Marubi(SH:603983) 3 6 Ke·2025-11-20 08:13Core Insights - The article discusses the transformation of Marubi, a 23-year-old beauty brand, from a primarily offline sales model to an online-focused strategy due to the pandemic's impact on consumer behavior and retail channels [1][2][3] Group 1: Strategic Transformation - Marubi initiated a strategic shift in 2021, moving from a 70% offline and 30% online sales model to an 80% online and 20% offline model, which has revitalized the company's growth [2][3] - The company set a performance target of 4 billion yuan for the current year, which is seen as achievable based on past growth rates of approximately 30% year-on-year over the last ten quarters [2][3] Group 2: Market Position and Consumer Base - The pandemic led to a significant change in consumer habits, making it difficult for offline retail to recover, prompting Marubi to adapt to the new market dynamics [2][4] - The user base has expanded significantly post-transformation, retaining older offline customers while attracting younger online consumers, thus broadening the overall market reach [9][12] Group 3: Brand Strategy and Product Development - Marubi's approach emphasizes profitability and sustainable growth, focusing on product quality, user experience, and brand trust rather than merely chasing online traffic [10][15] - The company has invested in research and development, holding over 600 patents, with a focus on effective and continuous investment rather than just high spending [14][16] Group 4: Challenges and Future Outlook - The transition has not been without challenges, as the company faced a 30% decline in performance, which necessitated a reevaluation of its strategies and priorities [7][8][20] - Marubi aims to reduce reliance on single online channels and is aware of the competitive pressures in the beauty industry, indicating a long-term focus on sustainable growth rather than short-term gains [19][22]