Investment & Financing – Bosideng Invests in Canadian Brand Moose Knuckles

Bosideng Accelerates Its International Strategy, investing in Moose Knuckles to Expand Its High-End Down Jacket Segment

Looking back to last winter, competition in the down jacket market was fiercer than in previous years—with Bosideng standing out in particular. In October last year, Kaihui Capital announced that its controlled enterprise, the Canadian luxury outerwear brand Moose Knuckles, had entered into a strategic partnership with China’s own down jacket giant Bosideng. Bosideng confirmed the investment, becoming a key investor in Moose Knuckles with a stake of over 30%. This strategic move not only brings additional brand resources to Bosideng but also supports its further expansion into international markets and the optimization of its brand matrix.

The Background of the Bosideng and Moose Knuckles

Partnership

Since 2019, Kaihui Capital has spearheaded the acquisition of Moose Knuckles, helping the brand break into the Chinese market. Over the past few years, Kaihui Capital has provided both financial and strategic support for the global expansion of Moose Knuckles. In 2021, former Tapestry Group CEO Victor Luis joined Moose Knuckles, further propelling the brand’s global development. During his tenure at Tapestry, Luis successfully drove Coach’s global expansion and led the acquisitions of Stuart Weitzman and Kate Spade. His involvement has brought additional strategic resources to Moose Knuckles, aiding its further growth in Asian markets—particularly in China.

Moose Knuckles has long aimed to expand in China, and with Bosideng being a domestic leader in down jackets, it is clearly one of the ideal partners. Through this investment, Bosideng not only secures a high-end brand image but also leverages its rich market experience to boost Moose Knuckles’ recognition and influence in China.

Moose Knuckles in the Chinese Market

Although Moose Knuckles currently operates 36 stores worldwide—with nearly half of them in China—its market presence in China remains relatively modest compared to other luxury down jacket brands such as Canada Goose and Moncler. Moncler and Canada Goose already boast around 70 and over 30 stores respectively in China. Through localized marketing strategies and collaborations with Chinese designers, these brands have gradually built stronger emotional connections with consumers.

Moose Knuckles faces challenges in enhancing its brand awareness and deepening localized marketing efforts in China. Despite gaining some attention on platforms like Xiaohongshu, its market penetration still lags behind that of Canada Goose and Moncler. In response, the brand has rebranded its Chinese name—from “慕斯纳可兹” to the simpler, more memorable “慕瑟纳可”—and is increasing collaborations with entertainment celebrities and fashion influencers to boost its exposure.

Bosideng’s Transformation Towards High-End and International Markets

For years, Bosideng has been committed to elevating its brand image and expanding internationally, though not without challenges. In recent years, the company has enhanced its collaborations with international designers, showcased at major fashion weeks, and secured endorsements from top-tier celebrities—all aimed at boosting its fashion credibility and international profile. These initiatives have helped Bosideng gradually shed its image as a budget down jacket brand and move into the mid-to-high-end market.

However, the path to high-end transformation has not been entirely smooth. Although Bosideng’s product pricing is shifting upward, challenges remain—ranging from the pandemic’s impact on consumer markets to difficulties in penetrating the mid-to-high-end segment. In the 2023 fiscal year, while Bosideng’s overall gross margin increased, the gross margin for its down jacket business declined, suggesting that its high-end strategy has not yet fully met expectations.

By investing in international luxury brands like Moose Knuckles, Bosideng aims to further boost its competitiveness in the high-end down jacket market. Moose Knuckles offers a strong high-end brand presence, while Bosideng’s extensive experience in the Chinese market can accelerate the brand’s domestic promotion.

Bosideng’s Ongoing International Expansion

Bosideng’s international journey has been steadily advancing. In 2021, through a partnership with the German luxury sports fashion brand Bogner, Bosideng further cemented its status on the global stage. With the recent investment in Moose Knuckles, Bosideng’s international expansion is set to accelerate even more—especially in the high-end down jacket segment.

Moreover, Bosideng is actively exploring additional global cooperation opportunities. Through partnerships and acquisitions, it aims to further expand its brand matrix and increase its market share worldwide. The collaboration with Moose Knuckles not only provides Bosideng with enhanced resources in the high-end market but also elevates its international brand image, laying a more solid foundation for future growth.

Reflecting on Bosideng’s Strategic Move

By investing in Moose Knuckles, Bosideng is actively optimizing its brand structure and advancing its strategic objectives of high-endization and internationalization. Although Bosideng has encountered challenges in its transformation within the down jacket market, the partnership with Moose Knuckles is expected to leverage the strengths of an international brand to enhance its influence in China and further boost its global competitiveness.

As consumer demand for high-end down jackets continues to rise and as brand marketing and product positioning are further refined, Bosideng is poised to secure a strong foothold in the global down jacket market. Simultaneously, Moose Knuckles, through its cooperation with Bosideng, can tap into China’s crucial market to expand its global retail network and achieve even greater development goals.