南极电商转型自救，能否摆脱“贴牌”标签，向优衣库看齐？

Core Viewpoint - Nanji E-commerce, once thriving with a "brand authorization + platform distribution" model, is facing significant challenges due to quality control issues and a tarnished brand reputation, leading to a drastic decline in market value [1][2][4]. Group 1: Company History and Transformation - Founded in 1998 by Zhang Yuxiang, Nanji E-commerce initially gained success in the thermal underwear market, achieving sales exceeding 1 billion yuan by 2004 [1]. - The global financial crisis in 2008 prompted a strategic shift from manufacturing to a pure brand management model, focusing on brand authorization, which coincided with the rise of e-commerce in China [1]. - From 2015 to 2020, the company experienced significant revenue and profit growth, with market capitalization nearing 60 billion yuan, elevating Zhang Yuxiang's family to the ranks of the wealthy [1]. Group 2: Current Challenges and Strategic Shifts - The rapid expansion of the brand authorization model led to a decline in quality control, resulting in frequent product quality issues and a damaged brand reputation, with market value plummeting over 85% in three years [1][2]. - In 2023, the company restructured its brand services into strategic cooperation authorization, fashion authorization, and self-operated retail, with self-operated retail seen as crucial for restoring brand value [2]. - Despite significant investment in self-operated product lines and brand upgrades, the company continues to report negative net profits, and consumer perceptions of "low price, low quality" remain unchanged [2][4]. Group 3: Future Outlook and Recommendations - Zhang Yuxiang has publicly acknowledged the need for transformation, aiming to position Nanji E-commerce alongside successful brands like Uniqlo, although industry experts note that the company lacks essential elements such as fabric research and a responsive supply chain [4]. - A more effective transformation strategy may involve focusing on product quality and reducing product categories to drive factory upgrades [4]. - To regain consumer trust and achieve successful transformation, the company must enhance product quality and user experience, requiring substantial investment and a restructuring of capabilities in supply chain management, design, and manufacturing [4].