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- Source/Brand Observer
- Author/Brand Observer
Introduction: After five years, F1 has recently returned to the Shanghai International Circuit.
Formula 1, the World Formula One Championship, is the highest level of motorsport in the world today.
Zhou Guanyu, our Chinese drivers also played "home battles" in this arena, which not only ignited the enthusiasm of fans, but also made Zhou Guanyu's commercial value rise rapidly.
跟着水涨船高的自然就是周冠宇所代言的lululemon。
●Source: Weibo
On January 11, lululemon officially announced China's first F1 driver, Zhou Guanyu, as lululemon's brand ambassador.
lululemon actually prefers to promote itself through offline community marketing, through which "a group of people gather a group of people to do one thing", and fix the brand and community temperament into a "perceptible" existence.
This time, Lululemon chose to bet on an "F1 driver", presumably targeting high-quality men.
01, lululemon bet, this time the bet was right
It's hard to bet on a success, and there is a reason not to increase the efforts?
A few days ago, lululemon invited brand ambassador Zhou Guanyu to participate in the event in person at the lululemon store in Jing'an, Shanghai, and let him share his 20-year dream chasing journey.
Among the items on display are tickets to Zhou's first F1 Chinese Grand Prix at the age of five, as well as the iconic No. 1 kart he drove when he won the Rotax Max British Karting Championship and European Championship in 2013.
●Source: Weibo
Lululemon also showcased Zhou Guanyu's 2024 special edition collection, which covers a wide range of merchandise.
By the time I went to the official website, the Sojourn jacket and the cityverse athleisure shoes in a variety of colors were all sold out.
● Source: Internet
Brand "betting" on celebrity endorsements has now become the norm.
By quoting the traffic pool of celebrities, even if there are no cases that are particularly out of the circle, it is already a win in terms of quickly grabbing traffic attention.
In this way, the main thing is a quick out of the circle.
In the 2022 Beijing Winter Olympics, after Gu Ailing won two golds and one silver, the topics of her endorsement brands have all had high popularity on Weibo or other platforms.
lululemon signed Zhou Guanyu not just because he was China's first F1 driver.
It's more about the big wave of male fans behind the F1 races.
● Source: Internet
For lululemon, signing a contract with Zhou Guanyu can not only show its brand strength, but also get closer to more male consumers who love racing.
This sports brand, which once only knew how to design yoga robes for "county ladies", has now made great efforts to get rid of the curse of "not adapting to the water and soil".
Similar to lululemon's finding Zhou Guanyu to endorse it, many brands have also begun to covet "betting" stars, hoping that their products can make the public shine through the stars who bet on them.
In other words, this is a "bet" on whether the spokesperson can inject more value into the brand.
● Source: Internet
02、玩成轻奢lululemon成智商税了?
Lululemon's success is to turn sportswear into a light luxury fashion item, so this trick is more attractive to women, and it has been sought after by "county ladies" in recent years.
When practical sportswear was played as the "three treasures of the middle class" of light luxury fashion, controversy also followed.
都说中产有三宝,拉夫劳伦、lululemon、始祖鸟。
Look at Ralph Lauren for fashion perfumes, lululemon for fitness and sports, and Archaeopteryx for outdoor practicality. In addition, their respective positioning is aimed at the middle class, and most of the prices are more than 1,000 yuan.
● Source: Internet
Naturally, some people will label "IQ tax", "middle class", "cutting leeks", and "wool" are a few words that have appeared more and more in recent years.
In fact, it also shows that today's mass consumers are becoming more and more sophisticated, and they are very clear about what they need, and they are not willing to do so, but also afraid of being extravagant and wasteful.
At this time, some netizens mentioned, "Yoga pants for a few hundred yuan are really not IQ taxes, yoga pants are really technical work, bad yoga pants like to roll up, scrape people at the joints, run up, stuck crotch, long pants sit down and then stand up and become cropped pants, etc." ”
Some products use more advanced materials, more advanced technology or more stringent production processes, so the price will naturally be higher, of course, under normal circumstances.
