2014 Clothing Market, "Foreign Fans" Encounter Waterloo

This year, the terminal retail market is still weak and continues to drag. Textile and clothing Retail business performance, cotton prices, the RMB exchange rate is still fluctuating, raw materials, labor, shops rent and management costs remain high, continue to test the operation of enterprises, squeezing profits, electricity providers are still competing for the physical retail shop "cake", and intensified. Under the weak market situation, adjustment, spanformation and redemption are still the main subjects of textile and apparel listed companies. This year, the capital market drama was brilliant. On the one hand, more and more enterprises began to carry out diversified cross-border investments in finance, film and television, and more cotton textile enterprises with continuous losses were resolutely abandoning their main businesses, and their appearance was backdoor (this newspaper was reported on December 9th, 16 and 23 respectively). On the other hand, in the main industry, many companies take the same industry or related industries acquisition, with new business innovation business model and other ideas to consolidate and enhance the core competitiveness, which is particularly evident in clothing listed companies.

　　 Men's wear The extensive mode is difficult to change for a long time.

Performance comparison

A shares of 12 men's clothing companies: 9 net profit fell sharply, 3 of which made losses

After many years of horse racing, the rapid expansion of terminal stores to stimulate sales growth of extensive development mode is giving a group of men's clothing company to pay the price. The sharp decline in performance since 2013 has not improved and deteriorated in 2014. It can even be described as "horrible".

Among the 12 men's clothing companies listed in the A shares, the number of enterprises in the first three quarters of the apparel industry's revenue declined was 7, accounting for 58.33%, roughly 1, accounting for 8.3%, and the growth rate was only 4, accounting for 33.33%. Net profit fell 9 enterprises, accounting for up to 75%, of which 2 enterprises appeared more than 30 million yuan of losses; net profit growth of only 3 enterprises, accounting for 25%.

By contrast, 3 men's clothing companies listed on H-shares in Hongkong are in a better position. According to the semi annual report, except for a slight decline in the revenue of the company, the remaining two have increased, and the net profit of the 3 companies has also increased.

Specifically, this year 1~9 months, A shares and net profit in the "double decline" state of men's clothing company has 7, accounting for 58.33%.

Seven wolves revenue 1 billion 731 million yuan, a year-on-year decline of 25.06%; Busen shares revenue 351 million 400 thousand yuan, down 23.57% compared to the same period last year, and the revenue of 731 million 600 thousand yuan, the same month decreased 18.76%; nine Mu Wang revenue 1 billion 495 million yuan, down 15.07% year-on-year; card NDI road revenue 491 million 700 thousand yuan, a year-on-year decline of 7.04%; 100 round pants industry revenue 287 million 800 thousand yuan, down compared with the previous year;

In terms of net profit, 1~9 months, Busen Shares and the sharp losses occurred, and Meyer suffered a small loss. Busen shares net profit loss of 39 million 603 thousand and 800 yuan, down 393.02% compared to the same period, net profit after deducting non profits is a loss of 45 million 635 thousand and 600 yuan, a sharp fall of 554.74% over the same period. According to its performance forecast, net profit in 2014 was -5623.87 million yuan ~-5373.98 million yuan. Net profit loss 33 million 394 thousand and 400 yuan, down 166.67% compared to the same period, of which three quarter single quarter net profit loss 14 million 615 thousand and 420 yuan, a sharp fall of 360.32% over the same period. Meyer net profit loss 5 million 592 thousand and 214 yuan, a sharp fall of 152.91% over the same period.

Though the net profit of 12 million 366 thousand and 700 yuan in the first three quarters and 87.41% in the first quarter of the year, the single quarter loss in the three quarter was 7 million 823 thousand and 300 yuan, down 167.24% over the same period. The net profit of 100 circles trousers industry was 15 million 710 thousand and 900 yuan, a year-on-year decline of 51.80%; net profit of seven wolf net was 228 million yuan, down 38.74% compared with the same period last year; net profit of nine Mu Wang was 307 million yuan, down 27.99% compared with the same period last year.

Revenue growth, net profit fell only 2 enterprises. In 1~9 months, the number of reported birds increased by 2.82% to 1 billion 595 million 900 thousand yuan, while net profit fell 18.89% to 126 million 900 thousand yuan. Dayang's revenue increased 9.2% to 633 million yuan over the same period last year, while net profit dropped 8.66% to 38 million 238 thousand and 100 yuan compared with the previous year. Net profit after deducting non profits was down 57.9%.

There are 2 enterprises with double growth in revenue and net profit. 1~9 month, Hai Lan's home revenue was 8 billion 144 million 900 thousand yuan, an increase of 70.5% over the same period, and net profit of 1 billion 613 million yuan, an increase of 83.57% over the same period last year. George, Bai Ying, collected 435 million yuan, an increase of 2.29% over the same period, and a net profit of 49 million 855 thousand and 600 yuan, an increase of 13.02% over the same period last year.

There were 1 enterprises with basically flat revenue and net profit growth. In 1~9 months, YOUNGOR garment business achieved a revenue of 2 billion 914 million 600 thousand yuan, basically unchanged from the same period last year, and realized a net profit of 465 million 900 thousand yuan, up 23.5% over the same period last year.

