A new black gold tycoon emerges from the 200 billion red sea

Author | Zhou Zhiyu

Editor | Zhang Xiaoling

As Moncler and Canada Goose continue to define high-end taste with their iconic ten-thousand-yuan items, a Chinese brand is attempting to provide a new answer.

On October 15th, Guvet integrated the royal "Yunjin" fabric, which has a history of a thousand years, into down jackets and officially launched the black gold shell "Yunjin" series down jackets in collaboration with spokesperson Yang Mi.

This move once again stirred the nearly 200 billion yuan red sea of down jackets. Here, international giants overlook the masses, while local old brands struggle to turn around. As the market's attention is accustomed to focusing on these "prestigious families," Guvet, led by founder Wu Kunming, has leaped to become a new force in the high-end track that cannot be ignored.

The rise of Guvet is not merely a capture of channel dividends, nor is it a simple price war raid. Its story is more like a mirror, reflecting the profound changes in China's consumer industry after undergoing cyclical baptism: an era transitioning from a "world factory" to a "brand powerhouse," where consumers' perception of "Chinese high-end" is being reshaped.

How did Wu Kunming and his Guvet gain insight into that hidden "golden corridor" amidst the industry's general anxiety and confusion? How did they carve out their own "narrow door" in what seems to be a saturated market through an extreme pursuit of productism and precise grasp of user psychology? This is not only Guvet's business strategy but also a vivid annotation of the current breakthroughs and evolution of Chinese brands.

A Bold Decision

"In fact, I have been in this industry for 32 years." This statement from Guvet founder Wu Kunming outlines his long trajectory immersed in the changes of China's garment industry.

Looking back at the turn of the century, China's down jacket market was already filled with factories, boasting production capacity that topped the world, but the label of "large but not strong" followed closely. Local brands mostly fought in the average price range of 300 to 400 yuan, trapped in the dilemma of "strong production capacity but unable to sell at a high price."

Meanwhile, international high-end brands, leveraging their brand halo and first-mover advantage, firmly occupied the market above ten thousand yuan, pressing the value ceiling of local down jackets very low. Wu Kunming recalled in an exclusive interview with Wall Street Journal that at that time, "foreign brands came in and sold very expensively in the high-end. Chinese brands could actually be understood as being in the low-quality, low-price track."

By 2018, the combined market share of the top ten domestic down jacket companies had declined from its peak, revealing the intense competition and the impact of international fast fashion and high-end brands flooding in.

In 2020, Wu Kunming made a decision that seemed almost "crazy" at the time: to target the high-end market, launching the "black gold down jacket," completely cutting off duck down and focusing on the goose down product line. This shifted Guvet's main price range from the mass market to the mid-to-high-end market.

At that time, the market's first reaction was "incredible, it can't sell well." Behind this is the structural contradiction in the Chinese down jacket market that has persisted for the past decade. At that time, the consumer market was still under an old order—high-end areas in shopping malls were almost entirely dominated by foreign brands; even industry leaders like Anta relied heavily on acquisitions of overseas brands for their high-end matrix.

According to multiple institutional data sources, from 2020 to 2024, the annual compound growth rate of the market size of China's down jacket industry is around 13%, with the market size exceeding 200 billion yuan by 2024. Goose down jackets, as a high-end subcategory in the down jacket market, are continuously expanding their share in the overall down jacket market, with considerable growth rates.

A new pattern is forming.

Wu Kunming keenly observed that not only in the down jacket field but the entire Chinese consumer market is undergoing a qualitative change: "In the past, all high-end brands were occupied by foreign brands... But after the pandemic, you will find that old stores like Old Gold are emerging, targeting users of luxury brands like Bulgari and Cartier."

Similarly, the rise of Pop Mart, the resurgence of domestic film box office, and the encroachment of new energy vehicles on the BBA market all indicate that a "beachhead landing battle" by local brands in the high-end market has already begun.

The core driving force behind this transformation comes from the generational shift and cognitive revolution of the main consumer force. Wu Kunming pointed out that the current trendsetters in the market are "young people born between 1985 and 1995," who generally have higher educational backgrounds and information acquisition capabilities, representing a "high-cognition population."

