---
title: "Angpao CEO steps down, founder takes over | Second Aunt Looks at Fashion"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/280975927.md"
description: "Under the influence of the Middle East situation and energy prices, global retail, fashion, beauty, and other sectors are facing challenges. The rise in gasoline prices has led to a decline in consumer confidence in the United States, with the consumer confidence index dropping by 6% in March. The National Retail Federation predicts that retail sales will grow by 4.4% to USD 5.6 trillion by 2026, but consumer confidence is not expected to improve significantly. Various industries are adjusting their strategies to cope with the complex environment and exploring development paths"
datetime: "2026-03-30T07:49:14.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280975927.md)
  - [en](https://longbridge.com/en/news/280975927.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280975927.md)
---

# Angpao CEO steps down, founder takes over | Second Aunt Looks at Fashion

**21st Century Business Herald reporter Gao Jianghong, intern Zhang Heyun**

In the past week, the situation in the Middle East and the spillover effects of energy prices have brought a chain reaction to various fields such as global retail, fashion, and beauty. The conflict between the U.S. and Iran has led to a surge in gasoline prices, directly causing a decline in consumer confidence in the U.S. and high inflation expectations; geopolitical turmoil combined with macroeconomic headwinds has dragged down the performance of Italian e-commerce and created uncertainty for the global retail industry; gold has become a hard currency, with Lao Pu Gold's performance expected to grow significantly in 2025, entering the global luxury goods track.

At the same time, players in various industries are adjusting their strategies, whether by promoting restructuring, laying out new tracks, seeking mergers for relief, or increasing investment in AI to reduce costs and improve efficiency, exploring development paths in a complex environment, leading to a differentiated adjustment trend in global retail fashion and related fields.

**1\. Rising gasoline prices lead to continued decline in U.S. consumer confidence**

On March 27, the University of Michigan's consumer confidence survey showed that due to the rise in gasoline prices triggered by the U.S.-Iran conflict, consumer confidence in the U.S. continued to decline, with the consumer confidence index in March dropping 6% from the previous month, returning to the level of December last year.

Specifically, consumers' short-term economic outlook plummeted by 14%, and personal financial expectations for the next year fell by 10%, while long-term expectations remained relatively stable. Additionally, consumers' inflation expectations for the coming year rose from 3.4% in February to 3.8%, marking the largest increase in nearly a year, far exceeding the pre-pandemic range of 2.3% to 3%. The background shows that the U.S. and Israel's attack on Iran on February 28 triggered a war, leading to a slowdown in global oil flows and increased market uncertainty, which is the main reason for the surge in gasoline prices.

From an industry impact perspective, the retail sector is closely monitoring market dynamics. The National Retail Federation (NRF) predicts that U.S. retail sales will grow by 4.4% to $5.6 trillion by 2026, higher than the average growth of 3.6% over the past decade, but NRF's chief economist Mark Mathews stated that consumer confidence is not expected to improve significantly. For example, Lululemon is in a recovery phase and is searching for a new CEO, planning to achieve recovery by reducing discounts, optimizing products, and increasing full-price sales. The brand's sales last year (excluding an additional week in the 2024 retail calendar and calculated at fixed exchange rates) grew by 6%, and it is expected that revenue will increase by 2% to 4% in 2026, reaching $11.35 billion to $11.5 billion, but revenue in the U.S. market may decline by 1% to 3%.

**Commentary: The U.S.-Iran conflict igniting oil prices and the subsequent collapse of U.S. consumer confidence reflect the helplessness and passivity of people's livelihoods being caught in geopolitical turmoil.**

**2\. Italian e-commerce Giglio.com expects a 14% decline in sales in 2025**

On March 26 local time, Italian online luxury goods e-commerce Giglio.com released its performance and strategic updates. Affected by macroeconomic headwinds, insufficient consumer confidence, geopolitical turmoil, and trade friction, the company's sales in 2025 are expected to decline by 14% year-on-year, from €46.2 million in 2024 to €39.5 million; At the same time, the company announced a strategic shift towards the European market to cope with global market fluctuations, and its business has shown a trend of improvement quarter by quarter.

In terms of performance, Giglio.com’s earnings in 2025 are under pressure, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) showing a loss of €1.6 million, significantly widening from a loss of €178,000 in 2024; net losses increased from €1.27 million in 2024 to €2.47 million, mainly affected by a contraction in sales and reduced control over variable costs. However, the company also achieved some positive progress, with the average order value in 2025 increasing by 5% compared to 2024, and customer retention rates improving by 2%, which somewhat alleviated the pressure from the market environment.

