女装商家和消费者啥时候停战？ 文｜卢力麟 编辑｜王泽轩 来源｜Vista氢商业（ID：Qingshangye666） 封面来源｜视觉中国 俗话说，"时尚就是上身基础，下身就不基础。"在刚刚过去的双11，比这个更权威的口诀出现了，那就是"衣服基础，吊牌就不基础。" 很多人在社交媒体平台上分享，自己买到的衣服吊牌快跟衣服一样大了，一片摞一片就像挂了一本杂志在上面，"多买几件都能拼成一本书了。"而这并不是 个例。许多消费者发现，女装的吊牌已经开始刮起了"越做越大"的风，有的大到能当餐垫，硬到能防身。 小红书@一只毒蘑菇 有消费者调侃："以前买衣服看款式，现在买衣服得先掂量一下吊牌的负重能力。" 这些吊牌的存在感如此之强，以至于有人戏称其为"衣服上最沉重的配 饰"。 在这个如A4纸一般大的吊牌背后，是整个女装行业在高退货率与消费信任之间的艰难平衡。当消费者购买女装和商家处理退货都变成一个技术活的时候， 我们不禁要问：女装为啥这么难搞？这场商家和消费者之间的博弈究竟何时才能停止？ 图 源 ： 巨型吊牌， 国内女装行业"最大创新"？ 如果你参与了刚刚过去的双11，可能会发现一个有趣的现象，那就是女装讨论焦点除了参差的版型 ...

以下文章来源于Vista氢商业 ，作者王泽轩 Vista氢商业 . 关心都市白领的消费生活 提供易懂有趣的品牌报道 女装商家和消费者啥时候停战？ 文 ｜ 卢力麟 编辑 ｜ 王泽轩 来源｜ Vista氢商业（ID：Qingshangye666） 封面来源 ｜ 视觉中国 俗话说，"时尚就是上身基础，下身就不基础。"在刚刚过去的双11，比这个更权威的口诀出现了，那就是 "衣服基础，吊牌就不基础。" 很多人在社交媒体平台上分享，自己买到的衣服吊牌快跟衣服一样大了，一片摞一片就像挂了一本杂志在上面， "多买几件都能拼成一本书了。" 而这并不是个例。许多消费者发现，女 装的吊牌已经开始刮起了"越做越大"的风，有的大到能当餐垫，硬到能防身。 图源：小红书@一只毒蘑菇 有消费者调侃："以前买衣服看款式，现在买衣服得先掂量一下吊牌的负重能力。" 这些吊牌的存在感如此之强，以至于有人戏称其为"衣服上最沉重的配饰"。 在这个如A4纸一般大的吊牌背后，是整个女装行业在高退货率与消费信任之间的艰难平衡。当消费者购买女装和商家处理退货都变成一个技术活的时候，我们不禁要问： 女装为啥这么 难搞？这场商家和消费者之间的博弈究竟何时才能停止？ ...

Core Viewpoint - The rise of oversized tags in the fashion industry is a response to the abuse of the "seven-day no-reason return" policy by consumers, leading to increased costs and operational challenges for merchants [1][2][3] Group 1: Merchant Challenges - Merchants are facing significant losses due to consumers treating them as free fitting rooms, with returned items often being damaged or used [2] - The introduction of large, hard tags aims to deter consumers from returning worn items, as they are difficult to hide and uncomfortable to wear [1][2] - Merchants report that despite implementing various anti-return measures, such as large tags and security features, the problem persists, leading to increased operational costs [1][2] Group 2: Industry Response - The demand for oversized tags has created a new industry segment, with tag manufacturers seeing a surge in orders, particularly around major shopping events like "Double Eleven" [2] - The production of these tags has evolved, with manufacturers developing various designs, including ribbon tags and lock mechanisms, to combat return abuse [1][2] - The trend of oversized tags has become a shared solution among female clothing merchants, indicating a collective struggle against return fraud [2] Group 3: Consumer Behavior and Regulation - The misuse of the return policy is not limited to the women's clothing sector but is most evident there, prompting calls for regulatory measures to prevent abuse [3] - There is a recognition that the current return policy framework may need adjustments to protect merchants from undue losses while balancing consumer rights [3] - The lack of clear standards for returned goods complicates the situation, as merchants are often left with unsellable items due to the condition in which they are returned [3]

