Name: 安踏跑鞋如何打敗耐克和阿迪達斯 (How On Running Shoes Are Taking On Nike And Adidas)
Uploaded: 2025-05-26T03:06:40.000Z
Duration: 10 min 29 s

Here in Zurich, a Swiss sneaker company is taking on Nike.

在蘇黎世，一家瑞士運動鞋公司正在向耐克發起挑戰。

We couldn't be happier for where we are as a brand after 15 years.

作為一個品牌，我們對 15 年後的今天感到無比高興。

程度副詞

And it all started quite simple, actually.

The brand On sells premium-priced athletic wear and is quickly gaining ground on legacy competitors.

On 品牌銷售高價運動服裝，並迅速取代了傳統競爭對手。

The way the shoe looks is like nothing else on the shelf.

這雙鞋的外觀與貨架上的其他鞋子別無二致。

I think that the problem with Nike is On hold it.

我認為耐克的問題在於 "On hold it"。

I'm not kidding. This is the first true challenger to Nike.

我不是在開玩笑。這是耐克第一個真正的挑戰者。

Since going public in 2021, the company's net sales have grown in 11 out of the past 13 quarters.

自 2021 年上市以來，公司的淨銷售額在過去 13 個季度中有 11 個季度實現了增長。

And On's stock price has soared ahead of its competitors.

而且，On 公司的股價已飆升至競爭對手的前列。

In its most recent earnings report, the company posted net sales of over $865 million for the quarter.

在最近的財報中，該公司公佈的本季度淨銷售額超過 8.65 億美元。

這家公司正像野草一樣茁壯成長。

We all know about the running shoes, which everybody's gaga for, and they're just expanding the brand.

我們都知道跑鞋，每個人都為之著迷，他們正在擴大品牌。

At the same time, On's biggest competitor, Nike, has faced stalling growth.

與此同時，On 最大的競爭對手耐克也面臨著增長停滯的問題。

As of March 2025, Nike posted a sales decline in two of its last four quarters.

截至 2025 年 3 月，耐克在過去四個季度中有兩個季度的銷售額出現下滑。

Adidas has also faced challenges in recent years and has ended its controversial partnership with Kanye West.

阿迪達斯近年來也面臨挑戰，並結束了與坎耶-韋斯特（Kanye West）頗具爭議的合作關係。

But On is also under pressure as tariffs proposed by the White House threaten to raise prices.

但由於白宮提出的關稅建議可能會提高價格，安在濤也面臨著壓力。

accounted for almost 60 percent of On's revenue.

Around 90 percent of On's products are manufactured in Vietnam, which President Trump has said could face a 46 percent import duty.

安氏約 90% 的產品在越南生產，美國總統特朗普曾表示，越南可能面臨 46% 的進口關稅。

Nike is also undergoing a turnaround under its new CEO, Elliot Hill.

在新任首席執行官埃利奧特-希爾的上司下，耐克也正在經歷一場轉折。

The company is aiming to win back market share it lost during the past few years.

公司的目標是奪回過去幾年失去的市場份額。

Nike's biggest threat is if Nike spends 1 percent of their sales on marketing and On spends 1 percent of their sales on marketing.

耐克最大的威脅是，如果耐克將銷售額的 1% 用於市場營銷，而 On 將銷售額的 1% 用於市場營銷。

That's the difference of billions of dollars.

So you're going toe to toe with someone that has a much bigger megaphone.

所以，你要和一個擁有更大傳聲筒的人針鋒相對。

So how did On go from a startup to becoming one of the biggest global challengers in sportswear?

那麼，On 是如何從一家初創公司發展成為全球運動服裝領域最大的挑戰者之一的呢？

And can the company maintain its rapid growth despite pressure from tariffs and competitors?

儘管面臨關稅和競爭對手的壓力，該公司能否保持快速增長？

CNBC visited On's headquarters in Zurich to get a behind the scenes look at the company and how its new spray-on technology can make a pair of sneakers in just minutes.

CNBC 訪問了 On 位於蘇黎世的總部，瞭解了該公司的幕後情況，以及其新型噴塗技術如何在短短几分鐘內製作出一雙運動鞋。

It allows us to produce an upper material in a completely automated way.

它使我們能夠以完全自動化的方式生產鞋面材料。

馬克-毛雷爾是 On 的聯席首席執行官之一。

You have one single material that is approximately one mile long, which is being sprayed around the last.

你們有一種長約一英里的單一材料，正在最後一圈噴灑。

One shoe is made in just three minutes, a fraction of the time it takes to create a traditional running sneaker.

一隻鞋的製作時間僅為三分鐘，比傳統跑步運動鞋的製作時間還要短。

A traditional product is usually touched by approximately 200 hands and it's going through various, various steps.

