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Successful Case: Uncover Fujian SPA Mode

2014/2/25 13:15:00 27

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P, the flagship SPA fashion casual menswear Fujian Limited by Share Ltd (01353. HK, hereinafter referred to as "the odd") has recently been listed on the main board of HKEx, becoming the first new H-share listing in the form of public offering this year. It is also the first "fast fashion" men's wear brand listed on Hong Kong stock in China.

The global sale of 150 million H-shares, 90% of the international placement, and 10% of the public offering; 10% HK $2.13 per share, and HK $273 million (excluding underwriting fees, commission and other global sales expenses).

The prospectus shows that 70.3% of the fund collected from the fund is used to expand the sales network, 19.7% is used to build the R & D part of the Shanghai product center, and the remaining 10% is used as general working capital.

the listing road is tortuous. After reaching the third IPO application, he finally realized his wish.

In March 6, 2011, P put forward the application of A share listing to the SFC for the first time.

In November 9th of the same year, the SFC, on the grounds of limited product sales area, brand promotion fee and R & D expenses, was lower than that of Listed Companies in the same industry, and the sales mode was changed from direct sale to franchise sales, and the risk of lower sales efficiency to the expansion of terminal stores nationwide.

In May 18, 2012, P put forward second applications for A share listing to the SFC, but in March 19, 2013, he proposed to withdraw the second A share application.

Since then, Hongkong has been issuing shares to seek listing, and sponsors have changed from Guoxin Securities to Jiayin international.

The successful listing of "P >" also attracted the attention of the whole SPA mode of "a target=" _blank "href=" http://www.91se91.com/ "clothing" /a "plate.

will develop women's wear and children's wear product line /p >

In 2008, P launched its own menswear brand N&Q.

N&Q is located in a simple fashion leisure style, the main consumer group is 25-40 years old young men.

Its products are divided into three series: fashion avant-garde, business entertainment and holiday leisure. The price is relatively close to the people, emphasizing value for money.

At present, the price range of its clothing products is 168-989 yuan, < a target= "_blank" href= "http://www.91se91.com/" > shoes < /a > product price range is 228-699 yuan, the price range of accessories is 18-498 yuan.

Its customers are mainly concentrated in the 234 line market.

In 2004, P was jointly funded by Ding Canyang and Ding Canhui's two brothers.

Ding Canhui, the controlling shareholder and actual controller of the company, accounts for 49.24% of the total share capital issued before the company, and Ding Canyang holds 20.34% of the company's shares.

But in the Hong Kong stock prospectus, the actual controller of the A share prospectus "Ding Canhui" has been renamed "Ding Hui".

After 2007, P went into a fast growing stage.

2008, the revenue reached 162 million yuan.

In June 30th 2010-2013, its revenues were 322 million 200 thousand yuan, 467 million 800 thousand yuan, 572 million 100 thousand yuan and 316 million yuan, respectively, with an average annual growth rate of about 33.3%.

During the period, the gross profit margins were 39.5%, 43.6%, 45.3% and 46.3% respectively, and net profit attributable to shareholders was 45 million 660 thousand yuan, 68 million 360 thousand yuan, 81 million 700 thousand yuan and 46 million 710 thousand yuan.

In terms of P stores, there were 107 stores in 2008, 225 in 2010, 366 in 2011 and 420 in 2012.

As of October 31, 2013, there were 438 retail outlets in the country, 225 direct retail outlets and 213 retail outlets.

In the first 10 months of 2013, the company opened 53 Direct stores and 34 franchised stores, closing 26 Direct stores and 43 franchises.

In the past 2010-2012 years, the revenue of franchises from the franchisees was 186 million yuan, 282 million 100 thousand yuan and 338 million 500 thousand yuan respectively, accounting for 57.7%, 60.3% and 59.2% of the total income respectively.

from the regional contribution of income, although the sales contribution outside Fujian has increased year by year, the characteristics of the regional brand are still more obvious.

In the 2008-2011 years, the sales revenue of Fujian in the region was 61.36%, 57.80%, 49.25% and 41.52% respectively.

This is also an important reason for the first time that A has been denied IPO shares.

the contribution rate of members to sales is as high as 80%, which is a notable characteristic and advantage of the odd.

