2019年初，起势中的安踏集团主导了一场“蛇吞象”式的收购，以46亿欧元的高价收购了欧洲的运动品牌组合公司亚玛芬。亚玛芬旗下的两大子品牌都比母公司更有名，以至于这次收购后，始祖鸟和萨洛蒙也就间接变成了“中国品牌”。
如果从亚玛芬近些年的财报数据来看，安踏收购前后，公司的发展思路和业绩的确有了明显的变化。但这种变化本身又是分化的：中国与欧洲、直营与经销、服饰与鞋类，始祖鸟和萨洛蒙实际上是以两种完全不同的思路，各自获得了成功。
而回到亚玛芬本身，将各种品牌和业务“组装”起来、不断优胜劣汰所形成的公司，是好生意吗？从它的同行前辈VF的变迁史中可以看到，这个模式并非天然抗风险。越小的品牌、反而越需要用心经营，才有可能经受住每一次浪潮。
| 主播 |
肖文杰、约小亚
| 时间轴 |
01:44 “神秘的东方力量”
03:42 亚玛芬的“忒休斯之船”历史
14:22 Better, Bigger, Lower
18:53 始祖鸟“lululemon化”的预兆
24:28 能在欧洲迪卡侬买到萨洛蒙
27:35 XT-6为什么能成为爆款？
33:00 运动行业的对照组：VF
| 延伸资料 |
亚玛芬在纽交所上市时的招股书 (https://www.sec.gov/Archives/edgar/data/1988894/000110465924001168/tm2322981-10_f1.htm)
亚玛芬2023财年年报 (https://s203.q4cdn.com/960646696/files/doc_financials/2023/ar/Amer_Sports_Annual_Report_2023_single_page_FINAL.pdf)
亚玛芬2024财年第四季度财报 (https://investors.amersports.com/news/financial-news/news-details/2025/Amer-Sports-Reports-Fourth-Quarter-and-Fiscal-Year-2024-Financial-Results-and-Provides-2025-Outlook/default.aspx)
Forbes-Why Amer Sports’ IPO Didn’t Meet Expectations, Despite Its Unique Positioning (https://www.forbes.com/sites/pamdanziger/2024/02/02/despite-its-strong-potential-amer-sports-ipo-got-muted-response/)
Nytimes-Adidas to Buy Salomon, a French Sports Company (https://www.nytimes.com/1997/09/17/business/adidas-to-buy-salomon-a-french-sports-company.html)
WWD-Adidas in Deal to Sell Salomon (https://wwd.com/feature/adidas-in-deal-to-sell-salomon-575713-1960979/)
First Came Normcore. Now Get Ready for Gorpcore. (https://www.thecut.com/2017/05/new-fashion-trends-normcore-gorpcore.html)
Inverse-Beyond the TikTok trend: How Arc’teryx became the It-brand of fashion (https://www.inverse.com/input/style/arcteryx-jacket-atom-lt-tiktok-trend-jil-sander-palace-collab-waterproof-insulated-jackets)
Amer Sports Reports and releases 2012–2019 (https://www.amersports.com/newsroom/reports-and-releases/?filterpage=1&filters=%7B%22report_topics%22%3A%5B97%5D%7D)
懒熊体育-《中国户外代理行业变迁史，忆始祖鸟的从0到1 | 户外江湖（一）》 (https://mp.weixin.qq.com/s/bWJqf-Ce6oG4ZiIoqKKLEQ)
懒熊体育-《亚玛芬中国往事 | 户外江湖（二）》 (https://mp.weixin.qq.com/s/kYXUFD1LkQejJhrDp3OyNQ)
始祖鸟「鸟总」：从200万到亿元店，我的底气是什么？ (https://cn.ceibs.edu/emba/views/19867)
晚点LatePost-《和lululemon创始人一起在上海逛街，看看被他改变的商业世界丨晚点周末》 (https://mp.weixin.qq.com/s/DrOvZEXNfFDcKdyybr50rA)
始祖鸟高管团队页面 (https://blog.arcteryx.com/executive-team/)
BoF-The Gorpcore Empire Behind Salomon and Arc’teryx (https://www.businessoffashion.com/articles/retail/salomon-arcteryx-wilson-anta-amer-brand-growth/)
Salomon XT-6 – Looking Back at The First 10 Years (https://overstandard.dk/salomon-xt-6-looking-back-at-the-first-10-years/)
昂跑2024财年财报 (https://s28.q4cdn.com/811960755/files/doc_financials/2024/ar/v2/Ex-99-3_Annual-Report_FY2024-Website.pdf)
Deckers2024财年第三季财报 (https://d18rn0p25nwr6d.cloudfront.net/CIK-0000910521/5fec5f66-418d-463e-8ad5-a6952feb9cbd.html)
Engaged Capital对于VF的分析 (https://assets-global.website-files.com/652824e70db871a938db03f8/652dcc340380c90c88bdecbe_EC%2013D%20Presentation_Oct%202023%20WEBSITE.pdf)
WSJ-Can This CEO Save a Sneaker That Lost Its Cool? (https://www.wsj.com/business/retail/he-revived-old-spice-can-this-ceo-save-a-sneaker-that-lost-its-cool-f94c89f6)
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