Core Points - The South Korean fashion brand Mardi Mercredi, which entered the Chinese market in 2022, is set to close all its stores in China after opening its first store in August 2023 [4][6] - The brand's official mini-program mall will cease operations starting October 31, 2023, alongside the closure of physical stores [5][9] - The brand has been withdrawing from multiple cities including Beijing, Shanghai, Changsha, Shenyang, and Wenzhou since September 2023 [6] Online Operations - The official mini-program mall announced that it would stop operations on October 31, 2023, and members must transfer their levels and points to the brands RAIVE and Rest&Recreation by that date [9][16] - The online clothing sales through the mini-program mall ended on October 15, 2023, with the mall officially ceasing operations on October 31, 2023 [9] - Other online sales channels, such as Tmall, Douyin, and Xiaohongshu, will continue to operate normally despite the closure of the mini-program [13][16] Brand Strategy - The closure of the mini-program and physical stores is attributed to "brand operation adjustments" as stated by the brand's Chinese agent, Mandoia [16] - Mandoia indicated that the group is focusing on new brands like Raive and Rest&Recreation, reallocating resources to support their development [16]

Core Viewpoint - Korean designer brand Mardi Mercredi is closing all its stores in China and will stop operating its mini-program mall from October 31, 2025 [1][4]. Group 1: Store Closures and Online Operations - Mardi Mercredi is ceasing its offline business operations in China, with its stores in major cities like Beijing, Shanghai, and others already undergoing clearance sales [3][12]. - The brand's online flagship store will continue to operate, and customer service for online purchases will remain unaffected [3][4]. - The brand's Chinese agent, MANTOVA, indicated that the store closures are part of a business optimization strategy, with a focus on new brands like Raive and Rest&Recreation [3][12]. Group 2: Membership and Points Migration - The brand's mini-program will stop operating on October 31, 2025, and the membership system will also be terminated [4][6]. - Customers are required to migrate their membership levels and points to the new brands Raive and Rest&Recreation before the deadline, or they will lose their points [4][8]. - The online store will stop accepting orders for clothing items from October 15, 2025, and customer service will end on November 8, 2025 [11][12]. Group 3: New Brand Focus - Mardi Mercredi is shifting its resources to new brands Raive and Rest&Recreation, aiming to avoid copyright disputes and re-establish its market presence [13]. - Raive draws inspiration from various cultural elements and offers a unisex clothing line, while Rest&Recreation focuses on sustainable fashion [13][12]. - Both new brands have already opened stores in multiple cities across China, indicating a strategic expansion [13].

Core Insights - Mardi Mercredi, a South Korean fashion brand, is closing all its stores in China and will cease operations of its mini-program mall starting October 31, 2025, due to brand operational adjustments [1][5][13] Group 1: Store Closures - The brand has been withdrawing from multiple cities in China, including Beijing, Shanghai, and others, since September 2023 [3] - The first store in China opened in October 2022, and the brand has only been operational for about a year before the closure announcement [3] Group 2: Online Operations - The official mini-program mall will stop operations on October 31, 2025, and the membership system will also be terminated [5][6] - Customers are required to transfer their membership levels and points to the new brands Raive and Rest&Recreation before the deadline, or they will lose their points [5][8] Group 3: Brand Strategy - Mardi Mercredi's parent company plans to allocate more resources to new brands like Raive and Rest&Recreation, indicating a strategic shift in focus [1][13] - Rest&Recreation, established in February 2022, has been expanding rapidly in China, with multiple store openings in major cities [14]

Core Insights - Mardi Mercredi, a South Korean fashion brand, is closing all its stores in China and ceasing operations of its online mini-program as of October 31, 2023 [4][8]. Group 1: Store Closures - The brand officially entered the Chinese market in 2022 but opened its first store only in August 2023 [4]. - Currently, there are two stores in Shenzhen and one in Guangzhou that are set to close [4]. Group 2: Online Operations - The brand's official mini-program mall has announced the cessation of operations, and the membership system will also be halted [8]. - Members are required to transfer their membership levels and points to the new brands Raive and Rest&Recreation by October 31, 2023, or risk losing their status and points [8]. Group 3: Brand Strategy - The closure is attributed to "brand operation adjustments" as stated in the mini-program notification [14]. - The brand's Chinese agent, Mandoia (Shanghai) Brand Management Co., indicated that the group is focusing on new brands, including Raive and Rest&Recreation, and will allocate more resources to these new ventures [14].

