BOSIDENG has recently been thrust into the eye of a public opinion storm.
This homegrown Chinese apparel brand, which rose from humble beginnings to reach the mid-to-high-end market, is now confronting a significant brand crisis.
The incident itself is neither trivial nor catastrophic.
A netizen posted a picture online, saying she had spotted a BOSIDENG down jacket priced at 2,099 yuan in a store.
While a price tag exceeding two thousand yuan doesn't qualify as luxury today, it certainly positions the item firmly in the mid-to-high-end segment, correct?
However, upon closer inspection of the label, this individual discovered the fill power was only 86 grams.
Once shared online, the post quickly ignited widespread discussion.
Many have examined the issue from a consumer perspective, arguing that BOSIDENG, having grown into a major brand, is becoming indifferent to its customers and starting to cut corners.
But the crux of the matter actually lies elsewhere.
For a product like a BOSIDENG jacket, meeting basic warmth standards is a fundamental functional requirement. It's highly improbable that a large listed company producing premium apparel would fail on such a basic functional aspect.
The real question is: why are people suddenly scrutinizing these 86 grams of down so meticulously at this particular moment? In the past, consumer concerns typically revolved around the type of down, the brand reputation, and the overall warmth performance. Because we have entered a new era.
This shift reflects the mindset of a pragmatic consumption era.
If we broaden our view from this single jacket to the wider environment, it becomes clear this is not an isolated minor event.
It actually reveals a prevailing phenomenon in the current consumption landscape: in today's trend towards pragmatic spending, consumers care not only about appearance ("face") but increasingly value substance ("inner quality").
In other words, consumers have become more practical and rational.
For a very long period, we were on a fast track of rapid economic growth.
During that time, when people bought various branded products, they were purchasing not just quality and intrinsic value, but also a symbol.
Mid-to-high-end services and goods served as badges of the middle class.
For consumers buying a brand like BOSIDENG, the purpose extended far beyond mere warmth; it also functioned as social currency, a display of a certain lifestyle.
Wearing a BOSIDENG jacket costing several thousand yuan to meet friends or go to the office sent a signal: you pursue a certain quality of life, and your spending power is at that level.
Back then, if someone asked you how much down was in your coat, you might have thought they were unsophisticated—who looks at the down content when buying such a brand? One buys for the brand name and the trust it conveys.
This was even more true for high-end luxury goods; who cared about the specific fabric in an Armani suit? However, the winds have shifted.
As economic growth slows and people spend more cautiously, the halo effect bestowed by brands has begun to gradually fade.
When consumers look at major brands now, their wallets prompt them to ask a different question: for all this money I'm spending, what tangible value am I actually getting?
As consumer mentality changes, so do their expectations for products.
We can examine BOSIDENG's latest financial report.
For the period ending September 2025, its revenue approached 9 billion yuan, with net profit nearly reaching 1.2 billion yuan. Superficially, these numbers still indicate growth, but a careful comparison shows this growth rate has clearly slowed compared to the rapid advances of previous years.
More importantly, the gross profit margin of its core business has declined for three consecutive years. What does this signify? It signifies that the previous growth strategy—relying on brand-led price increases and premiumization—appears to be hitting a ceiling.
Brand is the most critical attribute for mid-to-high-end services. In an era of slowing mid-to-high-end consumption, this is a challenge that all brands in this category will likely face.
On the flip side of this phenomenon, affordable down jackets are selling like hotcakes.
A similar dynamic has emerged in the property market.
When housing prices were rising year after year, month after month, if you bought an apartment, what was your primary concern? You were most concerned about when it would be delivered and when its value might increase by a million yuan.
Regarding minor issues like small cracks in the walls, minor problems with the flooring, or even basement leaks, while people might complain, they certainly wouldn't launch large-scale rights protection campaigns like they do now.
In that era of strong financial attributes, a house was not just for living in but also a tool for asset preservation and appreciation; minor defects were insignificant compared to substantial asset增值.
But in recent years, the situation has completely reversed.
As the financial attributes of housing gradually recede, and as people realize that a house may not bring financial gains but is primarily a commodity for living, consumer awareness of their rights has amplified, leading to higher demands on product quality.
What were once considered negligible flaws have now become deal-breaking issues.
