“女装一姐”月底结束男装运营，DAZZLE半年关店近百家

Core Viewpoint - Dazzle Fashion, once a leading women's fashion brand in China, has seen a significant decline in market value and store closures, indicating challenges in maintaining its appeal among urban female consumers [1][3][10] Group 1: Company Overview - Dazzle Fashion was established in the early 2000s, capitalizing on the rise of women's workplace status and consumption upgrades, positioning itself to meet the "light luxury" needs of urban white-collar workers [1] - The company went public in June 2018, with its stock price soaring by 44% on the first day of trading [1] - As of now, Dazzle Fashion's market value has decreased by 60% from its peak, with over 200 store closures for its main brand DAZZLE in the past year [1][3] Group 2: Financial Performance - Dazzle Fashion's financial performance has fluctuated significantly over the past five years, with record highs in 2021 followed by a sharp decline in 2022, where net profit dropped by 44% [3] - In 2023, the company reported revenue and profit growth from a low base, but this was characterized as "invisible decline" [3] - For 2024, revenue is projected to fall by 16% to 2.219 billion yuan, with net profit expected to drop by 38% to 304 million yuan [3] - The first quarter of 2025 has shown a 10.90% revenue decline to 479 million yuan, with net profit decreasing by 24.98% [3] Group 3: Brand and Market Strategy - In 2024, all four brands under Dazzle Fashion—DAZZLE, DIAMOND DAZZLE, d'zzit, and RAZZLE—experienced revenue declines, with the only stable performer being the male brand RAZZLE, which has a low contribution to overall performance [4] - Dazzle Fashion announced the closure of all RAZZLE offline stores by August 2025, focusing resources back on its core women's fashion business [4][7] - The company has attempted various strategies to address declining performance, including optimizing channels and closing underperforming stores [7][10] Group 4: Market Challenges - Analysts suggest that Dazzle Fashion's brands have similar positioning, targeting urban women with high-priced products, but have failed to keep up with changing consumer preferences and trends [9][10] - The competitive landscape in the mid-to-high-end women's fashion market has intensified, with brands like Jiangnan Buyi and fast fashion retailers like H&M and ZARA expanding their offerings [10] - Consumer preferences have shifted towards comfort and practicality, moving away from the previously favored "bling" styles, posing a challenge for Dazzle Fashion to adapt [10]