Cross-border fashion brand Zaful's operating entity Sagar formally declares bankruptcy, total liabilities exceed 800 million yuan

October 23 news: Recently, upon ruling by the Qianhai Cooperation Zone People's Court of Shenzhen, cross-border e-commerce company Shenzhen Sagar Commercial Co., Ltd. (hereinafter referred to as "Sagar") was declared bankrupt. Its parent company, Cross-border Tongbao E-commerce Co., Ltd., announced on October 15 that "the company has lost control over Sagar, and Sagar will no longer be included in the company's consolidated financial statements." The announcement showed that the court's basis for ruling Sagar bankrupt was that Sagar cannot repay due debts, and its existing assets are insufficient to repay all debts, meeting the statutory conditions for bankruptcy. Exchange filings show that Sagar filed for bankruptcy liquidation in January this year, and its financial performance in recent years has not been optimistic, with net profit and net assets continuously negative. As of September 30, 2025, Shenzhen Sagar's total assets were 78.4921 million yuan, total liabilities were 813.181 million yuan, and net assets were -734.6889 million yuan. From January to September 2025, operating revenue was 4.8337 million yuan, total profit was -42.1959 million yuan, and net profit was -42.1284 million yuan. It is reported that Sagar is the operating entity of the cross-border fast fashion brand ZAFUL. ZAFUL was founded in 2014 and was then affiliated with Shenzhen Globalegrow E-commerce Co., Ltd. Globalegrow was also acquired by Baiyuan Trousers in 2014, and the integrated new company was renamed "Cross-border Tong." ZAFUL entered the fast fashion overseas market starting with swimwear products, and has repeatedly appeared on the "Top 50 Chinese Global Brands" list, once ranking second only to SHEIN in the global online fast fashion rankings. Later, after Cross-border Tong encountered a series of changes, ZAFUL began independent operations in 2020, and the new operating entity was Sagar. This article was first published on the official website of Ebrun. [Source of this article: Ebrun Go. An automated writing robot developed by Ebrun, providing you with e-commerce industry intelligence output by algorithms at the first opportunity. This dog is still young; welcome to contact run@ebrun.com or leave a message to help it grow.]