Semir Apparel Is Keen To Reform New Layout

Clothing: supply chain integration drive companies to become bigger and stronger. Let's see how they have made changes and achieved good results.

In 2012, clothing terminal consumption began to slump, and the clothing brands generally had high inventory and income decline. The company made the first adjustment in 2012, and its adult leisure began to take the lead in the industry. In 2013, the income growth rate declined, and the growth rate of adult leisure industry income in 2014 was negative. 2015H1 is also a double-digit income growth rate, and the trend is constantly improving.

Children's clothing business has fully benefited children's bonus in recent years, and has maintained more than 20% of revenue growth.

Supply chain integration, channel evolution, and keen reform

Popular clothing is a fully competitive market, and also a market that can generate "big companies". Especially in the background of weak consumption in recent years, many small and medium-sized brands are hard to continue, and gradually lose the market. In such an environment, Semir is determined to reform, integrating the resources of the supply chain as the core, promoting the pformation of products, organizations, IT, channels and other aspects, and has achieved good results.

First of all, improving supply chain efficiency is the core of enhancing brand competitiveness.

Because of the weakness of consumption and the pfer of international brand orders to foreign countries, the company has the opportunity to reach the best suppliers in China and really start the reform at the supply chain level.

This kind of supplier is not only guaranteed in scale and quality, but also more important in improving the efficiency of supply chain, including product development, data standardization and turnover speed.

Second, channel change drives income improvement.

Supply chain integration will significantly enhance product development, planning, and category development, making the company more confident in its products.

On this basis, the original wholesale oriented channel mode is reformed, binding the first class distributors, supporting and controlling the two level dealers to enhance the profitability and enthusiasm of the channel. This is also an important reason for the continuous improvement of the adult casual wear in the past two years.

Finally, the improvement of supply chain efficiency can further promote online strategy.

The rapid development of online companies is closely related to the efficiency improvement of supply chain.

First, excellent suppliers can provide more standardized and cost-effective products. Two, its turnover efficiency also makes online development more smoothly.

At the end of the year, the company will build the IT system to make it convenient for inventory and order management of the one or two tier channels, and more importantly, it will help to realize the factory's terminal stores in the entire supply chain and the factory's direct access to consumers. This is the real essence of the SPA model we are advocating.

Bigger and stronger baby industry, layout high-end consumption, consolidate online business

Barbara is the first in China.

Brand has maintained more than 20% growth rate in recent years, and its concentration is also improving. In the future, it will enhance brand image and help business growth through new channels such as shoppingmall.

At the same time, the company also focuses on the layout of baby children.

At the end of August, the company announced a joint investment with related parties to set up Shanghai Macal children's dress Limited by Share Ltd, of which 63% of the company held shares and 21% of its employees.

The main purpose is to run the original Mini Balabala brand and locate the 0-7 year old baby.

Early childhood education is also organizing the organization and product structure to enable children to interact with children and promote brand in the future.

It is predicted that the product category, channel and cooperation mode of children's industrial chain will become more diversified and help the development of infant industry.

The announcement recently invested in ISE, the first cross-border e-commerce platform in Korea, has entered the cross-border electricity supplier field in China, aiming at training high-end high-end women's clothing consumption, testing the water to divide multiple middle and high-end consumption areas, and expanding the "big company" pattern.

In 2015, the company's online business continued to grow at a high speed, but more was used as a way to deal with stock goods.

After nearly two years of trial water and the integration of high-quality resources in the supply chain, the company is expected to gradually optimize the structure of online new products and strengthen the investment of online brands through the form of internal and external cooperation.

Focusing on the reform of the supply chain, the company's performance is healthy and upward. It is expected to become a real "big company" in the clothing field and maintain "recommended" rating.

We always believe that the real reform of clothing brand is the reform of supply chain, and the reconstruction of supply chain can really stimulate the pformation and vitality of products and channels.

Although the company is in a fierce competition, it is using the industry crisis to reform and make progress. It is on the way to becoming a "big company".

We maintained 2015-2016 years' EPS earnings forecasts of 1.01 and 1.24 yuan respectively, corresponding to dynamic PE of 20 and 16 times respectively.

The company is at present.

The plate PEG is less than 1, and the valuation is safe and has the target of growth space. It is recommended to hold for a long time and maintain the "recommended" rating.