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Market Weekly Report | CCTV exposes the chain of counterfeiting and selling fake goods, and the down market faces a crisis of trust; bedding exports have recovered significantly, and the fourth quarter is expected to be the peak season

2024-12-01 来源：金绒浏览量：548

Market Summary

In the 48th week of 2024 (11.25-12.1), the market generally fell.

Recently, CCTV exposed the chaos of selling "silk as down" in live broadcast rooms, as well as a series of industrial chains of selling and counterfeiting down products. This not only caused economic losses to consumers, but also had a negative impact on the reputation of the down industry. Now that the weather is getting colder, down jackets are in the hot season, but the market has ushered in a crisis of trust.

At the same time, the outbreak of fake down incidents has once again pushed consumers to big brands, and the high cost of down will further accelerate the internal elimination of the industry. This will accelerate the concentration of the domestic down industry.

本周利好消息

October "Down Bedding" Export Statistics - Still Growing

DUVET：

From January to October 2024, our country exported about 13,259 tons (about 5.34 million pieces) of down quilts, a year-on-year increase of 4%; the export value was about 1.261 billion yuan, a year-on-year decrease of 0.2%.

In October 2024, our country exported about 1,800 tons (about 650,000 pieces) of down quilts, a year-on-year increase of 6%; the export value was about 168 million yuan, a year-on-year increase of 7%.

In October 2024, the United States continued to be our country's largest trading partner for "down quilt" exports, accounting for 45% of the total exports this month (previous value 40%), a significant increase in the proportion. Among them, the export volume was about 803 tons (about 250,000 pieces), a decrease of 1% year-on-year; the export value was about 66 million yuan, an increase of 1% year-on-year.

The United Kingdom was the second largest trading partner for the month, accounting for 10% of total exports; followed by Germany with 7%, South Korea and Canada with 6% and 5% respectively.

Other down bedding：

From January to October 2024, our country exported about 33,638 tons of "other down bedding", an increase of 8% year-on-year; the export value was about 1.21 billion yuan, a decrease of 13% from last year.

In October 2024, our country exported about 4,403 tons of "other down bedding", a year-on-year increase of 34%; the export value was about 143 million yuan, a year-on-year increase of 5%.

In October 2024, the United States is still the largest trading partner for our country's "other down bedding" exports, accounting for 51% of the total exports this month (previous value 53%), and the proportion continues to decline. Among them, the export volume is about 2,251 tons, an increase of 39% over last year; the export value is about 65 million yuan, an increase of 23% over last year.

The United Kingdom was the second largest trading partner for the month, accounting for 12% of total exports; followed by Canada, Germany, Australia, Japan and Spain at 9%, 5%, 4%, 3% and 2% respectively.

Down bedding (quilt + other bedding)

From January to October 2024, our country exported approximately 46,897 tons of "down bedding", a year-on-year increase of 7%; the export value was approximately RMB 2.47 billion, a year-on-year decrease of 7%.

Compared with the same period last year, the export volume of "down bedding" from January to October this year is still in a positive growth trend, and the growth rate is gradually increasing; compared with the previous month, although there was a slight decline in September, it is still in a step-by-step growth trend in the past nine months, showing signs of recovery in the industry.

source | 金绒整理自海关数据（更多相关数据）

Down jacket OEM is expected to continue its growth momentum in the fourth quarter, and orders have been seen in the second quarter of next year

Quang Viet, a major down jacket OEM, achieved consolidated revenue of NT$1.227 billion in October, up 10.22% from the same period last year. Chairman Wu Chaobi said that although the fourth quarter is traditionally a low season for Quang Viet, this year is expected to be a good season, and subsequent shipments will continue to be strong, and it is expected to maintain a positive growth trend.

Wu Chaobi pointed out that the order volumes of the top ten brand customers will grow next year, among which VF and Adidas orders are expected to grow by more than 20%, and Montbell will also grow by more than 30%. LuLulemon also expects the number of orders to increase next year. In addition, as two new brand customers, FILA and SALOMON, begin shipments, the shipment volume is expected to increase quarter by quarter.

In addition, the new plant in Long An, Vietnam has been put into production, and revenue and profit are expected to grow significantly. As for the order volume, Guangyue pointed out that the visibility of orders in hand has been seen in the second quarter of next year. The average unit price of orders is currently flat, and there is a chance to increase in the second half of next year.

