11月21日，一纸来自黛安芬中国子公司的停止运营公告，为曾经的德国内衣巨头，也为曾经的钢圈内衣时代划下了一个充满仓促感的休止符。 女性消费者对内衣的需求认知已不同于十年前，以专业导购+身体塑形的传统内衣模式正式走向终结。 与其退场同步发生的，是中国内衣整体市场的萎缩。 据第三方数据显示，2025年1-11月，线上电商平台内衣市场规模突破200亿元，但同比增长仅为2.6%。 关于Triumph 集团从中国大陆市场战略撤离的告知函 来源：网络 2015-2016年是黛安芬的巅峰时期，年销售额曾达到35亿元，线下门店数量超900家，却也难逃退场的命运。 黛安芬的线上售后渠道在12月上旬全面关闭，线下门店也已进入了离场倒计时。 黛安芬的离场绝非孤例，但它无疑是一个极具象征意义的标志。 近乎停滞的增速，也侧面说明内衣市场已进入存量时代，不再有结构性增长红利。 内衣市场真正的变化在于，消费者需求从有钢圈走向无尺码，而当无尺码已成为行业标配，市场并未迎来新的增长曲线，反而陷入"内卷式"洗牌。 品牌只能在同质化的红海中，争夺几乎不再扩大的蛋糕。 钢圈不再是主流，传统内衣模式退潮 要理解黛安芬们的衰败，必须首先回溯它们赖以成功 ...

关于内衣业务，艾格曾于2015年将该业务引入中国，开始研发亚洲版型，并在中国上海开出第一家内衣 门店。2017年初，艾格在上海静安寺商圈的晶品Crystal Galleria购物中心开出第二家内衣门店。 值得注意的是，艾格内衣的退场并非个例。近日，黛安芬宣布年底关闭所有线下门店。这背后是不断加 剧的行业竞争和新兴品牌崛起带来的影响。 近几年，内衣行业崛起了一批更关注舒适、功能性的新兴品牌。如2016年成立的ubras，其在2018年推 出的"无尺码内衣"解决了女性在购买内衣时面临的尺码选择难题，随后在2020年，ubras成为"双11"内衣 品牌的销售冠军。与此同时，主打舒适无钢圈的内外（NEIWAI）、无标签的蕉内等品牌备受追捧，并 抓住近两年的运动风口，在运动、舒适领域不断拓展。据不完全统计，近几年以来，获得资本青睐的新 兴内衣电商品牌已超过10家，包括内外、DARE ONE、兰缪（La Miu）等。显然，这些更年轻的品牌对 艾格等造成了一定冲击。 要客研究院院长周婷表示，老牌内衣企业自身普遍存在品牌形象老化、产品创新乏力、客群定位模糊等 问题。此外，随着消费需求变化以及市场竞争加剧，舒适安全环保已经代替 ...

关于内衣业务，艾格曾于2015年将该业务引入中国，开始研发亚洲版型，并在中国上海开出第一家内衣门店。2017年初，艾格在上海静安寺商圈的晶品 Crystal Galleria购物中心开出第二家内衣门店。 值得注意的是，艾格内衣的退场并非个例。近日，黛安芬宣布年底关闭所有线下门店。这背后是不断加剧的行业竞争和新兴品牌崛起带来的影响。 近几年，内衣行业崛起了一批更关注舒适、功能性的新兴品牌。如2016年成立的ubras，其在2018年推出的"无尺码内衣"解决了女性在购买内衣时面临的尺 码选择难题，随后在2020年，ubras成为"双11"内衣品牌的销售冠军。与此同时，主打舒适无钢圈的内外（NEIWAI）、无标签的蕉内等品牌备受追捧，并抓 住近两年的运动风口，在运动、舒适领域不断拓展。据不完全统计，近几年以来，获得资本青睐的新兴内衣电商品牌已超过10家，包括内外、DARE ONE、兰缪（La Miu）等。显然，这些更年轻的品牌对艾格等造成了一定冲击。 要客研究院院长周婷表示，老牌内衣企业自身普遍存在品牌形象老化、产品创新乏力、客群定位模糊等问题。此外，随着消费需求变化以及市场竞争加剧， 舒适安全环保已经代替塑形搭配 ...

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]

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].

Core Viewpoint - Triumph, the German lingerie brand that introduced "underwire bras" to China, is reportedly planning to withdraw from the offline market in mainland China by the end of this year [1][2]. Company Summary - Triumph is set to close all its offline stores in mainland China by December 31, 2023, as confirmed by multiple store employees in cities like Shanghai and Guangzhou [2][4]. - The brand has been a popular choice for women's underwire bras but is facing challenges in the current market environment [2][5]. - Triumph's pricing strategy positions it in the mid-to-high-end segment, with basic bras priced between 200 to 500 yuan, and some premium styles reaching up to 800 yuan [4]. Industry Summary - The women's lingerie market is undergoing a significant transformation, moving away from traditional underwire bras to a more diverse range of products, including sports bras, seamless bras, and plus-size options [5][6]. - According to a report by Northeast Securities, the competitive landscape in China's women's lingerie market is fragmented, with the top five brands holding only 6.2% market concentration, and Triumph's market share being less than 1% [5]. - Emerging brands like Ubras are rapidly gaining market share by addressing consumer needs with innovative products and effective marketing strategies, such as celebrity endorsements and live-streaming sales [5][6].

