Core Viewpoint - The French fashion brand Etam has announced the closure of its Tmall flagship store effective November 30, 2025, indicating a significant business adjustment and potential exit from the Chinese market after 31 years of operation [1][5]. Group 1: Company Operations - Etam's Tmall flagship store and other online platforms like Xiaohongshu and Douyin will cease operations, with customer service available until December 15, 2025 [1][4]. - The brand has a history of business restructuring, having sold its ready-to-wear lines in China back in 2018, retaining only its lingerie business [5][6]. - The closure follows a period of inventory clearance in October 2025, during which customers reported issues such as incorrect shipments and slow customer service responses [5]. Group 2: Market Context - Etam entered the Chinese market in 1994 and quickly expanded to 723 stores within two years, achieving annual sales exceeding 900 million yuan [5]. - By June 2014, Etam had 4,246 stores globally, with 3,083 located in China, but the brand's performance in the Chinese market has declined significantly since then [6]. - The lingerie market in China is becoming increasingly competitive, with new brands like Ubras and NEIWAI gaining popularity by focusing on comfort and innovative designs, contrasting with traditional brands like Etam and the German brand Triumph, which also plans to exit the market by December 31, 2025 [6].

Group 1 - French fashion brand Etam announced the closure of its Tmall flagship store on November 30, indicating a potential complete exit from the Chinese market after 31 years of operation [1] - The brand had previously sold its ready-to-wear business in China in 2018, retaining only its lingerie segment, and by 2020, it had no physical stores left in the country [1] - Prior to the closure, Etam began a clearance sale in October, but faced customer complaints regarding order fulfillment and after-sales service [1] Group 2 - As of June 30, 2014, Etam had 4,246 stores globally, with 3,083 located in China, but its performance in the Chinese market has declined significantly since then [2] - The lingerie market in China is becoming increasingly competitive, with new brands like Ubras and NEIWAI gaining popularity due to their focus on comfort and innovative designs [2] - A report from Northeast Securities highlights that the global women's lingerie industry is entering a "comfortable and diversified" phase, with various subcategories emerging as independent segments, particularly in the Chinese market [2]

Core Viewpoint - Triumph Group, the parent company of the well-known lingerie brand Triumph, announced its decision to cease operations in mainland China by December 31, 2025, due to an inability to adapt to changing consumer demands and competitive dynamics in the market [2][4][5]. Company Summary - Triumph, founded in 1886, was one of the first foreign brands to introduce underwire bras to the Chinese market and had established over a thousand stores at its peak [4][5]. - The brand has begun closing its physical stores, with some locations already offering clearance sales and discounts ranging from 4.5% to 8.5% off [3][4]. - Online sales channels will also be phased out, with the last day for after-sales service on various platforms set for December 5, 2025 [2][3]. Industry Summary - The lingerie market in China has shifted from a focus on underwire bras to a preference for comfort, with over 70% of the market now favoring wireless bras [4][5]. - New emerging brands that emphasize comfort, such as Ubras and Neiwai, have gained significant market traction, often outperforming traditional brands like Triumph in online sales [6][7]. - The competitive landscape is characterized by a fragmented market, with Triumph holding less than 1% market share, while local brands are rapidly gaining ground [5][9]. - Traditional brands are facing challenges due to slow product innovation and reliance on outdated sales channels, while new brands leverage online marketing and innovative product designs to attract younger consumers [6][8][9].

Core Insights - Triumph, a German lingerie brand, announced its exit from the Chinese mainland market by the end of 2025, marking the end of the "underwire era" in the country [5][6][11] - The shift in consumer preferences towards comfort and local brands has led to a decline in Triumph's market presence, with 78.4% of consumers now opting for wire-free bras [6][10] - The rise of domestic brands like Ubras and Jiao Nai has capitalized on the changing consumer trends, achieving significant market share and sales growth [10][12] Company Overview - Triumph International Group, established in 1886, was one of the first international lingerie brands to localize production in China, with a peak of over 1,000 stores [7][11] - The brand was once perceived as a luxury in the Chinese market, but its relevance has diminished as consumer preferences shifted towards comfort and affordability [8][9] Market Dynamics - The lingerie market in China is undergoing a transformation, with local brands capturing 90% of the top 20 sales during the recent Double 11 shopping festival [10][12] - The market is characterized by a fragmented landscape, with the top five brands holding only 6% market concentration, indicating a highly competitive environment [15] Consumer Behavior - Younger consumers are increasingly favoring local brands over international ones, driven by a desire for comfort and affordability [8][9] - The traditional focus on shaping and underwire has been replaced by a demand for comfort, with many consumers now preferring wire-free and sports-style lingerie [6][10] Industry Trends - The lingerie industry is witnessing a bifurcation, with new brands rapidly emerging while traditional brands like Triumph face declining sales and market share [11][12] - The rise of "white label" products poses a significant challenge to both established and new brands, as price competition intensifies in the fragmented market [15]

