Look At The Troubles Of The Fast Clothing Company From The YOUNGOR Clothing Brand

Semir Qiu strong "step by step".

Following last week's issue of Metersbonwe's inventory reduction and whitewash report, this week we have to focus on the inventory problem of the entire apparel industry.

Inventory has always been the core issue of the apparel industry. Since twenty-first Century, more and more light assets "clothing operation" companies have been constantly attacking the traditional "

"Mode.

Metersbonwe will not be the first, nor the last, to grow up in the big problems of inventory.

Around the inventory problem, management and channel become more and more a company's core competitiveness, but at the same time, it also reduces the threshold of the industry. Subsequently, the cost becomes the killer application of this industry.

In front of this killer, Metersbonwe left the first drop of blood.

Moreover, the whole industry faces this threat.

Fast company encounter problems

In the 37 clothing companies listed by reporters (excluding *ST Far East and ST ray B (1.430,0.00,0.00%)), the total inventory in the 2012 China consolidated report was 44 billion 985 million yuan, of which the top three YOUNGOR (7.46, -0.04, -0.53%), red bean (4.13, -0.01, -0.24%) and Jihua Group (3.08,0.03,0.98%) three have a large number of real estate inventories, most of which are the American state dress (16.22, -0.20, -1.22%) and Semir costumes (3.08,0.03,0.98%), with 1 billion 753 million and 1 billion 473 million stocks respectively.

There are 4 stocks below 100 million, namely 16.96,0.05,0.30%, -0.05, -0.53%, 17.59,0.25,1.44%, and 10.42 (-0.08, -0.76%).

The top two of the increase in inventory is the 490 million of Hong Kong soybean stocks with a large stock of real estate.

458 million, followed by Semir costumes 320 million and 31.49,0.31,0.99% 230 million.

The largest drop in inventories was from the 2 billion 890 million to 1 billion 753 million, compared with a year-on-year decline of 39.34%.

It seems that YOUNGOR is the most serious problem, but because YOUNGOR has high inventory of real estate, it is not comparable.

The reporter inquired about the financial report of YOUNGOR from 2009 to the middle of 2012.

Inventory is around 2 billion, and there is no big fluctuation.

Therefore, YOUNGOR is not a serious stock user.

These two sets of data have exposed the basic inventory problems in the industry.

That's the casual wear company, the light asset company, which is getting heavier and heavier now.

"In the first half of this year, affected by the slowdown in the economy and the weakening of the consumer market, the revenue growth of each sub industry was affected to varying degrees," said analyst Lei Yu, an analyst at 9.58,0.04,0.42%.

Among them, the outdoor industry and the high-end brand clothing industry still maintained a relatively fast growth rate; the market demand of the home textile industry was restrained, and the revenue growth rate dropped more; the competition in the middle end brand clothing industry intensified, and the gross margin growth space was limited, and now the pition from the epitaxial growth to the endogenous growth of fine management has gradually shifted; the casual clothing industry has been attacked by the international fast fashion brand upwards, and is under the impact of the electricity supplier, which is now in the inventory stage, and the growth rate has obviously declined.

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Up to 2012, China had the highest turnover rate of accounts receivable (17.950, -0.76, -4.06%) 19.90, YOUNGOR 16.67, fuanna (33.80, -0.44, -1.29%) 13.17, Jihua Group 11.79, lowest reported birds (11.20,0.06,0.54%) 1.45, Saturday (6.09,0.00,0.00%) 1.45, Mei Sheng Culture 1.49, AOKANG International (24.49,0.06,0.25%) 1.75, 100 round pants industry 1.75.

More than 60% of gross margin sales were 41.61,0.58,1.41%, 19.68,0.03,0.15%, 19.68,0.03,0.15%, 7.78,0.01,0.13% and Pathfinder.

The gross margin changes were larger: YOUNGOR increased from 38.28% to 49.90%, Busen shares (12.03,0.03,0.25%) increased from 29.47% to 37.47%, the 100 round trousers industry increased from 38.25% to 45.15%, the wedding birds increased from 53.76% to 60.26%, and Golden Eagle shares (4.78,0.04,0.84%) decreased from 16.65% to 12.43%.

