Casual Wear: The Flag Of Youth

1. The development of domestic leisure wear is divided into three stages: 1

The first stage is dominated by the Hong Kong funded brands represented by JeansWest, Giordano and bannero; the second stage is the rise of local brands such as Meibang and SEMAR; the third stage is the influx of international heavyweight brands represented by Zara, H & M and UNIQLO. The characteristics of international competition in leisure wear market are obvious.

Although the industry threshold is low, it is huge market Capacity provides space for each brand.

2. Consumption prosperity is the core of leisure clothing market. In the medium and long term, with the urbanization process and income distribution system becoming more reasonable, China's market consumption demand will maintain growth, and the growth rate of clothing consumption will be ahead of other countries and regions. However, the impact of short-term economic fluctuations and emergencies on clothing consumption still exists. In the case of adverse consumption market conditions, it is difficult for each brand to be independent.

3. The marginal effect of channel expansion decreases, and channel expansion is bound to be restrained by the scarcity of prime location, the rise of property cost and the rise of human cost. In the initial stage of the channel expansion, the marginal effect gradually decreases, and in the initial stage of the channel development, the marginal effect decreases gradually.

4. The ability of supply chain management will be the key for retail brands to seek breakthrough. Leisure wear has typical characteristics of fast moving consumer goods, which requires strong supply chain integration and rapid response ability of brand manufacturers. The fashion and seasonality of casual wear are strong, which requires enterprises to work hard to improve the inventory turnover rate to cope with the impact of abnormal climate, and local leisure clothing enterprises have improved in this respect space It's still big.

The most popular e-commerce clothing category is the most popular type of leisure clothing. As an entity, e-commerce has its own advantages. Traditional brands joining in B2C competition can open up new retail channels. At the same time, with the convenience of online retail and information collection, they can master the latest preferences of consumers and the popularity of products, and help enterprises achieve the goal of optimizing products and channel resources.

It is expected that the proportion of local brand building will continue to decline in the past. Local brands have a strong logistics distribution capacity and a large team of suppliers, which lays a foundation for the company to improve its business efficiency in the future.

Investment suggestion: the A-share leisure clothing industry listed companies have been making continuous efforts to seek development, and their performance in the past decade shows their potential and ability to catch up with and surpass the industry. Based on the positive view on the domestic clothing consumption market, the commercial operation of local brands is increasingly mature, which supports us to be optimistic about the future development prospects of local leisure clothing, advantage Brands are more attractive in the consumer sector. It is estimated that the dominant companies can maintain a growth rate of 30% - 35%. Once the situation is opened in the diversification of brands, it is likely to produce an over expected growth. We believe that it has medium and long-term investment value and gives the industry "short-term" investment value_ Recommended, long term_ A ".
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