In the past 2008-2009 years, the average annual consumption of P was 163 million yuan and 253 million yuan respectively.

In the past 2010-2012 years, the number of registered members was 323 thousand, 378 thousand and 483 thousand respectively.

as of June 30, 2013, its membership reached 1 million 54 thousand.

In June 30th, 2010-2013, the sales contributed by the members were 345 million 100 thousand yuan, 541 million yuan, 685 million 200 thousand yuan and 349 million 600 thousand yuan, respectively, accounting for 84.5%, 80.4%, 81.4% and 79.7% of the total sales volume (calculated at retail price and discount rate at P).

the same period, the annual consumption frequency of members is 2.45, 2.37, 2.55 and 1.63 times; the annual consumption amounts are 436 yuan, 606 yuan, 556 yuan and 686 yuan respectively.

according to Sullivan, a world-renowned consulting firm, according to retail income, in 2012, the total share of the domestic men's market was 0.2%.

In his Hong Kong stock prospectus, he listed the competitors in the industry as three brands: left bank, CABBEEN and GXG.

according to Sullivan data, the sales volume on left bank is about 2 billion 500 million yuan in 2012, and the number of shops is about 1329, but only 7 are directly run by the company, and the market share of domestic casual men's clothing is second.

CABBEEN P shares the third largest share of casual men's clothing market in China.

GXG's sales revenue in 2012 was about 1 billion 900 million yuan, and its market share was fourth.

Sullivan's analysis points out that the main advantage of P is SPA's fast response mechanism to consumers and markets, strong control over terminal retail outlets, and vertically integrated supply chain and network capabilities.

After P, the market will accelerate the expansion of the shop.

According to the plan, 2014 will open 200 new retail outlets throughout the country, while consolidating the East China market, it will speed up the development of the southwest and North China markets, and the new stores will mainly be distributed in three or four line cities.

About half of the planned new stores are franchised stores and direct stores.

P will also diversify the product line after listing.

It will enter the field of women's wear and develop women's clothing products.

The women's clothing product is initially positioned as a spouse of a 25-45 year old men's wear member, and plans to invest about 10 million yuan for the development of women's wear product line.

According to the plan, women's clothing brands will open about 10 stores before the end of 2016.

if women's clothing is successfully operated, the company will try its children's clothing products in the next two years.

> "buyer" < a target= "_blank" href= "http://www.91se91.com/" > designer < /a > value /p >

in the north, there are a group of "buyer" designers who are one of the core elements of their SPA mode.

buyer oriented designers follow the trend of fashion and quickly bring forth new styles.

Buyers mainly analyze the consumption data of members, and the core designers' overall grasp of the trend of the market, forming the creative source of product design planning.

P > buyers, through the sales analysis of the terminal chain store products, product information feedback and suggestions, and the grasp of their own trend of popularity, provide product planning proposals to the product planning department, and participate in the consideration of the product planning case with the identity of the committee members of the product decision Committee.

after the product plan is passed, the buyer quickly develops and produces the sample clothing through the integration of supplier resources after fully understanding and grasping the direction of the project.

through the following two ways, the product design of < < > > P: on the one hand, after the product is planned and classified, the design of the relevant clothing styles is carried out by the internal designers, and then outsourced to the OEM manufacturers for foundry production. On the other hand, by providing the ODM manufacturers with the plan of commodity distribution, the design team is used to design the specific styles.

in order to improve the product's compatibility and ensure the display effect, the buyer and product planning department will mix and match all the samples, confirm the style after passing, and then give the product technology department to make the "process technology list".

According to the requirements of the "technology process sheet", the manufacturer will carry out the sample preparation before the production. After the sample is produced, it will be handed over to the company's product and technology department for testing. After the test is qualified, the production management department will be arranged for the order production.

In the sales process, the buyer of P will pay close attention to the sales dynamics of the chain stores, and combine the sales and inventory analysis provided by the sales monitoring department, and then quickly respond to the organization's development, and produce new products that are more in line with the market demand, and then put them into the market for sale.

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spot system follows the "622 principles" .

P's core competitiveness lies in its SPA business model, namely, GAP, UNIQLO, ZARA and H&M.

Since 2007, the company has gradually realized the control from the integration of commodity planning, design, production and sales, and established a SPA business model with domestic characteristics.

