi。

qizhong，cenghaochengyaozuo“zhongguobanzara”degaofanyubosidengdecelvejiweixiangsi，zuichubujubaiyuanjiagedazhongluxian，houqipingjieduimonclerdemofangtuichuheijinxilie，chenggongshixiangaoduanhuazhuanxing，bujinzuowenqianyuanjiagedaitoubupinpai，shenzhixuanchuan“zoujinguojimingliuhuangshideyichu”。

ciwai，shizuniao、disangte、kelong、lululemondengbeishouzhongchanquntixiaidepinpaiyefenfenmiaoxiangdongjijingji，jiangzheichanggaoduanzhanyituixiangxiayigeweidu。

mianduizhangjiayufalipudeyurongfu，xiaofeizhekubukanyan：“xinxinkukugongzuoyinian，wojingbupeidedaoyijianyurongfu？”

高端等于高价？

jinxienian，weidatouxiaofeizhexinzhonggaoduanpinpaixingxiang，bosidengkeweishichuhunshenjieshu。

liru，zaisidashizhuangzhouzhongpinpinlulian，lianshouaimashiqianshejizongjian、burberryqianshejishidengguojizhumingshejishituichulianmingkuan，yicitishengpinpaidiaoxing；yihuoshituichumanwei、xingjidengxilielianmingkuan，zengtiannianqingliuxingwenhuayuansu，gaishanpinpailaohuawenti；waijiaqianyueyangmi、xiaozhan、yangzidengyixianmingxingzuoweipinpaidaiyanren，zengjiapinpaipuguangdu。

yitaoyingxiaozuhequanxialai，bosidengzaru“zhenjinbaiyin”。

2018cainianzhi2024cainian（2017nian3yuemozhi2024nian3yuemo），bosidengxiaoshoujifenxiaokaizhiyou24.52yiyuanzengzhi80.55yiyuan，nianfuhezengzhanglvda21.92%，gaoyutongqiyingshou17.37%nianfuhezengzhanglv。

2025cainianzhongqi（jiezhi2024nian9yuemozhi6geyue），bosidengxiaoshoujifenxiaokaizhitongbizengzhang12.07%zhi22.75yiyuan，budao7nianshijianyileijizhichuchao370yiyuandexiaoshoufeiyong。

zhengsuowei“yangmaochuzaiyangshenshang”，gaoangyingxiaobeihoujiushichanpintijia。

yi2024nianshuang11qijianshujulaikan，bosidengchengweiweiyiyijiachengjiaoepo10yideyurongfupinpai，qiepinpaikedanjiayicongshangyiniande1500yuanshengzhi1740yuan。

bosidengzhixingdongshimeidongcengmingquebiaoshi，muqian1000yuanzhi3000yuanjiagedairengshigongsidapan，danyejiangjixujiama3000yuanyishangjiagedaishichang。

congbosidengrujindechanpinshangxinyenengkanchuzheiyiqushi。zaitianmaoqijiandian12yueyishangxinhuojijiangshangxinde14kuanxinpinlaikan，jin2kuanbokuanyurongfuzai300yuanzhi500yuanjiagedai，qiyujunzaiqianyuanyishangjiagedai。

buguo，lixianghexianshizongshixiangbeili，bosidengmailibujugaoduanxinpindetongshi，xiaofeizhequebingmeiyoubiaoxianchutongyangdereqing。

zaibosidengtianmaoqijiandianzhong，xiaoliangpaimingtop3dechanpinshoujiajundiyu300yuan。fanguangaoduanxian，bosidengzaishuang11qijiantuichuzhongguonanbeijikaochatongkuan“jidijihan”xiliexinpinyurongfu，qizhongzhutuikuandingjiawei6999yuan，jiezhi12yue13rishuangshierguohougaichanpinxiaoliangwei70+。

zhideyitideshi，cengyiwanyuangaojiahongdongyeneide“dengfeng”xilie，muqianqijiandianzhongjinyou2kuan6000yuanjiagedaiyurongfuzaishou，xiaoliangjunzaigeweishu。ergaixiliejikuanwanyuanjiagedaichanpin，muqianxianshangjinbosidengguanfangweixinxiaochengxuyoushou，zuigaoshoujiayijiangzhi12519yuan，xiaoshoushujubuming。