Core Insights - The recent live-streaming incident involving self-portrait has raised significant concerns about the brand's management and execution, leading to a public acknowledgment of shortcomings by its parent company, Geli Si Group [2][17] - Self-portrait, a British brand founded by Han Chong in 2013, has seen a shift in its reputation from a favored choice among socialites to facing criticism for quality and professionalism [5][17] - Despite the challenges, self-portrait remains a crucial growth driver for Geli Si, with impressive revenue growth and high profit margins compared to other brands in the portfolio [13][16] Brand Background - Self-portrait was established in London by Malaysian designer Han Chong, who aimed to create luxurious yet affordable fashion for women [5][7] - The brand's pricing ranges from 2000 to 8000 yuan, with an average selling price of around 3000 yuan, positioning it in the light luxury segment [5] - The brand has gained popularity in China, especially after Geli Si Group took over its operations in 2019, leading to significant online sales growth [10][12] Financial Performance - In the first three quarters of 2025, self-portrait generated revenue of 424 million yuan, marking a growth rate of 19.36%, making it the fastest-growing brand within Geli Si [13] - Self-portrait's gross margin stands at 80.4%, significantly higher than the group's average of 66%, highlighting its role as a "profit cow" for the company [13] - Online sales for self-portrait increased by over 40% in the same period, contributing to its strong performance in the competitive luxury market [14] Challenges and Market Position - The recent live-streaming incident has raised questions about the brand's professionalism and quality control, potentially damaging its established high-end image [17][20] - The competitive landscape in the light luxury sector is intensifying, with brands like Zhi He and international players such as Sandro and Maje posing threats to self-portrait's market share [19][20] - Despite the negative publicity, experts suggest that the impact on self-portrait may be limited due to the brand's relatively low visibility in the market and the forgiving nature of Chinese consumers [20]

Summary of Langzi Co., Ltd. Conference Call Company Overview - **Company**: Langzi Co., Ltd. - **Industry**: Medical Aesthetics and Fashion Retail Key Financial Performance - **Net Profit**: For the first three quarters of 2025, the net profit attributable to shareholders reached 989 million yuan, a year-on-year increase of 366% [2][3] - **Non-recurring Net Profit**: Decreased by 4.1% year-on-year, indicating a need for improvement in profit quality [2][3] - **Operating Cash Flow**: Slight decline observed, reflecting potential operational challenges [2][3] Medical Aesthetics Business - **Revenue Contribution**: Medical aesthetics revenue exceeded 50% of total revenue for the first time, reaching 2.237 billion yuan, a 2.5% increase year-on-year [2][4] - **Gross Margin**: Improved to 55.6%, up 1.8 percentage points year-on-year [2][4] - **Net Profit Contribution**: Decreased by 33.5% year-on-year, indicating challenges in profitability [2][4] - **Revenue Breakdown**: - Milan Fabric Division: 1.159 billion yuan, up 2.2% - Financial Services Division: 393 million yuan, up 9.7% - Hancheng Division: 318 million yuan, up 16% - Wuhan Wuzhou: 146 million yuan, down 9% - Changsha Yamei: 132 million yuan, down 13% - Gao Doctor: 109 million yuan, down 11% [4] Women's Clothing Business - **Revenue**: Approximately 1.407 billion yuan, stable year-on-year [5] - **Gross Margin**: Maintained at around 64% [5] - **Net Profit Contribution**: Increased by 1% year-on-year [5] - **Online Sales Growth**: Significant growth of over 22%, accounting for more than 46% of total women's clothing revenue [5] - **Inventory**: Total inventory at the end of Q3 was approximately 769 million yuan, with a focus on preparing for Q4 [5] Yingdong Division Performance - **Revenue**: Approximately 674 million yuan, a slight decline of 1.6% year-on-year [7] - **Gross Margin**: Decreased by 4.2 percentage points to 61.4% [7][8] - **Net Profit**: Approximately 6.87 million yuan, down 33% [8] Trends in Medical Aesthetics - **Revenue Trends**: Despite a 6% decline in half-year revenue, Q3 showed slight growth of about 2% [9] - **Product Mix Changes**: - Regenerative materials accounted for 22% of revenue, up 5.1 percentage points - Hyaluronic acid decreased to 12.6%, down 1.9 percentage points [9] - **Light Medical Aesthetics**: Increased focus on light medical aesthetics projects, with significant growth in revenue [10] Strategic Considerations - **Pricing Strategy**: Emphasis on providing comprehensive solutions rather than relying solely on product pricing [12] - **Cost Management**: Efforts to reduce customer acquisition costs through channel optimization and content marketing [12] - **M&A Strategy**: Active pursuit of high-quality medical aesthetics targets through external fund acquisitions, with a focus on integration [14][17] Market Environment and Future Outlook - **Market Conditions**: Current market conditions have influenced M&A activities, with many small institutions being acquired for better growth opportunities [15][16] - **Investment Plans**: Positive outlook on future growth, especially in new regions, with ongoing monitoring of potential targets [17] Cost and Supplier Dynamics - **Material Costs**: Decreased by 1.4 percentage points year-on-year, benefiting from strong supplier relationships [19] - **Supplier Power**: Upstream suppliers maintain significant power, particularly in high-end products [20] This summary encapsulates the key points from the conference call, highlighting the financial performance, business segments, strategic initiatives, and market dynamics of Langzi Co., Ltd.

