The Final Big Data In 2015: Industrial Pformation Has Entered The Era Of Integration Of Industry And Finance.

Although every year when we look back, we will say that this year is a special year, but looking back over the past few years, and looking forward to the next few years or even longer,

We can still say that 2015 is a very meaningful and special year, not only because it has gone through the wind and rain, but also has a link between the past and the future.

In 2015, garment enterprises were faced with the impetus and influence of multiple structural factors. These factors "directed" all kinds of presentations of garment industry this year, and also drove the direction and space for the future development of garment industry and enterprises.

The end of 2015, which will be the end, will also be a new starting point.

The market is not good, and the recovery is continuing.

Overall, in 2015, the development of the garment industry was also facing resistance while maintaining growth.

In the first 11 months of 2015, retail sales increased by 10.6% compared with the same period last year, while retail sales in November increased by 11.2%, a 10 month high.

The growth of clothing category is not satisfactory.

By category, the sales volume of clothing, shoes and hats and needle textiles increased by 9.9% to 138 billion 200 million yuan in November, while the sales volume of clothing shoes and hats and needle textiles increased by 10.1% to 11953 billion yuan in 1-11 months.

Overall, the growth rate of clothing category has slowed down this year, the growth rate is lower than the total sales volume of the society, and it has hit a 9.1% annual low growth rate.

This year, the word "collapse tide" and the clothing industry are always following the shadow. There are many clothing brands on the shrinking front. The brands of Bosideng, seven wolves, nine Mu Wang, Mei Bang dress, Daphne and so on are all over 100 stores during the year.

There is a view that the clothing industry has entered the "new normal".

It seems that no matter from macro consumption data or micro enterprise status, the clothing industry is facing "market" is not very good.

But aside from this year's cross section, from a longitudinal perspective, the garment industry has undergone several years of adjustment, from the large-scale expansion, homogenization, large-scale closure of stores, inventory and other band adjustment before the decline.

And casual wear enterprises have maintained growth momentum or resumed growth.

Anta, Hai Lan home, AOKANG international, news bird, search special, Semir apparel and other business performance showed an increasing trend.

Anta's performance in the first half of 2015 exceeded expectations, and its business growth rate also exceeded that of the same period last year. The net profit growth of search and AOKANG international in the first three quarters was more than 40%, and the first three quarters of Hai Lan's home business maintained a good growth momentum.

These enterprises mainly promote the growth of performance through the optimization of main business and the enhancement of operational efficiency.

It is foreseeable that the driving force for the revival and upgrading of the garment industry will still come from the optimization of the garment industry and the business of its own advantages, and the establishment of the business model around the main garment industry and the enhancement of its operational efficiency.

In the process of industry recovery, the performance of enterprises began to differentiate and pluralistic, and this differentiation has broken away from the boundaries of subdivision industries, such as men's wear, women's wear, leisure, footwear and so on.

This differentiation feature is consistent with the trend of industry integration and diversification, which will further enhance the degree of industry integration.

At the same time, the new subdivision industry is rising.

To figure out what is hot in this year's industry, fashion, mother and baby markets and underwear are perhaps the most attractive ones.

The "running economy" has led to the recovery and growth of sports brand performance.

The landing of the "comprehensive second child" policy has further played a role in helping the world; the performance of the body clothing stocks such as kin Sheng group, Hui Jie group, and urban beauty has a relatively good growth, indicating that the market of the body clothing is in the stage of rapid growth, which is behind the upgrading of consumption, and the public pays more attention to the embodiment of the internal quality of life.

At the same time, consumers also pay more attention to brand choice, and promote the hot industry to produce competitive brand enterprise groups. The merger and acquisition integration among enterprises will inevitably start.

Continuous pformation and upgrading, diversified investment into routine action

The impulse of diversification of clothing enterprises has never stopped.

Last year, the trend of diversification of garment enterprises has been quite obvious. This year, it is more accelerating. Especially after a bull market in the first half of the year, it has expanded the diversification and cross-border ambitions of many garment enterprises.

Since 2015, the capital means of listed apparel enterprises continue to be close to financial investment, diversify and cross border development. In this respect, they have inherited the diversified traditions of some garment enterprises, and on the one hand, they have also adopted the adaptive means in the environment of capital market, macro economy and industrial economy. On the other hand, they are also taking actions in order to increase the rate of return on assets and manage market capitalization under the pressure of the main industry and declining performance.

