优衣库、阿迪达斯、耐克:三条万亿级赛道的“内卷”与“失速”

蓝鲸财经
Dec 31, 2025

文|消费财眼优衣库、阿迪达斯、耐克,三家各自赛道里的绝对王者,好像约好了似的,在同一年、同一个市场,齐齐“跑不动了”优衣库出现闭店数量超开店数量、耐克业绩连续下滑、阿迪达斯国内市场份额不断萎缩,它们传递的信号极为清晰,就是当初那个靠着巨大Logo、讲着全球故事就能让消费者掏钱的时代,正疾速退潮。但说它们就这么败下阵来了?倒也不见得。扒开今年惨淡的营收报表,里头还藏着些耐人寻味的东西。耐克大部分的鞋...

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