---
title: "Gore-Tex \"hijacked\" Bosideng"
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/26246606.md"
description: "Original © New Entropy Author: Xiaoyi Editor: Long Kui &#34;The speed at which Bosideng's down jackets are increasing in price far exceeds the speed at which my salary is growing!&#34; After walking into a Bosideng store and looking around at the prices of the down jackets, Zhang Ying couldn't help but exclaim. She still remembers buying a long down jacket from Bosideng four or five years ago for less than four digits after discounts, but now most of Bosideng's down jackets cost over two to three thousand yuan. This isn't just Zhang Ying's personal feeling. In fact, since Bosideng began its high-end transformation strategy in 2018, the prices of its down jackets have indeed been rising steadily. Data compiled by Dongxing Securities Co., Ltd. indicates..."
datetime: "2024-12-23T10:24:59.000Z"
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author: "[新熵](https://longbridge.com/zh-CN/profiles/10215178.md)"
---

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# Gore-Tex "hijacked" Bosideng

Original © New Entropy

Author 丨 Xiao Yi Editor 丨 Long Kui

"The speed at which BOSIDENG's down jackets are getting more expensive far outpaces the speed at which my salary increases!"

After walking into a BOSIDENG store and glancing at the prices of the down jackets, Zhang Ying couldn't help but sigh. She still remembers buying a long BOSIDENG down jacket four or five years ago for less than four digits after discounts. Now, most of BOSIDENG's down jackets cost over two to three thousand yuan.

This isn’t just Zhang Ying’s personal feeling. In fact, since BOSIDENG launched its premiumization strategy in 2018, the prices of its down jackets have indeed been rising steadily. Data from Dongxing Securities Co., Ltd. shows that the average tag price of BOSIDENG products increased from around 1,000 yuan in 2017 to about 1,800 yuan in 2021, with an annual growth rate of 15% over four years.

Interestingly, earlier, BOSIDENG executives stated that they would continue to focus on mid-to-high-end down jackets priced above 3,000 yuan.

Price hikes have indeed made BOSIDENG’s financial reports look "better" in recent years, but they’ve also sparked waves of skepticism. Consumers question whether the brand is exploiting naive investors, while the capital market doubts how long growth driven solely by price increases can last—especially when high-end competitors like Gaofan are aggressively entering the market, and low-end brands like Yaya are ramping up their offensives.

At 48 years old, where does BOSIDENG go from here?

## Consumers Aren’t Buying It

As a long-standing brand in the down jacket industry, Zhang Ying acknowledges BOSIDENG’s quality—she’s bought several jackets over the years for winter. But she still feels spending two to three thousand yuan on a BOSIDENG down jacket is "not worth it," simply because she remembers when the brand was affordable.

BOSIDENG didn’t start with such aggressive price hikes. Earlier, it positioned itself as a national brand with good quality and reasonable prices, even promoting off-season sales in summer. Its first summer sale was in 1995 at Beijing’s Wangfujing Department Store, where it sold 25,000 down jackets in two months.

Before its rebranding in 2017, BOSIDENG’s average tag price was between 1,000 and 1,100 yuan. During off-season sales, you could snag one for just a few hundred yuan. But since then, prices have steadily climbed, with sub-1,000-yuan products shrinking significantly. By 2022, nearly 47% of its down jackets were priced above 1,800 yuan.

Consumer Xiao Yang told New Entropy that in 2020, she bought three down jackets for her family and could still find plenty under 1,000 yuan in stores. But in recent years, prices have gotten steeper, and she’s more inclined to shop online.

Not only have average prices risen, but BOSIDENG has also introduced luxury lines to compete with international brands like Canada Goose. For example, its 2019 "Summit Series" started at 11,800 yuan, and by 2021, the price had jumped to 14,900 yuan.

To make consumers accept its premium shift, BOSIDENG has invested heavily in marketing. It removed Chinese characters from its logo, emphasizing the minimalist English "BOSIDENG," collaborated with international designers for limited editions, and reinforced its high-end image by participating in global fashion weeks for years. It also signed A-list celebrities like Yang Mi, Yi Yangqianxi, and Eileen Gu as ambassadors and made frequent appearances in hit TV dramas.

But Zhang Ying still feels something’s missing—BOSIDENG lags behind luxury brands like Canada Goose and MONCLER, as well as outdoor giant The North Face. It also feels awkward because, before its rebranding, BOSIDENG was stereotyped as outdated and unfashionable, despite its affordability.

Sales data from BOSIDENG’s Tmall flagship store reveals weak market acceptance for its high-end products. Mid-to-low-priced items (a few hundred yuan) remain the bestsellers, while thousand-yuan (or even ten-thousand-yuan) luxury jackets sell poorly.

For example, down jackets priced above 6,000 yuan have sold fewer than 100 units, while cheaper options under 1,000 yuan dominate sales.

Notably, alongside rising prices, inventory has also ballooned. Financial reports show that as of September 30, 2024, BOSIDENG’s total inventory reached 5.949 billion yuan, up 85.7% from 3.197 billion yuan at the end of fiscal 2023.

## Prices Keep Climbing

Why the relentless price hikes?

Looking back to 2018, before refocusing on down jackets and launching its premium strategy, BOSIDENG dabbled in non-down apparel—acquiring men’s wear, women’s fashion, and children’s clothing lines—but performance remained lackluster. Store counts plummeted from over 10,000 at their peak to just 3,000–4,000 due to downsizing.

At the time, the crisis-stricken company’s stock price fell below 1 HKD. Founder Gao Dekang admitted in a May interview that the company had spread itself too thin in earlier years.

