Core Insights - KK Group's lifestyle brand KKV has opened its 20th store in Malaysia, marking a global total of over 700 stores, with more than 600 located in China [1] - KKV is a key brand of KK Group, which continues to expand by adding approximately 100 new stores annually both domestically and internationally, aiming for revenue and profit growth by 2025 [1] - KK Group employs a multi-brand strategy, with additional brands including THECOLORIST, X11, and a new pet-focused brand PetTribes, contributing to a total of over 1,200 global stores [1] Brand Development - KKV has completed a 4.0 upgrade of its "gift" themed space, which is being implemented in new stores [1] - The brand has strengthened collaborations with well-known IPs such as SpongeBob, PINGU, and My Little Pony, and has organized pop-up events with brands like Pechoin and Half Acre Flower Field to enhance brand visibility [1] - Currently, over 40% of KKV's products are differentiated, with plans for a significant brand upgrade this year [1]

Core Viewpoint - The conflict between KKV and Shenzhen OneAvenue escalated as the shopping center terminated KKV's lease due to alleged long-term underperformance and non-payment of commission rent, leading to a second forced closure of the store [1][2][4]. Summary by Sections Store Closure Incident - Shenzhen OneAvenue officially reclaimed the KKV store on January 5, 2026, and initiated a new leasing process, resulting in KKV's second forced closure within a month [1][2]. - The shopping center claimed that KKV had consistently failed to meet agreed performance standards and had never paid the contractually stipulated commission rent, constituting a fundamental breach of contract [2][4]. Contractual Dispute - KKV's parent company, KK Group, stated that they had adhered to the contract for over four years without any objections from OneAvenue regarding unpaid commission rent [4][6]. - The contract stipulated a six-year term with a rent structure combining fixed and commission-based components, with the latter being contingent on sales performance [6][8]. Background of the Conflict - The conflict began in September 2025 when OneAvenue attempted to negotiate with KKV but failed to reach an agreement, leading to the termination of the lease on December 31, 2025 [4][5]. - KKV had invested significantly in the store, including nearly 10 million yuan for operations and collaborations, indicating a previously positive relationship [5]. Market Context and Performance - KKV has faced challenges in maintaining store performance, with reports indicating that it had closed over 10 stores nationwide in 2025, while still operating over 600 stores domestically and 700 globally [13][14]. - KK Group's expansion has been slower compared to competitors, with significant losses reported in recent years, raising questions about its market strategy and future growth potential [14][15]. Future Outlook - The ongoing dispute and KKV's performance will be critical as KK Group seeks to navigate its path towards a potential IPO, with past attempts having been unsuccessful [15]. - The resolution of this conflict may impact investor perceptions and the company's ability to capitalize on market opportunities moving forward [15].

Core Viewpoint - The conflict between KKV and OneAvenue shopping center stems from a mismatch in expectations regarding performance and rental agreements, leading to KKV's store closure and subsequent legal disputes [2][3][4]. Group 1: Conflict Background - The conflict began in September 2025 when OneAvenue attempted to negotiate with KKV regarding underperformance, ultimately leading to the termination of the lease on December 31, 2025 [3]. - KKV's parent company, KK Group, claims that they have fulfilled their contractual obligations for over four years without any disputes raised by OneAvenue regarding unpaid commission rent [6][7]. - OneAvenue asserts that KKV has consistently failed to meet agreed performance standards and has never paid the contractually stipulated commission rent, constituting a fundamental breach of contract [4][5]. Group 2: Contractual Dispute - The rental agreement includes both fixed and commission rent, with the higher of the two being applicable, and KKV has acknowledged that they have not paid the commission rent [7][9]. - OneAvenue's decision to terminate the lease was based on KKV's failure to pay commission rent, which is a common practice in shopping center agreements [8][9]. - KK Group argues that the lack of commission rent payments is not solely due to KKV's operational failures, citing low foot traffic and unmet brand promises from OneAvenue as contributing factors [7][10]. Group 3: KKV's Business Context - KKV has been closing stores across various locations, with over 10 closures reported in 2025, while maintaining a total of over 600 stores in China and 700 globally [10][11]. - KK Group operates multiple retail brands and has been expanding cautiously compared to competitors, with a focus on maintaining brand recognition and market presence [11][12]. - Despite challenges, KK Group has shown signs of revenue growth, reporting a revenue of 47.69 billion yuan in the first ten months of 2023, with a net profit of 2.09 billion yuan [12].

