Semir Costumes: Strategic Layout, Focus On Leisure, Start Sailing

< p > > a href= "http://news.sjfzxm.com/news/list.aspx Classid=101112107105" > Semir < /a > dress and visual fashion set up a joint venture to improve the brand layout of high-end women's clothing and increase the share price.

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< p > Semir dress as the leading multi brand apparel group has strong capital strength, extensive and in-depth channels and agent resources and excellent supply chain management capabilities. < a href= "http://news.sjfzxm.com/news/list.aspx Classid=101112107107" > Fashion fashion < /a > is one of the representative high-end enterprises in South Korea. It has obvious advantages in brand, design, planning, marketing and so on. The two sides will play their respective professional advantages, establish Sino foreign joint ventures, jointly operate the "it MICHAA" brand and the other Korean brand resources imported by the joint venture company, and in the future, the joint venture company will create its own brand.

The "itMICHAA" brand will operate mainly in the first and second tier cities. It plans to open 500 stores in 2018, enter 150 cities in 28 provinces, and plan 2 billion 400 million yuan in the next five years.

Semir costumes will cooperate with international brands to develop new brands and new businesses through various ways, such as agency and joint venture.

By setting up a joint venture with the fashion fashion company, the brand layout of the high-end women's clothing will be perfected and the implementation of the multi brand strategy will be promoted.

On the basis of consolidating and developing the leading position in casual wear and children's clothing, Semir apparel has become a world leading multi brand clothing group covering children's wear, adult wear, high and low end business, and covering all shopping malls, stores, electricity suppliers and shopping centers through the implementation of multi brand strategy.

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< p > investment point: < /p >

< p > acquisition process is beyond expectation, medium and long term strategy replanning, maintain "a href=" http://news.sjfzxm.com/news/list.aspx "Classid=101112107108 > overweight /a /a" rating: strategic level Semir apparel grasp industry lows to carry out strategic pformation, clear future direction of development; tactical level clean up inventory, close losses, control costs, improve profitability.

We maintained the company's EPS forecast value of 1.44, 1.81, and 2.26 yuan in 2013 -2015. Due to the company's M & a process exceeding the market expectation, it was given 21 times PE in 2013, and the target price was raised from 28.30 yuan to 30.24 yuan, so as to maintain the "overweight" rating.

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< p > grasp the low point for resource integration, brand agency and acquisition process exceed market expectations: after extensive expansion in recent years, some areas of clothing industry have been in a predicament, and urgent need for resource integration of leading enterprises to break the current dilemma.

The 2013 China Daily reported that Semir's Book Cash 4 billion 300 million had the resources advantages of the integrated industry, and the company was also trying to integrate resources: it planned to spend about 2 billion acquisition of GXG71% shares, cooperate with Italy's high-end children's wear Li Hong, introduce the Korean women's clothing itmichaa, the acquisition process was faster than expected, the joint venture company opened stores in September 2013, and the integration of Bara and Semir completed the multi brand structure.

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< p > key points to steadily push forward the new model, and establish the medium and long-term strategy of "consolidating the main brand in a year," a href= "http://news.sjfzxm.com/news/" for three years, "electricity supplier /a", "five years of force shopping centers, and seven years of overseas efforts". The company attaches importance to the balanced development of multiple channels, while developing e-commerce channels, upgrading and building three or four street city street shops. The company embarked on the layout of shoppingmall to prepare for the first and second tier city shopping centers and patiently wait for the best time.

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< p > risk warning: terminal consumption continues to slump < /p >