Bosideng VS Canada Goose, can high-priced down jackets withstand the “cold winter”?
It took Canada Goose 64 years to move from functionality to professionalism, and then to today’s high-end products; while Bosideng took 29 years to move from practicality to professionalism.
When it comes to high-end down jacket brands, consumers first think of Moncler and Canada Goose, and now the “upstart” Bosideng has been added.
On November 25, Bosideng released the Dengfeng 2.0 series of down jackets, which for the first time applied aviation material technology and the Beidou positioning search and rescue system, and the warmth level was also increased by 15%. Of course, it is not only technological innovation, but also the price has reached a new high. The most expensive one, 14,900 yuan, is 20%-30% higher than the 1.0 series.
From a few hundred yuan to a thousand yuan, and then to tens of thousands of yuan, while big-name foreign down jackets continue to raise the psychological price of Chinese consumers, the prices of domestic brands are also rising.
The price of Bosideng is close to that of Canada Goose. Just when consumers are hotly discussing whether Bosideng can become the next Canada Goose, Canada Goose first “overturned”.
Recently, Canada Goose affiliated companies were fined 450,000 yuan by the Huangpu District Market Supervision and Administration Bureau for allegedly using advertisements to falsely promote goods or services and deceive and mislead consumers.
The thermal insulation performance of down is directly related to the fluffiness and down content indicators of down. The propaganda myth of Canada Goose down jacket has been exposed. When the penalty decision was disclosed, netizens expressed that it was simply a guide for purchasing winter down jackets.
It is worth noting that, as of press time, Bosden’s total market value is nearly HK$60 billion, and Canada Goose’s total market value is Canadian$4.9 billion (equivalent to approximately HK$30 billion). At least from an intuitive market value perspective, Bosideng is twice that of Canada Goose.
Canadian geese become “Chinese geese”
In the mid-20th century, Toronto was covered in snow. Danny Reis was holed up in a factory demonstrating how to stuff a pile of ultra-lightweight goose down into a jacket, cluttering the room with flying lint. He stepped on the old pedal, and with the roar of the machine, white fluff emerged from the metal tube and was then filled into the unformed clothes.
Danny Reis has been helping in garment factories since he was a child. In 1957, his grandfather Sam Tick founded a coat manufacturing factory called “Metropolitan Sportswear”, engaged in the production of water wool vests, raincoats and snow suits. Although the factory is small in size, its quality is well-known. This factory is also the predecessor of Canada Goose.
In the early 1980s, Danny Reis’s father, David Reis, took over the company and became the second generation head of Canada Goose.
During David Reese’s tenure, he invented a volume-based flushing machine, which greatly enhanced the thermal performance of clothes. In addition, he also designed warm down parkas specifically for scientists at the McMurdo Research Station in Antarctica. At that time, the company launched its own brand “Xueyan”, and thus determined that down jackets were its home field.
In 2001, Danny Reis officially became the president and global CEO of Canada Goose, which also became a turning point for Canada Goose.
After Danny Reis took over, he decided to give up OEM, establish a new own brand and start taking the high-end route. But Canadians don’t buy his theory. In desperation, Danny Reis took the product to Europe.
Since the brand “Snow Goose” was already registered in Europe at that time, Danny Reis simply changed the name to “Canada Goose”. Interestingly, Canada Goose’s first big customer in Europe was a store in Toronto. In one winter, the store sold 300 Canada Goose coats. This sales also ushered in spring for Canada Goose.
In 2017, Canada Goose was listed on the New York Stock Exchange and the Toronto Stock Exchange. Since then, Canada Goose has also changed its positioning, developing from functional clothing to high-end and fashionable clothing.
In May 2018, Canada Goose officially announced its entry into the Chinese market and established its Greater China headquarters in Shanghai. In the autumn of the same year, Canada Goose opened flagship stores in Sanlitun, Taikoo Li, Beijing, and IFC, Hong Kong. As soon as the Sanlitun store opened, there was a long queue at the door. After 3 years, it is still hot now.
Up to now, Canada Goose has more than 15 stores in China, but only 9 in Canada.
According to 2021 Q2 financial report data, Canada Goose’s sales in the second quarter of 2021 reached 233 million Canadian dollars (equivalent to approximately RMB 1.272 billion), a year-on-year increase of 40.3%. Among them, sales through direct channels in Greater China increased by 85.9% year-on-year.
Why is Canada Goose so popular in China?
This is related to the marketing methods Canada Goose has always used. This “goose” has been playing the role of “star-led goods” since the 1990s. Canada Goose provides down jackets to film and television actors, rather than forcefully engaging in endorsements. After photos of celebrities on set were leaked, Canada Goose inadvertently became the focus of fans’ attention.
An American actor said: “Since I entered the film industry in 1996, Canada geese have appeared all around me. I have never been to a filming set without Canada geese.”
Whether it is the American drama “It means high-end. Even if it has good design and quality, consumers will not pay a premium that exceeds the brand’s understanding.
It took Canada Goose 64 years to move from functionality to professionalism, and then to today’s high-end products; while Bosideng took 29 years to move from practicality to professionalism. However, Bosideng still has a long way to go before becoming high-end.
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