一個傳統產品通常要經過約 200 雙手的觸摸和各種不同的步驟。

And it consists of many, many different individual parts, which is very, very different.

它由許許多多不同的單個部分組成，非常非常不同。

The technique is still in its early stages, only producing a limited number of shoes in one style.

這種技術仍處於早期階段，只能生產數量有限的同一種款式的鞋子。

The model doesn't have any laces and it sells for $330.

該型號沒有鞋帶，售價 330 美元。

What we want to be able to do is to bring it from a couple of thousand pairs to millions of pairs.

我們希望能夠做到的是，將其從幾千對增加到幾百萬對。

But analysts say what has propelled the brand is the unique design of its main running shoe line, which feature large, hollow pads in the sole that provide extra cushioning.

但分析人士認為，推動該品牌發展的是其主要跑鞋系列的獨特設計，鞋底的大塊空心襯墊可提供額外的緩衝作用。

My absolute ride or dies are the On Claude Monsters.

我的必殺技是 "On Claude Monsters"。

They're my favorite shoes of all time and I only got them a few months ago.

這是我最喜歡的一雙鞋，我幾個月前才買的。

是以，這可能是新的日常訓練器。

When you look back into 2010, all the running shoes looked more or less the same.

回顧 2010 年，所有的跑鞋看起來都差不多。

So basically, you could almost not compare what an Essex is or a Brooks is or a Socon is.

是以，基本上，你幾乎無法比較埃塞克斯、布魯克斯或索肯是什麼。

我們思考過如何才能脫穎而出？

But On's shoes weren't always taken seriously as high-end performance products.

但是，On's 的鞋子並不總是作為高端性能產品受到重視。

When they first started, they were basically giving the product to anybody that would take it.

剛開始的時候，他們基本上是把產品送給任何願意接受的人。

The first generation of running shoes that was intended to be a performance shoe was not received as such.

第一代跑鞋的設計初衷是作為一款高性能跑鞋，但並沒有得到人們的認可。

And the feedback that we heard from retailers as well as consumers was that it was more of a lifestyle shoe.

我們從零售商和消費者那裡聽到的反饋是，它更像是一種生活方式鞋。

It was comfortable, it was nice to wear for daily use, but it was not highly rated for serious runs.

它很舒適，日常穿著也不錯，但對於嚴肅的跑步來說，它的評價並不高。

To elevate its brand image, On doubled down on performance and company-owned stores.

為了提升品牌形象，On 在業績和公司自有商店方面加倍努力。

The strategy to engage both serious athletes and casual wearers seems to have paid off.

同時吸引嚴肅的運動員和休閒愛好者的戰略似乎已見成效。

In 2024, Olympic medalist Helen O'Berry won the Boston Marathon in the then-unreleased light-spray shoes.

2024 年，奧運獎牌得主海倫-奧貝瑞穿著當時尚未發佈的輕噴鞋贏得了波士頓馬拉松賽。

I think the main thing that they really understood was they went for the aesthetic of the shoe.

我認為他們真正理解的主要一點是，他們追求的是鞋子的美感。

The trajectory of them getting to a billion dollars versus Nike, they did it in one-eighth the time of Nike.

與耐克公司相比，他們只用了耐克公司八分之一的時間就達到了十億美元的規模。

So Nike's better wake up and realize that On is a performance shoe that has also taken on the fashion element.

是以，耐克公司最好清醒地認識到，"On "是一款兼具時尚元素的高性能鞋。

Analysts say another factor driving sales is that On's products are geared towards wealthy shoppers.

分析人士認為，推動銷售的另一個因素是，On 的產品面向富裕的購物者。

A typical pair of its running shoes sells for $150 or more.

一雙普通的跑鞋售價在 150 美元以上。

They're not interested in ever having a low-end price point and ever being in low-end retail.

他們對低端價位和低端零售不感興趣。

So they're well situated there because people are willing to pay more for a pair of running shoes because they have more use cases for them and they see it more as an everyday shoe.

是以，他們在這方面處於有利地位，因為人們願意為一雙跑鞋支付更高的價格，因為他們有更多的使用案例，他們更多地將跑鞋視為日常鞋。

The company has also been able to attract new customers through partnerships with athletes like Roger Federer, as well as celebrities like Zendaya and FKA Twigs.

該公司還通過與羅傑-費德勒（Roger Federer）等運動員以及 Zendaya 和 FKA Twigs 等名人合作吸引新客戶。

It has also partnered with luxury brands like Lueve.

We're often playing in a more premium space, almost a little bit in a space where Nike stops, but luxury is not yet.

我們經常在一個更高級的空間裡玩，幾乎有點像耐克的停歇空間，但奢侈品還沒有。

Analysts say that timing played a key role in On's rapid rise.

分析人士認為，安氏迅速崛起的關鍵在於時機的把握。

During COVID lockdowns, recreational running increased and athleisure boomed.