This group of "high-cognition users" no longer blindly trusts authority and logos but places greater importance on the intrinsic value, quality, and experience of the products, possessing stronger cultural confidence and national identity. They "will not wear this piece of clothing to please others or seek their recognition. Ultimately, it is most important for me to feel that luxury nurtures myself."

Wu Kunming summarizes this as the "Golden Corridor." This corridor is precisely located between the "inaccessible" represented by traditional luxury goods and the "low quality and low price" represented by mass fast fashion.

In the past, this area was relatively blank, but now it has become a "new continent" for the rise of emerging brands. These brands, whether Old Gold, Li Auto, or GaoFan itself, share a common breakthrough logic: "I can roll up value upwards and strike downwards on quality-price ratio." That is, achieving precise reach to target customer groups with quality and value that match or even surpass luxury goods, through more efficient supply chains and more direct user connections.

The down jacket industry is no exception; consumer demand for down products has long surpassed mere warmth, extending to comprehensive attributes such as design, quality, and technological content. The huge gap in the mid-to-high-end market has opened the door for capable disruptors.

GaoFan has also keenly captured its own era opportunity at the intersection of industry reconstruction and consumption upgrade.

Breaking Through the Narrow Door

How to turn ideas into products recognized by consumers. Wu Kunming's answer is: return to the user and focus on the product.

Wu Kunming emphasized in an interview that GaoFan internally "does not allow copying existing market products." While competitors imitate each other in popular tracks like sun protection clothing and yoga pants, GaoFan chose the "narrow path," focusing on the vertical category of goose down jackets Eric Wu believes that following trends and copying will ultimately lead to the situation where "if you remove that brand name, you can hardly tell whose product it is."

To strengthen the brand positioning of "creating a trustworthy black gold standard goose down jacket with materials from around the world and Chinese craftsmanship," GaoFan completely eliminated its non-goose down product line after the launch of its first black gold goose down jacket. This strategic decision is not easy, as it means sacrificing some short-term benefits for long-term brand advantages.

However, it is precisely this kind of decluttering that allows GaoFan to establish a clear and profound brand image in the minds of consumers—when people think of goose down jackets, they first think of GaoFan. The brand has concentrated its resources on developing products such as "black gold puff," "GaoFan wind shell," "future wool," as well as this year's hot-selling "light shell" and "cloud brocade series," which not only enhances brand recognition but also effectively wards off imitators in market competition.

GaoFan understands that in the fiercely competitive clothing industry, product strength is the foundation of the brand. Therefore, GaoFan believes that "world-class materials" and "Chinese craftsmanship" are its core competitive advantages, and it builds "trustworthy black gold standard goose down jackets" based on this.

"World-class materials" are the cornerstone of quality. GaoFan focuses on the top "flying goose velvet" resources from the five major extreme cold regions globally, establishing a fluffiness level system ranging from 700+ to 850+. In addition, GaoFan has built a dedicated goose down base in Hungary, with its import volume of Hungarian goose down ranking first in China in 2024. Eric Wu explains that goose down far surpasses duck down in terms of "odorless" and comfort, better meeting the needs of sensitive groups such as those with rhinitis.

In addition to the core goose down, the sewing technology reflects the integrated innovation of the global supply chain: its sewing thread uses British high-quality thread that is also used in automotive airbags, and the sewing needles come from the century-old German brand Blue Lion Group. Combined with the black stone fabric derived from deep mineral sources, they form the quality foundation of GaoFan products.

"Chinese craftsmanship" represents the brand's innovation engine. GaoFan has integrated three major luxury research centers, gathering top design resources from brands like Dior and Moncler, forming a research and development system that blends Eastern and Western elements. It is reported that GaoFan has obtained over 185 core invention patents covering various aspects from fabrics to sewing.

Eric Wu mentioned that to solve the problem of down leakage in lightweight down jackets, they work with suppliers to study the matching schemes of needles, threads, and fabrics. This depth of cooperation is something many Chinese suppliers lack. These patented technologies not only enhance product performance but also provide the brand with stronger competitive barriers.

Rise of New Consumption

"Quality-price ratio" is redefined as the core logic of premiumization. Behind this shift is the migration of consumer behavior from impulsive to rational—consumers are no longer paying for "low prices," but for "value."

This reflects a profound change in China's consumption trends.

