It's been cold latelyAt one time, it was said on the Internet that Bosideng's current mainstream ** has reached five or six thousand, and at another time, it was said that Bosideng should take care of the inclusive market, and the inclusive market has its sub-brand flying in the snow to serve the people, and even the masses of the people have no choice but to buy more cost-effective military coats on the Internet. This really reflects a very hesitant strategy on its partIn recent years, Bosideng's insistence on high-end positioning can be said to have not been fully confirmed or finalized by the market, and young consumers in China do not pay for it, so reflecting the growth data, it can be seen that from the financial report, Bosideng's growth rate is slowing down, so maybe it's to see if you can use the low-end sub-brand to pull the overall revenue.
For example, in the past 2022 FY23 performance data, in the last full fiscal year, Bosideng's revenue was about 1677.4 billion yuan, a year-on-year increase of only 35%, such an increase does not indicate to a certain extent that the high-end positioning is very successful in supporting the sales data, and it has a lot to do with the fact that consumers do not recognize its high-end positioning.
We see Bosideng's idea of swinging from side to side and its embarrassing market conditions, so let's take a look at the real situation.
High-end down jacket brand positioning** with scanning
Let's conduct actual research, and now let's take a look at the situation of some of the major high-end brand players in Tmall down jackets.
Bosideng's Tmall store to see its highest sales, ** belt is about 200 400 yuan, the product is a women's light down jacket, that is to say, most of the sales products are about 1000 yuan, and these products with a price of about yuan basically have no sales, so its pricing also reflects its swing, from the highest sales ** to the most**, the span is too large, and no brand is in this span to set the price band of such a high-end brand.
Let's then take a look at Canada Goose, one of the typical high-end down jacket brands that Bosideng may benchmark, the best sales volume is around 9,000 yuan, and the highest price of Canada Goose is more than 16,000 yuan, so the span of its **belt is quite normal.
Let's take a look at another more high-end high-end down jacket brand, Moncler, which has the highest sales price of more than 14,000 yuan, and the highest price is 30,000-50,000 yuan.
We can see from their respective ** belts that the positioning of Bosideng's overall ** belt is relatively disordered, and they want to go to the high-end a little, but they may not be able to sell it if they are really high-end, so the focus may still have to return to about 1,000 yuan.
So such an actual sales record is actually impossible to label Bosideng as a high-end down jacket.
In view of such a current situation, let's take a deeper look at why Bosideng appears in such a state
The high-end brand image is gradually distancing itself from consumer expectations
The brand image of Bosideng in the early years was actually a relatively affordable and old-fashioned brand image, and their previous brand image has left a very deep impression on consumers, and what is even more problematic is that now you will see many Bosideng brand stores will open on the street or with a group of only a few hundred yuan on average** It is impossible for us to find other brand stores of high-end down jackets of about 7,000 yuan in such a place, and until today, the general perception of the vast majority of urban young people is that Bosideng is a down jacket worn by parents and parents, and it can sell high-end down jackets.
Middle-aged and elderly people in second-, third-, fourth- and fifth-tier cities contribute a lot of turnover.
Until 2017, with the assistance of a brand strategy consulting company, it focused on the positioning of high-end down jackets, but what method did the positioning of Bosideng's high-end brand down jackets rely on?
It has its several plate axes.
The first board axe is to simply pull the ** up, you know that Bosideng's ** in recent years has been raising prices year by year, You know that Moutai is raising prices year by year, but it is originally a high-end brand, and I never thought that the low-end down jacket could also be operated in this way, which inevitably has some deadlift feeling.
The second axe is to constantly generate links with some high-end brands and people in the international so-called shows**, and at the same time spend a lot of marketing expenses and invite first-line brand spokespersons, Bosideng's previous spokespersons are: Yi Rang Qianxi, Gu Ailing, Yang Mi, Xiao Zhan, William Chan, and Scarlett. Johnson, Tom. Hiddleston. In this regard, Bosideng spends a lot of money, and it is also reflected in the financial report.
In FY2022-23, Bosideng's distribution expenses were as high as 612.5 billion yuan, accounting for 365%, distribution expenses mainly include advertising and publicity expenses, depreciation of right-of-use assets, and sales employee expenses. Both in terms of total sales expenses and sales expense ratio, Bosideng is at a high level in the industry.
Thirdly, Bosideng began to promote its own technology and Bosideng's global influence, For example, it sells well in 72 countries around the world, of course, this kind of best-selling in 72 countries around the world, in fact, you may know that there are many brands in more than 100 countries around the world, for example, you may just be a cost-effective Chinese small commodity, and you can also sell it to any country in the world.
These actions seem to be some big moves to rapidly raise the brand image of Bosideng, and from the perspective of marketing logic, there may not be much of a problem.
However, there is a big problem that consumers have preserved its impression in their minds: Bosideng is an aging civilian, and the older generation wears down jackets, no matter whether it reflects its name or even its logo design, consumers cannot completely and quickly get rid of Bosideng's past image, so to speakIn China's first- and second-tier cities, it is difficult for you to see that the mainstream middle-class and above people will be very happy or wear it with a little pride, because the mainstream elite crowd does not recognize his high-end image, and this high-end image Bosideng is more directly pulled up with **.
This is like saying that now if we want to pull the ordinary Volkswagen directly to the Porsche million-level ** belt, I believe that consumers can not accept it, there is a real negative case, that is, the Volkswagen Phaeton itself This car is as high as one or two million, but because it is attached to the Volkswagen logo, it is very embarrassing.
Volkswagen Phaeton, from the famous Dresden "transparent factory", Volkswagen's first mass-produced luxury sedan, is also the most formidable rival of the Mercedes-Benz S600 and BMW 760Li in addition to the Audi A8. The appearance is a bit like a large Passat, and the Phaeton reference ** is 75880,000 253180,000, many consumers mistakenly think that this is an ordinary Volkswagen, which has not been paid for by consumers in China, so that people who buy cars can only comfort themselves: low-key luxury.
On the one hand, they have focused on the positioning of high-end down jacket brands since 2017, and have continuously caused topics through continuous momentum, which has indeed brought great changes to Bosideng's revenue, but this growth is problematic, because from the perspective of consumers, it has not yet been completely accepted, so at this time, Bosideng wants to increase its operating income, or wants to open up the second growth curve, but the first curve has not fully grown well, so at this time, what should Bosideng do？
Let's go back to the origin of consumers, since consumers are not very accepting of Bosideng's positioning as a high-end down jacket, this mind occupies you and it is difficult to change.
Instead of this, we may be able to find another way to develop high-end sub-brands.
I also believe that Bosideng has actually discussed such a plan internally, but why has it not developed a high-end sub-brand, I think on the one hand, Bosideng, a seemingly high-end brand image, has spent a lot of money and energy to establish it, and I think it is a challenge for Bosideng to build a new high-end sub-brand.
Because this involves a very large transfer of resources, it is sometimes difficult for many entrepreneurs to really face the truth of consumers, even if they may also know the factsThis is also what I often tell entrepreneurs, to make a brand, more often it may be a struggle with yourself, and what you need to overcome is not others, but yourself. If Bosideng develops a high-end sub-brand, without the name Bosideng, just like Volkswagen also has many high-end car brands, in fact, it can be completely successful.
The Volkswagen Group is one of the world's largest automakers, owning a number of top brands, and Volkswagen's five luxury brands are Porsche, Lamborghini, Audi, Bugatti, and Bentley.
But when it comes to actual operation, every company may see a different future. Therefore, the current situation of Bosideng also reflects the entanglement of the management's thinking, and also reflects the judgment of the future market itself.