Viewing The Development Path Of Garment Industry From Four Sets Of Data Of Semir Annual Report

As soon as the performance bulletin has been released, A share listed clothing enterprises have also released 2014 annual reports. This article selects the newly published Semir clothing annual report, selects Semir's data and indicators in four aspects: store quantity, channel mode, business growth and cash reserve to observe the development track and characteristics of garment enterprises in adjusting the spanformation period, and explores the industry development logic behind the figures.

Semir clothing revealed its annual report. The company achieved operating income of 8 billion 147 million yuan in 2014, an increase of 11.70% over the same period last year, a net profit of 1 billion 92 million yuan attributable to shareholders of listed companies, an increase of 21.09% over the previous year, a basic earnings per share of 1.63 yuan, and the proposed increase of 10 shares and 10 cash dividends to all shareholders. According to the announcement, the growth of the company's operating income in 2014 was mainly due to the rapid growth of children's clothing. The main revenue was 3 billion 167 million yuan, an increase of 24.91% compared with the same period last year. The trend of casual wear decreased and the main income was 4 billion 903 million yuan, an increase of 4.69% over the same period last year.

　　 Casual wear is still in Guan Dian

After listing in 2011, Semir clothing stores reached 4420 peaks at the end of 2012. In the same year, the leisure wear business declined, the number of shops in 2013 decreased to 4029, in 2014 it was 3542, and 391 stores and 487 stores in two years were increasing year by year. In 2011, the peak value of leisure business reached 5 billion 587 million, which declined to 4 billion 880 million and 4 billion 683 million in the next two years, and back to 4 billion 903 million in 2014.

The increase in the number of stores and the downward trend of performance indicate that Semir is strengthening its control and integration efforts in the channels, and improving the quality and efficiency of terminal operations. Semir's sales cost dropped by 0.28% compared to last year. The company explained a series of measures, such as optimizing the process, controlling the cost, closing the non profit store and so on, so that the cost of the rental fee and the decoration fee fell from the same period. This also shows that a large proportion of the shops in the original more than 4000 stores are not profitable.

Casual wear and sportswear have been the main force leading the "ten thousand shop era" of China's clothing industry, and also become the leading role of the clothing industry "closing shop tides". Because all of them confirm the development stage of the brutal growth and extensive expansion of the Chinese clothing industry, the remaining wave of closing shop trend has not yet dispersed. The change in the number of stores is only a representation. In view of the market, there is still a lot of space. More strong players will participate in a deeper, more systematic and three-dimensional competition in the same market. In the future, the clothing industry will probably usher in a new era of shopping mall, and this new store must be built on a more detailed, finer and more efficient management.

　　 Direct business Faster development

There is a slight phenomenon that although the overall performance of Semir casual wear fluctuates, its direct business revenue is growing every year, and its revenue has increased from 364 million yuan in 2010 to 821 million yuan in 2014, accounting for 7.77% of its growth from 2014 2010 to 16.73% in 2014. It is evident that although Semir apparel is mainly based on franchising, the main market is in the two or three line market, while direct sales are not the key mode of Semir, and the layout is also in a few first-line markets, but the results show that Semir's direct business is developing relatively fast.

This is also reflected in the children's clothing business, Barbara children's clothing in recent years, the direct growth rate is more than 40%, the growth rate is basically two times more than the franchise business. On the whole, as Mori Mana camp business is relatively small and its base is small, it has a relatively fast growth rate.

As another giant of casual wear, the proportion of American barn dress is far higher than that of Semir clothing, but its performance is still in the mire, and its direct revenue is also in negative growth. In 2011, the price of American Apparel was close to ten billion, and the gap between Semir and the United States was more than ten billion. In 2014, it was 1 billion worse than that of the United States. It can be seen that direct battalion and affiliate can not only talk about the advantages and disadvantages, but mainly depend on the company's management strategy, business structure and channel management and optimization capabilities.

Direct management and control capability is stronger, it can better carry out brand intent, respond quickly to terminal consumer demand, and has natural advantages in channel management and control. However, direct operation can not just mean opening several Direct stores, but also directly managing battalions. It is more important to have direct management capabilities and fine management and cost optimization capabilities for people, wealth and goods. We see that Zara, UNIQLO, etc., which are more efficient in foreign countries, are direct outlets.

