近日，优衣库更改退货规定。自5月1日起，优衣库门店自提/门店急送订单支持到线下门店退货，且仅可至原自 提/急送门店办理退货。其他线上订单不再支持到线下门店退货，仅支持退回线上指定地址。换言之，哪里买的得 回到哪里退。 截至发稿前，优衣库并未向南都·湾财社回复退货新规变动的原因。不过，优衣库并非第一家变更退货规定的时尚 企业。早在2023年11月底，ZARA便出台类似规定，其线上渠道购买的衣服不能在线下门店直接退货。另一快时 尚巨头，H&M也在2022年发布类似规定，如今更是规定除会员外无法享受线上免费退货。 退货政策收紧，虽然曾有品牌回应调整背后是出于"让消费者有更清晰一致的服务"，但不争的事实确是快时尚巨 头们在中国市场面临着越来越卷的竞争。门店收缩、大中华区业绩失速，成为"优衣库们"共同面临的新挑战。在 业内人士看来，缩减退货开支，也是应对近年时尚行业利润率降低、成本企高、白牌平替竞争激烈的一种手段。 退货高企侵蚀时尚企业利润 此前，"消费者苦女装乱象久矣""谁来管管女装"等话题相继冲上热搜，诸如上衣越来越短、口袋又小又浅、尺码 时大时小等吐槽常见网络，甚至还出现了妈妈的衣服比孩子衣服还小的热梗。相应地， ...

Core Viewpoint - Uniqlo has achieved its best performance in history, with strong growth in regions like Southeast Asia, India, Australia, North America, and Europe, while the Chinese market is experiencing a slowdown [3][4]. Financial Performance - Fast Retailing, Uniqlo's parent company, reported a total revenue of 1,790.1 billion yen (approximately 91.3 billion RMB) for the first half of the 2024-2025 fiscal year, a year-on-year increase of 12%. Net profit reached 233.5 billion yen (approximately 11.9 billion RMB), up 19.2% [3][4]. - Revenue in the Greater China region declined by approximately 3% to 361.7 billion yen, with profits down about 9%. Specifically, revenue in mainland China fell by 4%, and profits decreased by 11% [4][10]. Market Strategy and Consumer Behavior - Uniqlo has ended its decade-long "honeymoon" period in China, shifting focus from market expansion to market penetration as consumer preferences evolve towards affordable alternatives [4][8]. - The younger generation in China is increasingly opting for cheaper substitutes, leading to a shift in brand loyalty. Uniqlo faces competition from lower-priced brands that directly market themselves as alternatives to Uniqlo [4][7]. Competitive Positioning - Despite the challenges, Uniqlo's brand fundamentals remain intact, as it continues to offer high-quality, basic apparel that meets market demands. The brand's relative competitiveness is reportedly increasing as consumer sentiment shifts [7][8]. - Uniqlo has maintained its position as one of the top five brands in the women's clothing market in mainland China from 2018 to 2022 [7]. Store Strategy - Uniqlo is adjusting its store strategy by closing smaller, underperforming stores and focusing on larger flagship locations to enhance profitability [9][16]. - The company has increased its store count in Greater China to 1,031, surpassing Japan's 787 stores, but revenue per store in China remains lower than in Japan [10][12]. E-commerce Integration - Uniqlo's e-commerce strategy is performing well, with online sales accounting for 20% of its revenue in China, higher than Japan's 15%. The "store-warehouse integration" strategy is enhancing overall performance [21][22]. - The company has seen significant success during major sales events, ranking first in clothing sales on platforms like Tmall during events like 618 and Double 11 [26]. Supply Chain and Production - Uniqlo relies heavily on Chinese factories, with 269 suppliers in China compared to only 75 in Vietnam and 32 in Bangladesh. The efficiency of Chinese manufacturing remains crucial for Uniqlo's operations [29][30]. Future Outlook - Uniqlo aims to achieve a sales target of 1 trillion yen by 2028, with the Chinese market being a core battleground despite current challenges [30].