Eric Wu observed that the young consumer group characterized by "high cognition and high purchasing power" has fundamentally changed its underlying logic of consumption behavior. They no longer view clothing as a tool for flaunting or seeking recognition from others, but rather return to the intrinsic need of "nurturing myself is the most important; feeling comfortable in what I wear is very important." This means that the "symbolic consumption" barriers built on large logos and brand halos in the past are collapsing. Consumers have lost patience with the "arrogance" of luxury goods.

Wu Kunming bluntly stated: "In the past, we had no way, but now the arrogance of BBA has been brought down."

When products fail to provide equivalent value, consumers will not hesitate to turn to brands that offer "real substance," and GaoFan has successfully attracted some of the customer flow originally belonging to brands like Moncler based on this.

The so-called "downgrade" in the current consumer market is more accurately a return to "rational consumption" and "value consumption." The new middle class exhibits characteristics of "overall frugality, partial indulgence" when consuming; they are accustomed to "decent frugality" and place greater importance on the "cost-performance ratio" and "basic/practical" value of goods.

This frugality is not a comprehensive tightening; consumers are willing to invest, like in investments, in areas that can significantly enhance their quality of life or provide deep emotional satisfaction.

GaoFan's strategy of "upward rolling value, downward striking quality-price ratio" aligns with this consumer psychology. It is not the traditional "low price for volume," but rather providing comprehensive value that exceeds consumers' price expectations through extreme product strength (such as the continuous iteration of the black gold down jacket from 1.0 to 5.0), globally selected top materials (such as flying swan velvet, future wool, silk, German needles, British threads, etc.), and hardcore technological investment (such as 185 invention patents).

Wu Kunming emphasized that when consumers purchase large items, they do not want to return or exchange them; instead, they "hope that this piece of clothing is good when they buy it, and they are very satisfied." This extreme pursuit of "quality-price ratio" has allowed GaoFan to win consumers' "votes with their feet" in a fiercely competitive market.

In addition to the functional attributes of products, the new generation of consumers also values the "emotional value" and cultural identity that brands can provide. This also constitutes the third major pillar of GaoFan's brand positioning: "trustworthy."

Wu Kunming believes that future high-end brands in China should "have heritage and innovation, possess unique Chinese culture, intangible cultural heritage memories, and other elements, and need to provide customers with a better experience rather than just labeling themselves."

To this end, GaoFan practices the concept of "one year, one intangible cultural heritage," committed to the inheritance and expression of traditional Chinese culture. Following the collaboration with Miao embroidery inheritor Ou Donghua to create Paris haute couture down jackets in 2024, in 2025, GaoFan partnered with cloud brocade master Jin Wen to launch a new "Black Gold Dragon Brocade" cloud brocade series down jacket products. This series features "dragon brocade" as a limited color, integrating the luxury of cloud brocade with Eastern auspicious imagery into modern design, and was co-created with global brand ambassador Yang Mi and Moncler's official photographer Zhang Jiacheng to shape "wearing intangible cultural heritage" into a fashion choice with cultural confidence. On the day of the launch, multiple products in the flagship store sold out. Additionally, GaoFan has established a "special fund for the inheritance and protection of intangible cultural heritage skills" to support the development of China's intangible cultural heritage skills.

This strategy of "local culture + emotional economy," combined with the favor of European royal family members such as the Belgian Lignier family, as well as endorsements from celebrities like Lei Jun and Yang Mi, has established a deeper emotional connection between the brand and consumers, transcending a simple buyer-seller relationship.

On the service level, GaoFan also strives for practicality and thoughtfulness. Wu Kunming mentioned in an interview that compared to hosting a costly launch event, GaoFan prefers to allocate the budget to provide membership services for customers, such as dry cleaning and repair services, which are already online.

He believes that in today's highly transparent information environment, brands must be sincere, befriend users, and truly address users' pain points to earn lasting trust and loyalty.

Reconstructing the Value of "Chinese Brands"

Currently, China is experiencing a new wave of brands going global. Unlike the past, which relied solely on cost advantages and embedded in the global value chain through OEM/ODM models, the core proposition of this round of going global is "value reconstruction"—how to upgrade from product output to brand output on the international stage, and shift from price advantages to value recognition. This is not only a test of the comprehensive strength of enterprises but also a challenge to the wisdom of China's brand globalization strategy.