Financial Performance - In the first three quarters of 2025, the company achieved total revenue of approximately 4.328 billion yuan, a year-on-year increase of 0.89% [2] - Gross profit margin reached 59.35%, an increase of 1.77 percentage points compared to the same period last year [2] - Net profit attributable to shareholders was approximately 366.95 million yuan, a year-on-year increase of 0.5% [2] - Net cash flow from operating activities was approximately 359 million yuan, a year-on-year decrease of 1.87% [2] - Basic earnings per share were 2.2346 yuan, a year-on-year increase of 366.90% [2] - Total assets were approximately 8.617 billion yuan, a year-on-year increase of 5.67% [3] - Net assets attributable to shareholders were approximately 3.413 billion yuan, a year-on-year increase of 19.07% [3] Business Segment Performance - Medical beauty segment revenue was approximately 2.237 billion yuan, a year-on-year increase of 2.49% [3] - Women's clothing segment revenue was approximately 1.407 billion yuan, a year-on-year increase of 0.08% [3] - Infant and child segment revenue was approximately 674 million yuan, a year-on-year decrease of 1.58% [3] Investment Activities - The company generated investment income of approximately 970 million yuan from the disposal of part of its equity in Ruoyuchen [4] - The company acquired 67.50% of Chongqing Milan Baiyu Time Aesthetic Hospital for 92.475 million yuan, with a valuation dynamic price-earnings ratio of 13.38 times [4][5] - Performance commitments for Chongqing Time's net profit are set at no less than 9.29 million yuan, 9.89 million yuan, and 11.83 million yuan for 2025, 2026, and 2027 respectively [5] Online and Offline Sales Channels - Online sales for women's clothing reached approximately 652 million yuan, a year-on-year increase of 22.55% [9] - Online sales accounted for 46.80% of women's clothing revenue, an increase of 8.8 percentage points [9] - The company is integrating online and offline channels to enhance customer experience and increase repurchase rates [9] Inventory Management - As of September 30, 2025, the net value of women's clothing inventory was approximately 630 million yuan, a year-on-year increase of 13.84% [10] - Inventory less than one year old was approximately 522 million yuan, a year-on-year increase of 23.55% [10]

Core Viewpoint - The recent live-stream event hosted by the British luxury brand Self-Portrait faced significant criticism due to multiple errors made by the host, which led to a negative audience reaction [1] Group 1: Event Details - The live-stream featured actress Zhu Zhu and was hosted by KOL Weng Qingya, who gained popularity from the dating show "Heart Signal" [1] - During the event, the host mispronounced the brand name several times and exhibited various performance issues, including forgetting lines and shallow discussions, resulting in awkward moments [1] Group 2: Company Response - Self-Portrait's official customer service responded to the feedback by apologizing for the negative experience caused by the live-stream [1] - The brand expressed its commitment to listening to customer feedback and improving the quality and presentation of future events to better align with brand values [1]

