From the perspective of marketing channels, although the channel transformation led by the "second generation" Chen Yicheng was quite successful, its online channel revenue exceeded 1.2 billion yuan and became the only growing channel of Xilinmen, but the offline channels were in a downward trend.
As of the end of the third quarter, Xilinmen had a total of 5,535 offline stores, a net closure of 118 stores compared to the beginning of the year; among them, there were 3,466 Xilinmen stores (a decrease of 85 stores), 1,611 Ximian stores (a decrease of 1 store), and 458 acquired high-end MD stores (a decrease of 32 stores). Some dealers began to switch to other brands. In contrast, as of the end of the third quarter, De Rucci had more than 5,700 offline stores.
In the capital market, Xilinmen's performance has aroused concerns among investors and institutions. Huaxi Securities said in a research report that it has lowered its profit forecast for Xilinmen due to the overall pressure on downstream consumer demand.
In terms of stock price performance, as of the close of November 22, Xilinmen (603008.SH) closed at 17.29 yuan/share, with a total market value of 6.553 billion yuan; compared with the intraday high of 40.1 yuan/share in January 2022, Xilinmen’s stock price has been "halved" in more than two years, and its total market value has evaporated by more than 8 billion yuan.
