瑜伽服龙头Lululemon（LULU）今日盘中大跌7.03%，引发市场广泛关注。
消息面上，Lululemon正面临严峻的供应链挑战。据最新财报披露，Lululemon有68%的产能集中于越南。在特朗普政府最新宣布的54%对华关税及20%东南亚关税政策下，这种过度集中的供应链布局显得尤为脆弱。尤其值得注意的是，Lululemon的专利面料Luon全球仅3家越南工厂掌握完整生产工艺，这进一步加大了公司面临的供应链风险。
分析师指出，这场供应链危机暴露了快时尚行业"过度追求成本优化"的战略缺陷。Bernstein报告预估，全行业或将面临120亿美元的产能重置成本，而最终买单者必然是消费者——2025年运动鞋服价格预计普涨15-20%。与此同时，投行贝雅（Baird）已将Lululemon的目标价从450.00美元下调至370.00美元，反映了市场对公司未来业绩的担忧。这些因素共同导致了Lululemon股价的大幅下跌。
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