Ruhnn's one-influencer IPO never made money — 张大奕's flagship store closed after ten years

In 2014, model-turned-blogger Zhang Dayi (张大奕) and Ruhnn founder Feng Min opened the Taobao store 吾欢喜的衣橱. Within a year it passed ¥100 million in sales; on Singles' Day 2016 it became the first Taobao women's store to break ¥100 million in a single day — a day its ranking beat Uniqlo's. Ruhnn took Alibaba investment, then went public on Nasdaq in 2019 as China's first influencer IPO, with Zhang holding 15% and generating roughly half of the group's GMV.

The model never converted fame into profit. Ruhnn reported losses every year from FY2017 to FY2020; in 2018 its ¥150 million marketing spend ate half of a ¥300 million gross profit, and roughly 30% of revenue went to cultivating new KOLs. Shares fell 37.2% on the first trading day. In 2020 a scandal involving an Alibaba executive engulfed Zhang; sales at her stores slid, and some shoppers used 吾欢喜的衣橱 only as an order-filling (凑单) vehicle, refunding immediately after hitting discount thresholds. Ruhnn privatized and delisted in 2021 with shares down more than 70% from the IPO.

On September 19, 2024 — ten years after the store opened — Zhang announced on Weibo that 吾欢喜的衣橱 would suspend new listings indefinitely, 'essentially closing' the store. It still had 12.4 million followers, but its top three items were selling only about 300 units a month, against a 2016 day when it did ¥200 million. She blamed the corporatization of influencer e-commerce: teams, content, livestreams and warehousing pushed hidden costs that thin apparel margins could not carry.

The closure was part of a wave: in 2024 at least 40 Chinese women's e-commerce stores announced closures or pauses, including Lora Password (罗拉密码) and Shao Nv Kai La (少女凯拉). Zhang kept her higher-end 'the vever' label and her BIG EVE beauty store, and argued influencer e-commerce only works 'small and beautiful' — with the influencer herself on the front line.