Regionally, the Italian and European markets have become the core support for the company, accounting for a combined 73.2% of total sales in 2025. Although both markets saw year-on-year declines of 3% and 9% respectively, they effectively offset a 28% drop in sales from other global regions. Preliminary data for the first quarter of 2026 (as of March 15) indicates that the company’s overall sales are expected to decline by 3% year-on-year, but the European market is projected to grow by 22% year-on-year, and the Italian market by 6%, becoming a key force to offset a 36% decline in other global regions.

The company’s Deputy CEO Vincenzo Troia revealed that acquiring new customers is currently quite challenging, and the company will focus on customer retention. Additionally, AI models have been implemented across all business segments, particularly in product catalog creation, leveraging AI to control content production costs.

Giglio.com was established in 1996 and operates a marketplace model, with approximately 200 partner physical stores mainly located in Italy, while also covering countries like France and Spain. The platform aggregates over 700 high-end luxury brands and operates in more than 150 countries worldwide.

**Commentary: Focusing on Europe is a reluctant retreat rather than a proactive breakthrough, as the turmoil in the Middle East becomes a long-term instability factor for e-commerce.**

**3\. Swedish fast fashion giant H&M Group's sales decline in Q1 2026 accelerates strategic restructuring**

On March 26, Swedish fast fashion giant H&M Group released its financial report for Q1 2026 (December 1, 2025 - February 28, 2026). Due to store closures and brand strategy adjustments, the group’s sales declined by 1% year-on-year in local currency and by 9% in Swedish Krona during the three months ending February 28, falling short of analyst expectations. Profitability showed some resilience, with net sales reaching 55.3 billion Swedish Krona (approximately $5.3 billion) and operating profit at 2.1 billion Swedish Krona (approximately $200 million), supported by effective cost control, inventory management, and strategic promotional activities.

Group CEO Daniel Ervér stated that this decline in performance is part of the group’s long-term strategic restructuring, focusing on productivity enhancement and brand upgrading rather than scale expansion In terms of store adjustments, at the end of the first quarter, the group's number of stores decreased by 163 compared to the same period last year (a decline of about 4%), mainly due to the closure of all offline stores under the Monki brand, retaining only online operations; the group plans to close another 160 stores by 2026 and open about 80 new ones, while also promoting store renovations to enhance the offline shopping experience. Regional performance showed divergence, with sales in the Americas declining by 3% year-on-year in local currency. The U.S. market faced supply shortages due to overly cautious inventory planning in the earlier period, following an unexpected recovery in consumer demand; the South American and Southern European markets performed well, and the Indian market became a highlight, with the high-end brand COS opening its first store in New Delhi in 2025.

On the operational side, the group focused on optimizing inventory management and supply chain efficiency, shortening delivery cycles, while moderately increasing promotional activities to adapt to consumers' cautious spending mindset, with promotions primarily consisting of selective and tactical discounts to avoid end-of-season clearance price reductions. Additionally, the group increased investments in product aesthetics, store design, and digital channels, with online sales accounting for over 30%, while reducing marketing expenses and shifting towards precise marketing through fashion shows and celebrity collaborations, and exploring the layout of generative AI shopping channels.

Furthermore, the group stated that it has not yet been significantly affected by the situation in the Middle East, but it needs to be vigilant about the spillover effects of ongoing conflicts on global consumer confidence and energy prices.

**Commentary: H&M is currently in a period of strategic restructuring pain, with long-term prospects for achieving double-digit profit margins, but still facing challenges in the short term from ultra-fast fashion brand competition and uncertainties in the consumer environment.**

**4\. Estée Lauder's China Supply Chain Intelligent Operation Center Officially Launched**

On March 26, Estée Lauder's China Supply Chain Intelligent Operation Center located in Shanghai was officially launched. This center innovatively adopts a "dual warehouse linkage" model that coordinates bonded and non-bonded warehouses in the domestic beauty industry, setting a new benchmark for intelligent logistics and achieving the complete integration of order fulfillment and delivery within a highly automated system ahead of the industry.