Group 1: Financial Performance - In Q3 2025, revenue increased by 2%, but net profit decreased by 0.6% due to changes in expense structure [3] - As of Q3 2025, the proportion of revenue from the distribution channel was approximately 12% [3] - The company implemented a mid-term profit distribution, resulting in a decrease in retained earnings compared to the mid-year report [1] Group 2: Sales and Marketing Strategy - Increased sales expenses in 2025 were primarily directed towards Douyin and shopping center channels [1] - The online revenue proportion reached approximately 43% in Q3 2025 [2] - The return rate for Tmall was about 26%, while Douyin's return rate was around 40% in the first half of 2025 [2] Group 3: Product and Market Focus - The company focuses on its core lingerie business, with main products including bras, vests, underwear, thermal wear, and homewear [2] - North American sales revenue for 2024 was approximately 60 million RMB, accounting for about 2% of total revenue [2] - The company collaborates with suppliers to develop new fabrics but does not produce fabrics itself [2] Group 4: Inventory and Production - As of June 30, 2025, inventory aged over two years accounted for about 3% of the total inventory [1] - The production capacity for the Jiangxi factory in 2024 was approximately 17 million pieces, with 8 million pieces planned for the first half of 2025 [2]

Core Insights - The company reported a revenue of HKD 3.84 billion for the six months ending September 30, 2025, representing a year-on-year decrease of 3.45% [1] - Profit attributable to the company's owners increased to HKD 145 million, a significant year-on-year increase of 114.25% [1] - Earnings per share were reported at HKD 0.118, with a dividend of HKD 0.057 per share [1] Revenue Performance - The decline in revenue was attributed to factors such as tariff fluctuations, adjustments in product strategies by certain brand partners, and weak market demand [1]

Core Insights - The German lingerie brand Triumph, known for introducing underwire bras to the Chinese market, is set to exit mainland China after over 40 years of operation, with its last stores expected to close by December 20, 2023 [1][3] - The brand's decline is attributed to a significant market shift towards wireless bras, which now account for 68% of the online lingerie market in China, reflecting a broader trend in consumer preferences for comfort over shaping [2][4] Company Overview - Triumph entered the Chinese market in 1979, becoming one of the first international lingerie brands to establish a presence post-reform [3] - The brand peaked between 2015 and 2016, achieving annual sales of 3.5 billion yuan and operating over 900 stores, capturing a market share of 5.2% [3] - Despite attempts to adapt by launching wireless products post-2020, Triumph's market share has dwindled to less than 1% as of Q3 2024 [3] Industry Trends - The Chinese wireless lingerie market has seen explosive growth, with a market size reaching 152.1 billion yuan in 2024, a threefold increase from 38 billion yuan in 2018 [4] - Local brands such as Ubras and Jiao Nai have emerged as market leaders, dominating sales on platforms like Tmall, where they occupy the top two spots in the lingerie category [4] - The industry is evolving towards diversification and technological innovation, with new product categories like sports and sleepwear gaining traction, and the integration of advanced materials enhancing product value [4]