Core Insights - The traditional underwire bra market is declining, with brands like Triumph announcing their exit from the Chinese market by December 31, 2025 [1] - Consumer preferences are shifting towards comfort and functionality, leading to the rise of new brands that focus on wireless and size-free options [2] Company Analysis - Triumph, known for its underwire bras, was one of the first foreign brands to introduce this concept in China, but has struggled to adapt to changing consumer demands [1] - The brand's flagship products are priced between 200-600 RMB, but many consumers find them uncomfortable and ill-fitting, contributing to declining sales [1] - The company has attempted to launch wireless comfort bras, but underwire products remain its primary offering [1] Industry Trends - Established brands like Wacoal are also experiencing revenue declines, with a reported 7.1% drop in total revenue to 173.9 billion JPY for the fiscal year ending March 31, 2025, attributed to poor sales of core women's lingerie [2] - Emerging brands such as Ubras and Bananain are gaining market share by focusing on comfort and innovative sizing solutions, reflecting a significant shift in consumer preferences [2] - The top five lingerie brands during the 2024 Double Eleven shopping festival included Ubras and Bananain, indicating a clear trend away from traditional brands [2] Expert Opinions - Experts suggest that Triumph's withdrawal is due to its inability to keep pace with market changes, particularly in the wireless segment, and its slow online expansion [3] - Factors contributing to the decline of established brands include outdated brand images, lack of product innovation, and high dependency on physical stores [3] - The shift in consumer demand towards comfort and sustainability has created challenges for traditional brands that struggle to respond quickly to market changes [3]

Core Viewpoint - The mid-to-high-end lingerie brand, Triumph, is set to withdraw from the mainland China market by December 31, 2025, as consumer preferences shift away from traditional underwire bras towards more comfortable, wire-free, and sports-oriented lingerie options [1][5][10] Company Summary - Triumph, a well-known lingerie brand from Germany, was one of the first foreign brands to enter the Chinese market, establishing a local production system in the early 1990s [5] - At its peak, Triumph operated over a thousand stores in mainland China, becoming a significant player in the lingerie market [5] - The brand's long-standing focus on underwire bras has led to a failure to adapt to changing consumer demands for comfort and functionality, resulting in its decision to exit the market [5][10] Industry Summary - The lingerie market is experiencing a transformation, with emerging brands focusing on comfort and functionality gaining popularity over traditional brands like Triumph [8][9] - New brands such as ubras and NEIWAI have successfully captured market share by offering wire-free products and innovative designs that resonate with younger consumers [9][10] - Established brands are facing declining sales and profitability, with companies like Wacoal and Aimer reporting significant revenue drops [6][7] - The shift in consumer preferences from "beauty for others" to "comfort for oneself" has created challenges for traditional brands that have not kept pace with market changes [10]

Core Insights - The report highlights a significant shift in the women's lingerie industry from "pleasing others" to "self-pleasing," indicating a deeper transformation in consumer preferences towards comfort and personal satisfaction [1][9]. Global Market Overview - The global lingerie market is projected to reach $126 billion by 2024, with women's lingerie accounting for over 70% of the market at approximately $89.3 billion, while men's lingerie is expected to reach $36.7 billion [2]. - The average annual compound growth rate (CAGR) for the global lingerie industry over the past decade has been around 1%, with future growth expected to remain stable [2]. - Regional disparities are notable, with China's lingerie market projected to reach ¥250.7 billion (approximately $34.8 billion) in 2024, growing at a CAGR of 2% over the past decade, while the U.S. market is expected to reach $23.5 billion with a 4% growth rate [2][3]. Chinese Market Dynamics - The evolution of the Chinese lingerie market reflects a transition from a focus on functionality in the 1970s to a more diversified and brand-oriented market in the 1990s, culminating in a multi-faceted landscape post-2010 driven by e-commerce [3][4]. - Traditional brands like Urban Beauty are undergoing revitalization, with a focus on product specialization and channel optimization, while new entrants leverage online platforms for rapid growth [4][5]. Traditional Brands - Urban Beauty, established in 1998, has seen a revenue recovery to ¥3.01 billion in 2024 after a strategic overhaul focusing on product and channel optimization, including a significant increase in e-commerce sales [4]. - Aimer Holdings has adopted a multi-brand strategy, expanding its product range and international presence, achieving revenues of ¥3.163 billion in 2024 [4]. Emerging Brands - Ubras, founded in 2016, has rapidly gained market share by offering "size-free" lingerie that simplifies consumer choices, achieving sales of ¥3.5 billion in 2024 [5]. - Ubras' marketing strategy includes collaborations with influencers and leveraging live-streaming sales, resulting in significant online sales growth [5]. Consumer Trends - The Chinese lingerie market is witnessing a trend towards segmentation, with younger consumers driving demand for specialized products such as sports bras and nursing bras [6]. - There is a growing integration of online and offline channels, with traditional brands enhancing their e-commerce presence while new brands recognize the importance of physical retail experiences [6]. Lessons from Overseas Leaders - The history of Victoria's Secret illustrates the importance of adapting to changing consumer preferences, as the brand has shifted from a focus on "sexy" marketing to a broader product range including sports and loungewear [7][8]. - Wacoal's success is attributed to its multi-brand strategy and robust global expansion, demonstrating resilience in the lingerie market [8]. Future Outlook - The lingerie industry is expected to continue evolving towards comfort and segmentation, with both traditional and emerging brands needing to balance product innovation and effective marketing strategies to meet consumer demands [9].