凡客 / Vancl

Vancl is the apparel ecommerce and self-owned brand 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 says Vancl built from stronger warehousing and brand control than PPG, made a major cultural splash through its advertising, then over-expanded categories and SKUs until inventory and organization pressure damaged the business.

Connections

• PPG — predecessor and warning case.
• Inventory Write-Down Risk — financial-statement risk made concrete by Vancl’s stock buildup.
• Vertical Ecommerce Failure Modes and Consumer Brand Moat — category focus versus brand durability.