Comprehensive Analysis of Bosideng's Premium Strategy and Market Performance

Based on the latest market information and financial data, I will conduct a systematic analysis of Bosideng’s premium strategy, gross profit margin performance, and down fill weight controversies.

Bosideng launched its strategic transformation and upgrading in 2018, shifting its strategic focus from seasonal apparel to “focusing on the main business channel, focusing on the main brand”, and fully advancing the premiumization of its main brand. According to the latest research report from Chanmama AI, Bosideng continued to anchor its strategic positioning of “the world’s leading down jacket expert” in 2025, achieving annual operating revenue of RMB 25.902 billion and net profit attributable to parent company of RMB 3.514 billion, with the down jacket business contributing over 90% of total revenue [1].

, Bosideng advances through the dual paths of “international fashion cooperation + professional technological breakthroughs”. In October 2025, the company launched the “Master Puff” series at Paris Fashion Week, and collaborated in depth with Kim Jones, former creative director of LV and Dior, to launch the high-end urban line AREAL series (priced at RMB 2,999-3,999). This series exceeded sales expectations, with nearly 60% of orders coming from young new customers [1]. In terms of technology, the premium product line is equipped with core innovative technologies. For example, the Champion Thermostatic Comfort Ski Jacket adopts heat and moisture balance technology and ISPO-award-winning eco-friendly bio-based fabrics, while the Summit Series uses top-tier Gore-Tex fabrics, suitable for extreme environments of -30°C, with a price of over RMB 5,000 [1].

, from 2018 to 2021, the average tag price of Bosideng down jackets increased by 63%-80%. Rui Jinsong, President of the Brand Business Unit, stated that the average price was approximately RMB 1,000 in 2017, rose to RMB 1,600 in 2020, and the product line originally priced below RMB 1,000 has been raised to the level of RMB 1,700-1,800 [2]. However, according to data from iiMedia Research, nearly 80% of Chinese down jacket consumers are willing to accept prices below RMB 1,200, while only 4% are willing to spend over RMB 4,000 [3].

, it should be noted that the accuracy of this data is questionable. According to Bosideng’s 2025/26 first half fiscal year performance report, the company’s overall gross profit margin remained at 50%, a year-on-year increase of 0.1 percentage points [4]. Looking at historical data, as of September 30, 2024, Bosideng’s overall gross profit margin was 49.9%, a year-on-year decrease of 0.1 percentage points [5].

There are several possible reasons for the high figure of 84.2%: First, it may be the gross profit margin of a specific high-end sub-brand or product line; second, it may be the expected improvement in overall gross profit margin brought by enhanced brand premium capability; third, there may be differences in data statistical calibers. Based on the financial data actually disclosed by the company, Bosideng’s overall gross profit margin stabilizes at around 50% [4][5].

, Bosideng’s net profit attributable to parent company in the 2024/25 fiscal year reached RMB 3.514 billion, a year-on-year increase of 14.5%, with continuous improvement in profitability [1]. In the first half of the 2025/26 fiscal year (as of September 30, 2025), the company achieved revenue of RMB 8.928 billion, a year-on-year increase of 1.4%; net profit attributable to parent company was RMB 1.189 billion, a year-on-year increase of 5.3%, hitting a new historical high for the same period [3]. From the perspective of key financial indicators, the company’s current P/E ratio is 12.71 times, P/B ratio is 2.64 times, ROE reaches 23.29%, and net profit margin is 13.57%, with an overall stable financial status [6].

:

1. Down Pants Incident (December 2024)
   : A consumer discovered that a pair of Bosideng down pants priced at over RMB 700 had only 3g of down fill, attracting widespread attention. Bosideng’s customer service responded that “not all down is the same; we use down clusters without impurities, which are lighter in weight” [5]. This response sparked intense discussions online, with consumers reflecting that the down pants “only have down fill in a small area at the root of the thighs, with no fill from the middle of the thighs to the feet”, and the actual experience is more like “a ski pant with just a layer of fabric” [7].

