But now, the sector is flooded by challengers, and the competition is majorly heating up.

但現在，這個行業充斥著挑戰者，競爭日趨白熱化。

Vuori just raised $825 million in funding last week, taking its valuation up to $5.5 billion.

Vuori 上週剛剛融資 8.25 億美元，估值達到 55 億美元。

Newcomer Vuori is rising to the challenge and making big moves as Lululemon missteps.

隨著 Lululemon 的失誤，新人 Vuori 正在迎接挑戰，大展拳腳。

We don't believe that Alo or Lululemon necessarily needs to lose in order for us to win.

我們不認為 Alo 或 Lululemon 一定要輸，我們才能贏。

We think that this is a growing market.

我們認為這是一個不斷增長的市場。

They're challenging the legacy players of Hepleta and Lululemon, and they're bringing a lot of excitement to the market.

他們正在挑戰 Hepleta 和 Lululemon 等傳統企業，為市場帶來了無限活力。

It's taking share, it's taking Lululemon's customers, and it's taking Nike's customers.

它正在奪取市場份額，它正在奪取 Lululemon 的客戶，它正在奪取耐吉的客戶。

The private, direct-to-consumer company became profitable in under three years.

這家直接面向消費者的私營公司在不到三年的時間裡就實現了盈利。

And as of December 2024, it counts 79 stores in six countries, including the U.S.

截至 2024 年 12 月，該公司在包括美國在內的 6 個國家擁有 79 家門店。

It continues to impress investors, raising more than $1.2 billion in total.

該公司繼續給投資者留下深刻印象，累計融資超過 12 億美元。

So how is this challenger brand shaking up the athleisure industry?

那麼，這個挑戰者品牌是如何撼動運動休閒產業的呢？

And is that enough to take on Lululemon?

這就足以對抗 Lululemon 嗎？

Vuori, a Southern California-based company, is only a decade old.

Vuori 是一家位於南加州的公司，成立僅十年。

Its CEO Joe Kudla, a former model and accountant, came up with the idea after getting into yoga and being disappointed by what workout gear options were available for men.

公司CEO喬-庫德拉曾是一名模特和會計師，他在開始練習瑜伽後，對男性健身器材的選擇感到失望，於是萌生了這個想法。

Baggier fits, big logos, kind of shiny, synthetic materials.

寬鬆的版型、大徽標、閃亮的合成材料。

It just wasn't product that I wanted to wear, and it wasn't product that a lot of my friends wanted to wear.

這不是我想穿的產品，也不是我很多朋友想穿的產品。

vuori was really our answer.

Vuori 確實是我們的答案。

It was to build product we couldn't find.

這是為了製造我們找不到的產品。

The brand took off during the pandemic as comfort became king, joining an influx of other startups hoping to capitalize on the moment.

在疫情期間，舒適成為王道，該品牌也隨之起飛，加入了希望利用這一時機的其他初創企業的行列。

But Vuori quickly differentiated itself, and between December 2019 and December 2020, grew both sales and customers by nearly 300 percent.

但 Vuori 很快脫穎而出，在 2019 年 12 月至 2020 年 12 月期間，銷售額和客戶增長了近 300%。

It focused on profitability from the very beginning.

它從一開始就注重盈利能力。

It didn't care about growing to these exponential heights at any cost.

它並不在意不惜一切代價發展到這種指數級的高度。

It wanted to take the slow and steady approach.

它希望採取緩慢而穩健的方法。

In 2021, venture capital fund SoftBank invested $400 million, placing Viore's value at 10 times its revenue.

2021 年，風險投資基金軟銀投資了 4 億美元，使 Vuori 的價值達到其收入的 10 倍。

And the investment was a hefty $300 million more than in 2019.

而且投資額比 2019 年多出了 3 億美元之巨。

There's only been a couple of companies that have achieved a similar kind of valuation.

只有幾家公司達到了類似的估值。

So it was notable for what was a, at the time, somewhat unknown but high-growth brand to achieve that kind of valuation from a prominent investor like that. 2021 was a big IPO year and a record peak for the equity markets in general.

