Name: 好市多的服裝業務如何超越阿伯克龍比和蓋普？ (How Costco’s Clothing Business Became Bigger Than Abercrombie And Gap)
Uploaded: 2025-10-14T06:26:02.000Z
Duration: 10 min 23 s

情態副詞

Costco has quietly grown into one of the biggest clothing retailers in the world, with a nearly $10 billion apparel business.

Costco 默默地成長為全球最大的服飾零售商之一，服飾業務近乎達到 100 億美元。

Come shopping with me at Costco, except I'm not here for food.

跟我一起來 Costco shopping 吧，不過我這次不是來買 food 的。

The Columbia fleece that everyone went crazy over is back at Costco.

之前大家 crazy over 的 Columbia fleece 又回到 Costco 了。

Costco's really grown its apparel business over the past several years.

Costco 在過去幾年真的大力發展了服飾業務。

They don't have a lot of items in the store, but what they do have, they.

他們店裡的商品種類不多，但他們有的商品。

They buy it deep and they can offer very low prices to the consumer.

他們會買進大量，是以能提供消費者非常低的價格。

So how did a wholesale member club known for $5 rotisserie chickens become a formidable force in fashion?

那麼，一個以 5 美元烤雞聞名的批發會員俱樂部，是如何成為時尚界一股不可小覷的力量的呢？

Over the past five years, Costco has grown its apparel sales by nearly 40%.

過去五年，Costco 的服飾銷售額成長了近 40%。

That's more than its competitor Bjase, who grew the segment by 28% and Sam's Club, who grew by 21%.

這比競爭對手 Bjase 的 28% 和 Sam's Club 的 21% 還要高。

Its apparel segment is also larger than Gap, Calvin Klein, Tommy Hilfiger, Abercrombie and Fitch, and Old Navy.

它的服飾業務也比 Gap、Calvin Klein、Tommy Hilfiger、Abercrombie and Fitch 和 Old Navy 來得大。

Costco's success hinges on a mixed offering of its beloved private label Kirkland Signature, along with popular brand name products.

Costco 的成功關鍵在於結合了大家喜愛的自有品牌 Kirkland Signature 和受歡迎的品牌商品。

When they put their Kirkland brand on it, they can get very aggressive with low price.

當他們掛上 Kirkland 品牌時，就能以非常低的價格大膽促銷。

And they do a very good job of bringing in brands.

他們在引進品牌方面也做得非常好。

You know, you can find Gap products, you can find Lucky jeans, you can find Levi's, and

你知道，你可以找到 Gap 的商品，也可以找到 Lucky 牛仔褲，還可以找到 Levi's，

helped, you know, convince the member to step up and buy.

幫助會員們，你知道，讓他們願意升級購買。

In its latest fiscal quarter, the company reported men's apparel sales to be up double digits.

在最新的財政季度，該公司報告男裝銷售額成長了兩位數。

Most of what Costco does is partnership, so it's lines that are made specifically for Costco.

Costco 大部分的做法都是合作，所以這些產品是專門為 Costco 生產的。

Often Costco lines in branded apparel may be slightly different to the mainstream offer that's in stores of those brands.

Costco 在品牌服飾方面的商品線，有時候會跟這些品牌在店裡賣的主流商品不太一樣。

Licensing is another way for big brands to get onto Costco shelves.

授權也是讓大品牌出現在 Costco 層架上的另一種方式。

A May 2025 report from Womenswear Daily said that the Saks Fifth Avenue brand name would be licensed to centric brands to sell men's apparel at Costco.

根據《Womenswear Daily》2025 年 5 月的報導，Saks Fifth Avenue 的品牌名稱將授權給 Centric Brands，在 Costco 販售男裝服飾。

But sometimes Costco's merchandising is less streamlined.

但有時候 Costco 的商品採購就比較沒那麼順暢。

A lot of times, you'll see in social media Costco had this particular, you know, brand that they never sell it in their Costco store on a regular basis.

很多時候，你會在社群媒體上看到 Costco 有某個特別的品牌，但他們平常並不會在 Costco 門市固定販售。

It's only in a handful of stores because they may have gotten it in an opportunistic way.

這只是在少數幾家店裡有賣，因為他們可能是以比較機會性的方式取得這些商品。

There could have been a special at a particular vendor and they sold it to Costco.

