1 Billion 400 Million Inventory Is Hard To Semir. What'S Wrong With You?

Xiaobian came to Semir's logistics distribution center in Shanghai, and found that the scale of Semir's clothing industry is indeed "Big Mac". The 25 thousand square meter area is composed of an automated warehouse and a sorting building.

Where are the stocks and where are the problems?

As an internal employee of Semir said, "some of Semir's inventory lies in the warehouse of franchisees."

The proportion of franchisees in the clothing business with "light assets" is now 85-90%.

One took part in the special order meeting this year.

Disclosed to reporters, several of them do search in special join is still discussing whether to continue to open shop, "but I heard Semir's franchisees have been considering how to close the shop."

Semir clothing said that the above statement is too one-sided, "Semir has more than 8 thousand stores, shops and stores every day may be normal, there is no large-scale closure of the situation."

A brokerage textile and garment researcher told reporters, "there is no large-scale closure, it may be that the cost of exit from Semir franchisee is high, and the franchisee who has worked with Semir for more than 5 years has accounted for six or seven."

Reporters interviewed a number of professionals in the industry, focusing on the source of Semir's inventory "Crux" in three aspects: the supply chain problem, the channel and brand management have greater room for improvement, and the excessive pursuit of short-term financial statements before and after the listing.

The pain of supply chain, brand management and channel management

The information provided by Semir to reporters clearly shows the company's current supply chain situation. "Supply chain mode, Semir design self operation, production outsourcing, direct sales and affiliate integration; product supply chain structure distinguishes fashion, vitality and basic funds; annual procurement of over 100 million, concentrated in the Yangtze River Delta, Pearl River Delta, procurement mode is mainly IFOB and CFOB; Semir brand and Barbara orders will be 1 times a season, the order amount of 70%."

In warehousing and distribution, Semir is in Shanghai.

There are two warehousing and logistics bases. This year, the company also announced that it would use 250 million yuan to raise funds to build Tianjin warehousing and logistics base.

In terms of information system, in addition to SAP and ERP, "Manhattan system" is the core platform for Semir's logistics center for product storage and distribution.

It is reported that the Manhattan system is a supply chain management system developed by Semir clothing, which is built on the basis of Wenzhou and Shanghai logistics center.

In 2010, Semir Shanghai logistics center was completed. A person who visited a complete supply chain system of Semir told reporters: "after visiting, I talked with the people inside the system, saying that people, equipment and systems would have a running in period. It would take about two or three years to play the system.

International brands like Zara will win in the supply chain, and Semir will catch up with Zara.

"Look at Semir. It has been on sale for a week.

The excuse is that the warehouse is not strong enough, and it will be 72 hours without delivery. It will not be a discount. "This is a complaint from a netizen who bought Semir clothes online. It may be a reflection of Semir's supply chain problem.

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The brokerage researcher said: "at home, the supply chain systems of Semir and Smith Barney are both early and leading, and are still in the process of upgrading and improving, such as Semir fashion, leading time (from product design to sales time span) is about 2-3 months; Zara and H&M lead time is only 2 weeks."

In June this year, Semir Shanghai Golden Coast store opened, which is another new image shop opened by Semir after Xi'an Xiao Zhai store.

When the reporter came to the image shop in North Sichuan Road, he learned that the two storefront store was Semir's expansion and renovation of the store which was located at the same address. The product line and shopping space had changed greatly.

An investor who specializes in mergers and acquisitions in the consumer and retail industry interprets the opening of Semir Gold Coast store as an important step in Semir's brand management: "Semir's management seems to have realized that it has to exert itself in terminal management."

According to the above analysts, Semir has been considering the development of franchisees this year. Semir may learn more about the management of the franchisees and change the way of cooperation with franchisees.

For example, strengthen communication with franchisees stock information, help display and layout of products, and so on, but this plan is still in the stage of thinking.

Semir sees inventory crisis

Zheng Hongwei, Semir fashion manager, also responded exclusively to the inventory problem in the "financial weekly": "this is a phased problem.

Most enterprises, from the beginning of this year, have made every effort to speed up the pace of inventory disposal, and have achieved remarkable results.

Semir's gross profit margin plunged 6 percentage points in the 3 quarter, and it was also the reason why the company increased its inventory handling in the three quarter.

Zheng Hongwei believes that the domestic clothing industry generally produces inventory problems in the following aspects.

First, the background of the smooth expansion of channel expansion and the strong demand for consumption no longer exist, and the competition in the industry intensifies. Secondly, the cost increases, and the shopping centers and e-commerce change the original pattern of consumption channels. Finally, the consumption concept of consumers is improving.

The views of Semir employees are slightly different. "In recent years, clothing companies have been listed one after another, and inventory problems have also broken out. The main reason is the pursuit of short-term performance of listed companies or listed companies.

The garment enterprises that join in the mode do not need to sell the goods, and send the goods to the franchisee to confirm the income.

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Why revenue this year dropped, because last year's franchisees are too optimistic, take more goods can not sell, this year can only discount sale, this year's goods can not take more.

Zheng Hongwei did not agree with the statement of "pursuit of statements". "When Semir went public, its net profit reached one billion, and there were hundreds of millions of tax payments, which fully accords with the standards of listing. There is no internal and external motivation to pursue reporting results."