Core Viewpoint - Mardi Mercredi, a South Korean designer brand, is closing all its physical stores in China and ceasing operations of its mini-program mall as of October 31, 2025, due to business optimization adjustments [3][4]. Group 1: Store Closures and Online Operations - The brand's physical stores in major cities like Beijing, Shanghai, and others have been clearing out inventory as part of a large-scale withdrawal from the market [3]. - Despite the closure of physical stores, the online flagship store will continue to operate, and customer service for online purchases will remain unaffected [3][10]. - The brand's mini-program mall will stop operations, and the membership system will also be terminated, requiring members to transfer their points to new brands by the deadline [4][7]. Group 2: Brand Management and New Initiatives - The Chinese agent for Mardi Mercredi, Mandoia (Shanghai) Brand Management Co., Ltd., stated that the closure is part of a strategy to focus on new brands like Raive and Rest&Recreation [3][10]. - Mandoia was established in March 2022 and is involved in brand management and retail across various sectors, including fashion [3]. Group 3: Brand Background and Market Presence - Mardi Mercredi was founded in 2018 by designers Park Hee-mook and Lee Soo-hyun, with a style that leans towards casual French fashion [11]. - The brand entered the Chinese market in 2022 and opened its first pop-up store in Shanghai in April 2023, targeting a demographic of young adults [11]. - The brand has faced challenges with counterfeit products in the Chinese market, which has affected its operations [10].

Core Viewpoint - The well-known restaurant brand Din Tai Fung is undergoing significant operational adjustments, including the closure of its WeChat store by November 30, 2025, while planning to re-enter the Beijing market in March 2026 after a hiatus of nearly 20 years [1][6][7]. Group 1: Operational Changes - Din Tai Fung's WeChat store will cease operations, and customers must redeem their points by the deadline, or they will expire [1]. - The company will also terminate its corporate group purchasing service, although it claims that offline store operations will remain unaffected [2]. - The brand has seen a reduction in its physical presence in mainland China, with the number of stores dropping to 14 in major cities like Shanghai, Guangzhou, Shenzhen, and Hangzhou [1][3]. Group 2: Market Performance - Despite its popularity overseas, Din Tai Fung has faced challenges in the mainland market, leading to the closure of multiple locations [3][5]. - In the U.S., Din Tai Fung's average store revenue is projected to be $27.42 million in 2024, with total revenue reaching $411.6 million (approximately 2.9 billion RMB), marking a nearly 20% annual growth [2]. Group 3: Future Prospects - The company aims to return to the Beijing market, which is seen as a strategic move to capitalize on the remaining growth potential in the mainland market [7]. - Industry experts believe that Din Tai Fung's brand recognition as a leading "soup dumpling" brand remains strong, providing a foundation for its potential resurgence [8]. - The brand is expected to adapt its business model to better meet the needs of younger consumers and improve cost-effectiveness in its offerings [8].

Core Viewpoint - Huaxi Biological (688363.SH) is under increasing performance pressure, leading to heightened market scrutiny of its actions [1] Group 1: Headquarters and Brand Operations - Recent market rumors suggested that Huaxi Biological plans to relocate its headquarters from Beijing to Hangzhou, which the company denied, stating it is adjusting its brand operation locations [2] - The company aims to leverage the brand operation ecosystem advantages in East China by consolidating some brand operation centers in the region [2] - Several beauty companies are indeed concentrated in the Jiangsu-Zhejiang-Shanghai area, such as Proya (603605.SH) and Beitaini (300957.SZ) [2] Group 2: Management Changes - Huaxi Biological has undergone significant changes in its board of directors, with key figures like Fan Yuan and Zou Songyan not re-elected [4] - Fan Yuan was notably responsible for the company's functional skincare business [3] Group 3: Product and Marketing Strategy - The company has closed its smaller revenue-generating skincare brand, Runxiquan, while increasing marketing investments in its main brand, Runbaiyan [4] - In August, Runbaiyan announced Zhang Yixing as its first global brand ambassador, which represents a significant marketing expenditure for Huaxi Biological, especially as the company has reduced its sales expenses [5] - For the first half of 2025, sales expenses were reported at 808 million yuan, a year-on-year decrease of 31.44%, accounting for 35.74% of revenue, down over 6 percentage points year-on-year [5] Group 4: Performance Outlook - The effectiveness of these adjustments in boosting Huaxi Biological's skincare product performance is currently under scrutiny [6]