One of the main ways to diversify is to create "platform", "ecology" and "circle".

This kind of play is not very new, because clothing companies have already implemented the strategic practice of pforming the industrial chain from linear to network and circle by means of capital market.

More obvious, there are Pathfinder, a series of frequent and dazzling capital movements since the Pathfinder went public, no matter in order to build what they call the "outdoor ecosystem", and gradually upgrade the gameplay, pull the tourism and sports industry, and build "outdoor + tourism + sports" "outdoor ecological circle", the industrial chain contact is farther and farther away.

Similar to the Maison culture, apart from its export business and domestic retail animation costumes business, it is also gradually extending to the direction of film, video games and children's industry, creating the so-called grand cultural entertainment service platform.

The company has launched a series of investment mergers and acquisitions this year. The company says it will expand into many fashion businesses such as mother and baby, cosmetic, cosmetic, stylistic education, and create a "Pan fashion ecosystem" covering the lifestyle of "clothing, food, housing, entertainment, beauty and medicine".

In the second half of last year, he also invested in a series of Internet brands and invested in the company. He announced that he would launch more than ten clothing brands and set foot in the supply chain management and brand management business.

Home textiles "big three" Luo Lai home textiles, fuanna and Meng Jie home textiles are intended to "big home" pformation, to create a home life platform.

This diversification impulse can be seen from many garment enterprises during the year.

The Pathfinder changed the name from "Beijing Toread Outdoor Products Co" to "Pathfinder holding group Limited by Share Ltd", further renning its "outdoor ecosystem", which means that the future Pathfinder will add more industrial subdivision.

Roley home textiles intends to change the company name from "Roley home textile Limited by Share Ltd" to "Roley life Polytron Technologies Inc", and implement its "big home" strategy.

The latest incident is that YOUNGOR has begun to enter new energy, and Rand has also made cosmetics, and Haining has entered the rehabilitation field.

This can really be called the "diversification tide" of the clothing industry.

Integration trend continued, industrial pformation and integration deepened.

Another main line of diversification is the trend of industrial integration in the garment industry.

With the increasing integration of the garment industry and capital, the deepening of the integration with the new economy, and the acceleration of the upgrading process of consumption, the garment industry will not only be a simple traditional manufacturing industry, but also the clothing enterprises are not only selling visible goods, but also the garment industry will show greater invisible space, thus becoming a "big fashion and big consumption" industry integrating manufacturing, retail, management, design, culture, fashion, technology and other factors.

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In this process of integration, the industry integration, acquisition and cross-border process of garment industry are becoming more frequent.

The process of convergence is accelerating this year.

On the one hand, traditional brands are developing acquisitions and integration, or introducing more subdivision and brand names, and forging ahead to "multi brand, multi category" brand groups.

For example, the rapid development of urban beauty buys Ordifen, and wants to become a high, medium and low-grade brand. But before the listing, it is just a mass brand of "rural encircling the city" in the eyes of the public. La Natsu Bell, the women's clothing enterprise, bought Jack Walker, a man's clothing enterprise, while Anta, who focuses on basketball shoes and running shoes, is ready to enter the football market.

According to the latest news, Anta has completed the acquisition of Sprandi, Russia's outdoor and mountaineering sporting goods brand, and is preparing to acquire Descente, a Japanese professional sportswear brand.

In addition to Anta, the company bought 84 million 60 thousand high-end German women's clothing brand Laur L and its mainland operation company. After the paction was completed, the company bought the Laur L's mainland business in real terms, and would have the preferential right of Laur L in the rest of the world, thus forming a global cooperative relationship.

In June, Italy announced the acquisition of a Dirk Bikkembergs 51% stake in the fashion sports brand, and the purchase price was 40 million 680 thousand euros.

More cross-border M & A events are taking place in the garment industry.

On the other hand, the integration of the traditional brand and the new economy has prompted the traditional clothing enterprises to begin to integrate actions with the online enterprises. This year's trend is that while the Internet economy is developing rapidly, the offline economy will also show its advantages and charm in the process of pformation and adjustment.

At the same time, there are more and more online brands going online, seeking development online.

