曾拒绝10亿收购，“情绪个护鼻祖”POLYVOLY走向破产

Core Insights - The report "Rise of Emotional Consumption: Market Landscape and Future Trends by 2025" indicates that the emotional consumption sector in China has experienced an average annual compound growth rate of 12% since 2013, with the market expected to exceed 2 trillion yuan by 2025 [1] - POLYVOLY, once a prominent player in emotional personal care, has filed for bankruptcy, highlighting the challenges faced by many emerging brands that initially thrived on traffic but failed to sustain product quality [1][18] Company Overview - POLYVOLY was founded in 2016, during a time when new consumption trends were emerging in China, with platforms like Xiaohongshu and Douyin providing new traffic sources for brands [3] - The founding team, with backgrounds in e-commerce and brand management, successfully launched two brands, "Sangu" and "Rever," targeting specific emotional and functional needs of younger consumers [4][5] - Sangu focused on ingredient safety, appealing to the "ingredient-conscious" Z generation, while Rever introduced innovative product forms, enhancing the sensory experience of personal care [5][6] Market Performance - POLYVOLY's brands achieved significant sales milestones, with Sangu topping Xiaohongshu's rankings in 2018 and Rever becoming a leading brand in its category by 2020 [7] - The company raised over 100 million yuan through multiple funding rounds, reflecting strong investor interest during the traffic boom [7] - By October 2023, POLYVOLY reported an annual GMV exceeding 400 million yuan, indicating substantial growth before its decline [7] Strategic Missteps - POLYVOLY's aggressive offline expansion strategy, despite its online success, led to misalignment with consumer preferences and market trends, contributing to its financial difficulties [8][10] - The company faced challenges in adapting its higher-priced products to the preferences of consumers in traditional retail channels, resulting in poor sales performance [10][11] - A rapid expansion into multiple brands without solidifying core offerings diluted resources and led to the launch of poorly received products, such as the "Shupu" brand, which failed to differentiate itself in a competitive market [11][12] Financial Troubles - Signs of financial distress emerged as early as 2023, with POLYVOLY facing multiple lawsuits and being listed as a dishonest executor due to unpaid debts [14][15] - By the end of 2024, the company's equity was reported at -8.78 million yuan, confirming its insolvency and leading to the acceptance of its bankruptcy application [15] Industry Trends - Emotional consumption continues to thrive, with brands like Pop Mart and Laoputang successfully leveraging emotional value to drive growth [22] - The market is shifting towards a focus on product quality and value, moving away from purely emotional pricing strategies [22][23] - The collapse of POLYVOLY serves as a cautionary tale about the importance of product strength and sustainable business practices in the competitive landscape of new consumer brands [24]