After raising prices, BOSIDENG’s revenue soared—from 8.881 billion yuan in 2018 to 23.21 billion yuan in fiscal 2024. Its interim 2024/25 fiscal results were even more impressive: off-season revenue hit 8.8 billion yuan (up 17.8% YoY), with net profit attributable to shareholders at 1.13 billion yuan (up 23% YoY).

Yang Huaiyu, a consumer industry analyst, believes BOSIDENG’s price increases stem from brand repositioning and premiumization. By improving quality, design, and brand image, BOSIDENG aims to become a globally competitive high-end down jacket brand.

As New Entropy noted earlier, BOSIDENG has spent heavily on marketing to reshape its image—and these efforts cost money. Financial reports show that from 2018 to fiscal 2024, BOSIDENG’s sales expenses surged from 2.45 billion yuan to 8.055 billion yuan, a 2.29x increase, now accounting for 34.7% of revenue (up from 27.6%).

"Rising material costs, R&D investments, and new national standards also contributed to price adjustments," Yang added.

Data from Down Golden Network shows that as of 2024, 90% white goose down costs 1,100 yuan/kg, up ~20% YoY from 900+ yuan, while white duck down jumped from 300+ yuan/kg to 500+ yuan.

Additionally, 2022’s new national standard replaced "down content" with "down cluster content," further raising production costs. These external factors justify industry-wide price hikes—including BOSIDENG’s.

"Pricing is essentially about filtering consumers," independent apparel expert Ma Gang told New Entropy. "In recent years, domestic brands have trended toward premiumization. As the market leader, BOSIDENG should claim a spot in China’s high-end segment—it’s a strategic choice and an inevitable path for local brands."

Still, insiders argue that BOSIDENG’s price hikes reflect deeper growth challenges.

Since its 2018 pivot, revenue has grown from 8.89 billion yuan to 23.214 billion yuan—but as VP Zhu Gaofeng admitted at a November 2022 earnings call, this growth relied more on price hikes than volume expansion.

Meanwhile, compared to Canada Goose and other global luxury brands, BOSIDENG’s core products remain significantly cheaper, failing to fully shed its mass-market perception.

▲ Image/Canada Goose

Apparel analyst Cheng Weixiong noted that BOSIDENG’s main products average ~2,000 yuan, far below global luxury brands’ 5,000 yuan. To truly go premium, BOSIDENG must invest long-term in product strength and branding—price hikes and marketing alone won’t cut it.

Yang Huaiyu argues that BOSIDENG’s pricing strategy has dual implications. Short-term, higher prices may alienate budget-conscious shoppers, especially with cheaper rivals abound. Long-term, if BOSIDENG sustains quality and service while solidifying its premium image, it could attract high-net-worth consumers and strengthen its market position.

## Caught Between a Rock and a Hard Place

In recent years, BOSIDENG’s trajectory has drawn attention. Undeniably, price hikes helped it rebound impressively.

But over-reliance on premiumization now casts uncertainty. In July, founder Gao Dekang’s Yingxin International planned to sell 400 million shares at 4.3 HKD apiece, cashing out ~1.7 billion HKD—its largest divestment in years.

News of the sale triggered a ~16% intraday stock plunge. Though BOSIDENG later explained it aimed to "optimize shareholder structure and enhance liquidity," the move fueled market speculation.

Despite strong performance, competition is intensifying. The seasonal, low-frequency down jacket market is crowded, with premium players like Gaofan and MONCLER vying for share.

One trend is clear: as prices rise, \>1,000-yuan jackets claim a growing slice. Huafu Securities data shows Tmall’s women’s down jackets priced above 1,409 yuan jumped from 38% of sales in 2017 to 55% in 2023.

But this pie isn’t easy to grab. Compared to BOSIDENG’s "goose-ification," Gaofan—dubbed "China’s Moncler"—has made louder strides. Its execs reported 30%–50% revenue growth over three years, and November’s Yang Mi endorsement deal boosted buzz. Even influencers like Luo Cheng (Goodix’s "second son") and Shi Zhancheng (Jieliya heir) have worn its jackets, overshadowing BOSIDENG’s premium push.

This year’s Double 11 crowned Gaofan, with its luxe "Black Gold" line, as Tmall’s top-selling down jacket brand.

▲ Image/Gaofan

But consumers aren’t price-blind. An iiMedia 2023 report found ~80% prefer sub-1,200-yuan jackets; only 20.3% opt for pricier options.

Last winter, budget brand Camel saw explosive growth, and military-style coats went viral—all because BOSIDENG and others were deemed "down jacket price gougers."

In the low-end segment, BOSIDENG’s affordable sub-brand Snow Flying battles rivals like Yaya and Yalu. Yaya, in particular, has aggressively expanded on Douyin and JD.com, with sales rocketing from 80 million yuan in 2020 to 15 billion yuan in 2023—a 187x surge. With BOSIDENG’s fiscal 2023/24 revenue at ~16.8 billion yuan, Yaya is closing in fast.

Other challengers include outdoor brands like Camel and Li Ning, fashion labels like Uniqlo and HLA, and even edtech giant Yuanfudao’s SKYPEOPLE, targeting high-end businesswear.

Ma Gang notes that BOSIDENG still dominates market share, but newcomers bring fresh energy. "High-quality down jackets heavily rely on supply chain prowess," he adds.

Yang Huaiyu argues BOSIDENG’s biggest hurdles are brand reinvention and product differentiation. While it’s a domestic powerhouse, global luxury status demands stronger storytelling and cultural resonance. Product-wise, it must keep innovating to stand out and meet consumers’ premium, personalized demands—or risk losing ground in this cutthroat market.

### 相关股票

- [BOSIDENG (03998.HK)](https://longbridge.com/zh-CN/quote/03998.HK.md)
- [Dongxing Securities Co., Ltd. (601198.CN)](https://longbridge.com/zh-CN/quote/601198.CN.md)