Core Viewpoint - Uniqlo has implemented a new policy starting in May, where online orders cannot be returned in physical stores, requiring returns to be sent back to a designated address, which may involve additional shipping costs depending on the order details [2][5][10]. Group 1: New Return Policy - The new return policy aims to unify online and offline management, making the process more streamlined for the company [6]. - Some consumers appreciate the change, viewing it as a simplification of the return process, while others express confusion and frustration over the lack of flexibility in return options [7][10]. - Concerns have been raised about the potential for a divide between online and offline product quality due to the separation of return channels [8]. Group 2: 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 fiscal year 2024-2025, with a year-on-year growth of 12% [13]. - However, revenue in the Greater China region declined by approximately 3% to 361.7 billion yen, with profits down about 9%, indicating a slowdown in this key market [13][14]. - The company attributes the poor performance in Greater China to low consumer sentiment and a mismatch in product offerings with regional demands [14]. Group 3: Market Competition - The decline in Uniqlo's revenue in China is partly attributed to the rise of "affordable alternatives" that replicate Uniqlo's popular styles at lower prices [15][16]. - Many popular Uniqlo items can be found on platforms like Pinduoduo and 1688 for under 100 yuan, highlighting the competitive pressure from these alternatives [16]. - The domestic apparel manufacturing industry has become highly developed, making it easier for competitors to replicate Uniqlo's basic designs [18].