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].