Group 1 - Etam announced the closure of its Tmall official flagship store effective November 30, 2025, with the store already unavailable as of December 2, 2025 [1][4] - The closure is part of a business adjustment, following the sale of its ready-to-wear business in China to a Hong Kong investment firm in 2018, leaving only the lingerie business [5] - The brand has been in the Chinese market for 31 years, and this closure indicates a potential complete exit from the market, as it had no physical stores since 2020 [5] Group 2 - As of June 30, 2014, Etam had a total of 4,246 stores globally, with 3,083 located in China, but the performance in the Chinese market has declined significantly since then [6] - The lingerie business was the last remaining segment in China, which has faced continuous losses and store closures over the years [5][6] - The Chinese subsidiary, 伊范内衣（上海）有限公司, was established in October 2017 with a registered capital of 4.27 million USD, focusing on lingerie and related products [6]

Group 1 - The company, Tianbang Food (002124.SZ), confirmed that Yancheng Bonny Aquatic Food Technology Co., Ltd. is a wholly-owned subsidiary [2] - The main business of the company is pig farming and pork product processing, and it no longer has any seafood-related business [2]

Core Insights - ZARA HOME is closing its last store in Hangzhou, following the closure of its last store in Changsha, indicating a significant contraction in its presence in China [1][3] - The Inditex Group, which owns ZARA HOME, is also reducing its operations in China, having closed all stores of its other brands like Pull&Bear, Bershka, and Stradivarius since 2021 [3] Summary by Sections ZARA HOME Store Closures - The last ZARA HOME store in Hangzhou will close soon, following the closure of the Changsha store, marking a reduction in the brand's footprint in China [1] - ZARA HOME had at least five stores in Hangzhou, but now only one remains, with closures attributed to high rental costs [1] Inditex Group's Business Adjustments - Inditex Group has been closing stores across its brands in China, with ZARA alone reducing its store count by 81 in the past year [3] - The financial performance of Inditex in Asia has been declining, with the revenue share from this region dropping from 23.2% in 2020 to 15.7% in 2024 [3]