Step "painstakingly" sell coffee

In the past few days, the news of the seven wolf men and Tuba Qianjin have set off a hot discussion on the entire network. Some netizens even came up with a new brand name of "Seven Typte Wolf".

As for the seven wolves of the overseas fashion brand, it is unknown whether there will be more cooperation and interaction with the domestic sports brand Tubou in the future.

However, after the sportswear brand Li Ning entered the coffee track, Tubo also kept up and opened the layout on this track.

"Brother Jinjiang" was disliked

When it comes to Tubu, I wonder if everyone will think of the popular news of "Ali Cheng programmers through Typ on a blind date".

This hot search that triggers countless netizens seems to reflect the brand image of Tybi's "earthy" in the minds of consumers from another side.

As everyone knows, Tub, who was "disliked" by the blind date, was once a "brother Jinjiang".

In 1987, the Fujian Sanxing Sports Products Company, which started with foreign trade foundry, sold its products to more than 40 countries and regions, and ranked "exported king" in the industry.

In 2001, "Sanxing" founded the "Tubu" brand and invited Nicholas Tse as an image spokesperson.

At that time, among the thousands of sports brands invited sports stars to endorse, Tuba explored a differentiated path in the way of entertainment marketing, driving the brand sound soaring.

A Step sports shoes designed by Nicholas Tse, which was designed by Nicholas Tse, sold 1.2 million pairs, setting a record of single sports shoes that have no brand can break.

Since then, Tubo exclusively sponsored the National Games, deeply cultivated the marathon project, and successfully listed on the Hong Kong Stock Exchange in June 2008.

2008 is the watershed of domestic sports brands.

The opening of the Beijing Olympic Games has brought domestic sports brands to unprecedented development opportunities. Many companies have taken this opportunity to market crazy marketing and increase production.

With the end of the Beijing Olympic Games, the growth of the entire domestic sports apparel industry has slowed down, and the changes in supply and demand relationships have caused many sports brands to have a backlog of inventory.

This is a test for domestic sports brands.

In this test, the specialt of the market with "sports fashion" is located, and the business strategy of "not doing it if you don't do it." In the face of the "Olympic Fever", there is almost no big movement.

Therefore, from 2008 to 2012, Tuba became a brand with rarely negative growth among domestic sports brands. And in 2011, revenue achieved 5.54 billion yuan and net profit of 966 million.

However, this good revenue data has actually become the best performance created by Tibu in the next 10 years.

Good -hearted

As a domestic sports brand, Anta acquisitions with the "snake swallowing elephant" acquisition of "snake swallowing elephants" that improves the supply chain and explores the brand diversified. The national tide accelerated the development of the brand's younger transformation and breakthrough.

On the other hand, Tuba became too embarrassing to be too earthy who was talked about "Is 27 at the age of 27".

Speaking of Tuba is "too soil", or because it has been based on third- and fourth -tier cities from the beginning. This vigorously developing business strategy for the sinking market has made Tubou's relatively low prices in order to maintain competitiveness.

This has also caused the bias of Tobe, which is positioned "sports fashion" in consumer cognition. In general concepts, the fashion trend of fashion aesthetics usually spreads to third- and fourth -tier cities through first- and second -tier cities.

I have to say that the "rural surrounding cities" do not look at the positioning of "fashion".

Of course, Tuban did not give up his efforts. For example, in 2019, the two international high -end sports brands, "Ge Shiwei" and "Paladin", tried to leverage the high -end market.

The "X Youth" slogan also launched, inviting Dili Reba to endorse, and want to change the stereotype of the brand in the minds of consumers. At present, it seems that the results are not significant.

However, Tuba is not unprecedented.

The deep cultivation of the professional marathon over the years has allowed Sepo to have a considerable brand influence in this field. Judging from the statistics of the Yue Running Circle, the Jeweo Frequent Local Running Shoes is the leading position.

The fact is that, compared to football, basketball, etc., there are more extensive participating audiences. The professional marathon has limited bases and is a niche track, and there are many competitions.