Another down jacket OEM manufacturer, KWONG LUNG, had a consolidated revenue of 543 million yuan in October, a decrease of 18.39% from the previous month and an increase of 13.52% from the same period last year. Its cumulative revenue this year is 6.79 billion yuan, a decrease of 1.27% from the same period last year.

The shipment volume of Kwong Lung's garment division increased by more than 30% in the third quarter, and the company expects this growth momentum to continue in the fourth quarter. At present, the annual growth rate of garment shipments will remain in the high double digits, and it is expected to make up for the revenue gap of the home textile and down raw material divisions, thereby driving the group's consolidated revenue in the fourth quarter to achieve a year-on-year double-digit growth.

The company expects that the performance of the garment business this year will hit the second highest level in history, which is expected to drive Kwong Lung's full-year consolidated revenue and profit to exceed last year's level. In addition, driven by the recovery of demand from major customers, new customers developed by Kwong Lung in recent years have also begun to contribute to the company's revenue, and the growth trend is expected to continue into next year.

source | 中时新闻网、MoneyDJ理财网

The sales volume has increased, and wholesalers sell more than 500 down jackets a day.

"I searched everywhere for him, looking for his long underwear." Recently, the lowest temperature in Wuhan dropped to 1℃, which was so cold that people were caught off guard. Many citizens took out the thick clothes at the bottom of their boxes, and people wearing down jackets could be seen everywhere in the streets and alleys.

On the 26th, many shops in Hankou Duofu Road Market put winter warm clothing on the stalls for citizens to choose from. Among them, there are down jackets and cotton jackets with fixed prices and member prices, priced at more than 100 yuan. A clerk at a brand of women's clothing said, "This year's autumn is long, so the winter clothing is launched just in time for large-scale promotional activities such as Double 11 and store anniversary celebrations.

Ms. Xiao, a citizen who was shopping for down jackets, took a fancy to a black goose down jacket. The clerk introduced that this down jacket has a down content of 90%, which can withstand the cold winter. It is currently on sale and can be purchased for 1,314 yuan after the discount.

"As the temperature in Wuhan has dropped in the past two days, the number of people coming to purchase goods has increased dramatically." At Wuhan Hanzheng Street Brand Clothing Wholesale Plaza, packages that need to be mailed that day are placed in front of many stores, all of which are winter clothing products.

Ms. Xiang, who has more than 20 years of experience in wholesale women's clothing, said: "We launched new down jackets at the end of October this year. After waiting for a month, the sales volume increased. Now we can sell 500 to 600 down jackets a day, which is more than 200 pieces a day than before. We expect business to be even better this weekend."

In the down jacket production workshop of a garment company in nearby Hanchuan City, hundreds of workers are working overtime to meet orders, with ten production lines running at full capacity. Ke Yong, director of the production workshop, said: "The average daily output for a single model is close to 3,000 pieces, and our orders are now scheduled until the end of the year."

source | 楚天都市报、央视网

Bad News This Week

CCTV exposed the chaos of "using silk as down" in the live broadcast room, which was seriously inconsistent with the goods

“I don’t want 2,888 yuan, and I don’t want 888 yuan either!” “Sleeping close to the body really feels like sleeping on a cloud”... In the live broadcast room, down quilts that were on promotional price of only a few hundred yuan were highly praised by the anchors, saying that they were not only inexpensive and of good quality, with outstanding warmth retention, but also had a complete set of test reports.

However, after visiting them, we learned that the down quilts shown in the live broadcast room and the ones sent to consumers' homes were not the same at all, and there was a serious problem of goods not being the same as the pictures. "The down quilts shown in the live broadcast room were good, but the ones actually sent were bad."

"If you want to hear the truth, it's feather silk and velvet silk, and it has nothing to do with down." The live blogger revealed that they use "silk" to fill the quilt instead of "down". In this way, the finished product is almost indistinguishable in appearance and the feel is also very similar. This is the core means for them to control costs.

"This is the trick. You'll know it if you do the live broadcast." The blogger seemed very proud of this live broadcast trick. In order to prevent consumers from discovering the "flaw", the quilts they sell only have one open compartment filled with down. "They will take it out to have a look when they get home, but generally they won't take anything inside."

In addition, the various tags and labels attached to the duvets, such as "first-class product", "90% white goose down", "fluffiness 1000+", etc., are all fictitious. The staff in the live broadcast room said: "This label is just a random one. I asked him to make whatever label he wanted." Even the inspection and testing reports and down inflation labels were purchased in batches by e-commerce companies, and the cost of a set was only 1 yuan or 2 yuan, "the label is 1 yuan or 2 yuan."

