Company Reports

Bosideng's sales grew 7.7% year on year in the second half of fiscal 2026 (ended March), driven mainly by 8.9% growth in branded down apparel. Net profit increased 17.6%, thanks to a 4.9-percentage-point decline in tax rate due to more efficient overseas capital management.

Bosideng may miss its 10% sales growth target for fiscal 2026 (ending March) due to a warmer winter in China, tariffs, and the conflict in Iran. However, following the recent launch of its Areal products in Hong Kong, the company remains committed to overseas expansion and brand premiumization.

Bosideng's first-half fiscal 2026 (year ending March) down apparel revenue grew 8% year on year, but overall revenue was flat as original equipment manufacturer and ladieswear sales fell 12% and 19%, respectively. Operating profit still rose 3.1%, thanks to a 10-basis-point gross margin expansion.

As the largest down apparel brand in China, Bosideng’s strength lies in its brand equity and vertically integrated supply chain. Between fiscal years 2017 and 2025 (ended March), the firm nearly doubled its average selling price through a series of brand elevation initiatives, such as celebrity collaborations, participation in international fashion shows, and positioning itself as an expert in down apparel. The successful brand building has enabled Bosideng to command a premium over most domestic competitors. Moreover, it has developed a highly efficient supply chain that allows it to operate with much lower inventory risk.

We are initiating coverage of Bosideng, the largest down apparel brand in China. The company operates a portfolio of apparel brands targeting different market segments and maintains a broad retail footprint, with 3,470 locations across China, including 1,524 self-operated stores as of March 2025.

As the largest down apparel brand in China, Bosideng’s strength lies in its brand equity and vertically integrated supply chain. Between fiscal years 2017 and 2025 (ended March), the firm nearly doubled its average selling price through a series of brand elevation initiatives, such as celebrity collaborations, participation in international fashion shows, and positioning itself as an expert in down apparel. The successful brand building has enabled Bosideng to command a premium over most domestic competitors. Moreover, it has developed a highly efficient supply chain that allows it to operate with much lower inventory risk.