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随着互联网技术更新迭代的速度加快，消费需求也在不断转变，电商与实体店的状态也从殊死博弈走向了合作共赢，形成了新零售风潮。在此背景下，快时尚行业最有利的“快”吸引力正在逐渐下降，发展速度明显放缓，消费需求、渠道和物流布局成为了新的行业竞争着力点，品牌纷纷开始布局新零售以获取新兴竞争资源。然而，快时尚行业应对新零售的盈利模式创新显然还不够成熟，所造成的高库存、低质量、过度依赖上下游和时尚度匮乏等共性问题，对利润和品牌形象等方面皆形成了负面影响。由此，亟待将快时尚行业置于新零售背景之下，摸索并建立起健康且高效的盈利模式，从而推进行业的可持续发展。

本文首先梳理了新零售、快时尚和盈利模式等领域的相关文献，并以全渠道零售、价值链、企业核心能力以及盈利模式要素等相关理论为基础，描述了新零售背景下快时尚品牌常用的几种盈利模式。其次，选取昔日快时尚行业龙头企业美特斯邦威（简称为“美邦”）作为典型案例，基于对其盈利模式演变历程的回顾，详尽分解了各构成要素。同时，将美邦在 2016 年至 2019 年的财务和非财 务表现与行业标杆企业迅销集团（优衣库的母公司）进行对比，发现美邦的盈利 模式虽在市场定位、营销网络等方面具有优势，但尚存设计研发能力不足、存货 消化变现能力差等劣势。最后，针对以美邦为代表的本土快时尚行业，其盈利模 式在新零售背景下所存在的共性问题，提出了需求对接产品以保障利润持续等优 化策略，以期推动我国快时尚行业在新零售冲击下的盈利模式创新。

With the accelerated pace of Internet technology update and iteration, consumer demand is also changing, and the state of e-commerce and physical stores has also changed from a desperate game to a win-win cooperation, forming a new retail trend. In this context, the most favorable "fast" attraction of fast fashion industry is gradually declining, and the development speed is obviously slowing down. Consumer demand, channel and logistics layout have become the new focus of industry competition, and brands have begun to layout new retail to obtain new competitive resources. However, it is obvious that the fast fashion industry is not mature enough to cope with the new retail profit model innovation. The common problems such as high inventory, low quality, excessive dependence on upstream and downstream and lack of fashion degree caused by the innovation, have a negative impact on the profit and brand image. Therefore, it is urgent to put the fast fashion industry under the new retail background, explore and establish a healthy and efficient profit model, so as to promote the sustainable development of the industry.

Firstly, this paper reviews the relevant literature in the fields of new retail, fast fashion and profit model, and describes several common profit models of fast fashion brands under the background of new retail based on the relevant theories of Omni channel retail, value chain, enterprise core competence and profit model elements. Secondly, this paper selects the former fast fashion industry leading enterprise Meters Bonwe (hereinafter referred to as "Meibang") as a typical case, based on the review of the evolution of its profit model, detailed decomposition of the constituent elements. At the same time, comparing the financial and non-financial performance of Meters Bonwe from 2016 to 2019 with the industry benchmark fast selling group (the parent company of UNIQLO), it is found that although Meters Bonwe's profit model has advantages in market positioning and marketing network, it still has disadvantages such as insufficient design and development ability, poor inventory digestion and liquidity. Finally, aiming at the common problems of the local fast fashion industry represented by Meters Bonwe in the context of new retail, this paper puts forward some optimization strategies, such as demand docking products to ensure continuous profits, in order to promote the innovation of the profit model of China's fast fashion industry under the impact of new retail.