Core Viewpoint - The KKV store in Shenzhen's卓悦中心 was forcibly closed on January 5, 2023, due to alleged rent payment defaults, leading to employee injuries and a significant disruption in operations [1][3][9]. Group 1: Incident Details - The KKV store was abruptly closed without prior notice, with barriers erected to prevent staff from entering, resulting in a halt of operations [1][4]. - Employees reported feeling unprepared for the sudden closure, with some sustaining injuries during the incident [3]. - This incident marks the second time the KKV store has faced forced closure, with a previous occurrence on December 14, 2025, attributed to similar issues [6][9]. Group 2: Contractual Disputes -卓悦中心 claims that KKV has failed to pay performance-based rent, constituting a fundamental breach of contract, and has taken legal steps to terminate the lease [9][11]. - KKV disputes these claims, asserting that they have been paying rent on time and that the termination was based on disputed contractual terms [11][12]. - The two parties have conflicting views on whether KKV is in breach of contract, with both sides maintaining their positions on the matter [15]. Group 3: Background Information - KKV, established in 2019, is a trendy retail brand under Guangdong Kuai Ke E-commerce Co., Ltd., which also owns several other brands [12]. - The KKV store at卓悦中心 was part of a collaboration agreement signed in September 2021, intended to run from 2021 to 2027, with significant investment made in the store's operations [13][15]. -卓悦中心, opened in September 2019, is positioned as a new landmark in the Shenzhen CBD, aiming to redefine the traditional mall experience [11].

Core Viewpoint - The management of One Avenue shopping center in Shenzhen has officially terminated the lease contract with KKV due to KKV's failure to pay the agreed performance rent, leading to the recovery of the store's usage rights on January 5, 2026 [1] Group 1: Lease Termination and Dispute - One Avenue management stated that KKV has consistently failed to pay the performance rent as stipulated in the lease agreement, which has reached the conditions for exercising the right to terminate [1] - Prior to the termination, the management engaged in multiple rounds of communication with KKV and sent formal notices, but KKV did not fulfill its obligation to vacate the premises [1] - KKV's parent company, KK Group, denied allegations of rent arrears, claiming they have paid rent on time and have no outstanding fees [6] Group 2: Financial Performance of KK Group - KK Group, which owns KKV, reported a revenue growth of 55.5% year-on-year to 4.749 billion in the first ten months of 2023, with an operating profit of 376 million [7] - The company's revenue growth slowed from 2020 to 2022, with revenues of 1.646 billion, 3.524 billion, and 3.551 billion respectively, and cumulative losses of 703 million over the three years [7] - KK Group has made several attempts to go public, but its prospectus has expired [7] Group 3: One Avenue Shopping Center Overview - One Avenue shopping center opened on September 12, 2019, and is a joint development by three major groups: Jindi, Zhuoyue, and Dabaihui, becoming a new landmark in the Futian CBD [6] - The official data indicates that One Avenue achieved a sales revenue of 6.1 billion in 2024 [6]

Core Viewpoint - KKV's store in Shenzhen's Joy City has been forcibly closed again after a brief reopening, leading to conflicts with property management and raising concerns about the brand's operational stability [5][8][9] Group 1: Store Closure and Conflicts - KKV's store was closed on January 5, 2025, after property management initiated a strong eviction without prior notice, leading to physical confrontations between staff and management [6][8] - The store had only resumed operations for less than 20 days before being shut down again, indicating ongoing instability in its business environment [5][8] - KKV reported that the property management used aggressive tactics, including blocking access to the store and preventing staff from working [8][9] Group 2: Background and Business Operations - KKV, established in 2019, is a trendy retail brand under Guangdong Kuai Ke E-commerce Co., Ltd., which also owns several other brands [9] - The brand signed a cooperation agreement with Shenzhen Joy City from 2021 to 2027, but recent disputes over relocation have led to tensions between KKV and the mall management [9] - KKV has attempted to go public multiple times, with its latest IPO application submitted on January 31, 2024, although the prospectus has since expired [9]

Core Viewpoint - KKV's store in Shenzhen's One Avenue was forcibly closed by the mall management, leading to public attention and subsequent reopening after negotiations [1][3]. Group 1: Incident Overview - KKV's Shenzhen store was unilaterally terminated by the mall for alleged operational adjustments, with claims of water and electricity being cut off to force closure [3][5]. - The store was closed on December 13, 2023, and reopened on December 19, 2023, after community intervention [1][3]. - KKV has been in discussions with the mall regarding the store's location, but no agreement has been reached [5]. Group 2: Company Background - KKV was established in 2019 and is a brand under Guangdong Kuai Ke E-commerce Co., Ltd., which also owns several other brands [5]. - The store in question signed a cooperation agreement with the mall for the period of 2021 to 2027 [5]. - KKV has attempted to go public multiple times since 2021, with its latest IPO application submitted on January 31, 2024, but the prospectus has since expired [5]. Group 3: Mall Information - One Avenue shopping center opened on September 12, 2019, and is a joint development by three major groups, positioned as a new landmark in the CBD of Shenzhen [5]. - The mall aims to redefine the traditional mall model and establish itself as an international commercial fashion center [5].

