The Trend Of Internet Is Coming, And Service Consumption Is Rising.

The Internet is deeply rooted in the bone marrow.

Unstoppable: the Internet is deeply rooted in the bone marrow, and consumption upgrading experience is paramount. After several years of development, Internet The clothing industry has been deeply influenced by many dimensions: 1., online shopping is very important in 2015. Clothes & Accessories Online shopping accounted for 36%; 2. spawned new markets (three or four line market was expanding rapidly / rural areas). Online retailers ), new resources (cross border business integration of global resources), new features (Social Business centralization) and new mode (customization / pre-sale); 3. cloud computing /SaaS and other technology maturity to promote the efficiency of all aspects of the industrial chain. After 2012-2015 years of O2O experience (Marketing & channel first touches the net), the apparel industry began to chain to the whole industry chain Internet In the spanformation stage, we should realize the reconstruction of enterprise value chain. At the same time, the upgrading of consumption goes up to the next level. On the one hand, the acceleration of clothing consumption is catching up with the new trend, users are willing to pay for the consumption experience; on the other hand, the survival type consumption (commodities) is spanformed into experiential consumption (service).

Two, service consumption has shown its edge.

The brand is changing all the time, and the flexible supply chain is the general trend. In less than ten years, Brand clothing The industry has experienced the prosperity, adjustment and resurgence of traditional brands, and the breeding, rising and differentiation of Amoy brands. Now the net red brand has just come to the fore, and is expected to become the next wave maker. It is easy to find out through high quality traditional brands and Amoy brands. Clothing brand The success has always changed from the following aspects: brand operation (design, marketing, etc.), channel management (online / offline, user management, etc.) and supply chain management (production, logistics, etc.). Traditional brands have popularity / offline channel / industrial resource advantages, and need to actively promote the whole industry chain. Internet Transformation; Amoy brand is good at marketing, has accumulated a certain reputation and industrial resources, needs to strengthen the supply chain capabilities; net red brand department traffic bonus period, the outbreak of growth, the most critical is the supply chain docking. The core links of flexible supply chain include information flow and algorithm, speed up matching between supply and demand, adequate supply of materials, foundation of quick response, maximization of process modularization, intelligent equipment and Internet. There are two ways to cut in: 1, reconstruct the production system with information flow and algorithm as the breakthrough point, such as Sinbad; 2, integrate upstream raw material resources, go through the industry, and solve the pain points, such as search for special.

From clothing consumption to pan fashion, service consumption has shown its edge. from Garment industry Look, there are two directions for the spanformation of living consumption to experiential consumption. 1, consumers shift from purely buying clothing products to consumer related segments. Under this background, clothing brands / manufacturers actively spanform their strategies, such as Sports footwear The brand extends to the sports industry, outdoor supplies / channel business extends to outdoor services, maternal and child products extend to pregnant and baby services, and animation derivatives manufacturing extends to IP creation. 2, upgrade from fashion oriented consumption to pan fashion consumption. Women's economic domination increased, and her eco economic circle came into being. Consumption demand extended from clothing to medical beauty / underwear / mother and infant. Male consumers' fashion perception improved significantly, and his economy grew into new consumption patterns, including competition / sports / games. Under this background, brand clothing enterprises extend their strategy based on the main industry to create a pan fashion industry group.

Three, investment strategy

Brand clothing plate, terminal sales dull, sub industry differentiation continued, of which the baby / sports sector maintained high prosperity. Leisure clothes Prosperity is up. Processing and manufacturing sector, with the continuous development of dumping and storage, the cotton price in 2016 is expected to stabilize and recover slightly. The effect of the depreciation of RMB will increase, and the price of domestic and foreign cotton will be narrowed and the demand for cotton will be raised. At present, the brand clothing / processing sector PE was 25/26 times in 2016. Maintaining brand clothing is stronger than the market rating, processing and manufacturing neutral rating.

Based on the judgement of the short-term operation of the industry, it is recommended to grasp two main lines of investment: 1, the main business is well managed, the performance is highly determinate and the target of safety margin is available: recommend Semir clothing, search for special, Xinye textile, and song's. 2, based on the industry integration of the main industry extending to the upstream and downstream of the industry chain, we recommend the Maison culture (anime Culture) and Wordsworth (Social Business) to pay attention to the blonde Rabbi, Sanfo outdoor, Saturday and Rhine sports. The core of Hong Kong stock is Anta sports (domestic sports shoes) and good boy International (baby products).