The network announced that it planned to set up 10000 stores in China in 5 years and announced that it would cooperate with new world department stores to enter the new world line, and to enter the new world line, and to realize the same price on the same line; the Korean family announced its cooperation with the Pathfinder to jointly set up children's clothing business; since early August, La Natsu Bell invested 200 million yuan to invest in the Internet brand seven grid, and searched for 324 million yuan to invest in the Hui Mei clothing of the Amoy brands such as Inman and Chu language. In August, nine Mu Wang announced that he could buy shares in Korea's clothes house for 12 million dollars. In September, he announced that he would add capital to South Korea's clothing house again. Inman previously said it was retailing under the layout line.

Cross border pass (formerly "100 round pants industry") bought cross-border electronic commerce worldwide, buying a lot of cross-border e-commerce brands, AOKANG international investment Lanting Pavilion gathering potential, Semir apparel investment Korean cross border electricity supplier ISE, carnddie road to build modern Avenue cross border electricity supplier, fuanna shares Zhejiang's imperial insurance related cross-border electricity supplier, and the United States State clothing launched fan APP, Rand's share star wardrobe and other events, all are examples of clothing enterprises to accelerate the integration with the Internet brand.

Under the tide of industrial integration, the strategic cooperation events of the garment industry also happen frequently.

In August, AOKANG International announced its strategic cooperation with the US sports brand Cage to enter the sports sector. In August, Maison culture also announced its strategic cooperation with ALI film industry. The two sides said they would cooperate in the fields of TV program marketing, derivatives business and e-commerce. In September, they announced the cooperation agreement with Japanese towel manufacturer and dealer Chino Dacheng. The two sides will set up a joint venture to open up the domestic market; more importantly, strategic cooperation between YOUNGOR and CITIC, and invest tens of billions of CITIC shares. YOUNGOR has held 0.31% of CITIC shares from June, and has reached 4.43% of its shareholding in October 19th, and has spent more than 70% billion yuan, accounting for more than 70% of the latest net assets.

Year-end observation: the clothing industry is facing a structural driving factor and will enter the era of integration of industry and finance.

In 2015, garment enterprises were faced with the impetus and influence of multiple structural factors. These factors "directed" all kinds of presentations of garment industry this year, and also drove the direction and space for the future development of garment industry and enterprises.

Therefore, in 2015, to a certain extent, it can be called the "start year" for the garment industry to enter the new development level.

These structural drivers include three main aspects: the consumer market, the dividend policy and the capital market.

These three aspects are interrelated and interact, especially the capital market, and the reform of capital market is still behind.

The close integration of garment industry and capital, especially the "bull market" bubble that benefited from this year, has accelerated the pace of garment diversification investment and merger and acquisition integration in the year. With the acceleration of financial market reform, the apparel industry's industrial capital is more active, and from the "production and financing" to "integration and production", it will be remitted into the flood of national economic pformation and entered the era of integration of industry and finance.

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The first structural driver is the rising consumer market.

First, let's talk about the consumer market.

Generally speaking, one room for the growth of the garment industry will come from the domestic consumer market.

China's GDP growth slowed to 6.9% year-on-year in the three quarter, the lowest quarterly growth rate since the first quarter of 2009 and the first time it has fallen 7% in six and a half years.

Some analysts say that China will further lower the growth target of GDP, which may break 7. China's economic environment is slowing down. Further normalization is a major trend.

But analyzing the three quarter GDP growth rate has a bright spot: the contribution rate of consumption to GDP growth reached 58.4% in the third quarter, an increase of 9.3 percentage points compared with the same period last year, and the consumption in the first three quarters increased 10.5%, an increase of 0.1 percentage points over the first half of the year.

The consumption industry has gradually become an important driving force for China's economic growth. The contribution rate of the third industry has further increased, and the growth of new consumer industries such as online shopping and communication equipment has accelerated.

This shows that while China's economy is slowing down, it is pforming to a service-oriented economy, and China's consumer market will continue to grow in the future.

This year, Japan has an annual buzzword: "pop buying" to describe the state of Chinese shopping in Japan.

This reflects the future of a consumer main force is the mass consumption layer represented by the middle class income class.

China has a growing mass consumption group represented by the middle class, which represents a further upgrade of consumption demand, richer consumption level and higher demand for product quality.