可能是某個特定供應商有特價，然後賣給了 Costco。

Other times, they might buy it from another retailer or a third party that may have excess of that item.

有時候，他們也可能從別的零售商或是有庫存過剩的第三方買進。

That could explain why Birkenstocks are available on Costco's website.

這或許可以解釋為什麼 Birkenstocks 會出現在 Costco 的網站上。

Yet the company told CNBC that it does not sell directly to the wholesale club.

但該公司告訴 CNBC，他們並沒有直接賣給這個批發會員俱樂部。

Costco declined to give an interview or comment to CNBC for the story.

Costco 拒絕接受 CNBC 的採訪或對此報導發表評論。

Costco's apparel business is pretty no frills like the rest of its stores, but

Costco 的服飾業務跟其他門市一樣，相當樸實，但是

people like that, there's a treasure hunt appeal to it where you go in.

大家喜歡這種尋寶的樂趣，進去之後

You may not know what kind of brands there will be, but

你可能不知道會有什麼樣的品牌，但

it may be your favorite brand or a higher end brand.

可能會是你喜歡的品牌，或是比較高檔的品牌。

One of Costco's secrets to success is its private label.

Costco 成功的祕訣之一就是它的自有品牌。

Kirkland Signature often utilizes popular brands to manufacture its own version.

Kirkland Signature 經常找知名品牌代工生產自家產品。

Sometimes it even advertises these partnerships, like in the case of Ocean Spray cranberry juice or Reynolds aluminum foil.

有時候他們甚至會宣傳這些合作關係，就像 Ocean Spray 蔓越莓汁或 Reynolds 鋁箔紙一樣。

But it's typically intentionally unclear when brands do this.

但品牌這麼做時，通常會故意弄得不明確。

Kirkland Signature was formed back in 1995.

Since then it has gained a cult like fandom and its branded clothing has become a trend.

從那時起，它就獲得了狂熱的粉絲，其自有品牌的服飾也成了一種潮流。

Kirkland in general has been known for a bit of a dad chic element, but

Kirkland 總體上一直以有點「老爸時尚」的元素而聞名，但是

over time, with the help of social media and the fact that so many consumers are proud when they're value conscious and they find a good deal, it's made the brand cool.

隨著時間的推移，在社群媒體的幫助下，以及許多消費者為自己有價值觀且找到划算交易而感到自豪的事實，這讓這個品牌變得很酷。

So it's not just known for having its name on things like paper towels, but also sweatshirts.

所以它不僅以紙巾等商品的品牌名稱而聞名，也以連帽衫聞名。

Who is buying Costco clothes with the actual Costco logo on?

誰會買印有 Costco 實際 Logo 的 Costco 衣服？

看看我今天從 Costco 買了什麼。

I don't think that, you know, the actual logo product business is enormous for Costco in the scheme of things, but

我覺得，你知道，實際 Logo 商品業務對 Costco 來說並不是那麼龐大，

actually I think has exposed the Kirkland brand and the fact that Costco sells clothing to a lot of younger consumers because it's social media where these things are circulating.

事實上，我認為這讓 Kirkland 品牌以及 Costco 出售服飾這件事，接觸到許多年輕消費者，因為這些東西都在社群媒體上流傳。

But Costco has also been caught up in some legal drama with its apparel business.

不過，Costco 的服飾業務也捲入了一些法律糾紛。

Lululemon sued Costco in 2025 for allegedly selling replicas of its clothing at a cheaper price point.

Lululemon 在 2025 年控告 Costco，指控其以更低的價格販售仿冒品。

And you know how brands will sometimes secretly manufacture for Costco's private label?

你知道品牌有時候會祕密為 Costco 的自有品牌代工嗎？

嗯，這點也在訴訟中被提出來了。

Lululemon claims Costco's ambiguity in its sourcing leads some consumers to believe that its products are being made by Lululemon.

Lululemon 指控 Costco 在採購上的模糊不清，讓一些消費者誤以為其產品是由 Lululemon 製造的。

It alleges that Costco did not shut down these rumors either.

訴狀中還提到，Costco 並沒有阻止這些傳言的散播。

However, most of the products in the lawsuit are not even the Kirkland brand.

不過，訴訟中的大部分商品都不是 Kirkland 自有品牌。

Experts say that could undermine Lululemon's argument.