The Estée Lauder China Supply Chain Intelligent Operation Center is one of the group's most automated omnichannel fulfillment centers globally, built with investment from the Xinzhuang Industrial Zone, covering a total construction area of nearly 130,000 square meters. Along with the Guangzhou warehouse, which focuses on online order fulfillment and was launched in 2023, and the Wuhan warehouse, which focuses on omnichannel order fulfillment and is set to launch in 2024, Estée Lauder has built a distributed fulfillment network in China centered around Shanghai, with multi-regional warehouse linkage radiating nationwide. This operation center serves as the "intelligent hub" of this system, with a peak daily processing capacity exceeding 400,000 orders. The AI-powered "end-to-end management platform from factory to consumer" further optimizes omnichannel fulfillment efficiency, helping to enhance delivery speed and consumer experience, with the expected next-day delivery coverage nearly doubling compared to 2021 levels.

**Commentary: Estée Lauder is at the forefront of supply chain competition.**

**5\. Shangri-La Group's Net Profit Decreased by 30% Last Year**

On March 26, Shangri-La Asia Limited disclosed its 2025 year-end performance. Financial data shows that Shangri-La's total revenue for 2025 was approximately USD 2.23 billion, a year-on-year increase of 2.2%; Net profit of USD 112 million, a year-on-year decrease of 30.42%. Basic earnings per share were 0.03, compared to 0.05 in the same period last year. As of December 31, 2025, the group's financial position is robust, with cash and bank balances of USD 2.53 billion and committed but undrawn credit facilities of USD 759 million.

Guo Huiguang, Chairman and CEO of Shangri-La Group, stated that the 2025 performance reflects the resilience of the group's diversified asset portfolio and the progress of its brand and asset strategy, with strong tourism demand in the Asia region supporting the group's stable revenue and profitability. In 2025, the group launched a new brand, Shangri-La Heart, and implemented a dual-brand hotel project at Shanghai Hongqiao Airport, as well as signed a dual-brand hotel management project in Wuxi, further consolidating its light asset growth strategy and expanding its business footprint.

Shangri-La (Asia), officially known as Shangri-La (Asia) Limited, was established on August 14, 1992, and its main business involves the development, ownership, and operation of hotel properties; providing hotel management and related services; and developing, owning, and operating investment properties and properties for sale.

**6\. Martin Hoffmann, CEO of Swiss sports brand On, steps down; founders take over**

On March 25, Swiss high-end sportswear brand On announced a major personnel change, with CEO Martin Hoffmann stepping down after 13 years on May 1. Following his departure, he will enter a planned sabbatical and engage in charitable work. His position will be taken over by brand co-founders David Allemann and Caspar Coppetti, who will serve as co-CEOs while continuing to hold the position of executive co-chairmen of the board. Meanwhile, On's current Chief Innovation and Operations Officer Scott Maguire will be promoted to President and Chief Operating Officer, responsible for overseeing the entire value chain from R&D, production, marketing, global business operations to technology, further strengthening the brand's innovation and operational capabilities.

It is reported that during his tenure, Martin Hoffmann led On's rapid development and transformation, witnessing the brand grow from a running shoe startup to a globally recognized sportswear brand. In 2025, On achieved net sales of over CHF 3 billion (approximately USD 3.867 billion), a year-on-year increase of 30%.

Regarding this management change, co-CEO David Allemann stated that they will integrate the strategic intentions led by the founders with the core of corporate operations, accelerate development, focus on product competitiveness, and continue to push the boundaries of sportswear brand development. Another successor, Caspar Coppetti, highly praised Hoffmann's contributions, stating that his adherence to corporate culture and financial discipline from the brand's inception to the milestone IPO stage played a key role, expressing deep gratitude for his collaboration and contributions **Commentary: Founders hand over the baton, changing people but not strategy.**

**7\. Italian luxury e-commerce LuisaViaRoma is in crisis**

On March 25, Italian luxury multi-brand e-commerce LuisaViaRoma submitted a "simplified settlement" procedure application to the Florence court (falling under Italian bankruptcy law), marking a deadlock in its out-of-court negotiations with financial creditors, and the company's operational crisis has reached a critical point. The company must submit a business plan to the court and apply for a 60-day submission deadline, after which the court will decide whether to approve the plan to resolve the crisis; otherwise, the company will enter judicial liquidation. Meanwhile, the LuisaViaRoma board has approved a €15 million capital increase plan, which must be completed by April 20, aimed at alleviating the company's debt pressure—by July 2025, the company's debt has reached €30 million.