The company did not produce, through the integration of manufacturers, orders from its own brand to the manufacturers, and then directly distributed to the national terminal stores through a fast logistics system.

The ordering mode of "spot system" is one of the most fundamental characteristics of the model.

At present, most garment enterprises in China carry out the "futures system". They need to order several times a year.

Dealers in all regions set futures orders from manufacturers according to their own regional conditions.

In this mode, it takes about 4-6 months from order to product cabinet.

the "spot system" means that all commodities are supplied from stock.

Through the supply chain information management system, the company understands the sales and distribution of each chain store in real time, and responds quickly to the market.

At the same time, in the middle of the season, according to the company's sales situation and analysis of market demand, the development of the best seller's supplement and the new development of P.

Stores will make up (order) in time according to the actual sales demand and under the guidance of the company.

the current order production plan of the company generally follows the "622 principles".

The company orders 2-3 months ahead of time to produce the next season's products, but the quantity of the order is controlled by about 60% of the whole season's demand. Another 20% accounts for the season's supplement of the best seller. When it is added to the order, the size of the goods can be optimized, and the proportion of 20% will be increased according to the marketing reaction of the market.

When the first season is finished, it will reasonably request the manufacturer to prepare more fabrics according to the confidence index of the product style and the production cycle of the fabric.

this production mode can not only reduce the risk of inventory, but also ensure the supply of terminal stores and the continuous addition of new models, which is conducive to improving the sales of terminal stores.

Less than P, the company has created the "sales monitoring department", which is like the "nerve center" of the company.

According to the sales and inventory situation of each store, the sales monitoring department will make timely analysis and issue instructions to the relevant departments respectively.

on the one hand, according to the sales and inventory conditions, the sales supervision department has worked out the plan for the supplementary products of the seasonal products and arranged the production.

After the product is put into storage, it is checked according to the order form of the store, and the distribution notice is sent to the warehouse department, so that goods can be delivered to various stores in time.

On the other hand, under the guidance of the sales supervision department, the stores or stores will be allocated and integrated with other stores in a timely manner.

to support all this operation is a powerful supply chain information management system -- IEAP information management system.

The sales monitoring department needs to rely on the IEAP system for the timely sale and inventory of every direct store or franchisee.

The system also provides information and decision-making basis for buyers to accurately add new funds.

the system effectively connects all the terminals of the company's headquarters with suppliers, Direct stores and franchisees, and plays an auxiliary role in supply chain management, financial management and membership management.

It is the foundation of the daily operation of the company, and it is also a comprehensive platform for financial management of suppliers, franchisees, and financial centers. It is a summary platform for important information such as production, pportation, warehousing and sales.

Relying on this system, P realizes the information sharing and quick response of the whole supply chain.

From retail terminals to headquarters departments, manufacturers, and raw material suppliers, they can synchronously grasp the sales and inventory information of the retail terminal, and make timely preparations for chasing production and new product development through timely analysis and response of the inventory information.

At present, the average leading time of supplement and supplement is 3 weeks.

of course, compared with ZARA and H&M, these 622 international fast fashion giants, despite the relatively short lead period of the products, the gap between them still has a big gap.

As the company's sales scale continues to expand, the proportion of orders placed before the season will gradually decrease as well.

link Links /p >

SPA full name Specialty Retailer of Private Labelppar el, Chinese literally plated as "a target=" _blank "_blank", "brand", "brand clothing > Professional retailers" refers to the integrated business mode of garment enterprises having their own brands and participating in the industrial planning, design, production, logistics, sales and other industrial links throughout the whole process.

The essence of the SPA mode is "accurate, quick response, low cost and low risk".

This is a guided business model. First, understand the needs of the terminal, then use the supply chain management idea to fully integrate resources (including design and production), and then quickly push the products that customers need to the market.

The SPA mode is abstracted from the business mode of fast moving consumer goods industry by GAP. In 1986, GAP formally defined SPA mode in the annual report of the company.

The development stages of S P A can be roughly divided into three generations: the first generation is the S P A mode proposed and developed by G A P; the second generation is the Japanese basic mass P represented by UNIQLO; the third generation is developing the popular fast fashion to the European brands such as Spain and Sweden.