Core Viewpoint - KKV's Shenzhen store was forcibly terminated by the mall, leading to its temporary closure, but it has since resumed operations following negotiations and community intervention [1][4]. Group 1: KKV Store Situation - KKV's Shenzhen store was closed on December 14 due to the mall's unilateral decision to terminate the lease, citing operational adjustments and employing harsh measures like cutting off water and electricity [4]. - The store reopened on December 19 after negotiations, with KKV indicating ongoing discussions with the mall regarding the store's future location [4]. - KKV has maintained that it has consistently paid rent and has not defaulted on any payments [4]. Group 2: Company Background - KKV was established in 2019 and is a brand under Guangdong Kuai Ke E-commerce Co., Ltd. (KK Group), which also owns several other brands [5]. - The One Avenue shopping center, where KKV is located, opened on September 12, 2019, and is a joint development by three major groups, aiming to redefine the traditional mall experience [5]. - KK Group has made multiple attempts to go public, with its latest IPO application submitted on January 31, 2024, although the previous applications have expired [5].

Core Viewpoint - KKV's store in Shenzhen's Zhuoyue Center has suddenly closed due to a unilateral termination of the lease by the mall, raising concerns about the company's operational stability and contractual integrity [8][9][10]. Group 1: Store Closure Details - The KKV store was closed on December 14, with a notice indicating that the mall unilaterally demanded an early termination of the lease during the normal contract period, citing business adjustments [9][10]. - KKV has invested nearly 100 million yuan in the store since its opening in December 2021, and the company claims it has never defaulted on rent payments [10][11]. - The mall's management has stated that the store is undergoing internal renovations, but surrounding merchants report that they have not received any formal notification regarding business adjustments [12][13]. Group 2: Company Background and Financials - KKV, founded in 2019, is a retail brand under Guangdong Kuai Ke E-commerce Co., Ltd., which has attempted to go public multiple times without success [17]. - The company reported revenues of 16.46 billion yuan, 35.24 billion yuan, and 35.51 billion yuan from 2020 to 2022, with net losses of 20.17 billion yuan, 56.81 billion yuan, and a profit of 61.86 million yuan in the same period [17]. - As of the first ten months of 2023, KKV's revenue reached 47.69 billion yuan, with a net profit of 2.09 billion yuan, indicating a potential turnaround [17]. Group 3: Store Expansion and Market Position - KKV operates approximately 600 stores nationwide, with a slowdown in new store openings, adding only 50 stores in 2023 compared to previous years [18]. - The brand accounted for 66.5% of KKV Group's revenue in 2022, highlighting its significance within the company's portfolio [17].

近日，位于深圳福田卓悦中心的KKV门店突然停业引发关注。该店门口张贴的告示显示，商场单方面 强制解约致使门店无法经营。12月17日，KKV相关负责人向南都湾财社记者表示，相关同事正在协商 沟通双方业务，商场方希望KKV该门店移位，但双方未达成一致的解决方案。 深圳卓悦中心客服表示，该门店于12月14日开始闭店升级，暂不清楚何时重新营业。12月17日，商场主 体企业深圳市金地大百汇房地产开发有限公司客服称，将记录反馈此事，截至发稿前记者未得到更多回 应。 属地岗厦社区工作人员回应南都湾财社记者称，已关注跟进此事。周边商户向南都湾财社记者透露，曾 有警察到场处理协调此事，目前商场安保人员还在该门店看守，不过除了KKV门店外，该商场其他商 户正常营业。 深圳一门店因商场方提前解约而被迫停业？ KKV称相关同事正在协商沟通双方业务 近日，多位网友在社交平台发帖称，KKV位于深圳卓悦中心的门店突然闭店，且店外贴着停业告示。 该告示发布的时间为12月14日，告示显示，商场方于疫情招商困难之际邀请KKV入驻，该门店于2021 年12月开业，但近日，商场方在合同正常履约期间，以业态调整为由单方面强行要求KKV门店提前解 约， ...