NEIWAI Founder Xiaolu Liu: Navigating Business Cycles Through Eastern Philosophy

This episode features Xiaoliu Liu, founder of NEIWAI.

Founded in Shanghai in 2012, NEIWAI set out with a simple mission: "to make underwear that sets body and mind free." It led the industry shift from sex appeal to comfort. Today, the brand has expanded into multiple product lines including NEIWAI ACTIVE and NEIWAI Orange Label, and has grown beyond China into a lifestyle brand focused on intimate apparel, loungewear, and everyday wear.

Since 2020, NEIWAI has used its International Women's Day campaigns — from "NO BODY IS NOBODY" and "MY BODY TO ME" to "身临她境" (In Her Place) — to continuously explore and present contemporary women's self-identity and collective power.

In this podcast, we discuss what led Xiaoliu to become a pioneering female entrepreneur, the thinking and evolution behind NEIWAI's brand expression, the brand's explorations and choices in product development and overseas markets, and how both NEIWAI's direction and Xiaoliu's own mindset have shifted over twelve years.

Guest

Xiaoliu Liu, Founder of NEIWAI

Episode Highlights

Building NEIWAI

• 01:53 The brand philosophy NEIWAI wants to convey: freedom of body and mind
• 02:59 What sparked the journey to become a pioneering female brand entrepreneur

The Evolution of Brand Communication

• 07:04 No Body is Nobody: A happy accident
• 13:40 MY BODY TO ME: A deeper dive into women's struggles
• 16:31 The Female Creators Project: We need more women's narratives

NEIWAI's Business Choices

• 21:15 The relationship between brand ambassadors and the brand: equal and mutually fitting
• 27:11 Can product sales and brand expression align?
• 30:23 Slogan consistency matters less than you'd think
• 33:21 "I want to build a brand that's both big and beautiful"

Product Lines and Going Global

• 36:46 NEIWAI ACTIVE: There's huge room for women's-focused athletic wear in Asia
• 40:10 NEIWAI's overseas strategy and development
• 41:36 A new NEIWAI story abroad: from body diversity to product nuance
• 45:43 The US remains the most promising market

Twelve Years of NEIWAI: Looking Back and Ahead

• 47:52 Entrepreneurship is a process of exploration
• 49:21 Why "NEIWAI" works as a brand name: it has enough flexibility to stretch
• 50:30 "Eastern sensibility" is the big direction for overseas branding
• 52:07 After detours, realizing there's no end to chasing viral hits
• 54:28 Every company has its DNA; good strategy maximizes your strengths
• 56:28 Don't judge success solely by outcomes

Personal Reflections

• 59:40 What turning 40 means as a working woman
• 01:05:05 To young entrepreneurs: do what you truly love
• 01:05:51 Xiaoliu's book and film recommendations

Further Reading

• ZhenFund's John Wang in Conversation with NEIWAI's Xiaoliu Liu | 8 Years to Make Women "Forget" About Their Underwear (Bilibili)
• NO BODY IS NOBODY | For the Undefined "Her"
• MY BODY TO ME
• In Her Place | Female Creators Project

Guest Recommendations:

• The New Look (2024)
• A Room of One's Own by Virginia Woolf

Staff Executive Producer: Jiafen, Vivia

Post-production: Keyone Studio

About ZhenFund True Words is a general business podcast produced by ZhenFund, where our investment team shares the latest trends and industry insights with leaders across various fields.

Founded in 2011, ZhenFund is one of China's earliest angel investment firms. Since its inception, ZhenFund has been actively seeking out the most outstanding entrepreneurial teams and era-defining investment opportunities in artificial intelligence, chips and semiconductors, robotics and hardware, healthcare, enterprise services, new energy, cross-border expansion, consumer lifestyle, and beyond.

ZhenFund — your first stop in entrepreneurship!

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