The extra money paid for this is not considered an IQ tax, but in exchange for a more intimate experience and service.
● Source: Taobao
Then again, there are also quite a few products that are like "the emperor's new clothes" now, because the so-called "brand effect" is unattainable.
The once sought-after Canada goose has a variety of designs and trendy styles, but the price is provoking up to be expensive, and it is later revealed that the filled duck down does not match the price, and there are a large number of imitations.
As a result, consumers who pursue brand effect and ignore quality become victims of the "IQ tax".
There is also Bosideng, the leader of domestic down jackets recently, which has been favored for its high quality and affordable price.
However, word of mouth has declined, price increases have not brought about quality improvement, and high publicity costs have not translated into product quality improvement, leading consumers to think that they have charged an "IQ tax".
Taking advantage of people's superstition about brands, or the pursuit of certain fancy functions, consumers have become taxpayers of the "IQ tax", slimming their wallets, but not feeling the slightest sense of satisfaction.
For the middle class and ordinary people, their value may not be as real as a hot pot.
03. The competition in the mid-to-high-end market is fierce, and even Decathlon can't stand it
With the resumption of sporting events such as the US Open, luxury brands, including Louis Vuitton and Dior, are looking to gain a foothold in the sports industry's vast market.
If you want to expand into the Chinese market, it is because Lululemon is also very competitive in the US market.
比如Alo Yoga和Mountain,都在加入中高端品牌,分走Lululemon 的市场份额。
Interestingly, Decathlon, a French sports brand that has recently been known as a "cheap supermarket" and a "paradise for straight men", has sparked heated discussions because it is getting more and more expensive.
●Source: Weibo
Could it be that the mid-to-high-end market is so tempting? Decathlon, whose annual retail sales are close to 100 billion, can't help but set foot in it and want to abandon the "poor ghosts"?
Decathlon's abundant products but lack of brand power may make it impossible for the consumer goods company to continue to face competitive pressure from lower-priced products for "unlicensed low-priced" products, thus failing to consolidate its market position.
In the second quarter of 2023, lululemon's men's product line grew significantly, with a year-over-year growth rate of 15% to reach $530 million in revenue.
As a result of this achievement, men's products have significantly increased the proportion of lululemon's overall revenue structure, which has now climbed to 23.9%.
In recent years, lululemon has not only to tear off that "women-only" label, but also to enter the menswear market.
●Source: Little Red Book
The recent strong interest in comfortable outdoor sportswear among Chinese consumers, especially the affluent class, has given lululemon confidence in its continued growth in the future.
According to lululemon's 2023 annual financial report, the Chinese mainland market has become its most important international market, with its market share climbing significantly from 7% in 2022 to 10%.
During this period, lululemon achieved revenue of approximately US$9.64 billion in Chinese mainland, with a year-on-year growth rate of 67.2%. In addition, lululemon's market capitalization continues to stabilize above $60 billion in 2023.
● Source: Tiger Sniff Network
For the hooked middle class, lululemon has made a cultural statement.
For a long time, lululemon has been guided by offline communities to accurately locate target audiences, gain insight into users' core needs, and gain a firm foothold in the competition.
But with the rise of the internet and social media, lululemon faces new challenges and opportunities.
Relying solely on offline communities is no longer enough to meet the changing needs of users and market trends, and turning to betting on celebrity endorsements may be the first step to try.
For lululemon, why are its yoga pants popular all over the world?
To be honest, it may not be because the pants themselves are special, but because they have turned yoga pants from a single sports equipment into a fashion tool.
For lululemon, which has always relied on yoga instructors for community marketing, and women's product income accounts for the majority, Zhou Guanyu can be said to be a signal that they have made changes.
No longer just yoga as a sport, and no longer just for women.
At present, the DTC business has shown a steady growth trend, and the revenue performance in the international market is particularly bright.
Among them, lululemon's menswear business performance has become the focus of market attention.
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