COSMO LADY

Overview

Item	Information
Brand name	COSMO LADY / 都市丽人
Chinese name	都市丽人
Founded	1998
Founder	Zheng Yaonan (郑耀南)
Headquarters	Dongguan, Guangdong, China
Industry	Intimate apparel / underwear / apparel retail
Parent company	Cosmo Lady (China) Holdings Company Limited
Hong Kong stock code	02298
Listed	26 June 2014
Core market	China, with overseas expansion
Core positioning	Mass-market, affordable, comfortable intimate apparel
Retail network	4,500+ stores according to the company’s current website
Cities covered	330+ domestic and overseas cities
Women reached	63 million+ according to company figures
Patents	561 as of 2025
Brand claim	Leading women’s underwear sales in China for eight consecutive years (2017–2024), based on Frost & Sullivan research cited by the company

The data above are primarily company-reported. The sales-leadership claim specifically relies on Frost & Sullivan research commissioned or cited by COSMO LADY.

Brand history

1998: Foundation

COSMO LADY was established in 1998 by entrepreneur Zheng Yaonan, with the original business focusing on women’s intimate apparel. The company emerged during a period of rapid urbanisation and growth in China’s consumer market. Rather than treating underwear solely as a traditional garment, COSMO LADY developed a modern specialty-retail model that made intimate apparel accessible through dedicated stores.2

2002: Nationwide expansion

In 2002, COSMO LADY introduced a one-stop shopping concept for intimate apparel, enabling the brand to expand beyond its initial market and develop a nationwide retail network.3

2009: Manufacturing and industrial infrastructure

The company established an industrial park in Dongguan, strengthening its capabilities in design, research and development, manufacturing, and supply chain management. This vertical integration became a central element of the COSMO LADY business model, extending its role beyond fashion retailing to encompass product development, manufacturing, logistics, and retail operations.4

2010: Capital investment

In 2010, Capital Today (今日资本) invested in the company. During this period, COSMO LADY also received recognition for its innovative channel model.5

2014: Hong Kong IPO

On 26 June 2014, Cosmo Lady (China) Holdings Company Limited was listed on the Main Board of the Hong Kong Stock Exchange under stock code 02298. The company described the listing as marking the first mainland Chinese underwear enterprise to be listed in Hong Kong.6 Its prospectus presented COSMO LADY as the core brand within a broader intimate-apparel portfolio targeting women and other demographic segments.7

2017: Membership and digitalisation

By 2017, the company reported nearly 40 million members and introduced C2M-related initiatives intended to leverage consumer and membership data to improve product development and retail operations.8

2019: Product innovation

COSMO LADY signed actress Guan Xiaotong as a brand ambassador and launched its Airbra product, which the company stated was approximately 30% lighter than comparable products. This period also marked the beginning of significant strategic challenges as the Chinese underwear market became increasingly competitive, with consumers shifting towards comfort-oriented, digitally native, and specialised brands.9

2021–2022: Repositioning

During this period, COSMO LADY placed greater emphasis on comfort, functionality, product technology, and younger consumers. In 2022, it collaborated with the China Textile Commercial Association’s underwear committee, JD.com, and industry research organisations to publish the China Women’s Underwear White Paper, aiming to promote more professional and data-informed approaches to women’s intimate apparel.10

2024: Sports and professional positioning

In 2024, COSMO LADY became a partner of the Chinese national artistic swimming team. This partnership helped associate the brand with athletic performance, professionalism, health, and confidence, moving beyond traditional lingerie advertising.