對於一個在當時默默無聞但高速成長的品牌來說，能從這樣一個著名的投資者那裡獲得這樣的估值是非常值得注意的。2021 年是首次公開募股大年，也是股票市場創紀錄的高峰。

Valuations were at an all-time high.

估值達到了歷史新高。

But those figures have pulled back in 2024, including for legacy companies.

但這些數字在 2024 年有所回落，包括傳統公司。

Today, investors are much more cautious as consumer discretionary spending has gone down, and there's the potential tariffs by an incoming president.

如今，由於可自由支配的消費支出下降，再加上即將上任的總統可能會徵收關稅，投資者變得更加謹慎。

Meanwhile, Vuori scored $825 million in private equity funding in November 2024, taking its value to $5.5 billion.

與此同時，Vuori 在 2024 年 11 月獲得了 8.25 億美元的私募股權融資，使其價值達到 55 億美元。

It's one of the largest valuations ever for a private apparel company.

這是私營服裝公司有史以來最大的估值之一。

It is a notable investment, both from a valuation perspective, from the investors who are investing behind it, and the growth that's going to support the company going forward.

無論是從估值的角度，還是從背後投資的投資者，以及支持公司未來發展的增長來看，這都是一項值得關注的投資。

For Vuori to be able to go from $4 billion in 2021 and to be able to grow to $5.5 billion in 2024 at a time when money has all but dried up for things like discretionary consumer companies, it's remarkable, and it really stands out in this space.

Vuori 能夠從 2021 年的 40 億美元，增長到 2024 年的 55 億美元，而在這個時候，可支配消費類公司的資金卻幾乎枯竭，這是非常了不起的，它在這個領域中真的很突出。

While remarkable, Vuori's full-year 2023 revenue was an estimated $320.8 million.

儘管如此，Vuori 2023 年全年的收入估計為 3.208 億美元。

Competitor Lululemon's was $9.6 billion.

競爭對手 Lululemon 的銷售額為 96 億美元。

Though Lulu has faced a slowdown, it's still delivering massive sales.

雖然 Lulu的發展速度有所放緩，但它仍然帶來了巨大的銷售額。

Its stock rose 9% after close on December 5, after reporting better-than-expected earnings for Q3 2024, mainly due to healthy international sales.

12 月 5 日收盤後，該公司股價上漲了 9%，此前該公司公佈的 2024 年第三季度盈利好於預期，這主要得益於健康的國際銷售。

Sportswear is the fastest-growing category in fashion, and the fight for market share between competitors will intensify in 2025, according to McKinsey.

麥肯錫公司稱，運動裝是增長最快的時尚品類，競爭對手之間的市場份額爭奪戰將在 2025 年愈演愈烈。

Challenger brands, which include Vuori, have grown their revenue faster than established companies, while increasing profitability, and are set to generate more than half of the segment's profit in 2024, up from 19% in 2020.

包括 Vuori 在內的挑戰者品牌在提高利潤率的同時，其收入增長速度也超過了老牌公司，到 2024 年，挑戰者品牌的利潤將超過該細分市場的一半，而 2020 年這一比例僅為 19%。

You see Lululemon at the top, and then everybody else trying to get a piece of that.

你會看到 Lululemon 站在頂端，然後其他人都想從中分一杯羹。

What I would say is that leaves plenty of room, right, to encroach either on Lululemon's position, or it's a very, very fragmented industry.

我想說的是，這就為蠶食 Lululemon 的地位留下了足夠的空間，或者說，這是一個非常非常分散的行業。

Now Vuori is on the cusp of an IPO, and has slowly filled its team with veterans who have experience running public companies.

現在，Vuori 正處於首次公開募股（IPO）的風口浪尖，並慢慢地將具有上市公司營運經驗的資深人士充實到團隊中。

But unlike many private companies, it's not desperate for funding, and can take its time.

但與許多私營公司不同的是，它並不急於獲得資金，可以慢慢來。

Plus, the latest investment was structured at what's called a secondary tender offer, where the original investors sell their shares to new shareholders, resulting in a big payday, which is what an IPO would achieve.