在 COVID 關閉期間，休閒跑步增加，運動休閒蓬勃發展。

Athletic shoe usage just picked up dramatically.

We were at home, we were doing more sports, going out for walks more.

我們在家裡做了更多的運動，出去散步的次數也更多了。

We weren't dressing formal for about two years, right?

It was luck as well as design that got them that huge scale.

他們之所以能達到如此巨大的規模，既有運氣，也有設計。

Around the launch of On's IPO, Nike also aggressively scaled back retail partnerships with Macy's, Foot Locker and Dick's Sporting Goods.

在安踏上市前後，耐克還積極縮減了與梅西百貨、Foot Locker 和 Dick's Sporting Goods 的零售合作。

It does appear, according to analysts, that Nike over-rotated toward the direct-to-consumer.

分析人士認為，耐克似乎過度轉向了直接面向消費者。

And then when it came back time for Americans and folks around the world to go shopping again after COVID, Nike just didn't have the same kind of priority and placement on the shelves.

COVID 之後，當美國人和世界各地的人們再次去購物時，耐克在貨架上的優先級和位置就不一樣了。

And it didn't have the styles that were really resonating with consumers.

而且，它沒有真正引起消費者共鳴的款式。

So for the first time, retailers were actually going out there and looking for emerging high-growth brands to take that space.

是以，零售商們第一次真正走出去，尋找新興的高增長品牌來佔據這一空間。

So it happened to be very serendipitous for them to be able to get that retail space, prime retail space that the number one competitor had voluntarily just dropped and left for them to gain.

是以，他們很偶然地獲得了頭號競爭對手主動放棄並留給他們的零售空間，即黃金零售空間。

Meanwhile, On continued to post quarterly revenue beats, boosting its stock.

與此同時，On 繼續公佈季度收入超預期，從而提振了股價。

Decker's owned Hoka also surged while Nike declined.

德克爾旗下的霍卡公司（Hoka）的業績也大幅增長，而耐克公司（Nike）的業績則有所下降。

Nike has since kind of acknowledged that mistake through their actions and are trying to go back to that channel.

此後，耐克公司通過自己的行動承認了這一錯誤，並試圖回到這一管道。

On effectively acknowledges that that was a big break for them.

On 實際上承認，這對他們來說是一次重大突破。

The issue now, though, as it relates to sort of the broader competitive space, is that they've already been given that oxygen.

但現在的問題是，在更廣闊的競爭空間中，他們已經獲得了氧氣。

Nike still owns 40 percent of the global sports footwear market, followed by Adidas.

耐克仍佔據全球運動鞋市場 40% 的份額，阿迪達斯緊隨其後。

On makes up a little less than 3 percent of global market share.

在全球市場份額中所佔比例略低於 3%。

But that share has increased eightfold since 2019.

但自 2019 年以來，這一份額增長了八倍。

Anyone who says they're not worried about slipping of market share is lying to you, me or both.

任何說自己不擔心市場份額下滑的人，都是在騙你、騙我，或者兩個人都騙。

People care about market share, but that doesn't mean that they're worried they're not going to get it back.

人們關心市場份額，但這並不意味著他們擔心無法奪回市場份額。

Nike has a new CEO, has been tasked with a turnaround plan at that company.

耐克公司新上任了一位首席執行官，負責公司的扭虧計劃。

There's an expectation, at least among investors, that at some point it starts to grow again.

至少在投資者中，人們期望它在某個時候開始重新增長。

So we focus on our products, on innovation.

是以，我們專注於我們的產品，專注於創新。

And in April 2025, Adidas posted revenue growth of 13 percent compared to the same quarter last year.

2025 年 4 月，阿迪達斯公佈的收入與去年同期相比增長了 13%。

CNBC reached out to Nike and Adidas for comment, which did not respond by the time the story went online.

CNBC 曾聯繫耐克和阿迪達斯置評，但截至該報道上網時，兩家公司尚未做出迴應。

For On, apparel could be the next growth frontier.

對於 On 來說，服裝可能是下一個增長前沿。

Nike and Adidas make up over a quarter of their revenue from T-shirts, shorts and other apparel items.

耐克和阿迪達斯超過四分之一的收入來自 T 恤、短褲和其他服裝產品。

Currently, On's clothing offerings make up a little over 4 percent of its business.

目前，On 的服裝產品只佔其業務的 4% 多一點。

On also plans to double its store count from 53 to 100 in the coming years.

On 還計劃在未來幾年內將門店數量翻一番，從 53 家增至 100 家。

Currently, the company has 11 stores in the U.S.

目前，該公司在美國有 11 家分店。

But could those expansion plans be impacted by tariffs?

但是，這些擴張計劃會受到關稅的影響嗎？

On designs its products here in Switzerland.