2025: New generation of ambassadors

In 2025, COSMO LADY signed actress Gulnazar and launched products including the “Peach Cup” bra series. The company also signed speed skaters Liu Shaolin and Liu Shaoang, continuing its association with sports and the concept of a “champion” brand.11

Business structure

COSMO LADY operates as an intimate-apparel group rather than a single label. Its product categories include:

Women’s bras
Women’s underwear
Shapewear
Thermal underwear
Homewear and loungewear
Men’s underwear
Men’s homewear
Other intimate-apparel products

The current portfolio includes soft-support bras, shaping bras, thin-cup bras, seamless and size-flexible products, women’s underwear, homewear, and men’s products.12 Historically, the group’s portfolio has also included brands such as Ordifen (欧迪芬) and Freeday, allowing it to target different price points and consumer segments.13

Brand positioning

COSMO LADY’s primary strategic characteristic is its mass-market positioning. It is not positioned as a luxury lingerie house nor solely as a discount retailer. Its core proposition is good-quality, comfortable intimate apparel at accessible prices. The company describes this philosophy as “high-quality and affordable,” expressed in Chinese as “好而不贵”.14 This positioning has historically allowed COSMO LADY to appeal strongly to China’s broad middle-market consumer base.

Product philosophy

A major evolution in COSMO LADY’s history has been the shift from fashion-oriented underwear towards comfort, functionality, and technology. Current product strategy emphasises several key areas:

Comfort

Products are designed for everyday wear rather than exclusively for special occasions.

Support and shaping

The company develops bras incorporating various cup structures, support systems, and shaping functions.

Lightweight construction

The Airbra and subsequent lightweight products reflect the company’s focus on reducing the physical burden of conventional bras.15

Flexible sizing

COSMO LADY has promoted products such as its Vbra and “soft-size” underwear designed to accommodate differences in body shape and improve comfort.16

Fabric innovation

The company has also promoted specialised fabrics, including dust-resistant cotton homewear and thermal apparel.17

Research and development

Research and development have become increasingly important to COSMO LADY’s identity. According to the company, the group had accumulated 561 patent applications or patents by 2025 and participates in the formulation and revision of national, industry, and group standards related to underwear.18

Recent product-development strategy focuses on identifying specific consumer problems and creating specialised products rather than producing large volumes of conventional styles. The 2025 annual report highlights several successful products, including the Push-Up Thin Cup, Water Gloss Cup, Peach Cup, and Canadian Goose Down Thermal Clothes. Several bra series reportedly achieved sell-through rates approaching 90% during the 2025 autumn/winter season.19

Retail network

Retail stores have historically been central to COSMO LADY’s business. The company’s current website states that its network exceeds 4,500 stores across more than 330 domestic and overseas cities.20

A defining characteristic of this network is its penetration into lower-tier Chinese cities. In a 2024 company article discussing its partnership with Meituan, COSMO LADY stated it had more than 4,000 stores, with approximately 70% located in third-tier cities or below.21 This gives COSMO LADY a distinct competitive profile compared to brands concentrated primarily in major shopping malls and first-tier cities.

Digital and e-commerce strategy

COSMO LADY has increasingly developed an omnichannel business model. Its channels include physical retail stores, brand online stores, e-commerce platforms, membership programmes, social media, O2O and instant retail, and digital marketing. The company currently lists JD.com, Tmall, Vipshop, and Pinduoduo among its online channels.22

In 2024, the group reported e-commerce GMV of more than RMB 1.5 billion, representing year-on-year growth of over 100%.23 This shift is significant given COSMO LADY’s historical reliance on physical stores; digital commerce now represents a critical component of its transformation from a traditional retail chain into an omnichannel consumer brand.

Financial position

As a listed entity, COSMO LADY maintains a relatively transparent financial history. For 2025, the group reported the following results:

Metric	2025 Result
Revenue	RMB 2.954 billion
Gross profit	RMB 1.382 billion
Operating profit	RMB 146.1 million
Profit before tax	RMB 134.1 million
Profit for the year	RMB 110.6 million
Profit attributable to owners	RMB 123.4 million

Revenue declined from approximately RMB 3.010 billion in 2024, while net profit attributable to owners was approximately RMB 123.4 million in 2025.24 These figures illustrate that COSMO LADY is no longer pursuing store-count expansion alone; its current strategy places greater emphasis on store productivity, refined operations, product innovation, and selective expansion.25

Overseas expansion

Although China remains its core market, COSMO LADY has begun pursuing internationalisation. Its 2025 annual report states that the company initiated strategic overseas expansion and opened pilot stores in Vietnam, describing this as the beginning of a new international phase for the brand.26 The company’s current website similarly describes its network as covering both Chinese and overseas cities.27 Southeast Asia presents characteristics that align with COSMO LADY’s historical strengths, including large urban populations, growing middle-class consumption, and demand for affordable everyday apparel.