Today's consumers are more picky about the appearance of the brand's appearance and functional technology. Therefore, in addition to professionalism and functionality, a sense of fashion is also a consideration factor.

Therefore, you can also understand the "hard work" of special sale coffee.

why

As of the end of June 2022, there were 6,251 stores in Mainland China and overseas, and the total number of Li Ning stores had 7,112. In contrast, Rui Xing, who specializes in coffee, has 4,968 self -operated stores, and Starbucks has nearly 6,000 stores in China. From the perspective of the number of stores alone, sports brands sell coffee, which is undoubtedly imagined.

However, Tuban's coffee business as a sports brand still makes many people feel strange.

As a sports clothing brand, if you spend too much energy to cross the border coffee field, you will be suspected of "not doing business". After all, this will not match the brand's genes.

Although Tubu stood out in the running subdivision scene, Li Ning performed well in the national tide, but in the domestic market, they still have strong competitors in their respective fields. In -depth excavation in sports functions, sports scenes, etc. to usher in better development. Before the news of the "special coffee" registered trademark came out, Tubu also released the 2022 semi -annual report. According to the financial report, the company achieved revenue of 5.684 billion yuan in the first half of the year, an increase of 37.5%year -on -year; net profit was 590 million yuan, a year -on -year increase of 38.4%.

Compared to head brands such as Anta and Li Ning, Tuba surpassed the previous two in revenue and net profit growth. Although the performance was very eye -catching, the stock price fell 6.52%on the day of its financial report release.

As a brand of professional sports, Tuba has been adhering to the positioning of "sports fashion", and has made strategic transformations to multi -brands and internationalization since 2018. It hopes to further open a new generation of young people's market markets. At present, Tuba has formed the three major brand matrices of the Volkswagen Movement (Special Special Brand), professional movements (including Somoni, Mago), and the Fashion Movement (including Ge Shiwei and Paladin). However, Tub's revenue mainly relies on the main brand. According to financial reports, the revenue of the special brand brand in the first half of the year was 4.898 billion yuan, an increase of 36.2%year -on -year, and the revenue accounted for more than 80%.

Step also faces problems such as decline in gross profit margin and increased inventory days. According to the disclosure of the semi -annual report, the overall gross profit margin of Tibu was 42%, a year -on -year increase of only 0.2%. Tuba said this is mainly due to changes in product portfolios, the contribution of different brands of profits, and products sold through different channels. In the first half of the year, only the gross profit margin of Volkswagen Sports category increased by 0.7%compared with the same period last year. The gross profit margins of fashion sports and professional sports categories fell year -on -year.

Although Tobe's revenue in 2021 exceeded the 10 billion yuan mark, in comparison, Anta achieved revenue of 49.328 billion yuan last year, and Li Ning was 22.572 billion yuan. There was still a considerable gap with them compared with them. For Tubo, if it wants to continue to advance, it also needs to "please" young consumer groups to win their sense of identity.

Tobe has been trying to expand its popularity among young people. In 2018, Tuban sponsored the variety show "New Rap"; because many young people liked street culture, in 2019, it also became the official clothing sponsor of the variety show "This is Hip -hop"; The Refine Street · Street Dance Challenge "also applied for a" special dissatisfaction "trademark in November of the same year, and therefore appeared on Weibo hot search. In the past three years, Tuba spent 3.175 billion yuan in advertising and promotion. In the first half of 2022, Tub's advertising and promotion costs were 581 million yuan, accounting for 10.2%of total revenue.

The current registered coffee trademark is also very likely that it is not to really "sell coffee", but to cater to the emerging "coffee culture", which is in line with the consumption hobbies of young consumers.

In other words, Tuba's entry into the coffee project is mainly to enhance the user's sense of experience, which closes to the user's distance and bring traffic. This seems to coincide with Li Ning's idea of ​​creating a coffee and leisure area.

However, for them, it is necessary to face another problem: Cross -border coffee has become a new trend, but the coffee track has been fierce and competitive. Do you have to move?

Comprehensive: Shanghai Securities Journal, Surging News and other responsible editors: He Qian

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