JNBY takes over Marsèll's operations in Greater China, with high-end footwear becoming a new focus for multiple brands.

JNBY is further expanding its brand footprint.

On September 24, JNBY announced a strategic partnership with Marsèll, a high-end Italian handcrafted footwear and leather goods brand. JNBY will be exclusively responsible for the brand's operations in Greater China, covering the mainland China, Hong Kong, Macau, and Taiwan markets, while also acquiring long-term trademark rights for Marsèll in the region.

Unlike JNBY, which previously relied primarily on internal incubation to expand its brand portfolio, Marsèll is an independent designer brand that has been operating in overseas markets for many years. This collaboration signifies that JNBY's multi-brand business is expanding beyond apparel, children's wear, and lifestyle products to include professional footwear and leather goods.

Marsèll was founded in 2001 on the banks of the Brenta River near Venice, Italy. This area is a traditional Italian footwear manufacturing hub, long home to shoe workshops and suppliers to luxury brands. Marsèll focuses on men's and women's shoes, while also selling leather goods such as handbags. The products are made in the Veneto region of Italy, emphasizing leather treatment, hand-finished finishes, and structural variations in design.

From a distribution channel perspective, Marsèll is currently still a relatively small high-end designer brand. In December 2023, the brand opened its first flagship store in Milan. In the Chinese market, Marsèll has primarily reached consumers through multi-brand boutiques and high-end department stores. In the spring of 2026, it opened a limited-time retail space at Chengdu SKP, but has not yet established a widespread network of directly operated outlets.

This leaves room for JNBY to localize its operations. Its existing stores, membership system, and multi-brand stores can provide initial touchpoints for Marsèll, while Marsèll complements JNBY's relatively lacking independent high-end footwear and leather goods products. Compared to apparel, footwear places more emphasis on sizing, trying on, and after-sales service, making offline channels still very effective.

JNBY's latest performance also shows that its growth model is changing. In fiscal year 2026, the company achieved revenue of RMB 6.046 billion, a year-on-year increase of 9%; net profit was approximately RMB 997 million, a year-on-year increase of 11.1%. As of the end of June 2026, its total number of physical retail stores was 2,118, an increase of only 1 store compared to the previous fiscal year, while online revenue increased by 20.5% to RMB 1.448 billion.

With the total number of stores remaining relatively stable, the company needs to seek growth from single-store efficiency, online channels, and new brands. In fiscal year 2026, JNBY's emerging brand portfolio revenue reached RMB 478 million, a year-on-year increase of 32.2%, but still accounted for 7.9% of total revenue. The main brand JNBY still contributes more than half of the company's revenue, and new businesses have not yet changed the overall revenue structure.

JNBY boasts over 610,000 active member accounts, with over 360,000 members spending more than 5,000 yuan annually. These consumers already possess a certain level of awareness of designer brands, providing a foundation for Marsèll's entry into the Chinese market.

However, Bain & Company data shows that the Chinese mainland personal luxury goods market is projected to shrink by 3% to 5% by 2025, with consumers paying more attention to quality, practicality, and reasonable pricing when purchasing high-priced goods. Marsèll's handcrafted production and differentiated designs are distinctive, but its relatively limited brand awareness also means higher market education costs.

Acquiring regional trademark rights allows JNBY to plan Marsèll's channel and product strategies in Greater China over a longer period. Whether JNBY can maintain its product positioning while expanding sales will determine whether this collaboration ultimately translates into new business growth.

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