Bosideng International Holdings Limited, China's largest down clothing company, continues with its plan to go up-market by partnering with French fashion designer Jean-Paul Gaultier. The move is aimed at bolstering the company's position in the upscale market and allowing it to compete with global brands such as Moncler and Canada Goose.
The Shanghai-based company initially launched a line of new products created in partnership with the 67-year old designer last month. The products were showcased in a star-studded fashion show in Shanghai, which was attended by A-list celebrities and well-known personalities.
Since the show, Bosideng has been ramping up its marketing efforts to promote its new products. The company released weeklong ads through different mediums, including ads on China's Sina Weibo.
Bosideng CEO, Mei Dong, revealed at a news conference that the company plans to consolidate its position in the Chinese market in the next three years. The company is then aiming to enter the international market over the next six years with a target of becoming a global leader in the down clothing industry within the decade.
The Hong Kong-listed company currently has six core brands that it markets in China, namely its Bosideng, Snow Flying, Bengen, Kangbo, Shuangyu, and Shangyu brands. Through its different brands, the company has managed to penetrate different segments in the country's clothing industry, taking up a combined 36.7 percent market share in China.
The company, which started out as a clothing manufacturer in the 1970s in Changshu, repositioned itself in 2017 to become a dedicated jacket maker after its failed attempt to expand into menswear. The decision was partly made due to the increasing interest of Chinese consumers for winter coats, which have transformed from just being functional attire to a fashion accessory.
Down jacket sales in China have fallen for three consecutive years since 2016. Last year, only 190 million jackets were sold in the country. However, retail prices have been steadily increasing, with prices up by 20.8 percent last year.
Bosideng aims to capitalize on this by lowering the percentage of its low-cost products and focusing more on its more upscale offerings. Over the past years, the company has managed to get its products featured in collections in New York and in the Milan Fashion Week. This has managed to boost the brand's image to be a global trendsetter.
Apart from partnering with well-known global designers, Bosideng is also aiming to boost its online sales through various collaborations. Unfortunately, the company's efforts to penetrate the online market have yet to bear fruit as its sales on its e-commerce stores are still well below its expectations.
