波司登: 戰略投資Moose Knuckles，降溫或促輕薄羽積極銷售

投資要點/Investment Thesis

波司登成為慕瑟納可Moose Knuckles關鍵投資者

波司登宣佈戰略投資國際奢侈羽絨服品牌Moose Knuckles，此次投資是波司登集團聚焦羽絨服核心主業、拓展國際業務版圖的重要舉措。通過本次投資，波司登將成為Moose Knuckles的關鍵投資者，全球知名私募股權投資機構凱輝基金仍將是Moose Knuckles的控股股東。

Bosideng now a key stakeholder in Canadian luxury jacket brand Moose Knuckles

Bigger global footprint: Bosideng announced last week it has taken an over-30% stake in Moose Knuckles, a Montreal-based global brand for luxury down coats. The strategic move aligns with Bosideng’s focus on its core down apparel business, while expanding its international footprint. Bosideng becomes a key investor in Moose Knuckles, while Paris-based private equity firm Cathay Capital remains the controlling shareholder.

Moose Knuckles是國際奢侈羽絨服品牌

總部位於加拿大蒙特利爾，品牌融合卓越加拿大工藝、頂級的材料和極致的功能性，同時與年輕時尚的設計風格完美結合，在全球時尚功能外套領域享有盛譽。目前Moose Knuckles正在全球30多個國家逐步擴大其零售版圖，已在中國、北美和歐洲開設了36家門店，並通過Harrods、Selfridges、Saks Fifth Avenue和Holt Renfrew等知名零售商進行分銷。

Moose Knuckles產品凝聚對優質材料、精細工藝和貼合體型設計的執著追求，完美結合了時尚與功能性。Moose Knuckles將繼續拓展產品系列和品類，以滿足全球消費者不斷變化的期待。與波司登的合作將成為其在亞洲市場增長的推動力，強化品牌多元文化、創新和顛覆性精神。

Canadian craftsmanship: the Canadian brand combines top-notch craftsmanship, quality materials and functionality to produce trendy and youthful outer wear that are well-known in the global market. Moose Knuckles has expanded its retail footprint across more than 30 countries with 36 stores in China, North America and Europe. Its retail distributors include Harrods, Selfridges, Saks Fifth Avenue and Holt Renfrew.

Synergies: quality materials, fine craftsmanship and form-hugging design flesh out Moose Knuckles’ trendy and functional apparel. We believe the brand will continue to expand its product categories and range to meet evolving expectations of consumers around the world. Partnering with Bosideng would help drive its growth in the Asian market and reinforcing the brand’s multiculturalism, innovation and disruptive spirit.

公司看好慕瑟納可(Moose Knuck-es)品牌在中國和全球市場的發展潛力

本次戰略投資合作對於波司登集團探索國際市場運營具有積極意義，波司登也將為慕瑟納可(Moose Knuckles)提供充分的戰略和財務支持。這是一次優勢互補的戰略合作，將為波司登和慕瑟納可(Moose Knuckles)雙方的中長期發展注入新動能。

Strategic move expands China and global market potential for the long term

Global operational optimization: on Bosideng’s part, the Chinese down jacket producer views the strength of its strategic investment partnership as an exploration into international market operations as Bosideng provides comprehensive strategic and financial support to Moose Knuckles. It believes the complementary advantages will kickstart a medium-to-long-term growth momentum for both parties.

積極看好輕薄羽動銷表現

波司登以“更多樣、更時尚、更輕暖”的設計理念，重新定義輕薄羽絨服。通過挑戰傳統羽絨服款式單一、不時尚的問題，攻克技術難點，讓輕薄羽絨服從單純的功能性服飾轉型成具備保暖功能的時裝，成為人們秋冬衣櫥的新寵。

Thin-and-lightweight positioning: Bosideng redefined the lightweight down jacket with a design concept based on diversity, fashion, lightweight and warmth. It combated traditional jacket perceptions of unfashionable down coats and owning only one item. It breached technical barriers to transform lightweight down jackets into simple and trendy garments that provide warmth as well. We believe the brand is the new favorite choice for both autumn and winter wardrobes.

產品創新創造市場需求

波司登以原創設計傳遞品牌基因，以科技創新提升產品價值，不斷滿足人民日益增長的美好生活需要。品類創新拓寬市場空間，防曬服品類實現高速增長，三合一衝鋒衣鵝絨服等創新品類火爆出圈，五大經典系列重塑升級，贏得了時代主流消費人群的認可和選擇。

伴隨衝鋒衣及輕薄羽的逐步推出，一方面、弱化氣溫變化對產品動銷影響，從容應對冷暖冬變化；另一方面、多維加強品牌勢能、豐富穿著場景，增厚收入業績來源。

Innovation-fueled demand: Bosideng fleshes out its brand DNA in original designs enabled by technological innovations, which enhance product value. It fulfills rising consumer requirements for product enhancements. Category innovations have extended its market growth potential, where its sun-protection collection has seen rapid growth, while the popularity of its three-in-one as well as goose-down jackets has superseded their market segments. The company’s upgraded revamp of its five classic collections – summit climbing, extreme cold, puff coats, premium outdoors and skiing – continue to win mindshare in the trend-conscious mass consumer market.

Weightless down: the introduction of weightless down coats has relieved pressure on product sales from temperature changes, such that cold or warm winters can be taken in stride. The products also expand revenue and profitability potential due to their cross-segment wear scenarios.

投資建議/Investment Ideas