During the year, the hot rise of cross-border e-commerce in garment industry, the further layout of international clothing brands in China, and the recovery and growth of garment enterprises positioned in the mass consumer market are all reflecting this trend.

Under this trend, clothing brand positioning will be concentrated in two directions: first, pay more attention to cost performance, achieve the balance of quality and price; first, more personalized and differentiated.

The second structural driver is dividend policy.

Since the beginning of this year, under the background of China's economic development entering the new normal and entering the medium and high speed growth stage, the central government has issued a number of guidelines on industrial policies, excavating the potential of China's economic growth and promoting the pformation and adjustment of China's economic structure.

These industrial policies also provide more paths and options for the pformation and upgrading of the garment industry.

For example, the State Council issued the guiding opinions on actively giving play to the leading role of new consumption and accelerating the nurturing of new impetus to new supply, which has been comprehensively deployed to guide industrial upgrading with consumption upgrading, and to increase new supply through institutional innovation, technological innovation and product innovation, so as to create new consumption and create new impetus.

For the clothing industry, the guiding opinions clearly point out that the new consumption mainly includes six major consumer contents, namely, service consumption, information consumption, green consumption, fashion consumption, quality consumption and rural consumption. Among them, fashion consumption is directly related to the clothing industry, and the garment industry will have more "big fashion" and "big consumption" in the process of pformation and upgrading.

However, quality consumption and service consumption aside from its specific contents, it has a guiding role in essence, suggesting that clothing enterprises have higher quality and more personalized products at the manufacturing end, and provide higher level services and experience at the sales side.

The content of "new consumption" provides a general direction for the pformation and upgrading of the garment industry.

In the field of sports, culture, tourism, cross-border electricity providers and other service oriented economic industries, the state has also significantly increased the intensity of policy release.

On the whole, the intensive publication of new consumption and new economic policy is a concrete manifestation of the "supply side reform" requirement of China's economy.

Garment enterprises face an unprecedented dividend policy in pformation and upgrading, but it also means that garment enterprises are facing greater challenges and higher requirements to resolve the problem of high inventory and homogenization, which can also improve the efficiency of supply chain and production management.

The third structural driver is the capital strength of integration of industry and finance.

For the apparel industry, the decisive factor in the coming years and longer term is capital driving.

In 2015, the pace of financial reform has been greatly accelerated, and in 2016, it will further accelerate. This will further enlarge the strength of capital, and clothing enterprises should be prepared.

In the last one or two cases, one is the controversy over the "Wanbao" that has been bubbling up. At present, the matter has not yet come to an end. Neither right nor wrong has yet been conclusive, but it reflects a problem: the industry operator is stronger than Vanke. When the financial capital is coming to the city, it still fails to prepare for the most professional and the most complete, and has a sense of haste to fight.

In fact, the capital market is based on capital.

Financial capital will become an important driving force for China's economic development. In the future, venture capital will become the norm in the market.

Many operators of traditional industries have not yet realized that the trend of the era of financial capital has arrived.

The other is the executive meeting of the State Council held in December 23rd. It is necessary to further increase the proportion of direct financing and improve the efficiency of financial services.

We need to improve the multi-level capital markets such as stocks and bonds, establish a strategic emerging board of Shanghai stock exchange, support the financing of innovation and start-up enterprises, improve relevant laws and regulations, promote the listing of special equity structured venture enterprises in China, increase the number of listed company in the share pfer system of the small and medium-sized enterprises nationwide, launch a pilot scheme to pfer the gem to the gem, and standardize the development of regional equity markets.

The introduction of these policies, for the traditional clothing industry, in addition to the implementation of the registration system of IPO and other means, the path of integration of enterprises and capital markets is further widened.

Under the stimulation of consumer service economic growth and financial reform policy, garment industry capital will further combine with financial capital to promote the garment industry to enter the era of integration of industry and finance.

In 2015, many garment enterprises set foot in the financial industry, set up banks, set foot in the financial fields such as supply chain finance, P2P and so on. At the same time, the establishment of PE+ listed M & A fund has become a common choice.

Next, financial capital will further seek to combine with the capital of garment industry, from industry to finance, from finance to industry, to promote the integration and pformation of garment industry, and to push the adjustment and pformation of garment industry structure. This will become a major trend of the garment industry, and the past 2015 will be regarded as the "start year" of the trend of integration of industry and finance.