keyifaxiandeshi，suirangedayurongfupinpaiduiyugaoduanhuadexinjiandingbuyi，danduiyudaduoshuxiaofeizhelaishuo，guogaodejiagehaishinanyijieshou。

genjuaimeizixun2023nianshuju，zaizhongguoyurongfuxiaofeizhezhong，jin8chengyuanyijieshou1200yuanyixiajiagedai，qizhong500yuanzhi1200yuanshizhanbizuigao，da36.2%。fanguangaoduanjiagedai，yuanyihuafeichao4000yuangoumaiyurongfudexiaofeizhe，zhanbijin4%。

yibianshizhiyitongguozhangjiachonggaodebosideng，yibianshimianduigaojiawangerquebudeputongxiaofeizhe。zheichangyurongfuzhangjiaqushihaijiangchixuduojiu？

尚难撑起高溢价

jinxienian，gedapinpaiyurongfushangbuyueertongjiangchanpinzhangjiaguijieyuyurongyuancailiaojiageshangzhang。

yurongjinwangshujuxianshi，2024nian5yuezhi11yue，hanrongliang90%debaierongjiagemeigongjinshangzhang6.94%，hanrongliang90%debaiyarongjiagemeigongjinshangzhang11.15%。

chengbenyalibukehushi，danyibosidengpinpaiqixiayurongfuchanpinjin70%demaolilvlaikan，xianranrengyouliketu。shenjiubosidengbuduantijiadezhenshiyuanyin，huohaishiquefazengzhangdongnengsuozhi。

bosidengfuzongcaizhugaofengcengtanyan，zaibosidengpinpaizhuanxingdediyige3nianzhanlvejieduan（2018nianzhi2020nian），chanpinjiadezengzhangdayuliangdezengzhang。

congyingshoushujulaikan，zi2018nianbosidengpinpaigaoduanhuayilai，gongsiyingshouguimoqueshidedaoxianzhutisheng，you2018cainian（2017nian3yuezhi2018nian3yue）de88.90yiyuanzengzhi2024cainiande232.14yiyuan，nianfuhezengzhanglvda17.37％，chenggongjinru200yizhenying。

zhishi，jujiaozaiyingshouzhanbichao7chengdezhupinpai“bosideng”yurongfubankuailaikan，gaibankuaiyingshouzengsuzai2019cainiandedaoyue16gebaifendiandexianzhutishenghou，cinianyouhuidaoshangyinianshuiping，qiechengzhunianxiahuaqushi，zhizhi2024cainiancaishixianmingxiantisheng。

2018cainianzhi2024cainian（2018nian3yuemozhi2024nian3yuemo），zhupinpai“bosideng”yurongfubankuaiyingshouzengsufenbiewei22.0%、38.3%、22.7%、18.9%、16.3%、1.2%、42.7%。

conglirunshujulaikan，bosidengzonghemaolilvyou2018cainiande46.38%zengzhi2024cainian59.59%，zhengtichengshangshengqushi。

danxifenzhigeyewubankuai，zi2024cainiankaishi，pinpaiyurongfuyewubankuaimaolilvbianchuxianxiahua，tongbixiajiang1.2gebaifendianzhi65%，qizhongzhupinpai“bosideng”maolilvtongbixiahua1.2gebaifendianzhi69.6%，shimaolilvxiajiangdezhuyaoyuanyin。

2025cainianzhongqi，bosidengpinpaiyurongbankuaimaolilvjixuxiahua，tongbijianshao0.1gebaifendianzhi61.1%，daozhidangqigongsizonghemaolilvtongbi0.09gebaifendianzhi49.88%。

suiran，bosidengjiangmaolilvxiahuaguijieyubaogaoqizengtianxinpinlei、yurongyuancaijiageshangshengdengyinsusuozhi，danyebupaichuzhangjiadailaidezengzhangshinengzhengzaijianruo，chixutijiakongjiangshideqifan。

buguo，yebushisuoyouxiaofeizhedoubunengjieshou“gaojia”yurongfu，haiyoubufenbingchizhe“yifenqianyifenhuo”dexiaofeilinianyuanyiweiqimaidan，danzheipixiaofeizheyehuigengjiazhuzhongchanpindeyongliang、jiancai、kuanshiyijigongnengxing。