The larger net income of combined statements is YOUNGOR 921 million, Mei Bang dress 432 million, Jihua Group 389 million, nine herd King 338 million, AOKANG international 258 million, Semir dress 248 million, seven wolves (21.67, -0.03, -0.14%) 246 million, the lowest is Chinese clothing (7.23,0.00,0.00%) -1951.46 million, golden Eagle shares -1167.61 million.

What way is YOUNGOR going?

In 2012, YOUNGOR had much more hearsay, and Li Rucheng went back.

Because YOUNGOR's real estate inventory is large, its inventory turnover is only 0.12.

But its gross profit grew fastest and increased to 38.28%, which was mainly due to two reasons: structural adjustment focused on domestic sales, so that the gross profit margin of garment business increased by 16.5% compared to the same period last year, reaching 63%; the recognition of real estate business revenue increased the gross profit margin significantly, and increased 13.6% to 48.6%.

This shows that in addition to the direction of Li Rucheng adjustment, gradually cut down the textile manufacturing industry, gradually withdraw from the financial sector, compressed real estate, return to clothing.

But what kind of clothing company will YOUNGOR become?

Many people may not know that YOUNGOR now has five clothing brands: YOUNGOR, HSM, GY, hemp and Mayor.

Since 2010, Li Ru has become the target of garment business pformation from "production management to brand operation", and has gradually reduced the export business of OEM by reducing a series of integrated measures such as reducing the shareholding ratio of textile enterprises and selling new horse clothing. The market has shifted its focus to the brand clothing field with higher added value.

So, in April 20th, at the shareholders' meeting and brand clothing special exchange meeting held by YOUNGOR, there was an agency asking directly to YOUNGOR executives: "does the pformation of production and operation to brand operation mean that the company will take light assets in the future?"

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The answer is very vague: "the strategy put forward by the company in the annual report is to optimize the industrial chain and cultivate the supply chain. First, concentrate on the quality of the brand. From the current sales products, 60%-70% is produced by its own factories, and 30% of them are purchased from abroad. On the basis of stable production of this department, the proportion of external procurement is gradually expanded, and the purchase of neighboring countries, including Europe and America, and Japan, is now getting closer to us. The cost of Italy is rising, and their cost is decreasing. In general, the company concentrates on brand building, channel construction, including product construction and product innovation, and the supplier side is to optimize the industrial chain and cultivate the supply chain."

In general, there is a tendency to become lighter, but it is not yet clear.

From the subtle changes and layout of YOUNGOR's current brand, it seems that more "light" tastes can be read.

For example, the original YOUNGOR suit, located in business people, is becoming more and more casual.

GY is located in the urban fashion youth aged 25 to 35, with an annual salary of 5-10 million. This is like Metersbonwe. The HSM introduced from the US is located in the 33-35 year old active urban professionals and business elite. It takes the American middle and high class leisure men's wear route; Mayor is positioned for the administrative public service personnel; the hemp family is in the production of clothing and clothing, bedding bedding, bathroom underwear, household technology and other products.

However, judging from the inventory, YOUNGOR did not enter the "light rail".

After the weekly financial report deducted the total inventory of YOUNGOR's real estate inventory, it can roughly calculate the inventory status of YOUNGOR clothing business.

The results of calculation are as follows:

In mid 2012, inventories were 2 billion 70 million, 2011 at the end of 2 billion 180 million, 2 billion 200 million in mid 2011, 2 billion 200 million at the end of 2010, 2 billion 100 million at the end of 2010, 2 billion 100 million at the end of 2009, and 2 billion 210 million in 2009.

This shows that YOUNGOR has not become lighter.

This is related to the two important strategic orientations of YOUNGOR.

First of all, YOUNGOR tends to open up direct channels.

For example, the China Daily reported that the number of stores increased by 109 over the beginning of the year, mainly by adding new shopping malls and self owned stores, and closing some franchises to further enhance terminal control, and the proportion of franchised stores dropped to 17%.

