The Stock Crisis Is Still Accelerating In The Women's Shoes Industry.

< p > digest high storage is still the main theme of every shoe business owner. The data disclosed by the three major brands of women's shoes in recent days show that the growth rate of a href= "http://www.91se91.com/news/index_x.asp" > BELLE < /a > (exclusive store) in the fourth quarter of 2012 is only 2%, which is worse than expected.

The growth of Daphne (exclusive store) in the same store is only 2%, while the < a href= "http://www.91se91.com/news/index_x.asp" > /a < 2.7% >.

However, the reporter found that in order to change the inventory risk of the existing dealer system, the three women's shoes brands speed up their pformation to the self operated network.

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< p > < strong > expanding continuously, the proportion of Direct stores is less than /strong > /p >

< p > > a href= "http://www.91se91.com/news/index_x.asp" > Daphne < /a > continued to reduce the number of franchised stores, which decreased by 39 in the fourth quarter of last year, while 29 in the third quarter, with a total reduction of 113 stores in the whole year.

The company's net sales increased to 260 in the fourth quarter, and the net sales increased by 880.

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< p > last September, Daphne and dealers had been in a hubbub because of the change of affiliate policy. Franchisers refer directly to Daphne's "going to franchising".

But Huang Yingzhe, director of public relations at Daphne, told the media that at present, he did not deliberately reduce the proportion of franchisees in accordance with the original plan. In the future, specific actions will be carried out according to market changes and contracts.

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< p > reporter noticed that the acceleration of pformation is not the Daphne family.

As China's top second high-end female shoe retailers, although it has not yet cut the size of franchised stores, the expansion rate has slowed down significantly.

The company sold 1964 outlets in the first half of 2012, of which nearly 75% were direct outlets and 25% were franchised stores.

A total of 173 stores were added last year, accounting for 41% of the total number of new stores, while the remaining 59% of the new outlets come from 245 stores.

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< p > Foshan has not released the latest quarterly operating data yet, but its construction in the first half of last year showed that there were a total of 1973 brand stores, including 446 distribution outlets and 1527 self operated stores, which accounted for more than 77% of the total number of stores in.

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< p > < strong > < a > href= > http://www.91se91.com/news/index_x.asp > > franchise > /a > system and inventory risk < /strong > /p >

< p > for now, reducing the proportion of franchise has become the overall trend of < a href= "http://www.91se91.com/news/index_x.asp" > shoe enterprises < /a >.

The channel mode of franchisees or agents increases the channel information communication and feedback links compared with the direct store mode.

Xu Zhenqun, a senior consultant with Mr. Jun, said that the demand plan for the order form in this mode was enlarged step by step because of the redundancy and extension of the links, and the bullwhip effect of order demand was significant.

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< p > based on this, under the environment of economic downfall, the risk of inventory rises.

It is reported that in the first half of last year, the average stock turnover period of Daphne increased from 149 days in the previous year to 202 days, slowing down for nearly 2 months, and the total inventory reached 2 billion 370 million yuan, up 15% from the same period in 2011.

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< p > Saturday is more typical in terms of inventory.

Although revenue grew 22.4% to 742 million yuan over the same period last year, the company's operating profit in the first half of last year dropped 16.4% to 64 million yuan, so that net profit fell 28.95% year on year.

Correspondingly, the net stock on Saturday increased by 107 million yuan, an increase of 12.44% over the same period last year, and the turnover of inventory was 0.91, lower than that of the same period last year and the beginning of the year.

Zhang Bin, a researcher in the textile and apparel industry of the state securities company (micro-blog), also analyzed the input of sub brands and new brands such as Sophia and Fei Bai Li on Saturday.

Among them, one-year inventory accounted for 72%, one to two years accounted for 19%, more than 9% of the biennium, and inventories increased by 12.36%, 25.66% and -12.69% compared with the beginning of last year, so that the net cash flow generated by business activities in the first half of was -1131 million, down by -163.52% compared with the same period last year.

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< p > < strong > self shop has stronger profitability than /strong > /p >

< p > according to the HSBC Research Report, Daphne has exclusive 5 other brands in the mainland and expects to lose 148 million yuan EBIT in 2012.

However, due to the "de franchising" of the company in the second half of last year, as well as the adjustment of procurement and inventory adjustment, the turnover of core brand inventory will be reduced from 208 days in the first half of 2012 to the current 190-195 days. In 2013, the stock turnover days continued to normalize, ranging from 170 to 180 days.

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< p > a shoe manufacturer Guangzhou district general agent said that for those shoes enterprises with certain popularity and sales performance, the profit level of self owned stores or franchised stores is even higher.

"The price of brand shoes for franchisees is generally seventy percent off of the original price, but if they are self-employed, they can sell at least half off to forty percent off of the price. In the three or four line cities with a higher maturity of the brand market, even if the manpower, logistics and rental costs are calculated, the profit level of the direct battalion will be higher than that of the franchisees.

In addition, the turnover speed and operational efficiency of goods are higher and competitiveness is stronger.

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< p > as the leader of China's footwear brand, BELLE first implemented its own strategy, and its performance was also the most significant.

As of June 30, 2012, the company had 15964 direct outlets.

In the interim results, Deng Yao, chairman of the board of directors of the company, said that during the period, there were 752 self-employed retail outlets in the mainland.

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