For a long time, "Made in China" has often been associated with "cost performance" or even "low quality and low price" internationally. The primary task of the new generation of outbound brands is to break this inherent perception and establish a new brand image in the minds of global consumers. This requires enterprises to make systematic investments in product quality, technological innovation, and brand storytelling.

Taking GaoFan as an example, since its inception, it has insisted on globally sourcing top-quality raw materials, such as rare luxury materials (like flying swan velvet and future wool) and luxury research technologies (like Chinese Academy of Sciences heat storage and German gold needles), and has invested heavily in research and development, accumulating a large number of invention patents. This product-oriented approach that benchmarks against international luxury standards is the first step in reshaping value recognition.

Wu Kunming emphasized that when cooperating with top foreign suppliers, they value long-term brand value and integrity rather than short-term price competition; this cooperation model itself is a testament to quality.

In the past, Chinese brands going global often made the mistake of being "self-centered, producing what I want you to sell." This model may have worked in an era of relative material scarcity, but in today's world of abundant choices, it is akin to fishing for a hare up a tree.

Wu Kunming has profound reflections on this, pointing out that many international brands exhibit "arrogance" towards the Chinese market, such as unwillingness to adjust sizing for Asian consumers. For Chinese brands to succeed in going global, they must do the opposite and truly achieve "user-centered" global localization.

GaoFan's strategy is to establish localized research and development centers for different overseas markets, such as planning to develop products specifically for the Japanese market, ensuring that product design, sizing, and even cultural elements can accurately meet the needs and preferences of local users. This is a long-term approach of "invest first, sell later," requiring enterprises to have strategic determination and a commitment to continuous investment.

Wu Kunming mentioned: "If you ask international brands to modify (sizing) for Asians, it is often very difficult. However, GaoFan is willing to 'modify sizing' for overseas users, and this attitude itself is a competitive advantage The highest realm of a brand is cultural output. In today's increasingly globalized world, brands that can carry and convey unique cultural values often possess stronger vitality and user stickiness. The new generation of Chinese brands going overseas is no longer satisfied with simply imitating Western aesthetics or business models, but is actively exploring brand expressions that integrate Chinese cultural elements.

GaoFan's exploration in this regard is quite representative. Wu Kunming proposed the vision of "creating an international high-end brand originating from China, becoming one of the world's two major down jacket brands." This confidence comes not only from product assurance but also from the excavation and reshaping of Chinese cultural values.

This is not only a differentiation at the product level but also a value positioning at the brand spirit level. What Wu Kunming refers to as "redefining what a high-end Chinese brand is" is fundamentally about endowing the brand with unique cultural connotations and a spirit of inheritance and innovation.

The shaping of a global brand is by no means an overnight achievement; it requires companies to have the patience and strategic determination to traverse economic cycles. When faced with uncertainties such as tariff barriers and geopolitical issues, the choice between contraction and continued investment tests the long-term vision of overseas enterprises.

Wu Kunming believes that changes in the external environment are the norm of a market economy, and what truly allows a company to thrive is its intrinsic core values and business philosophy. He cites Apple as an example, whose relentless pursuit of quality has been the cornerstone of its success.

Similarly, the value reconstruction of Chinese brands in the global market must be built on a long-term commitment to products, users, and the original intent of the brand.

As Wu Kunming said, GaoFan took twenty years to "master" down jackets, and there is still a long way to go in the future. This awareness and adherence to long-termism may be the key to the steady and far-reaching progress of Chinese brands in the new wave of globalization.

The rise of Chinese brands and their journey of globalization has entered deep waters. The previous growth model relying solely on cost advantages and manufacturing scale is no longer sustainable; instead, it is being replaced by a deep reconstruction of core technologies, user value, cultural connotations, and brand strategies. This path is full of challenges and requires entrepreneurs to possess sharp insights into industry changes, a commitment to productism, a humble attitude towards global users, and strategic determination to traverse cycles.

From the explorations of pioneers like GaoFan, it can be seen that Chinese brands are not limited to lingering at the low end of the value chain. By focusing on niche markets, continuously innovating to enhance product strength, sincerely communicating to earn user trust, and shaping unique brand identities through cultural confidence, Chinese brands are fully capable of occupying a place in the global market and even redefining the value benchmarks of certain categories. This is not only a breakthrough for individual enterprises but also an inevitable path for "Chinese manufacturing" and "Chinese creation" to gain respect on the global stage.

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