The second is that the positioning difference between multi brands is very large and the style is very different. So the business mode of multi brands is not the same. Which way should we take? It seems that YOUNGOR itself is not completely thinking about it.

An analysis of a Shanghai official said, "YOUNGOR's approach is a bit like 40.19,0.06,0.15%, and the top brand can't go and make another high-end brand (HSM). At the same time, it is not wrong to see the emerging business models, and feel that it is not wrong to take a new road. Therefore, we learn from others (GY), and finally their fist product positioning becomes blurred."

YOUNGOR's clothing has no pain in stock. Conversely, Li Rucheng has not yet thought of how to turn back.

Industry pformation, Eight Immortals crossing the sea

Obviously, the leisure apparel industry is the most difficult area of inventory.

Among them, Metersbonwe's stock dropped from 2 billion 890 million to 1 billion 753 million, down 39.34% from the same period last year.

But last week's financial weekly report explains that this is probably the result of financial bookkeeping.

Zhou Chengjian's (micro-blog) is continuing to speed up the construction of Direct stores in the context of smaller and smaller inventory appetite of franchisees.

In the first half of this year, there were 192 new businesses and 154 franchised stores, and the proportion of direct battalions increased to 25%.

In the eyes of one of his peers, "old week is no doubt tough.

With so much inventory, we need to increase the proportion of direct battalions. He wants to increase control over the terminal and solve the problem of poor information flow.

Obviously, this is in line with Zhou Chengjian's character of being strong and pursuing perfection.

Qiu Guang and his father and son, whose character is much more temperate, are obviously not so vigorous and vigorous.

The market recognized that Semir's channel inventory is very heavy, which is related to the high proportion of Semir's affiliate channels.

In the interview with Qiu Qiang in the annual financial weekly, he admits that management is committed to dealing with inventory, but it can only go one step at a time.

Such as opening discount stores and factory stores, increasing sales of e-commerce, and quickening the disposal of company inventory products.

On channel construction, in May of May, Semir apparel invested 156 million in the acquisition of Chinese enterprises in Hong Kong.

In March this year, Semir apparel invested 8 million and 12 million respectively, and two new branches were set up in Changchun and Shenzhen respectively, which are used for the clothing brand management and product sales of the company.

Overall, Semir is stepping up its efforts to control sales, but it is more moderate.

It shows that the three casual clothing companies listed in the United States, Semir and 25.28,0.05,0.20% have achieved 1 billion 961 million 466 thousand and 800 yuan, 1 billion 191 million 995 thousand and 600 yuan and 346 million 415 thousand and 700 yuan respectively in the two quarter of this year.

From the point of view of growth, the two quarter revenue of the United States and costumes rose by 14.02% and 48.91% respectively, while Semir's clothing revenue dropped 17.34%.

The stock in the high-end women's clothing was increased from 86 million 301 thousand and 600 to 318 million, an increase of 268.48%.

The stock of Rand is increased, one is controlled by the delivery rhythm, and the two is to join the direct pfer battalion so as to rush back part of the revenue, while the revenue is rushed back to stock, making the inventory increase accordingly.

At the same time, the gross profit of the company increased from 58.72% to 62.21%, and the net profit increased from 96 million 196 thousand and 100 to 142 million, becoming a fast growing company in the apparel industry.

The inventory of clothing companies of nine men's and Hinur's (8.56, -0.01, -0.12%) two men's clothing brands also rose to varying degrees, and they all focused on cultivating Direct stores.

In the first half of the year, the nine year old Wang hit a new gross margin of 57%, while Hinur's net profit growth slowed down due to an increase in operating expenses.

Georges white, now a new public company, is only 89 million 627 thousand and 400 of inventories. The company's gross profit margin in the first half of the year was 45.5%, down 1.5 percentage points from the same period last year, mainly due to increased procurement costs.

The company's main customers are group customers, focusing on finance, electricity, tobacco, energy, communications, education and other fields.

At present, the macroeconomic growth rate continues to fall. It is expected that some customers and potential customers of the company will reduce administrative expenses, which may have a greater impact on the company's professional clothing business.