Down Jacket Global War! Look At Four Trends Through Nine Brands

In the past 2019, the world's high-end feather coat market has never been more popular. Apart from the three familiar brands of Moncler: Italy's Canada (Goose), Canada's Goose (Canada goose) and China's Boston (Shanghai), more and more new down jacket brands are emerging. Some of the long history niche brands are catching up.
In the international market, it has become the Moncler and Canada Goose of the listed companies. It continues to upgrade and optimize the brand from different aspects such as fashion and functionality, and carries out various cross border joint activities, and speeds up the layout of the overseas retail market headed by China and the United States. Relatively small overseas brands such as Moose Knuckles, Mackage, Herno, Save the Duck, MooRER, Ciesse Piumini, and so on, were also concentrated in 2019 by virtue of their unique positioning and new investors' holdings.
In the domestic market, the local down feather brand, represented by Bosideng, has launched a comprehensive transformation strategy. It has issued a greater voice in the fashion industry, and its revenue has exceeded the 10 billion yuan mark, becoming a global head brand that is shoulder to shoulder with international brands.
By summarizing the brand upgrading, market expansion and financing trend of the 9 representative brands in the global high-end feather coat Market over the past year, we summarize the following four trends:
I. China: the undisputed strategic height of the high-end down garment brand.
Two, down jacket brand upgrade Keywords: cross-border joint name, store upgrade, product innovation
Three, the growth and transformation of Chinese local down jacket brands
Four, capital helps minority brands to a new level.
1. China: the undisputed strategic highland of the world's high-end down garment brand.
The 2018 China luxury market research released by Bain showed that in 2018, the luxury market in mainland China continued its high growth rate in 2017, reaching 20% in second consecutive years. Among them, the proportion of luxury goods consumed by Chinese consumers in the mainland rose from 23% in 2015 to 27%. It is estimated that by 2025, nearly half of China's luxury consumption will take place in the local market.
Chinese luxury consumers are returning and will continue in the next few years. Under this trend, China, as the world's largest potential luxury market, has become the battleground of many international brands. At the same time, with the outbreak of down garment industry, the Chinese market has also become the strategic highland of the global high-end coat brands. Canadian luxury brands such as Canada Goose, Italy luxury brand Moncler and other foreign brands have accelerated the layout of the Chinese market; Moose Knuckles, Mackage and other smaller and more niche brands are catching up, promoting the strategic deployment in the Chinese market through opening stores and Cheng Lizi companies.
1. Strategic layout of head brand in China market
In recent years, Canada Goose has sprung up rapidly and is well known to global consumers, creating a phenomenal success in the field of light luxury. In the 2019 fiscal year ended March 31, 2019, Canada Goose sales increased by 831 million Canadian dollars, an increase of 40.5% over the same period last year.
It is worth mentioning that after the successful listing in 2017, the Canadian brand with more than 60 years of history began to accelerate the expansion of overseas markets, including locking the Chinese market into the next target market. At that time, Canada Goose CEO and chief executive Dani Reiss said: "China as the world's largest luxury market, Canada Goose still has great room for development in the Chinese market. Over the years, we have seen the huge demand of Chinese consumers. We are delighted to enter the Chinese market and bring real and immersive offline retail and e-commerce experience to our fans.
In May 2018, Canada Goose officially announced its expansion strategy in Greater China, including the establishment of Greater China headquarters in Shanghai, China, the opening of flagship stores in Beijing and Hongkong, and the integration into Tmall's e-commerce platform Tmall. Subsequently, Canada Goose officially landed on Tmall platform in September, opened flagship store in IFC in Hongkong in October, and opened a flash store in Sanlitun, Beijing in November.
Subsequently, although the landing of Canada Goose, the first store in mainland China, the flagship store in Sanlitun, Beijing, has undergone some minor episodes. The construction delay has been postponed for more than 10 days at the end of December 2018. However, on the opening day, there was a long queue at the gate.
In 2019, Canada Goose continued to expand the expansion of its store network in China. Following the flagship store in Beijing and Hongkong, Canada Goose opened third flagship stores in China in the Mixc, Shenyang in August 2019. In November, Canada Goose came to the next city and opened in Shanghai IFC boutique.
In addition, in the early autumn of this year, brands also set up a time limited official flash store in Harbin, Beijing, Wuhan and Nanjing. According to the second quarter financial report released by Canada Goose in the 2020 fiscal year, the overall performance of the Chinese market is still excellent, with sales almost doubled.
