首富不好当，现在也要靠“老铁666了”

Core Viewpoint - The article discusses the struggles of Metersbonwe, a once-prominent Chinese clothing brand, as it faces significant financial challenges and attempts to pivot its business model through new retail strategies and live-streaming sales efforts by its founder Zhou Chengjian [7][12][36]. Financial Performance - Metersbonwe's total revenue for 2024 was only 681 million yuan, a substantial decline of 49.79% year-on-year [12]. - The company's net profit attributable to shareholders was -195 million yuan, plummeting by 715.45% compared to the previous year [12]. - In the first half of 2025, revenue further decreased to 227 million yuan, down 45.23% year-on-year, with a net profit of 9.93 million yuan, a decrease of 87.07% [14]. Business Strategy and Transformation - Zhou Chengjian has actively engaged in live-streaming sales to revitalize the brand, achieving over 15 million yuan in gross merchandise value (GMV) during his first 10-hour live stream [15]. - Metersbonwe is shifting its strategic focus to the "trendy outdoor" segment, aiming to compete with high-end brands by offering affordable alternatives [16]. - The company has introduced a new logo and slogan to reflect its updated brand identity [16]. Historical Context - Founded in 1995, Metersbonwe initially thrived by adopting a virtual operation model, outsourcing production and focusing on brand development [21][22]. - The brand reached its peak in 2011 with sales of 9.945 billion yuan and over 5,000 stores nationwide [23]. Challenges Faced - Since 2014, Metersbonwe's performance has declined sharply due to increased competition from fast-fashion brands and a slow response to e-commerce trends [26][30]. - The company has struggled with a high proportion of franchise stores (95.5%), leading to operational inefficiencies and cash flow issues [31]. - Inventory management has become a critical problem, with turnover days reaching 462, indicating significant unsold stock [34].