These inferior and falsely advertised down quilts were openly sold by these anchors in the live broadcast room. Their rhetoric made many consumers fall into the consumption traps carefully set up by the anchors step by step without realizing it.

source | 央视网

Using "flying silk" to impersonate "down" is an open secret in the industry

What kind of product is the "silk" filled in the duvets? Who actually produces these counterfeit products? At the duvet production site of a home furnishing company in Nantong City, staff revealed that they produce fake duvets filled with "flying silk".

The so-called "flying silk" refers to a single short silk that falls off from feathers during the down processing. Because its shape is similar to down, when "flying silk" and "down" are filled into the quilt shell, it is extremely difficult for consumers to tell the difference between the two, whether from the appearance or by hand.

In Nantong's home textile market, it is an "open secret" to add "flying silk" to down products, or even use "flying silk" to replace down. Merchants revealed that these substandard fake down quilts are not only bought home by consumers, but also flow into public places such as hotels and B&Bs.

In order to package them as down quilts for sale, merchants here also attach their own customized labels, just like in live broadcast rooms. What is worrying is that this phenomenon of selling inferior goods as good ones is not only found in down quilts, but also in the fillings in down jackets.

In the Red Star Down E-commerce Entrepreneurship Park in Jiujiang City, Jiangxi Province, there are more than 100 down clothing supporting enterprises. However, the price of children's down jackets here is very cheap, and the quality is even more worrying. Not only do they use "flying silk" as fillings, but also the so-called "hanging bag down" and "hand-feel down".

Some staff members of some businesses said that the children's clothing they sell are substandard down clothing, which is cheap, and even the certificates of conformity and quality inspection reports are fake. You can buy the "general version" of the supporting quality inspection documents at the accessories stores in the market. There are many accessories stores in the Entrepreneurship Park, which not only sell various labels and quality inspection reports, but also provide "customized services" for customers, making the fake down jackets as authentic as possible.

At a children's down clothing company in Jiujiang, staff said that they produce both qualified and unqualified down jackets, and they will use the test reports of qualified down jackets on unqualified products.

These merchants are fully aware of their violations, but in order to make profits, they will choose to "split warehouses" to evade supervision. Good products are sent to places with strict supervision, and "filled with silk" products are sent to places with lax supervision. The merchant said that the cost price of one of their so-called "down jackets" filled with "flying silk" was less than 40 yuan, and the sales volume reached more than 60,000 pieces in two months.

source | 央视网

After "poor quality down products" repeatedly became a hot topic, many related shops were closed for investigation

Down jacket-related topics have been trending recently, and the proliferation of some inferior down products has caused anxiety among consumers and practitioners. On November 25, the market supervision departments in Nantong, Jiangsu and Jiujiang, Jiangxi both issued situation reports, saying that they had inspected, seized, filed cases and dealt with the markets involved overnight, and would continue to investigate the production and operation entities of home textiles/down jackets in the city.

Perhaps affected by recent public opinion and supervision, many stores in Nantong Dieshiqiao and Jiujiang Red Star Down Park have closed recently. According to reports, a store owner of the Red Star Down E-commerce Industrial Park revealed: Because the news was exposed, the local authorities are conducting a major inspection, so the store is closed for a few days. As for when it will reopen, the specific time cannot be determined for the time being.

Mr. Wang (a pseudonym), a wholesaler who came from Guizhou to the Red Star Down E-commerce Entrepreneurship Park to purchase goods, said that he came to Jiujiang on the 24th. He had originally planned to take advantage of the cold weather to purchase thousands of cotton and down jackets for children. "Many stores were closed and I couldn't see any goods." In the end, he failed to find a suitable source of goods and had to return empty-handed.

Many industry insiders said that many markets, including Hangzhou Sijiqing Kunlong Market, also conducted random inspections on merchants, and some brands further standardized the inspection of OEM factories. An industry insider added that in fact, relevant departments will conduct random inspections on various stores and specialty stores at this time every year, which is considered normal work.

Many down jacket e-commerce merchants have posted notices from the platform, saying that they will focus on special treatment of down clothing categories, especially the use of silk instead of down, 50% as 90%, duck down as goose down, etc. Another employee revealed that the company's procurement department has issued new quality inspection regulations, emphasizing that when checking the style, the down must be removed on the spot and samples must be taken for comparison when delivering.