CEO Tommaso Maria Andorlini stated that the application for liquidation is a natural step in the company's transformation process, aimed at strengthening the business model and creating a more robust and sustainable enterprise for long-term growth, and he promised to do his best to maintain jobs.

It is reported that LuisaViaRoma's operational crisis has persisted for some time; in August 2025, the company applied for protective measures from the Florence court and the Italian Chamber of Commerce to ensure business continuity and promote debt and business restructuring. In December 2024, its former controlling shareholder, the Italian private equity fund Style Capital, exited, and CEO Andorlini took over the company, launching plans for debt restructuring, cost reduction, streamlining brands and inventory to stabilize the business, including closing the Milan branch and office in 2024, but no layoffs were made, only utilizing state-funded wage support measures.

Currently, the Tuscany region has initiated crisis negotiations, scheduled for March 31. According to public data, LuisaViaRoma's sales reached €310 million in 2024, and it still operates several offline stores, including the Florence flagship store, New York NoHo store, Prato outlet, and two SOTF luxury sneaker stores. Notably, Style Capital had previously invested €130 million in 2021 to acquire a 40% stake in the company, while Andorlini currently holds a 48% stake in the company through related investment vehicles, maintaining control.

**Commentary: Capital increase for relief and liquidation application proceed simultaneously, the CEO's transformation promise cannot hide LuisaViaRoma's deep-rooted operational crisis.**

**8\. Gap partners with Bold Metrics to launch AI sizing tool, entering the new track of smart agent shopping**

On March 24, American retail giant Gap announced a partnership with Bold Metrics, becoming one of the first retailers to test the latter's new agreement. The two parties will jointly launch an AI-driven sizing tool to assist AI shopping agents in providing consumers with accurate and personalized size recommendations, adapting to the increasingly popular trend of smart agent shopping According to reports, the core of this collaboration is Bold Metrics' newly launched Smart Fit Agent Size Protocol, which breaks the limitations of traditional static size charts and lengthy questionnaires by asking consumers a few questions through natural dialogue, generating personalized size recommendations based on user body data and fit preferences.

Sven Gerjets, Chief Technology Officer of Gap, stated that sizing issues have long been a core pain point in apparel e-commerce, and AI technology should aim to eliminate shopping barriers. This collaboration with Bold Metrics empowers the Smart Fit Agent with AI capabilities, aiming to create a more intuitive, human-centered shopping experience and enhance consumer purchasing confidence. Morgan Linton, Chief Technology Officer of Bold Metrics, added that while current AI shopping agents can provide product recommendations and style comparisons, they cannot effectively solve sizing problems. This pain point leads to billions of dollars in returns in apparel e-commerce each year and affects conversion rates, and this protocol is designed to fill that gap.

It is noteworthy that Gap previously announced a partnership with Google Gemini, becoming the first major fashion brand to offer instant checkout features on that AI platform. The deployment of AI sizing tools is another important step in its strategy to seize the smart agent shopping space.

**Commentary: Following its collaboration with Google Gemini, Gap's partnership with Bold Metrics to address the return pain points caused by sizing is a key step in strengthening its AI strategy.**

**9\. Former Editor-in-Chief of Vogue Japan Tiffany Godoy Joins W Magazine China**

On March 24, renowned Asian fashion editor Tiffany Godoy officially joined W Magazine China as a special consulting editor, working alongside the magazine's editor-in-chief to promote a deeper connection between the Chinese fashion industry and the international creative field. This marks her new career direction after stepping down as the head of content for Vogue Japan last October. It is reported that in her new role, Tiffany Godoy will help W Magazine China embark on a new development chapter, providing recommendations for core creative appointments and participating in content creation.

According to information, Tiffany Godoy has been residing in Tokyo since 1997 and has extensive experience in fashion media, having worked for platforms such as style.com and CNN Style.

W Magazine China is published by Beijing MC Style Media, a company jointly held by Chinese apparel giant Hailan Group and independent investors, and is also responsible for publishing the Chinese version of Marie Claire. Currently, W Magazine China has become the official media partner for the 2026 Hong Kong Basel Art Fair and recently launched an art special issue, featuring a cover shot by Dior's creative director Jonathan Anderson and supermodel Zhang Lina, with Jonathan Anderson wearing pieces from his Spring/Summer 2026 haute couture debut collection, photographed by Juergen Teller **Commentary: Focus on fresh perspectives, maintain an open posture, and promote global dialogue between China and international fashion creativity.**

**10\. French contemporary brand Ba&sh recovers with "Less but Better" strategy, aiming for €300 million in revenue by 2025**

On March 23, French contemporary fashion brand Ba&sh disclosed its 2025 performance, reporting an 11% year-on-year increase in sales in the fourth quarter driven by strong holiday demand and growth in the accessories category. The brand's annual revenue climbed to €300 million, with same-store sales increasing by 9%, achieving a full recovery, thanks to the implementation of a transformation strategy led by the founders and corporate restructuring.