Compared with Canada Goose, which has just entered the Chinese market for a year, Moncler, who has ploughed the market for many years, is more cautious about the expansion of China's store network. In early 2019, when Moncler announced its 2018 fiscal year results, CEO Remo Ruffini said that the number of stores in China will not increase significantly in the future, but will focus on the reconstruction and relocation of existing stores. At the same time, he stressed that tourism retail is very important for Moncler. At present, Moncler has not many stores in mainland China, and plans to open 20 to 25 airport stores in the future.
In terms of performance, Moncler's performance in the Chinese market is quite bright. According to the first half of fiscal year 2019 released by Moncler, the growth rate of China's market, including the purchase of Chinese consumers overseas, has become the world's leading brand.
However, it is worth noting that China's Hongkong market has been deteriorating due to the continued turbulent social environment, and Moncler and Canada Goose have not been spared.
Moncler was forced to temporarily close its stores due to weak retail sales in Hongkong. Sales in Hongkong, China, fell 40% in the third quarter compared with the same period last year. Moncler also pointed out that there was no sign of improvement in the Hongkong market at the beginning of the fourth quarter. He also said he had postponed or temporarily shelved some investments in local brands in Hongkong, and was negotiating with landlords to reduce rent.
When Canada Goose announced its second quarter financial report in fiscal year 2020, it also mentioned that the sales volume of the brand in Hongkong has declined due to the serious impact of the social situation in Hongkong. Of the 19 direct outlets in Canada Goose, Hongkong accounts for 2. CEO Dani Reiss said at a conference call after the earnings report that the local situation in Hongkong had a significant impact on store performance. In the future, corresponding actions will be taken according to the new assessment results, including renegotiation with the landlord.
2, keep the same frequency as the head brand, and raise the Chinese market by niche brands.
In addition to Moncler and Canada Goose, quite a few relatively high-end brands of high-end down garments are closely followed by China's market.
Moose Knuckles
Canada's down jacket brand Moose Knuckles expects this year's performance to grow by 70%. At present, the brand has nearly a thousand sales outlets in more than 30 countries, and will invest more in Asia, Europe and North America in the future.
The Moose Knuckles founder family started producing eiderdown garments in 1921, and founded Moose Knuckles Canada in Canada in 2009. The scissors logo on the sleeves is the iconic Logo of Moose Knuckles brand. At present, apart from the classic cold clothing, the brand also provides a full range of knitted shirts, shirts, shoes and accessories.
The Asian market has become a key market opened by Moose Knuckles in 2019. South Korea is the most mature market of Moose Knuckles in Asia. This year, 22 authorized stores will be updated. Japan is still in the initial stage of development, with fewer distribution channels, but the market feedback is beyond expectations.
The Chinese market is also the key to Moose Knuckles's overseas expansion. Moose Knuckles has been stationed in Tmall and Jingdong in September 2018 and January 2019, but there are no entity stores in China. According to Marco D 'Avanzo, general manager and global sales vice president of Moose Knuckles, the brand is preparing to set up a branch in China. It is worth mentioning that this year Moose Knuckles has won the investment of China Kai Hui capital and Kai Cheng capital, which means that the development of brand in the Chinese market will accelerate.
Mackage
Mackage, also a high-end jacket brand from Canada, has ushered in the 20th anniversary brand development this year. It has become an important part of the brand expansion plan to enter the Asian market.
In 2019, Mackage officially entered the Greater China region and opened Asia's first flagship flagship store in Hongkong. In August, the brand entered Tmall, and its online products covered high-end products such as down, wool coats and fur coats. In December, Mackage, the first store in mainland China, opened in China World Trade Center, Beijing, and will open stores in Shanghai and other cities in the future.
Mackage was co founded by designer Eran Elfassy and Elisa Dahan in 1999. The two started with casual wear and released the first women's coat series. Since then, men's wear series and children's wear series were released in 2008 and 2012 respectively, and handbag business began in 2013. Mackage has chosen top leather, feather and wool to upgrade its traditional coat thoroughly with tailoring and exquisite workmanship. The two founders have always insisted on the simple and pure design concept: upgrading the traditional jacket, with both fashion sense and functionality.