As for the down jacket brands, the response received from Duochu was "not convenient to make a statement at the moment". So far, no major brands have made a public response or statement on the recent "down jacket storm".

source | 蓝鲸新闻、极目新闻

The fake down jackets are mixed with flying silk and have become more serious this year. Pig hair and dog hair are also used to increase the weight.

Recently, there has been a discussion on social networking sites about "don't buy down jackets this winter." Many bloggers who claim to be insiders in the clothing industry revealed that the cost of down has increased, so a large number of low-priced products on the market are inferior. What good down can be in a down jacket or even a goose down jacket that costs just over 100 yuan?

Every winter, the price increase of down jackets is a common topic, but at the same time, many live broadcast rooms have down jackets and even goose down jackets for as low as RMB 100, and the sales volume is amazing. According to a third-party data platform, among the top five new sales of goose down jackets in the past seven days, only one model is priced at RMB 868, and the rest are all below RMB 200.

Take a goose down jacket priced at 159.9 yuan as an example. A live streamer with 2 million fans sold 12,000 pieces at that price, with sales exceeding 2 million yuan. However, a consumer found out after cutting open the jacket that it was filled with something other than goose down. After contacting the store that sold the jacket for repeated confirmation, the store insisted that it was 90% goose down.

In response to this, many people in the down jacket industry have affirmed that goose down jackets that cost more than 100 yuan are definitely not real 90% white goose down. There is no need to test them, and the down content is 100% fake. In the past six months, the price of 90% white goose down has exceeded 1,100 yuan per kilogram. If a down jacket contains 200 grams of white goose down, the cost of the raw materials alone is more than 200 yuan.

Regarding the methods of counterfeiting goose down jackets, industry insiders responded that the common methods are to pass off 50% down as 90% down, adding adulterated materials to increase weight, etc., and this year, in addition to adding flying silk and broken down, other impurities such as pig hair and dog hair are also used to increase weight.

The presence of flying silk has existed in the industry for many years, and the rising cost of raw materials this year has exacerbated this phenomenon. Sometimes the fraud may start from the source, and some down suppliers will even add some weighed impurities. With limited budgets, some raw material suppliers and down jacket manufacturers are well aware of this.

source | 蓝鲸新闻

Police seized over 70,000 fake children's down jackets, with almost zero down content

"Not 998, not 198!" "Down jackets are only 89!" Recently, a clothing factory in Zhili was "selling off" children's down jackets at a price far below the market price during a live broadcast, which attracted the attention of the Zhili police.

After many days of investigation, the police accurately grasped the counterfeiting dens, personnel composition, etc., and on November 7, in conjunction with the Market Supervision Bureau, dispatched police forces to carry out a roundup operation, arresting three criminal suspects and seizing more than 70,000 "fake down jackets" on the spot, with a total value of more than 7 million yuan.

The police said that the tags of the down jackets involved in the case said 70% down, but professional testing showed that the down content of the down jackets was basically 0%, which was all fake and inferior down jackets. According to the person in charge of the company, they started making down jackets in July, but business was not good this year and the price of down was high, so they came up with a crooked idea and used "crushed wool" to pass off inferior products as good ones to reduce the cost price.

Fierce market competition is not an excuse for committing crimes; high material costs are not a reason to disrupt the market. Currently, three executives of the company have been taken into criminal compulsory measures, and the case is under further investigation.

source | 织里警事、织里城事

News Situation

From January to October 2024, China's exports of down bedding will continue to grow, especially the growth rate of other down bedding (except down quilts) is particularly significant, and the following fourth quarter is often the peak season. In addition, the European and American markets still dominate the export share, and with the frequent occurrence of various extreme weather conditions, the market performance of down products is expected to continue to grow.

Although the fourth quarter is usually a low season, the down jacket OEM industry continues to be optimistic about growth momentum in the fourth quarter of 2024, and orders from major brand customers are expected to grow further. This reflects the continued stability of the down jacket market's demand for OEM factories, and the recovery of brand customers' demand has driven the overall improvement of the industry.

From a consumer perspective, as the weather turns colder, sales of down jackets have rebounded significantly, especially in Wuhan and other places, where merchants have begun to experience relatively strong market demand. This is also in sharp contrast to the sluggish market in the past few months, indicating that the down jacket industry has rebounded driven by seasonal consumer demand.

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