The High Inventory Burden Is Dragging &Nbsp Behind, And The Extensive Mode Of Attack Of The US And The World Is Suspected.

A few days ago, a micro-blog exposure, Mei Bang dress (002269) and van customer's stock were huge. The factory warehouse in Pinghu basically broke the warehouse, Hai Lan's stock was up to 3 billion 800 million, and the asset liability ratio was over 80%.

The loophole in micro-blog is Smith Barney There are no warehouses in Pinghu, Zhejiang, and factories have already bought out stocks. But the micro-blog was heavily forwarded to cater for the market's high speculation on the clothing industry. However, the daily economic news reporter found that the three companies mentioned in micro-blog did not satisfy their expectations in handling inventory.

In the three quarter of last year, the United States as the leading brand of mass leisure has reached nearly $3 billion in the last quarter of the year, which has increased by 300% compared with 700 million inventories in the first quarter of 2010. Hai Lan's home is preparing to go public. Its prospectus shows that the total inventory amount was 3 billion 871 million yuan at the end of 2011, accounting for 56.94% of the total assets. The problem of fan is that Chen admitted publicly that the company's decision making mistakes resulted in a lot of inventory.

Industry inventory pressure

The largest foundry factory in Zhejiang is located in Pinghu. The largest supplier in the US bond annual report is Kun Meng Da garment company, located in new Dai, Pinghu. The daily economic news reporter learned from the company that this company is also a supplier of van sincere.

Kun Meng Da's factory in Pinghu's new Dai has already rented part of its warehouse to another MBSKY, a casual wear brand. Outside a blue sky warehouse managed by Kun Meng Da, site security guards prevented outsiders from entering, but he told reporters that the warehouse was full. Kun Meng Da, head of the Pinghu new Dai factory, also said, "the blue sky warehouse is now full."

Obviously, it is not just those three who are in the stock crisis. An insider told reporters. Stock The problem has begun to spread all over the industry.

Out of stock means that the days of the garment industry will not be better. First of all, the brand's foundry factories are affected. A US based supplier in Pinghu's Tong Tang told the daily economic news that their supply to the US state began to decline from the second half of last year.

Excessive inventory leads to a decrease in upstream orders. One industry insider told reporters that such problems continue this year.

In the field of mass casual wear, the inventory problem of Smith Barney is most prominent. In the first quarter of 2010, the US stock was only 700 million yuan, and by the first quarter of 2011, the US federal state's inventory reached 3 billion 160 million yuan, rising by more than 300%.

Another two popular leisure brands Semir and search special (002503) situation is, Semir clothing (002563) inventory from early 2011 to 1 billion yuan in the three quarter of 2011, 1 billion 420 million yuan, the stock growth rate reached 42%; search in recent year's inventory increased from 630 million yuan to nearly 1 billion 100 million yuan, stock growth rate is also nearly 80%.

Queuing up Hai Lan's home The inventory problem is also a headache. As the middle end men's clothing brand, as of December 31, 2011, Hai Lan's home marketing network includes 1854 franchised stores, 63 shopping malls and 2 Direct stores, but its total inventory is 3 billion 871 million yuan, accounting for 56.94% of total assets. Moreover, from 2009 to the end of 2011, the number of inventories was 13 million 30 thousand, 17 million 250 thousand and 33 million 930 thousand respectively, with an average annual compound growth rate of 61.37% during the reporting period. At the same time, the inventory turnover rates of Hai Lan's home in 2011, 2010 and 2009 were 0.77, 0.88 and 0.79, respectively, that is, inventory can be turned around once in 450 days.

　 The burden of inventory is hard to throw away.

How can we get rid of the burden? "There is no good way," said Cui Hongbo, founder and chief executive officer of brand consultancy in Shanghai.

It is understood that the current industry generally adopted the way, including regular quarter end sale, new brand discount stores and scissors export abroad, but little effect.

Take America for example. Shenyang Wanguo (market, information, commentary) research data show that Metersbonwe's inventory in late 2011 has dropped to 2 billion 500 million yuan, while in the three quarter of 2011, Smith Barney's inventory showed nearly 2 billion 982 million yuan, which means that in the fourth quarter of last year, Smith Barney's inventory was 500 million yuan. According to its earnings report, in 2011, the United States began to launch 300 discount stores in the two or three tier cities to digest inventory, with a discount of 5~5.5.

Judging from the inventory of last year's digestion in the United States, Shenyang Wanguo analysis showed that the new spring and summer festival in 2012 was about 250 million yuan, 700 million yuan in autumn and winter in 2011, and 800 million ~9 billion yuan in 2011 and 500 million ~6 billion in 2010 and autumn. An anonymous analyst pointed out that the spring and summer 2012 and the autumn and winter 2011 were normal stock. The remaining 1 billion 500 million yuan of clothing was devalued every day in the warehouse. In 2011, the results showed that its net assets in 2011 were 4 billion 130 million yuan, while 1 billion 500 million yuan accounted for 40% of clothing in the past quarter.

A broker who declined to disclose the name said that the size of the company has increased substantially since the second half of 2010, mainly because the ME&, CITYKIDS and online shopping brand AMPM increased the inventory size since last year. In the second half of 2011, the US federal government divestied the online business of the "state purchase network" from the listed companies. People close to the US state said that the move of the US state wanted to develop more online brands, which means that the pressure of the US stock will increase.

Judging from the number of days of inventory turnover in many brand clothing enterprises, it is more serious. In the two quarter of last year, the inventory turnover time has been as high as 243 days, which means that the inventory will take 8 months to digest.

　　 Smith Barney As one of the earliest enterprises to learn ZARA, H& and M fast fashion mode in China, it has been demanding that its supply chain should be shipped from the shelves to the shelves for two weeks. But a US state insider told the daily economic news that the two week period was too tense for the United States, and the operation Department was once paralyzed. After discussion, the supply chain time was limited to 2~3 months, which gave the us a breathing space. However, it is at least 8 months for the United States to digest inventory, which undoubtedly limits the pace of development.