Core Viewpoint - The story of La Chapelle reflects the challenges faced by the Chinese apparel industry, highlighting the consequences of rapid expansion and the need for strategic realignment in a changing market environment [7][16]. Group 1: Speed and Scale - After entering the capital market, La Chapelle adopted an aggressive strategy of "multi-brand + all-direct sales," leading to rapid store expansion [2][11]. - The retail network grew from over 1,000 stores to nearly 10,000 in a few years, establishing La Chapelle as a leading domestic women's apparel brand [3][12]. - The expansion created significant revenue but also led to high fixed costs associated with the all-direct sales model, which became a burden as competition intensified [3][12]. Group 2: Imbalance and Deceleration - As the external market conditions changed, La Chapelle's internal vulnerabilities became apparent, with slowing growth in the retail market and the rise of online channels altering consumer habits [4][13]. - The company faced severe challenges from international fast fashion brands and emerging e-commerce players, turning its once-advantageous direct store system into a financial liability [5][14]. - Accumulated inventory from rapid expansion faced devaluation risks due to slow product iteration, further straining cash flow [6][15]. Group 3: Strategic Shift and Future Outlook - In response to ongoing losses and a tight cash flow situation, La Chapelle began closing underperforming stores and exploring a shift to a franchise model [6][15]. - The company is currently undergoing bankruptcy restructuring, aiming to shed historical burdens and refocus on core brands and products [7][16]. - The future of La Chapelle's growth trajectory remains uncertain, dependent on market conditions and the effectiveness of its restructuring efforts [7][16].
昔日“女装第一股”拉夏贝尔退市启示：光环下的“蒙眼狂奔”、激进扩张后遗症何解？