Mackage stores are located in the world's top department stores and famous neighborhoods, such as Madison Avenue store in New York, London Harrod 's department store, etc. According to the official website of the brand, Mackage has 16 stores worldwide. In 2017, Mackage successively invested in the US investment fund InterLuxe and Korea SK holding group.
Two, down jacket brand upgrade Keywords: cross-border joint name, store experience, product innovation
1, break the seasonal restrictions, and flexibly carry out cross-border joint names.
Down jacket industry continues to heat up, and as the founder of luxury feather category, Moncler is undoubtedly the biggest winner in the fashion trend of down jacket. In the 2018 fiscal year ended December 31, 2018, Moncler sales increased by 1 billion 420 million euros, up 22% from the same period last year, and net profit was 332 million euros, up 33% over the same period last year.
In December 2019, there was a rumor in the market that Gucci's parent company Kering was interested in acquiring Moncler. After that, Moncler CEO Remo Ruffini responded that "no agreement has been reached between the two sides", but it is certain that the acquisition rumors once again proved Moncler's position as a niche market leader in high end coats.
Over the past year, under the leadership of Remo Ruffini, this luxury brand in Italy has been pleasantly surprised by consumers through the Moncler Genius project.
In 2018, Moncler decided to abandon the traditional seasonal fashion series, and launch a new monthly limited edition Designer Series to cater for younger, more varied customers. The Moncler Genius project fell to the ground. In February 2018, Moncler launched a special series of eight outstanding designers and creative personages in the global fashion industry. In fact, the launch of the Genius project also means that the brand positioning of Moncler will be further transformed from the pure outdoor feather down brand to the luxury fashion brand.
In February 2019, the Moncler Genius project entered the second quarter, and invited ten famous fashion designers and fashion designers to participate in the design. Since the launch of the project, Moncler has recruited a series of collaborators, including Valentino creative director Pierpaolo Piccioli, British designer Simone Rocha, Craig Green, Japanese trend Godfather Teng Yuan Hao and so on. They have joined the project for two consecutive seasons.
In July 2018, less than half a year after the launch of Moncler Genius, Remo Ruffini revealed that although sales of Moncler Genius account for only a small part of the annual sales of Moncler 1 billion 420 million euros, the project's greater significance lies in the marketing level. It has increased brand awareness, improved online and offline traffic, and created millions of Euro EMV (media value).
Remo Ruffini pointed out that the Moncler Genius project maintained excellent influence, enhanced brand awareness, increased passenger flow and attracted more new customers. What is particularly noteworthy is the new customers. He believes that this is an important asset of the brand in the future. The goal is to develop it into a loyal customer and develop Moncler's fans community.
There is no doubt that the birth of the Moncler Genius project has given more imagination to the Moncler, its innovation and development for the luxury feather products and the whole outdoor apparel industry, and even the whole fashion industry.
New monthly, breaking seasonal restrictions on products
Diversify product line, break down jacket, single product category restrictions
Stimulate consumers' excitement, create topics and enthusiasm, maintain contact with existing consumers and attract new customers.
2, store image upgrading, enhance interactive experience.
In December of this year, Canada Goose twentieth "The Journey" stores opened in Toronto, Canada. The new store has adopted various interactive devices in large areas, for example, the ice gap channel laid by the digital glass panel. The foot pedal triggers the sensor to produce ice cracking effect. A 60 foot wide arc display can display the 4K HD video of the four seasons of nature, and provide "Hotspots (hot spot)" technology to enable customers to explore the special functions of the down jacket products.
More importantly, the newly opened store is equipped with a brand-new cold fitting room "Cold Room", which is surrounded by cold, surrounded by digital curtain walls. The floor is covered with real snow, with a room temperature of minus 20 degrees Celsius.
Above: Canada Goose Toronto store "Cold Room"
Very cold fitting room service as early as 2017, landed in the Canada Goose store in Tokyo, when consumers responded very positively. Last year, Canada Goose was equipped with a very cold fitting room for Short Hills and new stores in Montreal. In August of this year, Canada Goose opened third stores in Shenyang, and also equipped with extremely cold fitting rooms to enable customers to feel the warmth of Canada Goose products and test the functionality of products in a cold environment of 25 degrees below zero.
For the launch of the extremely cold fitting room at the store, Dani Reiss, chief executive of Canada Goose, once said that this is an extension of the brand customer service plan. He stressed that storytelling is the core part of the interaction between brands and consumers. Since Canada Goose launched its first store in 2016, every store has launched various immersion elements to invite consumers to find deeper stories.