Marketing and celebrity strategy

Celebrity marketing has been a significant component of COSMO LADY’s brand-building strategy. Notable ambassadors and collaborations have included Lin Chi-ling, associated with the brand’s major expansion era; Guan Xiaotong; Tang Yixin and a broader group of female ambassadors; Gulnazar, signed in 2025; the Chinese national artistic swimming team; and speed skaters Liu Shaolin and Liu Shaoang.

The marketing strategy has gradually shifted from an earlier emphasis on beauty, femininity, glamour, and aspirational lifestyle towards a newer focus on comfort, confidence, health, technology, sport, and self-expression. This reflects broader changes in Chinese consumer attitudes towards underwear, where comfort and functionality have become increasingly prioritised.

Brand image

COSMO LADY’s visual and communication identity has changed substantially over its history. The earlier brand was strongly associated with traditional feminine lingerie advertising, celebrity glamour, and the idea of enhancing attractiveness through underwear. Its newer identity is more closely associated with everyday confidence, comfort, body diversity, functional design, female empowerment, youthfulness, sports, and product technology. Current marketing also utilises the concept of “pink power” (粉色力量) and seeks to connect the brand with younger consumers and Generation Z.28

Brand slogans and philosophy

Throughout its history, COSMO LADY has used various expressions, but two ideas are particularly associated with the brand: “遇见更好的自己” (“Meet a better version of yourself”) and “做自己的偶像” (“Be your own idol”). Its current corporate philosophy is more explicitly focused on high-quality, affordable products.29 These slogans illustrate the evolution from a beauty-oriented underwear brand towards a broader proposition centred on self-confidence and everyday lifestyle.

Competitive position

COSMO LADY occupies a distinctive position in the Chinese underwear market, situated between several categories: traditional mass-market underwear with strong physical-store distribution and affordable pricing; fast fashion with frequent product launches and trend-oriented designs; functional underwear emphasising comfort, support, fabric, and technical features; lifestyle brands offering homewear and broader intimate apparel; and sports or health positioning through collaborations with athletes and sports organisations.

Its primary competitive advantage lies in scale and distribution. The company reports more than 4,500 stores, over 63 million women who have chosen its products, 561 patents, and eight consecutive years of leading women’s underwear sales from 2017 to 2024 according to cited Frost & Sullivan research.30

Challenges and transformation

COSMO LADY’s history has not been one of uninterrupted growth. The company experienced significant pressure during the late 2010s as consumer preferences shifted and competition from newer underwear brands intensified. Its historical reliance on traditional retail stores and celebrity-led marketing became less effective as younger consumers increasingly moved towards online shopping and comfort-oriented brands.31

The subsequent transformation has focused on improving product technology; increasing comfort and functionality; revamping stores; developing e-commerce; utilising O2O retail; improving membership operations; reducing underperforming stores; increasing store productivity; developing younger brand communication; and beginning international expansion. The 2025 annual report explicitly states that the core COSMO LADY brand has moved from an expansion-driven strategy towards refined operations, with greater concentration on high-performing stores and operational efficiency.32

COSMO LADY today

As of 2026, COSMO LADY is best understood not merely as an underwear company but as a large Chinese intimate-apparel and lifestyle retail group undergoing a second-stage transformation. Its traditional strengths include a large physical distribution network, strong Chinese brand recognition, affordable pricing, manufacturing and supply-chain capabilities, a large membership base, product-development experience, and extensive penetration of lower-tier cities.

Its newer growth strategy is built around product innovation, functional underwear, comfort, digital commerce, O2O retail, higher store efficiency, younger consumers, sports partnerships, and Southeast Asian expansion. The company’s 2025 annual report describes its 2026 outlook as one of steady development, with continued refinement of its core COSMO LADY business alongside exploration of overseas opportunities.33

About COSMO LADY