此外，最新投資的結構被稱為二次要約收購，即原始投資者將其股份出售給新股東，從而獲得大筆回報，而這正是首次公開募股所能實現的。

Still, that would make it the only one of Lululemon's direct rivals to go public.

不過，這將使它成為 Lululemon 唯一上市的直接競爭對手。

It would kind of be like a stamp of approval, and then it's like, I'm here to stay, and I'm here to take over, and I could really be a disruptor in this category.

這就像是一個認可的印章，然後它就像，我在這裡停留，我在這裡接管，我真的可以成為這個類別的顛覆者。

Vuori started with men's products, in an industry largely focused on women.

Vuori 以男士產品起家，而這個行業主要以女性為主。

Its first bestseller was a pair of men's shorts that are still sold today.

它的第一款暢銷產品是一條男士短褲，至今仍在銷售。

And that success led the company to launch pilot programs with wholesalers REI and Nordstrom.

這一成功促使該公司與批發商 REI 和 Nordstrom 推出了試點計劃。

If you're a brand that's good enough to be sold in REI and Nordstrom, that customer is going to remember that brand, and then when you have your own website and your own store, might be willing to go there and shop there too.

如果你的品牌足夠好，可以在 REI 和 Nordstrom 出售，顧客就會記住這個品牌，然後當你有了自己的網站和自己的商店時，可能也會願意去那裡購物。

When you build that kind of awareness in the men's business, and then you have these hero products, you can actually get scale and economies of scale, versus trying to be kind of everything to everyone.

當你在男裝業務中建立起這種意識，然後擁有這些英雄產品時，你就能真正實現規模經濟，而不是試圖成為所有人的一切。

High quality and comfort are cornerstones of Vuori, and the products have stood out to consumers, turning them into brand evangelists, even though the company rarely offers discounts or sales.

高品質和舒適度是 Vuori 的基石，儘管該公司很少提供折扣或促銷，但其產品在消費者心目中留下了深刻印象，使他們成為品牌的傳播者。

I think I may have found the best pair of shorts for guys.

我想我可能找到了最適合男生穿的短褲。

Your daily leggings are so comfy.

你的日常緊身褲太舒服了。

You guys are all sleeping on Vuori.

你們都應該穿 Vuori 睡覺。

The company has been strategic in its marketing, being an early adopter of social advertising, and getting early sponsorships with college and professional athletes.

該公司在營銷方面極具戰略眼光，是社交廣告的先行者，並很早就獲得了大學和職業運動員的贊助。

Products are now sold at several high-end retailers.

產品現已在多家高端零售商處銷售。

Vuori is absolutely trying to steal the Lululemon customer.

Vuori 絕對是在搶 Lululemon 的客戶。

They're going after the same kind of customer base, the people who are going to the gym, people who have active lifestyles, and the people who blend performance with lifestyle, right?

他們追求的是同一類客戶群，即經常去健身房的人，生活方式活躍的人，以及將運動表現與生活方式相結合的人，對嗎？

We want to be where our customer is shopping for this category, and we like to compete on the quality of our product, the differentiation of our product, and the differentiation of our store experience as well.

我們希望成為顧客購物的地方，我們喜歡在產品質量、產品差異化以及店鋪體驗差異化方面展開競爭。

Kudla's leadership has majorly influenced how the company has grown too.

庫德洛的上司也對公司的發展產生了重大影響。

Because he was saying things differently and thinking in a noncompetent way, he had trouble raising money.

由於他說的話與眾不同，思考問題的方式也不稱職，他在籌集資金方面遇到了困難。

He then had to find ways to do more with less.

於是，他不得不想方設法少花錢多辦事。

He forced focus.

他強迫自己集中注意力。

I'm going to not spend as much time or resources on X, Y, or Z and really overcommit to the things they think are going to matter at first, which are kind of product and marketing.

我不會在 X、Y 或 Z 上花費那麼多時間或資源，而是真正過度投入到他們認為最重要的事情上，也就是產品和營銷。

Expansion has been thoughtful.

擴建工作是經過深思熟慮的。

The company has often opened stores near Lululemon.