Recently, similar ideas have been presented in the planning of more brand stores. For example, as a part of brand strategy optimization, Bosideng upgraded the most direct consumer terminal store. In addition to working with the top French designer, Thomas Clement, redesigning terminal images and optimizing store display, we also strive to create a completely new space full of technological sense and set up an interactive experience device, such as the extreme cold experience cabin with the lowest temperature of 15 degrees below zero, which will bring different professional experience to consumer shopping.
Mackage's first Continental store opened in Beijing in December brings a unique contemporary ski resort. In this 150 square meter space, the famous photographer Alex Cornell "flip the iceberg" outlines the scene of ice and snow, while warm colors and lights match the modern wooden ski walls to create a warm atmosphere. The embellishment of black and white herringbone marble, white sculpture, marble and black metal adds a more intimate and meticulous shopping experience to the store and highlights the spirit of brand.
3, conform to the trend of environmental protection, launch "green" new products.
Herno
In August this year, the brand Herno of Italy's luxury down garment brand launched a new green label product line named Globe. The new Herno Globe series uses 84% recycled nylon and the lining is made from recycled feathers. The dye used contains 50% of the plant ingredients: onion skins for basic colors, yellow, grapes for purple, bamboo charcoal for gray and black, and blue comes from the leaves of the indigo plant.
According to Herno brand holder Claudio Marenzi, brand has been committed to sustainable development for many years, so considering all items in this field are merged under the same label. Herno was founded by Claudio Marenzi's parents Giuseppe Marenzi and Alessandra Diana at 1948 in the town of Lesa, Nova La, northwest of Italy. At the beginning of its establishment, it was mainly engaged in the production of raincoats, and then gradually produced products such as cashmere coats and down garments. Herno recorded sales of 113 million euros in 2018, an increase of about 15% over 2017, and is expected to achieve two digit growth this year to around 125 million euros.
Moncler
In December 12th, Moncler launched a biologically based "carbon neutral" down garment, made of plant materials and accessories. This down jacket is the latest product of the Moncler Grenoble Recycled environmental protection line. Through research and testing of this product line, Moncler can help solve the climate change alternative solution.
The fabric, lining, zippers and buttons of this down garment are made of castor beans. Moncler says that compared with fossil materials, castor seed material can reduce carbon emissions by 30%. Down garments also use natural feather, wool, cotton and other materials. All the components come from renewable resources. They are completely recyclable, and the quality and technology are consistent with the Moncler standard, which sells for $1880.
Save The Duck
Italy down clothing brand Save The Duck has implemented the concept of sustainable development of animals and environment, and developed a commodity model that refuses to harm animals and the environment. For example, the flagship product of the brand 2020 spring summer series is the world's first garment made of 100% recyclable materials. Its outer fabric is Nety: made of 100% recycled Econyl nylon, a fiber obtained from fishing nets and recycled nylon. The zipper, pad and lining of this coat are also fully recyclable.
Save The Duck originates from Forest Bargi, which was founded in 1914. It was mainly engaged in the production of waterproof clothing, and then gradually expanded its scale to become a professional clothing manufacturing brand. The parent company Forest S.r.l is currently run by Nicolas Bargi, the grandson of Forest Bargi's founder, and owns a casual wear brand Ganesh.
Three, the growth and transformation of Chinese local down jacket brands
The competition in the down industry is intensifying, and foreign brands are threatening. In line with the current trend of the development of the global down garment industry, China's local down brand is also taking advantage of the competition with overseas brands. In particular, Bosideng, whose annual revenue has exceeded 10 billion yuan, has rebuilt the brand with a series of initiatives to return to the mainstream crowd's vision and shine brilliantly in the industry.
In the down garment industry, Bosideng, founded in 1976, can be seen as a miniature of China's down garment industry. In 2018, Bosideng opened up a comprehensive transformation and transformation, and adjusted the brand image as the top priority. To this end, Bosideng adjusted the focus of its business, focusing on the core category "down jacket", collaborated with world-renowned designers to enhance product design, and upgraded stores.
As a leader in domestic down garments, Bosideng takes the lead in exploring the function of down garments as a fashion item and promotes the fashion change of down garments. In September 2018, Bosideng showed the initial results of brand upgrading to the outside world through the appearance of the fashion week in New York.