Many real estate professionals have remarked that clients weren't so挑剔 in the past; nowadays, even a slightly crooked tile can lead to demands for a refund from the developer.
This logic is precisely the same as the dilemma BOSIDENG is facing.
In a pragmatic consumption era, people will reduce certain consumption demands. When a product can no longer provide sufficient psychological or asset溢价, consumers revert to the most fundamental, straightforward mindset of value assurance.
That is, as commonly said, can this jacket keep me warm? Can this house provide comfortable living?
Eighty-six grams of down might previously have been viewed as a feature of lightweight design, but in the eyes of today's consumers, it raises suspicions of cutting corners.
We must face the reality that high-end brands are confronting an identity crisis in the current consumption environment.
In the past, brands were used to signify status.但现在, brands must first prove their practical worth. If the functionality doesn't justify the price, consumers will mercilessly abandon them.
This year, a clear trend has been observable: warehouse clubs like Sam's Club and Costco, as well as chain supermarkets like Pang Donglai, have been stocking down jackets priced between 99 and 199 yuan.
These garments carry no prominent logos nor sophisticated design language; they simply fill the jacket with down honestly, clearly telling the consumer: this is for keeping you warm.
And the result? These supermarket down jackets are selling out rapidly.
This indicates that in this environment, people are no longer willing to pay for vague, intangible premiums.
You can call it an era of consumption downgrading or an era of middle-class pragmatic consumption. This shift poses a significant challenge for companies like BOSIDENG.
If you position yourself as a top-tier domestic down jacket brand, even aiming to compete internationally against foreign labels, you indeed need that premium.
Without a premium, how will you fund R&D investments or manage those purported 150 production steps?
However, the establishment of this premium must be built on a solid foundation: the absolute trust of consumers in your product quality during a pragmatic consumption era.
Once consumers start scrutinizing the grams of down used, researching whether your stock price is falling, and comparing your prices against supermarket brands, it signals that cracks have appeared in the trust barrier the brand originally built.
Today's consumers have become exceptionally savvy and sensitive. They will check your execution standards, examine fill power (蓬松度), and even research the market price difference between duck down and goose down.
In this era of extremely high information transparency, it is extremely dangerous for any brand to rely on information asymmetry or so-called 'brand tone' to mask deficiencies in product capability.
Just like with real estate today, once the financial attributes are stripped away, you must focus on perfecting the product itself to gain consumer acceptance.
The market reaction is often the most honest reflection of underlying concerns.
BOSIDENG's stock price has been on a downward trend since the end of last year, falling significantly within just over a month.
The reaction of the capital market is often the most honest; it represents investors' concerns about this growth model.
So, in this era of more rational and pragmatic consumption, what should high-end brands like BOSIDENG do?
I believe the first step is to fundamentally redefine brand value.
In the era of consumption upgrade, value might have stemmed more from social identity and brand溢价. Now, value must be rooted in the ability to solve practical problems.
Do not assume that those who cannot afford your clothes today are not your potential customers. If people who cannot afford BOSIDENG start perceiving those who buy your brand as foolish spenders, the brand loses its value.
Communication strategy is also crucial.
The previous aloof, instructive communication methods are no longer effective.
In responding to the recent online质疑, BOSIDENG's reply was rigid and formulaic.
They stated: 'We comply with national standards,' which is legally defensible, but is that effective?
Consumers today are not seeking just a compliance certificate; they expect the appropriate attitude from a mid-to-high-end brand.
You need to clearly explain to everyone *why* this specific business-style down jacket contains only 86 grams of down.
It's important to recognize that transparent communication is far more effective than scripted public relations.
Brand-oriented companies that wish to endure through cycles must learn to protect their brand ethos even during adversity.
所谓调性 (brand ethos) is not defined by higher prices equating to higher status.
Amid the wave of pragmatic consumption, truly top-tier brands must intensify their relentless pursuit of product quality excellence.
You can be expensive, but your pricing must be justifiable in the eyes of today's consumers. In short, you must make consumers feel it's worth it.
For BOSIDENG, the controversy stirred by these 86 grams of down serves as a warning.
It reminds all brand managers never to forget the most fundamental principle: the customer is always right.
For a business to survive and develop, it must adjust its operational and communication strategies according to the changing environment. Otherwise, while building a company is difficult, its downfall can be swift.
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