雅戈尔聚焦服装主业，转型静待花开

招商证券2025-08-12

一、聚焦服装主业，退出地产业务雅戈尔 (600177。SH)近年来逐步将业务重心从“服装+地产+投资”三驾马车回归到服装主业。公司于2024年正式宣布退出地产业务，并优化投资结构以支持时尚产业的发展。这一转型导致短期内收入承压，但随着终端消费复苏及多品牌矩阵布局的推进，服装主业的增长潜力被看好。二、多品牌矩阵布局与渠道升级雅戈尔通过自创、合作开发和收购构建了以主品牌为核心的多品牌矩阵，覆盖高端户外...

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