Ma Yun'S Shareholding Focuses On The Two Main Advantages Of The High-End Women'S Clothing Market.

In last Friday's IPO pre disclosure of 85 companies, focus on high-end

The market is fashionable.

Shareholding has attracted much attention.

It is worth mentioning that in the prospectus, di Su fashion shows that the high-end women's clothing in China.

In the company, the main competitor of the company is Song Li Si (603808, closing price 47.62 yuan) and long Zi stock (002612, closing price 41.55 yuan).

So, where is the advantage of the local fashion? In this regard, the reporter launched an investigation.

Operation mode: light assets VS heavy assets

From the previous prospectus of the companies, it was founded in 1999 that it specializes in R & D, production and sales of ELLASSAY.

The group was founded in 2006, the main brand of women's clothing design, production and sales.

However, the focus is on the core business links with high added value in the brand women's clothing industry chain, such as R & D, brand promotion, terminal sales, and outsourcing the low value-added links such as production and distribution, forming a dedicated, efficient and light asset business model.

To put it simply, it is relatively less fashionable.

In the prospectus, the company also indicated that it took part in the production mode of partial processing, fully commissioned processing and small batch self-made production, so as to minimize the company's operating costs and concentrate its attention on higher value-added links.

Data show that in 2012~2014 and 1~3 months in 2015, the gross profit margin of Di Su fashion sales was higher than that of the group.

Taking the first quarter of this year as an example, the overall gross profit margin of Di Su fashion, Song Zi share and song's is 73.3%, 58.35% and 66.14% respectively, while the average gross profit rate is 65.32%.

From this perspective, the advantages of Di Su fashion are more obvious.

The fashion industry's light asset model, clothing industry observer Ma Gang said: "at present, domestic manufacturing industry has been surplus, the use of social forces can already match production.

The advantage of light assets is to facilitate rapid expansion of enterprises. This mode is suitable for early development and strong brand strength.

However, Ma Gang also pointed out that this does not mean that light assets are the trend of the industry.

"For example, Lining and Smith Barney were the typical light asset enterprises. They only made brand marketing, outsourced production and sales (only a small number of direct battalions), but then became more and more important.

When brand power is not strong enough, it may not be able to control channel players and franchisees, which is a disaster for brands.

Brand positioning: urban women with strong purchasing power

In addition to the differences in operation mode, although the brand strategies of the three companies have different focuses, the market positioning is more consistent.

For example, Ge Lisi is a single brand sales oriented, specializing in "ELLASSAY" (Ge Lisi) formal dress, leisure and advanced three series.

The core consumer group is a modern urban woman with fashion and elegance and quality of life.

Langer is mainly in the high-end women's clothing market, and owns many brands such as LANCY FROM25 and MOJO.S.PHINE.

Target consumers are 18~55 years old urban mature, fashionable and white-collar women.

At present, there are three brands of "DAZZLE", "DIAMOND DAZZLE" and "d'zzit", which correspond to the high-end, high-end and mid end women's clothing market, mainly attacking the female consumer groups of the age of 18~45.

However, as a relatively new market segment, the middle and high-end women's clothing market in China is still at a low level of concentration.

According to the Euromonitor Research Report of the third party Research Institute, according to the annual retail sales of high-end women's clothing brands, the "DAZZLE" brand ranked fourth in China in 2014, and its market share (from retail sales) increased from 1.42% in 2013 to 1.61%.

In the same period, the market share of LANCY was eighth (1.03%), while that of singer was not the top ten.

It is worth mentioning that this year (to November 19th), A shares of the textile and garment sector overall performance is commendable, so far, the cumulative increase of 87.64%.

Among them, the same period of the increase in the price of 148.54% and 80.65% respectively.