Summary of Key Points
The once-popular "Big Three" brands that dominated the country's shopping streets—Senma, Yichun, and Metisbonwei—are now on very different trajectories: Metisbonwei (hereinafter referred to as "Meibang") is struggling with huge losses and has closed numerous stores; Senma has managed to stabilize its operations by focusing on children's clothing and has benefited from the traffic generated by a collaboration with a Dutch brand; Yichun, on the other hand, has remained low-key and continued to grow steadily in its offline presence. The difference lies in the strategies each brand has adopted to adapt to market changes—some have made continuous mistakes, some planned ahead, while others have taken a more cautious and steady approach.
I. Meibang: From "King of Shopping Streets" to Huge Losses
Meibang was once the most successful of the three brands, hiring celebrities like Jay Chou and Zhang Shaohan as endorsers and investing millions in advertising for "Transformers 2." In 2011, its revenue nearly reached one billion yuan, with 5,220 stores across the country. But what's the situation now? The half-year report for 2026 shows a staggering 5351%-7452% drop in net profit (which means the company lost more than 50 times its original profit from clothing sales), and only three stores remain outside of the city center in Shanghai.
The reasons for its downfall are numerous:
- Competition from Overseas Fast-Fashion Brands: The entry of Zara and H&M made Meibang's designs outdated, and its new products took too long to hit the market, causing young customers to switch to these newer brands.
- Missteps in E-commerce: Despite investing in a proprietary app, the company failed to convert online traffic into sales.
- Succession Issues: In 2016, founder Zhou Chengjian stepped down due to financial issues, and his daughter Hu Jiajia took over hastily, leading to inconsistent company strategies.
- Confused Attempts at Transformation: Meibang tried entering high-end markets (which were unresponsive) and collaborated with domestic fashion trends (with little success), ultimately forcing it to sell off assets to stay afloat (including properties in Shanghai and the Chunxi Road building).
II. Senma: Surviving Thanks to Children's Clothing
Senma has managed to survive by focusing on children's clothing, which accounts for 70% of its revenue. Parents are willing to spend money on cute and stylish children's apparel. Its adult clothing line is also well-designed, with both basic and trendy options, including collaborations with Harry Potter that attracted younger customers.
The success of Senma's collaboration with the Dutch brand was no accident. In 2024, Senma quickly opened a "Future City Flagship Store" and effectively utilized celebrity endorsements and promotional events to attract traffic. Today, its stores attract a variety of customers—parents with children, young couples, and middle-aged men, indicating that business is still thriving.
III. Yichun: Staying Low-Key While Making a Profit Offline
Yichun has been the most low-key of the three brands, choosing not to go public or expand online (to avoid disrupting its offline distributors). It launched an exclusive online brand, A21, which is little known to the general public.
However, Yichun has a solid offline presence with over 6,000 stores nationwide. It continues to hire popular endorsers like Fan Chengcheng to attract customers and opened "Black Label" stores in high-end shopping malls (such as those in Chengdu and Changsha). Although it lacks online visibility, its offline business is stable.
IV. Changing Shopping Streets: Brands Must Adapt
In the past, shopping streets and the Big Three brands complemented each other—local brands needed the presence of these well-known brands to boost their image, and the brands needed high-traffic locations with low rent costs. But now, shopping streets are evolving, with new trends like trendy flagship stores, innovative versions of traditional brands, and cultural heritage projects attracting younger consumers.
Meibang failed to adapt: it closed more than 2,500 stores between 2019 and 2022, and its city-center stores have almost disappeared. Senma and Yichun have adjusted their strategies—Senma by opening new flagship stores, and Yichun by focusing on its offline presence and hiring endorsers—allowing them to continue to thrive in the shopping street landscape.
V. Nostalgia as a Weak Strategy
Trying to revive the brand's past glory (such as using the "Duanmu Takes Me to Meibang" slogan or having founder Zhou Chengjian conduct live sales) has had limited success:
- The original customers (from the 1990s) have grown up and now prefer brands like Uniqlo.
- The younger generations (born in the 2000s and 2010s) are unfamiliar with Meibang, so nostalgia doesn't resonate with them.
- Even frequent live sales events haven't been enough to turn around the company's financial losses.
Nostalgia can create temporary interest but cannot address fundamental issues related to products, distribution channels, or customer needs. Without adapting to these changes, even a once-popular brand like Meibang will fall behind.
In Conclusion
The market is changing rapidly. Brands must either plan ahead (like Senma with its children's clothing), take a cautious and steady approach (like Yichun), or adjust in time (like Senma by leveraging new opportunities). The lesson from Meibang's story is clear: if you don't keep up with the times, even the most successful brands can fall behind.