2. Down Jacket Incident (January 2026)
   : Netizens questioned a down jacket priced at RMB 2,299 for having only 86g of down fill. After verification, this product is a 2025 men’s business series goose down jacket with a fill power of over 700 and down content of 90%, and the fill weight varies by size, with the 175 size having 86g of down fill [4]. Bosideng’s customer service stated that the fill weight meets national standards, and the price depends on comprehensive factors [4].

:

Down fill weight controversies pose multiple challenges to Bosideng’s premium strategy. First,

: The number of complaints about Bosideng on the Black Cat Complaint platform has exceeded 3,400, mainly involving false advertising and product quality issues [5]. Second, : Consumers’ doubts about “down jacket price gouging” reflect a cognitive gap between brand premium and the actual value of products, with only 32% of respondents believing that Bosideng’s “Summit Series” is in the same tier as Moncler and Canada Goose [3]. Third, : Amid competition from brands such as Gaofan (GMV exceeded RMB 5 billion in 2024), Arc’teryx, The North Face, and Descente, Bosideng faces the dual test of breaking through in the high-end market and defending the mass market [1][3].

include: improved brand matrix (investment in Canadian luxury brand Moose Knuckles, holding stake in German high-end professional ski brand BOGNER); continuous strengthening of technological innovation (filed 466 patents in the 2024/25 fiscal year, with a total of 1,498 authorized patents); advancement in channel optimization (as of the end of the reporting period, the number of regular outlets for the group’s down jacket business reached 3,558, a net increase of 88 compared to the end of the previous fiscal year) [1].

include: slowing growth (revenue in the first half of the 2025/26 fiscal year increased by 1.4% year-on-year, the lowest growth rate in nearly five years) [2]; rising inventory pressure (as of September 30, 2024, inventory scale increased by 53.36% year-on-year to RMB 5.939 billion, and inventory turnover days increased by 29 days year-on-year to 189 days) [5]; rising raw material costs (the price of white goose down with 95% content increased by 45.35% compared to the same period last year) [5].

Bosideng’s premium strategy has achieved certain financial results, with stable profitability, but the 84.2% gross profit margin data is questionable, and the actual gross profit margin is approximately 50%. The down fill weight controversies reflect the company’s deficiencies in product value transparency and consumer communication, posing challenges to the brand’s premium positioning. In a market environment where nearly 80% of consumers accept prices below RMB 1,200, Bosideng’s premium journey requires more prudent balancing of brand premium and consumers’ value perception. It is recommended that investors pay attention to how the company achieves dynamic balance between advancing its premium strategy and stabilizing its mass market.

---

[1] Chanmama AI - Bosideng Down Jacket Market Comprehensive Analysis Report (January 2026): https://ai.chanmama.com/article/76

[2] DoNews - Bosideng’s Transformation Dilemma: From Premiumization to Fashion Breakthrough: https://www.donews.com/news/detail/4/6291960.html

[3] Sina Finance - Record Performance but Slowing Growth: How Can Bosideng Break Through in Its Premium Transformation?: https://finance.sina.com.cn/tech/roll/2025-12-04/doc-infzrrca9206353.shtml

[4] Sina Finance - Netizens Question a RMB 2,299 Down Jacket for Only 86g of Down Fill; Bosideng Customer Service Responds: https://finance.sina.com.cn/jjxw/2026-01-09/doc-inhfssrv0589491.shtml

[5] Sina Finance - A Pair of Down Pants Priced at Over RMB 700 with Only 3g of Down Fill! Behind Bosideng Being Accused of “Greedy Practices”: https://finance.sina.com.cn/jjxw/2024-12-26/doc-ineavfqp3294861.shtml

[6] Jinling AI - Bosideng Company Profile Data

[7] Sina Finance - Bosideng’s RMB 700 Down Pants with Only 3g of Down Fill Sparks Controversy; Customer Service Responds: https://finance.sina.com.cn/tech/discovery/2024-12-25/doc-inearzcs7571725.shtml