該公司經常在 Lululemon 附近開店。

It added 20 U.S. locations in 2024 and is growing internationally, with new stores in London, Shanghai, and Seoul opening this year.

2024 年，該公司在美國新增了 20 家分店，並在國際上不斷發展壯大，今年在倫敦、上海和首爾開設了新店。

The goal is 100 stores by 2026.

我們的目標是到 2026 年擁有 100 家分店。

Going public would help it get there.

上市將有助於實現這一目標。

Globally, Lululemon has more than 700 locations and Alo north of 100.

在全球，Lululemon 有 700 多家分店，Alo 有 100 多家分店。

Vuori has been on a faster pace of growth than most of the others.

Vuori 的發展速度比其他大多數公司都要快。

Alo's doing very well as well.

Alo 的表現也很好。

But longer term, when you look out 10 years, 20 years, will Viore be the number two player?

但從長遠來看，10 年、20 年後，Vuori 會是二號球員嗎？

It's hard to say now.

現在很難說。

They will be significantly bigger than they are today, for sure.

它們肯定會比現在大得多。

As Vuori scales, there are some risks, one being quality.

正如 Vuori 的規模一樣，也存在一些風險，其中之一就是品質問題。

The thing that consumers of Vuori are most concerned about is, is the quality of the fabric going to fall?

Vuori 的消費者最關心的是，面料的品質會下降嗎？

Are they going to water down the brand that I love in exchange for growth?

難道他們要以淡化我所熱愛的品牌來換取發展嗎？

Though Vuori has been successful so far, there's still a big question as to whether the brand can keep up with this growth, something that's been an issue for rivals.

雖然 Vuori 目前取得了成功，但該品牌能否跟上增長的步伐仍是一個大問題，這也是競爭對手一直面臨的問題。

Another challenge is innovation.

另一個挑戰是創新。

In a category where each company's products are highly similar and encroach on each other's territory, Lululemon plans to double its men's business by 2026.

Lululemon 計劃到 2026 年將其男裝業務翻一番。

That's what so often good retailing comes down to, is really, really great product.

好的零售業往往歸結為真正的好產品。

If you can innovate and differentiate yourself based on the fabrics that you're using and the fit and the quality, then that is going to make you stand out in a crowded leisure space.

如果你能在面料、合身度和品質方面進行創新，使自己與眾不同，那麼你就能在擁擠的休閒空間中脫穎而出。

And beyond good product, Vuori is still fighting for brand recognition, which sits in the low double digits.

除了良好的產品外，Vuori 還在為品牌知名度而戰，品牌知名度僅為兩位數。

Vuori is still, on a relative basis, unknown.

相對而言，Vuori 還是個未知數。

It probably has lower awareness than Alo.

它的認知度可能低於 Alo。

Part of the success they're having is their consumers are coming back and buying more from the business, which for any business is kind of the mark of success.

他們取得成功的部分原因是消費者回頭購買更多產品，這對任何企業來說都是成功的標誌。

There's no way Vuori's coming for Lululemon's launch.

Vuori 不可能來參加 Lululemon 的發佈會。

It's going to take a lot more time for it to come anywhere close to Lululemon, even if Lululemon is seeding just a little bit of share.

要想接近 Lululemon，還需要更多的時間，即使 Lululemon 只播種了一點點份額。

Still, Vuori has already come a long way, from an e-commerce men's company to a Lululemon competitor with real stores in six countries.

儘管如此，Vuori 已經取得了長足的進步，從一家男裝電子商務公司發展成為在六個國家擁有實體店的 Lululemon 競爭對手。

And its early and calculated success may be an indicator of where it's headed.

而它在早期經過深思熟慮後取得的成功，或許正是其發展方向的一個指標。

To go from someone who was struggling to get funding 10 years ago to someone who is probably actively turning away funding at some points now is definitely a validation of their vision and the business that they've built.

從 10 年前還在為獲得資金而苦苦掙扎的人，到現在可能在某些時候會主動拒絕資金的人，這無疑是對他們的願景和所創建業務的肯定。

And so now they just have to continue doing that.

現在他們只能繼續這樣做。