China's clothing industry is in the extensive development stage of the industry in the form of franchising, rapid expansion and rapid sales, but the continuous closing tide indicates that the Chinese apparel industry is only joining the wholesale market in the name of the brand to quickly cover the market which has not reached the market. In the future, the channel advantage of China's garment industry is not only the expansion of the quantity and the proportion of the mode, but also the need to cultivate the channel management and control capabilities of the "genuine" and "genuine" joining channels.

　　 Children's wear Growth continues to lead

As leisure business slipped, Semir's children's wear business continued to grow. From 2011 to 2014, revenue increased by 39.86%, 3.02%, 19.90% and 24.91% respectively, and the growth rate of each year exceeded that of casual wear business. The number of shops also increased from 2676 in 2010 to 3540 in 2014, and 3542 in casual wear, Qi Ping. Revenue 3 billion 167 million yuan, accounting for 39.24% of the company's main business, reaching nearly 4 percent.

At this rate, children's clothing business will become the main business of Semir clothing, and Semir will become a company with children's clothing as its main business. At the top of the company, the argument is: "do a good job, make a strong casual wear, make a strong and big children's clothing, spanform from a children's clothing provider to a comprehensive service provider for children's industry." In July 2014, the company acquired a 70% stake in Yuhan group, Shanghai, for 102 million years to enter the early education business. At the same time, we plan to build a comprehensive e-commerce platform for children's brands.

At present, the children's wear industry is in the stage of rapid development. As a large scale enterprise of children's wear in Semir, its growth can be verified. In this "Star" subdivision industry, many brands are more or less seeking a sense of participation, and the industry competition has become more intense. The explorer of outdoor products layout children's clothing, women's dress, the acquisition of children's clothing company, Amoy brand crack, launched a series of children's wear, making a 31 degree overweight children's clothing for sports wear, Semir's "old acquaintance" GXG also has its own children's clothing brand......

It seems that the cake is big enough, but the market will return to the normal state of competition after the loud noise. We can also notice that the international stock market has been temporarily closed by the court, and the stock price has fallen all the way after the listing of MIG International Holdings. At any time, the origin of competition in clothing industry is to do well in products, make good brands, do well in enterprises, satisfy consumer demand, and in the final analysis, do well in themselves.

　　 Convertible capital Up to about 5000000000 yuan.

Semir clothing in 2011 IPO, has reached 4 billion 530 million yuan of funds, at the end of 2014, the monetary fund balance is still 4 billion 50 million yuan, and another 1 billion 240 million yuan of financial products, currently accounts can be used up to nearly 5 billion 300 million yuan of funds. It can be said that the wealth of Semir is very impressive in the clothing industry. Compared with this huge sum, Semir is not very active in foreign investment or mergers and acquisitions. Semir seems to be a bit cautious after the merger and acquisition of GXG last year. Some clothing enterprises are not very much money, but they are quite active in investment.

How to make use of the funds in the hands to promote the development of the enterprises, occupy a favorable position in the competition pattern, reflect the capital strategy of enterprises, and also reflect the development environment and development trend of the industry. It is expected that Semir will have more capital action in the future, spend more money on children's clothing, electricity providers, mergers and acquisitions, expand brand and business, or have more efforts in financial investment and emerging industries.

In view of the current development stage of clothing industry, because of capital involvement and serious participation, the industry development pattern is more complicated and changeable, and no one occupies absolute advantage position. However, how to make good use of capital strength, possess industrial thinking and have capital thinking, change from industrial thinking to capital thinking, and make capital and industry and enterprises compete at a higher level and larger pattern are urgent and practical requirements.

The stages and characteristics of the development of China's garment industry have more and more determined that many garment enterprises have the characteristics of hard work, chasing the eyes and not thinking. How to see the fashion from the business, see the capital from the industry, and how to systematically and clearer ponder and layout the future, will decide the size and occupation status of the garment enterprises in the future.