zaiheimaotousupingtaishang，sousuo“bosidengzhiliang”xiangguantousuneirongchao360tiao，zhuyaoshejimosunqiqiu、fabaidiaose、paorong、chongrongliangshaodengwenti。

wuyongzhiyi，chanpinzhiliangshipinpaihuchenghe，erlizugaoduanhua，haixupipeixiangyingdeshejichuangyiyupinpaiwenhua。

wanbianbuliqizong，xiangyaozuohaopinpai，haixuzuohaochanpin。

彻底放弃低价市场？

dangbosidengdengguohuopinpaizhengchuzaigaoduanhuaguoduqishi，beigaojiayurongfu“beici”dexiaofeizheyikaishi“zhengdun”shichang。

zaihaerbinbaohuode2023nian，“pingtibanshizuniao”luotuomaipule，jundayi、huamianaoshangleresou，junjiasansibaideyayamaichuchao150yiyuandexiaoshoue。

duiyuzuichufajiadedazhongshichang，bosidengbingmeiyouchedifangqi，qixiaxuezhongfei、bingjieliangdapingjiapinpaifenbieyu2025cainianzhongqichuangchu47.1%、61.5%deyingshouzengsu，yuanyouyutongqizhupinpaibosideng19.4%zengsu。

jiudangxiaeryan，zaijixugongguzhupinpaibosidenggaoduanhuazhiyu，jinkuaifuchidazhongluxianpinpaixuezhongfei、bingjieyebushiweiyigeliangji，ruruozengzhiyayatongdengguimoliangji，bosidengzhengtiyingshoushibijiangzaishangyigetaijie。

zhishi，yixuezhongfei2024cainian20.19yiyuandenianshouruelaikan，jiaoyayachaobaiyideyingshouehaiyoubuxiaochaju，erbingjie1.44yiyuandenianyingshouguimozegengshibugoukan。

zai2024nian11yuedeyejishuominghuishang，bosidengbiaoshi，jiangjiadapuhuiyurongfusaidaobuju，weilaijiangqixiazipinpaixuezhongfeidingweiyupuhuigaoxingjiayurongfu，yuzhupinpaibosidengxingchengchayihuabuju。

zhishiyugaoduanshichangxiangbi，dazhongshichangjingzhengtongyangjilie。

chuyaya、yaludengzhuanyeyurongfupinpaiwai，zara、youyiku、hm、taipingniaodengkuaishishangpinpaiyejishenqizhong。

ciwai，yubosidengzhupinpaixiangbi，xuezhongfeihebingjiedepinpairenkedumeiyouneimeqiang。bushaoxiaofeizherenwei，xuezhongfeidengdijiapinpaicunzaikuanshitongzhihuawenti，shenzhibufenxiaofeizheduiqi“daigongtiepai”moshichanshengzhiyi，“shimianshangzheixiedijiapinpaikenengdoushicongtonggegongchangchulaide”。

congbosidengzhengtiyejilaikan，zengzhangqushihaizaijixu，danzibenshichangduiqixinxinquebingweisuizhizengzhang。

jiezhi12yue13rishoupan，bosidengbaoshou4.03gangyuan/gu，zongshizhiwei448yigangyuan，jiaodianfengshiqishizhiyizhengfajin300yigangyuan。

wentichuzaina？gaoduanhua？qishiburan，qiyexiangyaotongguogaoduanhuatigaopinpaijiazhibingmeiyoucuo，danjintongguozhangjiabingbuzuyichengqi。

zaigedapinpaifangshitutongguogezhongheikejicailiao、mingrentongkuan、wenhuagushizuoweichanpinxuanchuanxuetoushi，xiaofeizhegengzaihudehuohaishitongguomanjianshengxialaidejishikuaiqian。

bijing，duiyugengduoputongxiaofeizhelaishuo，yurongfudechuanzhechangjingbushibalishizhuangzhoudettaixiuchang，yebushiyaoyuanjididebingchuanxuefeng，ershiqizhediandongchehanfengsousoudetongqinzhilu。

yexuzhongyouyitian，gaoduanhuahuichengweibosidengtuobuxiade“zhangshan”，yudazhongxiaofeizheyuezouyueyuan。