In 2019, Bosideng pushed the brand upgrading strategy to a new height, enhancing brand power through upgrading products and channels.
At the product level, it has launched a joint series with Jean Paul Gaultier, a design master of the French palace design, and the founder of the Hermes golden age. Once released, it has aroused waves of attention in the fashion industry and has become a new hot spot for social media attention.
In the 2018 fiscal year, Bosideng's revenue exceeded 10 billion yuan. Recently released 2019 fiscal year interim financial results show that the company's revenue grew 28.8% to 4 billion 436 million yuan, and net profit increased 36.4% to 343 million yuan over the same period last year. The excellent performance has pushed up the share price. Since December 24, 2019, its stock price has risen by about 129%.
Four, capital helps minority brands to a new level.
In addition to the brand mentioned above, over the past year, international brands such as Save the Duck, MooRER, Ciesse Piumini and other international brands have received external financing in the field of outdoor down jacket, and have launched a more aggressive marketing development and brand upgrading plan. These brands are relatively small in scale and are in an upward trend of expansion. There is still room for improvement in their influence and popularity.
Save the Duck (2018 Euro 33 million 500 thousand euro)
The Italy outdoor clothing brand Save The Duck, with the concept of sustainable development and 100% no harm to animals, officially entered the Asian market in September this year. The first flagship store in Hongkong, China, settled in K11 Musea shopping center. Save The Duck chief executive Nicolas Bargi revealed that the store in Hongkong will serve as a bridge to help brands expand in all adjacent markets: Mainland China, Taiwan, Korea and Philippines.
In 2018, private equity Progressio Sgr bought Save The Duck 51% from Marina Salamon's all Alchimia SpA, and released a three year growth plan.
At present, the brand is sold in 33 countries in the world. In 2018, its sales volume reached 33 million 500 thousand euros, up 15% from the same period last year, of which Italy and foreign markets accounted for half of the total, and the profit margin before interest tax depreciation and amortization was 23%.
MooRER (2018 Euro 30 million euro)
In October 2019, MooRER, a luxury clothing brand in Italy, was granted a minority stake in Borletti Group, a private equity fund in London. In addition to financial support, Borletti Group will also provide professional luxury retail experience and knowledge for MooRER. At the same time, Borletti Group will further improve the MooRER management structure and expand the international market.
MooRER was founded in 2006 by Moreno Faccincani, headquartered in Verona, Italy, promoting "100% Italy manufacturing". Its star products, such as jeans, insulation and goose down series, are favored by many consumers. They sell many countries and regions through more than 1000 Global Multi brand boutiques and 4 flagship stores, such as Italy, the United States, Japan, Russia and so on.
In 2016, MooRER opened its first flagship store in Milan, Italy. Since then, it has opened up flagship stores in Tokyo, Italy, Cortina and Sylt island. According to the company's open data, MooRER's total sales increased by 22% to 30 million euros last year, of which 75% of international business accounted for.
Ciesse Piumini (2019 Euro 25 million euro)
In November 2019, Sport Fashion Service Srl, the parent company of Italy high-end sports outdoor brand Ciesse Piumini, was bought by Italy investment bank Mittel and the seller was Franco entrepreneur Stocchi of Italy entrepreneur. Mittel used to be the investor of Moncler. It is estimated that sales of Sport Fashion Service 2019 will be 25 million euros, and the profit margin before interest tax depreciation and amortization will be 20%. After being acquired by Mittel, Ciesse Piumini achieved annual sales exceeding 40 million euros in 3 to 5 years.
Ciesse Piumini was founded in 1976 in Mottalciata, a small town in northern Italy. It was mainly engaged in the design, production and sales of urban style down garments. The brand was successful in 1980s, but then gradually declined.
In 2011, Ciesse Piumini was bought by Sport Fashion Service, a garment manufacturer in Italy, and restarted and expanded its business under the leadership of Flavio Milani, CEO of Sport Fashion Service. In 2017, Italy entrepreneur Franco Stocchi acquired the majority stake in Sport Fashion Service and became the majority shareholder of the company.
Ciesse Piumini combines warmth and comfort functions, Italian style and tailoring features, so that it can meet the needs of the current urban consumer groups, especially after 80 or 90% of the consumers. The products include men's wear, women's wear and children's wear. Overseas sales now account for 10%, and will become the main direction of Ciesse Piumini development in the future. Among them, Europe, Asia and North America are the most important ones.