The latest data of Hong Kong stock's 3 companies are only semi annual reports. In the first half of this year, China's turnover was 1 billion 90 million 500 thousand yuan, a slight decrease of 0.2% compared with 1 billion 92 million 500 thousand yuan a year earlier, and net profit of 248 million 100 thousand yuan, up 2.4% over the same period last year. Among them, the main brand LILANZ sales were 991 million 700 thousand yuan, down 2.1% compared with the same period last year; the sales volume of the sub brand L2 was 95 million 300 thousand yuan, up 20.2% compared to the same period last year. CABBEEN's turnover was 429 million 400 thousand yuan, an increase of 28% over the same period last year, and net profit of 113 million 100 thousand yuan, up 47.1% over the same period last year. The 2015 summer series ordering data released in November showed that orders increased by more than 14% over the same period last year. The tiger market, which just listed this year, has a turnover of 766 million 200 thousand yuan in the first half, an increase of 6.8% over the same period of last year, a net profit of 128 million 700 thousand yuan, an increase of 8.5% over the same period last year, and an increase of 11% in the spring and summer series in 2015, which was announced in mid October.

depth profile

"Two legs" instability, restructuring, selling shares are also weak.

Carefully comb will find that the loss of men's clothing enterprises Busen shares, Hinur, Meyer belong to the same type. At the early stage of development of such enterprises, foreign trade processing business of suits was started. At present, processing is still occupying a considerable proportion in annual sales. After considering that the risk of foreign trade business is too great, we will intensify our efforts to build our own men's wear brand and expand the domestic retail market. The creation of Da Yang also belongs to this category.

Compared with YOUNGOR and other leading brands, the size of the enterprises that walk on the two way of "foreign trade processing + independent brands" is not very large. The annual sales volume of the listed sector is more than 600 million yuan ~8 billion yuan (the sales scale of the year is slightly larger, and 1 billion 100 million yuan ~13 billion yuan). The brand building of the 4 companies started relatively late, and their popularity in the whole country is relatively limited. They are more limited to the regional market, such as the market of Shandong's Hebei.

Overall, constrained by the constraint of the thinking mode of processing enterprises, their independent brand development has always been a long way to go, with little breakthroughs. Once the men's clothing industry has suffered from the downward trend since 2013, the pressure of its operation is the first to bear the brunt compared with the leading brands. Although the situation was slightly better, the decline in net profit after the deduction was over 50%, and the performance pressure was also greater.

Busen shares also wants to save itself and hopes to restructure. In August 21st this year, Busen shares issued nearly 4 months to issue a major asset restructuring plan. Busen intends to sell all its clothing assets to Busen group, and enter into the assets of Hong Wah agriculture based on rice planting and sales at a spanaction price of 4 billion 170 million yuan. However, the desire to boost performance by restructuring was shattered in November 27th. On the same day, the company announced that in the light of major differences between Busen group and Hong Wah agriculture in the supporting fund-raising and industrial layout, industrial development and industrial chain expansion, the two sides finally failed to talk about the reorganization and failed.

Hinur chose to spanfer part of the stock and find a wealthy new shareholder. In November 21st, the servant of the new groom, the Sino Dutch group, signed a share spanfer agreement with the governor of the county road, and the 32 million 800 thousand shares of the group were accounted for 10.25%. The market then came out, and the shareholders of the road were the investment of Shanshan, another group of men's clothing group Shanshan Group. This gives the industry a lot of reverie.

Next, the fate of these men's clothing business is still deeply affecting the industry's heart.

It is still necessary for "Yang Fan Er" to encounter Waterloo integrated store rescue.

In the single season, there was also the canal road. It has been sticking to the high-end boutique route of the card slave Road, the performance of several years before 2013 can be described by "myth". It is "small and beautiful". Its scale is not big, but its profit margin is very high. In 2011 ~2013, its revenue increased rapidly from 461 million 500 thousand yuan to 799 million yuan, and its net profit margin increased by 50%~60%.

But since 2013, its net profit has declined significantly (2013 year-on-year decline of 15.56%). Its embarrassment lies in the fact that the high premium rate of about 7 times, the ambiguous image of the so-called "Yang Fan" on the tall, has suffered from the weak consumer environment, thrifty policy and the international fast fashion parity brand and the international big card Deputy card.

Objectively speaking, this kind of Guangzhou "Yang Fan" men's clothing has some advantages in the fine management of the direct channel, the application of international design elements, and the maintenance of brand image. Compared with the big industrial brands such as the seven wolves, however, in the future, how they compete with the truly big international brand and the international fast fashion parity brand will be a thorny problem. {page_break}

Card slave road hopes to "multi brand integration shop" to seek breakthroughs. In April 27th, its first multi brand high-end boutique buyer 01MEN opened in Guangzhou. In addition to the two private brands in the 01MEN store, it also brings together international brands such as Italy, the company's agent or operating power.

Buyer's shop and multi brand integrated store will become a new business mode and new growth point of the domestic garment industry. But a reality that is dodging is that domestic consumers are buying multi brand retail outlets.