"sometimes you do nothing wrong, you're too old."
This was an early message from maerten referring to snapchat, a social app that was popular with girls aged 13-18 years in the united states。
At that time, investors such as app, who were interested in experience after experience because of the difference in functionality, agreed that its logic was simple and even “stupid” and that only a small amount of money had been invested and that it had not been expected to develop far beyond expectations。
The truth behind this is that no entrepreneur can eat the market forever。
As was the case, zheng yoonan, known as “the man with the best knowledge of women's lingerie”, carried out a counter-attack from wal-mart security guards to the founders of the urban lilies' brands with an accurate insight into the women's lingerie market. Today, too, it is difficult to capture the hearts and minds of new generations and is under tremendous strain of brand growth。
The most direct manifestation of this is the fact that during the high light period, the income of the urban beauty rose from 2,916 million yuan in 2013 to 5,096 million yuan in 2018, and then fell by 1 billion yuan a year in two consecutive years. Zheng yoon-nam's reforms have yielded little, and now the income of the urban beauty has stabilized at around 3 billion yuan, which is much less than before。
On 29 august, the urban beauty newspaper disclosed that the company had made a profit of $1. 436 billion, a decrease of 5. 19 per cent over the same period and a net profit of $577. 96 million to the mother, a decline of 29. 86 per cent over the same period. The opening of the company's stock fell and the price of the stock was reported at $0. 35 per share, down by 7. 89 per cent。
This report card is more like direct market feedback on the current brand status。
1. High-profit growth is achieved by “selling buildings”
Compared with the decline in performance in the first half of the year, in 2024 the urban beauty presented a seemingly “bright spot” report card。
In 2024, the company achieved a total income of $3. 01 billion, an increase of 9. 18 per cent over the same period, and a net profit of $126 million to the mother, an increase of 197 per cent over the same period。
This “light-eyed” report card has revealed many problems。
The income from personal clothing is $2. 555 billion, a decrease of 3. 33 per cent over the same period, while the income from concession fees is $5,938,000, while the income from real sales of urban goods is $2,495 million, a decline of about 6 per cent over the same period. The rate of māori in close clothing was 47. 3 per cent, 1. 3 percentage points lower than in 2023。
The decline in income from the main industry and the large increase in profits for the urban elite have been achieved through the sale of buildings。
In 2023, the urban beauty community spent over $400 million on transforming old warehouses into modern industrial plants and centres for intelligent logistics (hereinafter: the jade springs project). The project covers approximately 145,000 square metres, of which 56,000 square metres are planned for self-service logistics operations and 8. 9 million square metres for sale。
In 2024, 6. 6 million square metres of the jade springs project were contracted for sale, of which 47,000 square metres were delivered and revenue recognized, with the remainder to be delivered over the course of the year。
As a result, the company earned $323 million (0 in 2023) from the sale of property for industrial projects in the same year, and the māori ratio for industrial projects and logistics as a whole rose by 16 percentage points to 36. 6 per cent, contributing māori 167 million, six times more than in the same year。
As of the first half of 2025, 60,000 square metres had been delivered for the jade springs project. The proceeds from sales of industrial projects amounted to $82. 9 million, a figure of $172 million for the same period last year. The corresponding māori rate fell sharply from 37. 7 per cent in the same period of the previous year to 17. 8 per cent。
With the sale and successive delivery of the jade springs project, the revenues from the urban beauty industry and logistics operations have become more difficult to “novel”。
In the first half of 2025, there was still no turning point in the performance of close clothing for the main industry, with an income of 1,289 million yuan, a small 0. 5 per cent decline over the same period。
