PPG

PPG is the men’s-shirt vertical ecommerce case in No.200 电商三国之群雄逐鹿：腰挂公章、持剑拒签，以及 108 种死法. The episode describes an asset-light, advertising-driven model that grew quickly but was undermined by supply-chain control, low repeat purchase, ad dependence, and allegations around founder behavior.

Connections

• 凡客 / Vancl — later apparel case that tried to learn from PPG but ran into its own expansion and inventory problems.
• Vertical Ecommerce Failure Modes — narrow-category scaling problem.
• Asset-Light Vs Heavy-Asset Models and Ecommerce Surface Metrics Risk — concepts strengthened by this case.