Core Viewpoint - The closure of Etam's online flagship store on Tmall and other platforms signals potential withdrawal from the Chinese market, raising concerns about the brand's future in a competitive landscape [1][2]. Company Summary - Etam, a French apparel brand, has been in the Chinese market for over 30 years, establishing its first store in Shanghai in 1995 and reaching a peak of 723 stores with annual sales exceeding 900 million yuan [2]. - The brand has faced declining performance due to increased competition from both foreign and domestic brands, leading to frequent reports of losses and store closures [2]. - In 2017, Etam delisted from the Paris stock exchange and sold its ready-to-wear business in China, retaining only its lingerie segment [2]. - The company has made limited moves in the lingerie market since then, with no new physical stores established despite previous announcements [2]. Industry Summary - The lingerie industry is experiencing intensified competition, with brands like Dianfin also closing all physical stores [3]. - New emerging brands focusing on comfort and functionality, such as ubras and NEIWAI, have gained popularity and market share, posing challenges to established brands like Etam [3]. - Research indicates that traditional lingerie companies struggle with outdated brand images, lack of product innovation, and unclear target demographics, making it difficult to adapt to changing consumer demands [3].

Core Viewpoint - The lingerie brand Etam announced the closure of its Tmall flagship store due to business adjustments, leading to speculation about its potential exit from the Chinese market [2] Company Summary - Etam has been operating in the Chinese market for over 30 years, entering in 1994 and opening its first store in Shanghai in 1995 [2] - At its peak, Etam had 723 stores in China with annual sales exceeding 900 million yuan [2] - The brand has faced declining performance, frequent reports of losses, and store closures in recent years, leading to its delisting from the Paris stock exchange in 2017 and the sale of its ready-to-wear business in China in 2018 [2] Industry Summary - The closure of Etam's lingerie business is part of a broader trend, as competitors like Dianfin have also announced the closure of all offline stores [4] - The lingerie industry has seen the rise of new brands focusing on comfort and functionality, such as Ubras, which became a sales champion during the "Double 11" shopping festival in 2020 [4] - Established lingerie brands face challenges such as outdated brand images, lack of product innovation, and unclear target demographics, struggling to adapt to changing consumer demands and increased competition [4]