專家說，這可能會削弱 Lululemon 的論點。

Still, there could be a silver lining here for Costco.

不過，這對 Costco 來說，也可能會有個好處。

It's also been one of the most fantastic advertising campaigns that Costco could hope for because it's drawn enormous attention to the fact that Costco have all these clothing lines.

這也成了 Costco 最棒的廣告活動之一，因為它讓大家注意到 Costco 有這麼多服飾品牌。

I think it's a real strategic misstep by lmon, and

我認為這是 Lululemon 一個真正的策略失誤，

I don't think it will bother Costco very much.

And Lululemon looks kind of uppity coming in and trying to take a potshot at Costco.

而 Lululemon 這樣跑來試圖攻擊 Costco，看起來有點傲慢。

Now, if there was anybody that was doubting the quality of Costco faults, now they're looking twice.

現在，如果有人質疑 Costco 服飾的品質，他們現在會再仔細看看。

The fact of the matter is, shoppers love dupes.

事實上，消費者很喜歡平價替代品。

And for a long time, it's not just Costco, but many retailers have played that game.

而且很長一段時間以來，不只是 Costco，很多零售商都在玩這個遊戲。

And so I think what the lawsuit may tell us is that competitors, even big name apparel competitors like Lululemon, are taking cost more seriously.

所以我認為這場訴訟可能告訴我們，競爭對手，即使是 Lululemon 這樣的大牌服飾競爭者，也開始更認真看待 Costco。

Costco's main source of income is from its membership fees.

Costco 的主要收入來源是會員費。

And if you have low margins but enormous volume, obviously you can generate very significant profits.

如果你毛利率低但銷售量巨大，顯然你可以產生非常可觀的利潤。

But the savings they make on the economies of scale, because they've got membership income coming in, they share those with the consumer.

但他們透過規模經濟省下的成本，加上會員收入，都回饋給消費者了。

Gross margin is a company's net sales minus the cost of goods sold.

毛利率是公司淨銷售額減去銷貨成本。

It's a common measure of profitability in the retail world.

Target and Walmart both fell in the 20 to 30% range in their most recently reported fiscal years.

Target 和 Walmart 在最近公佈的財年中，毛利率都在 20% 到 30% 之間。

Costco's gross margin, on the other hand, has hovered around 10% over the past few years.

另一方面，Costco 的毛利率在過去幾年一直維持在 10% 左右。

That's because Costco doesn't mark up its products very much.

這是因為 Costco 產品的加價幅度不高。

Industry markups vary greatly, but a general rule of thumb is about 50%.

產業的加價幅度差異很大，但一般來說大約是 50%。

Costco is able to keep it super low at around 14% as an initial markup.

Costco 能夠將初始加價幅度維持在約 14% 的超低水準。

Everyone investors, analysts are always asking them, well, couldn't you push it to 15 or 16%?

投資人、分析師總是在問他們，能不能提高到 15% 或 16%？

And yeah, occasionally maybe they do, but that's the magic.

是的，偶爾他們或許會這麼做，但這就是它的厲害之處。

They have this real fixed line right around 14 for the vast majority of items that they sell.

他們對於絕大多數販售的商品，都有一個大約 14% 的固定加價幅度。

In its 2024 annual report, the company said its investments in merchandise may include reducing prices or holding prices steady to drive sales and remain competitive even if it negatively impacts their margins.

在其 2024 年的年度報告中，該公司表示，其在商品上的投資可能包括降低價格或維持價格穩定，以帶動銷售並保持競爭力，即使這會對其利潤產生負面影響。

What's really interesting, of course, is although a lot of what Costco sells is quite cheap and quite low price, because it's essentials Costco pushes up into really expensive stuff, like really expensive bottles of wine, diamond rings.

當然，最有趣的是，雖然 Costco 賣的很多東西都很便宜、價格很低，但由於這些都是必需品，Costco 也會推銷非常昂貴的東西，像是非常貴的酒、鑽石戒指。

But the philosophy remains exactly the same.

You might be paying $10,000 for this bottle of wine, but you probably pay $12,000 elsewhere.

你可能會花 10,000 美元買這瓶酒，但在別的地方你可能要花 12,000 美元。

So it's still paradoxically great value for money.

所以，這仍然是個悖論，物超所值。

But Costco stock performance has been volatile in the short term.

但 Costco 的股價表現短期內一直很波動。