# Business Transformation

From Parkas to Processors: Toread’s Radical Pivot Signals a New Era for Chinese Retail

Chinese outdoor giant Toread is radically transforming its business model after closing 200 retail stores and facing a core operational loss in 2025. The company has successfully pivoted to a 'dual-core' strategy where semiconductor manufacturing now drives nearly 40% of its revenue, offsetting the decline in its traditional apparel business.