虎嗅·商业有味道

安踏花123亿元接住彪马,买的不是控制权

October 15, 2026·9 min
Episode Description from the Publisher

安踏以123亿元成为彪马第一大股东,却只持有29.06%的股份。它接住的是一家仍在低谷、但拥有全球渠道和体育资产的品牌。安踏最擅长的零售效率,这次能不能重新让消费者想买彪马?本期你将听到:安踏为什么愿意溢价入股仍在亏损的彪马?第一大股东和控股股东,到底差在哪?彪马不缺知名度,真正缺的是什么?清渠道、压库存、减少折扣,为什么会让收入更难看?安踏做成FILA的经验,为什么未必能复制到彪马?123亿元买到的,究竟是一项资产,还是一场全球化考试?节目信息:主播:粥粥来源:虎嗅商业消费组作者:刘纾含编辑:苗正卿

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