Since 2019, zheng yoonan has been moving. In 2019, zheng yoonnan resigned as ceo (ceo) and former senior vice-president of business of grand-adidas grand central china took over ceo xiao jia lok from the metropolitan leigh city; in 2020, the company opened a “second start-up” and set up a member operating system in the private domain; from 2022 to early 2024, it identified a new brand of “nationally sold professional lingerie” and launched the “100-city-talk battle” and the “1+n+t” (“1” represents the opening of a flagship shop in a core business circle to focus on brand empowerment; “n” refers to a number of conventional stores in the core, secondary business circle bureau, mainly for profit purposes; and “special” refers to the establishment of special stores in secondary business circles, mainly to clean up quarterly goods)。
During this period, the urban beauty hatched pure cotton-dwellings through the acquisition of the brand name odiefen. The spokespersons changed from lin chi ling to guan xiaoqin, zhou zhou zian, seo winter and winter (formerly the coconut-coconut spokesperson), and in march this year, the official declared gulinaza the spokesperson. However, it is difficult to reverse the weak performance of the industry。
In 2025, the urban beauty increased inputs into the electrical platform operations. The company stressed that the electrician gmv (total traded goods) had increased by 243 per cent in the first half of the year。
However, in the first half of this year, the actual sales of personal clothing for the urban libertarian core business on the electrician platform amounted to only $225 million, a decline from the previous year's equivalent of $227 million。
2. “middle” market failures, shared suppliers with “cats”
The urban beauty has tried to enter the middle market. In 2013, the urban beauty community launched a strategy for star advocates, signing wong xiaoming, lin chi ling, etc., and re-profiling the brand through the star effect, with a gradual shift in product style to “hot fashion”, with prices sank。
In 2015, the metropolitan reacon acquired taiwan's high-end underwear brand, odifine, and in 2019 it introduced pure cotton housing to locate the middle-end high-end market. At the same time, a number of high-end product lines are beginning to emerge under the urban libertarian brand between 300 and 500 yuan. In addition, the urban beautyes have upgraded some of their stores to more sophisticated and elegant renovation designs。
However, the market has changed and the sharp decline in performance has undermined the vision of the urban beauty. Zheng yoonan had to reorient and return to the mass market。
In 2023, zheng yoonan presented the “return to the undergarment of nationals as a garage bank” and the strategic focus shifted to the mass market. In 2024, the cortex price band fell significantly to $100-200. The odivine brand, which had been given high hopes, was gradually marginalized and the medieval dream of the urban beauty came to an end。
Today, at wanda square, beijing tunzhou, two urban lilies are no longer visible, and in a store on the side of the street, the shelf of the underwear is left outside the door, with a visible brand of $9. 9, a big silo, $29. 9 in the home uniform, and a total of $100 in three places。
Entering the store, a middle-aged customer was carefully trying out for a selection. Undergarments were kept neatly on both sides of the wall, while underwear and household clothes were placed in the middle. The poster presented by the proxies of gulinaza was displayed on a wall, mostly in a more comfortable and pure colour product。
On the ground, the front line of enterprise has observed that shop underwear has been branded with sharp price labels, that adult underwear is rich and diverse, and that some products have introduced one-and-a-half activities, although the formula is still more laced and traditional with sponges. When asked if the shopkeeper had pre-buttoned spongy underwear styles, he was given a negative response。
In retrospect, the market, in a similar price range, has come out of innovative design and has introduced many more comfortable models, such as a 99-dollar steel-free ring super-sensitized shell cup, which is popular with consumers。
In the same street, 10 metres from the metropolitan lilies, several other lingerie shops are also selling discounts to attract customers in ways similar to the urban lilies. In the market area where prices are close, the urban beauty community is facing exceptionally intense homogenous competition。
It is even more serious that the urban beauty also needs to be wary of the risk that brand values will be consumed in intense competition。
According to the financial report, in 2024, the urban beauty community worked with 106 suppliers in the expectation of further stabilizing operations and sustaining the supply of high-quality commodities. What are the qualifications of these suppliers
Internet users reported that while searching for a pyjamas on skycat platforms, they were surprised to find that the urban beauty and cat styles and models were identical, leading consumers to be confused in their selection。