Core Viewpoint - The early start of the "Double 11" shopping festival has led to a significant increase in pre-sale models for women's clothing, with many items marked for a 15-day pre-sale period, reflecting a shift in consumer purchasing behavior and inventory management strategies [2][3][4] Reasons - The pre-sale model allows merchants to reduce risks by not holding large inventories, as they can continue to sell while restocking based on demand [3][4] - The high return rate of women's clothing, exceeding 50%, is a significant factor driving the adoption of long pre-sale periods, enabling sellers to manage returns more effectively [5][6][7] Analysis - The characteristics of women's clothing sales include high return rates, short sales cycles, and potential inventory accumulation, making pre-sale a preferred strategy for online retailers [7] - The convenience of return policies and impulsive buying behavior during live-streaming sales contribute to the high return rates observed in the industry [6][7] Opinions - Some consumers express dissatisfaction with the long pre-sale periods, feeling that it may infringe on their rights, while others are willing to wait for items they truly desire [8] - Concerns have been raised regarding the fairness of the pre-sale model, as it may shift inventory and time costs onto consumers, potentially constituting unfair trading practices [8][9]

Core Viewpoint - The early launch of the "Double 11" shopping festival has led to a trend of extended pre-sale periods for women's clothing, with many items requiring a wait of up to 15 days for delivery, reflecting a shift in inventory management strategies among retailers [1][2][4]. Group 1: Reasons for Extended Pre-sale - Retailers are adopting a 15-day pre-sale model primarily to reduce inventory risks, allowing them to gauge market demand before committing to large stock levels [2][5]. - The fast-paced nature of women's fashion, where trends change rapidly, necessitates a pre-sale approach to minimize unsold inventory and adapt to consumer preferences [3][5]. - The high return rates in women's clothing, exceeding 50%, further incentivize retailers to implement longer pre-sale periods, enabling them to manage returns more effectively [4][5]. Group 2: Consumer Behavior and Feedback - Many consumers express frustration with the long wait times associated with pre-sales, leading to potential cancellations or changes in interest during the waiting period [6]. - Some consumers are willing to wait for items they truly desire, indicating a divide in consumer sentiment regarding pre-sale practices [6][7]. - The high return rates are attributed to various factors, including sizing issues and discrepancies between online representations and actual products, which can lead to consumer dissatisfaction [4][5][6]. Group 3: Industry Implications - The trend of extended pre-sales raises questions about fairness in consumer transactions, as it may shift the burden of inventory costs onto consumers [6]. - There is a call for better regulation and oversight of online retail practices to address issues such as misleading advertising and excessive returns [6]. - The lack of innovation in women's fashion, as noted by industry figures, suggests a need for brands to focus on unique designs and consumer needs to reduce reliance on pre-sale models [7][8].

Core Insights - The incident involving the self-portrait brand's live stream event has prompted the company to reflect on its operational processes and execution details, acknowledging significant shortcomings in event management [2] - Self-portrait has established a systematic approach to marketing in China, utilizing a mix of high-profile celebrities and influencers to create a cascading effect of brand exposure [6][10] - Despite the increased visibility from the live stream incident, there is concern about whether this controversial exposure will translate into brand equity, as the focus shifted away from the product and brand narrative [10] Group 1: Brand Performance - Self-portrait's revenue reached 285 million yuan, making it the fastest-growing brand under the company as of the 2025 mid-year report [6] - As of the third quarter of 2025, self-portrait has opened 76 direct stores in China, indicating a strong retail presence [6] Group 2: Marketing Strategy - The brand's marketing strategy involves leveraging celebrity endorsements as "traffic anchors" and then expanding reach through smaller influencers, creating a high-frequency communication cycle [6][10] - The recent live stream was part of a broader promotional strategy, which included various celebrity appearances to generate buzz around new product launches [8] Group 3: Industry Context - The fashion industry, particularly mid-range women's apparel, is facing revenue and profit pressures due to macroeconomic fluctuations, leading to reduced advertising and endorsement spending [10][12] - There is a shift in consumer preferences among middle-class women in first-tier cities towards more practical and elegant brands, posing challenges for brands like self-portrait that are associated with "ceremonial dressing" [12][13] - Despite challenges, established brands like self-portrait maintain a solid customer base in lower-tier markets, catering to social display needs [12] Group 4: Brand Challenges - The brand's reliance on celebrity-driven exposure may create instability, especially when product quality and commercial logic do not align with fast-paced marketing strategies [13] - The current economic environment has led consumers to seek more affordable alternatives, impacting the sales of mid-range brands like self-portrait [13]