Metersbonwe(SZ:002269) 36氪·2025-09-15 13:35Core Viewpoint - The article discusses the struggles of Metersbonwe, a once-prominent Chinese clothing brand, highlighting its significant decline in performance despite efforts from its founder, Zhou Chengjian, to revitalize the brand through new retail strategies and live-streaming sales [4][8][10]. Financial Performance - Metersbonwe's total revenue for 2024 was only 681 million yuan, a drastic decrease of 49.79% year-on-year [10]. - The company's net profit for 2024 was -195 million yuan, a staggering drop of 715.45% compared to the previous year [10]. - In the first half of 2025, revenue further declined to 227 million yuan, down 45.23% year-on-year, with a net profit of 9.93 million yuan, a decrease of 87.07% [10]. - The cash flow from operating activities has been negative from 2022 to 2025, indicating severe cash generation issues [10]. Strategic Initiatives - Zhou Chengjian has engaged in live-streaming sales, achieving over 15 million yuan in gross merchandise value during his first 10-hour live stream [11]. - The company is attempting to pivot towards a "trendy outdoor" market with a dual strategy of "trendy outdoor + new retail" [12]. - Metersbonwe has rebranded with a new logo and slogan, aiming to attract a younger audience [12]. Historical Context - Metersbonwe was founded in 1995 and initially thrived by adopting a virtual operation model, outsourcing production while focusing on brand development [18][20]. - The brand gained immense popularity in the early 2000s, particularly after signing Jay Chou as a spokesperson, which resonated with young consumers [24][26]. - At its peak in 2011, Metersbonwe reported sales of 9.945 billion yuan and had over 5,000 stores [28]. Challenges Faced - The brand has faced intense competition from fast-fashion retailers like ZARA and H&M, which have more agile supply chains [35][36]. - Metersbonwe's slow product development cycle has led to a disconnect with current fashion trends, causing a loss of market share to faster competitors [36]. - The rise of e-commerce has further challenged traditional retail models, with Metersbonwe lagging in online sales strategies [38][39]. - The company's heavy reliance on franchise stores has resulted in operational inconsistencies and cash flow issues [41]. Inventory and Brand Perception - Metersbonwe has struggled with high inventory levels, with turnover days reaching 462 days, indicating poor sales performance [46]. - Frequent discounting to clear inventory has eroded brand value, leading to a perception of being similar to low-cost clothing retailers [45].