According to Chief Financial Officer Géraldine Dubois, the brand's performance in the first quarter was "somewhat challenging," even experiencing negative growth, but performance accelerated from the second quarter onward, with continued double-digit growth in the second half of the year. The growth in the fourth quarter was particularly benefited by the holiday consumption boom and the sustained rise in demand for accessories. The core driving force behind the performance recovery is the brand's "New Beginnings" transformation strategy, launched in March 2025.

"Less but Better" is the core pillar of the transformation strategy, focusing on optimizing the retail network: over the past year, the brand closed approximately 50 stores, with further closures planned over the next two years. At the same time, it prioritizes the establishment of large specialty retail spaces ranging from 1,000 to 1,600 square feet to better showcase growing categories such as accessories and health. By 2026, the brand plans to open three flagship stores, including locations in the Saint-Germain-des-Prés area of Paris and Bordeaux, while upgrading the Marylebone store in London to a flagship and renovating 11 other mature stores in London.

In addition, the brand has ventured into the health sector, planning to hold three customer retreats in 2025 and launch products such as bodysuits, with plans to further strengthen this area in 2026, transitioning the brand from a clothing brand to a lifestyle brand, extending into experiential services. Meanwhile, the brand aims to enhance profitability by reducing promotional days, optimizing pricing strategies, and utilizing AI-powered Anaplan planning software to improve inventory management, expecting revenue in 2026 to remain between €300 million and €310 million, achieving more profitable growth.

**Commentary: Ba&sh optimizes its retail network and focuses on accessories and health sectors with the "Less but Better" transformation strategy, transitioning from a clothing brand to a lifestyle brand.**

**11\. Lao Pu Gold achieved over ¥30 billion in sales last year, entering the global luxury goods market**

On March 23, Lao Pu Gold released its full-year performance for 2025, reporting sales of ¥31.37 billion, revenue of ¥27.3 billion, and net profit of ¥5.03 billion, representing year-on-year increases of 220.3%, 221%, and 234.9%, respectively, continuing its rapid growth trend. The company expects net profit for the first quarter of 2026 to be between ¥3.6 billion and ¥3.8 billion, approaching 70% of the total for 2025. Regarding the record performance, Lao Pu Gold attributed it to the brand's absolute market advantage, continuous product optimization and innovation, and store expansion and optimization during the period In 2025, the company will add 10 self-operated stores and optimize and expand 9 stores, bringing the total to 45 self-operated stores in 16 cities by the end of the year. The single-store efficiency in shopping malls is nearly 1 billion yuan, ranking first in both single-store efficiency and sales per square meter among global luxury brands. In terms of revenue ranking in the mainland China market, the company is second only to LVMH and surpasses Hermès, becoming the only Chinese brand among the top five, with a customer overlap rate with international luxury brands rising to 82.4%, positioning itself as an important player in the global luxury goods sector.

Regarding gross profit margin, the adjusted net profit margin in 2025 is expected to rise to 18.4%. Although it experienced a temporary decline due to gold price adjustments, subsequent price adjustments and scale effects are expected to drive the gross profit margin back above 40%. At the same time, its online performance is impressive, with sales on the first day of Tmall's "3.8 Renewal Week" exceeding 300 million yuan in just one second and surpassing 1 billion yuan in a single day.

In 2025, the mainland China market will be the core revenue source for the company, achieving revenue of 23.361 billion yuan, a year-on-year increase of 205%. The overseas market performed even more robustly, with revenue reaching 3.942 billion yuan, a year-on-year increase of 361%. The revenue of its first overseas store at Marina Bay Sands in Singapore exceeded 3.9 billion yuan. Nevertheless, industry insiders hold a cautious attitude towards its overseas prospects, believing that European and American consumers have a low acceptance of gold jewelry, and there are strong local brands in Southeast Asia, posing significant challenges for the traditional gold business going abroad.

**Comment: Revenue and net profit both see high growth, but whether going abroad is a pitfall or a treasure remains uncertain.**

****

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