Core Viewpoint - The German lingerie brand Triumph, with over 130 years of history, announced the closure of all offline stores in mainland China by December 31, 2025, along with the shutdown of all online stores by December 5, 2025, signaling a strategic retreat due to significant market changes [2][4]. Company Summary - Triumph was founded in 1886 in southern Germany and entered the Chinese market in 2008, being one of the first brands to introduce "underwire bras" to China [4]. - The company has previously closed stores in the UK in 2017 and is now facing rising operational costs in China, which necessitate high inventory turnover and intense promotions, compressing profit margins [7]. - As of 2024, Triumph's associated company in China, Yancheng International Women's Fashion Co., Ltd., has a registered capital of 15 million USD and employs 75 people [4]. Industry Summary - The Chinese lingerie market has undergone significant changes over the past decade, shifting from a focus on "underwire shaping" to a preference for "wireless comfort" [7]. - The market size for women's lingerie in China reached 223.7 billion CNY in 2024, with domestic brands surpassing foreign brands for the first time in market concentration [7][11]. - The market share of wireless bras increased to 68% in 2024, a 42 percentage point rise since 2018, indicating rapid growth in this segment [7][11]. - Local brands like Ubras, Neiwai, and Jiao Nai have gained prominence with their "wireless, zero-burden" philosophy, leading to a shift in consumer preferences [10][12]. - The competitive landscape is characterized by a fragmented market, with the top 10 brands holding only 8.9% market concentration in 2024 [11]. - Traditional brands are adapting through various strategies, with Urban Beauty focusing on core categories and Aimer pursuing a multi-brand and globalization approach [11]. - Emerging brands are rapidly gaining market share, with Ubras achieving sales of 3.5 billion CNY in 2024, and Jiao Nai's GMV surpassing 7 billion CNY, highlighting the shift towards comfort and segmentation in the market [12].

Group 1: Financial Performance - Gap reported a net sales of $3.9 billion for the third quarter, marking a 3% year-over-year increase and achieving positive same-store sales growth for seven consecutive quarters [6] - LuxExperience, the largest luxury e-commerce group, experienced a 4.3% decline in GMV to €589 million and a 4.2% drop in net sales to €557.2 million, with an adjusted EBITDA loss of €28.1 million [7] - Swiss watch exports fell by 4.4% year-over-year in October, totaling CHF 2.2 billion (approximately $2.7 billion), with a significant 47% drop in exports to the U.S. due to tariffs [5] Group 2: Market Trends - The luxury market in China shows signs of recovery, with Swiss watch exports to China increasing for the second consecutive month by 13% [5] - The auction by Phillips achieved a total sales of over HKD 304 million, setting a record for the highest permanent watch auction in Asia [4] - The opening of Vhernier's first Asian boutique in Hong Kong indicates a resurgence of luxury retail in the region [8] Group 3: Company Strategies and Changes - EssilorLuxottica is preparing to acquire 5%-10% of Giorgio Armani's shares, positioning itself as a financial investor without involvement in daily operations [3] - Harrods announced the closure of its Shanghai private members' club and tea room, indicating a strategic shift to focus on more impactful experiences in other regions of China [12] - Triumph's brand, Dianafen, will close all offline and online stores in mainland China by December 2025, reflecting challenges in adapting to local market demands [9] Group 4: New Initiatives - Kering SA plans to establish a venture capital department named House of Dreams to adapt to technological changes and evolving consumer demands [13] - Marriott International's luxury brand launched a new dining project "Table Stories," blending art and cuisine to create a unique luxury experience [10]

Core Insights - The German lingerie brand, Triumph, announced its withdrawal from the Chinese market, ceasing operations by December 31, 2025, with online and offline channels shutting down starting December 2023 [1][4] - Triumph was once a leading lingerie brand for Chinese women, particularly among the "post-80s" and "post-90s" generations, and its exit has surprised many consumers [6] Company Overview - Triumph, founded in 1886, entered the Chinese market in August 2008 and was one of the first foreign brands to introduce underwire bras [8] - The brand's products are positioned in the mid-to-high price range, with basic bras priced between 200 to 500 yuan, and some premium styles reaching up to 800 yuan [8] Market Dynamics - The Chinese lingerie market has undergone significant changes over the past decade, shifting from underwire bras to a preference for wire-free, comfortable options [9] - According to Euromonitor International, the market share of wire-free bras in China is projected to reach 68% by 2024, a 42 percentage point increase since 2018 [10] - The current landscape of the women's lingerie market is competitive and fragmented, with Triumph holding less than 1% market share [10] Strategic Misalignment - Triumph's focus on underwire bras and delayed adaptation to market trends, including a slow online presence and higher pricing compared to local brands, contributed to its decision to exit the market [11] - The brand's late introduction of comfort-focused products was deemed insufficient to compete effectively in the evolving market [11]