In The First Half Of The Year, The Revenue Grew By More Than 17%, And Brand Synergy Continued To Show.

In 2019, the domestic women's clothing group, group, released a semi annual report in 2019. During the reporting period, the company's revenue rose 17.09% to 1 billion 266 million yuan, and net profit increased 17.9% to 190 million yuan. In the first, second quarter, the revenue growth of Song Li Si was 8.32% and 27.05%, respectively. The net profit growth rate of the same period was 11% and 24.72% respectively, while the net profit growth rate was 3.83% and 16.44% respectively.

Fangzheng spun service team analysis report pointed out that the second quarter of the song line revenue rose significantly, IRO high-speed growth. On the whole, the revenue of the 2019H1 line is 1 billion 60 million yuan (+12.00%) and 56 million yuan (+22.94%) respectively, while the online and offline revenue accounts for 95.02% and 4.98% respectively. In the single quarter, 2019Q1, Q2 online revenue reached 0.95% and 42.32% respectively, and the growth rate of the offline revenue reached 7.36% and 17.37% over the same period. The online growth rate of Q2 increased significantly, and the growth rate of Q1 under the line rose.

From the offline channel, 2019H1 battalion and distribution revenue reached 6.69 (+17.39%) and 4.47 (+5.89%) billion respectively, accounting for 59.94% and 40.06% of direct sales and distribution revenue respectively. In terms of single quarter, 2019Q1 and Q2 battalion store revenue growth respectively reached 13.19% and 21.71%. Meanwhile, the distribution revenue growth rate of the same period reached -0.21% and 13.97% respectively, and the direct battalion revenue growth rate 2018Q3 was recovering positive growth, and the growth rate of 2019Q1 was accelerated.
 
In terms of channel number, 2019H1 stores at the end of last year increased by -15 from 26 to 577 in the same period last year, up by -2.53% and 4.72% compared with the end of last year and the same period last year. Direct camp 2019Q1 and Q2 respectively opened 0 stores and -3 home to 259, an increase of 7.38% and 4.86% over the same period last year, while the distribution outlets opened -1 and -9 home to 318, representing an increase of 12.67% and 4.61% over the same period last year, while Q1, Q2 direct distribution and distribution stores all contracted at the end of 2018.

At the beginning of this month, the company bought 30 million of the designer brand self-portrait in China. In addition, the group also had its core brand ELLASSAY, Germany's high-end women's wear brand Laur L, American light luxury brand Ed Hardy, French designer brand IRO Paris, designer brand VIVIENNE TAM and Belgian designer brand JeanPaulKnott.

Judging from the brand performance,

(1) ELLASSAY 2019H1 revenue was 477 million yuan (+7.00%), while Q1 and Q2 grew by 6.42% and 7.66% respectively. 2019H1 stores at the end of the year decreased by 16 to 296 compared with the beginning of the year, up by -5.13% compared to the previous year, and the number of direct and distributable stores was 157 (2 lower than the beginning of the year) and 139 (14 lower than the beginning of the year), up by -1.26% and -9.15% compared with the previous year, and the net retail outlets of 2019Q1 and Q2 increased by 1 or -3 respectively. 2019H1 gross profit margin fell 1.09pct to 70.24% year-on-year.
 
II. LAUREL 2019H1 revenue was 54 million 220 thousand and 100 yuan (+3.76%), while Q1 and Q2 grew by -13.55% and 23.38% respectively. The 2019H1 terminal stores increased by 3 to 40 compared with the beginning of the year, up 14.29% from the same period last year, while the direct distribution and distribution stores were 28 (compared with the net increase of 1 at the beginning of the year) and 12 (a 2 increase over the beginning of the year). 2019H1 gross profit margin fell 1.67pct to 81.23% year-on-year.
 
(3) Ed Hardy and Ed Hardy X 2019H1 revenue was 232 million yuan (-6.21%), Q1 and Q2's single quarter revenue growth was -6.19% and -17.32% respectively, and Q2 further declined due to repurchase of some franchisee products (subsequent sales through OUTLET channel). At the end of 2019H1, the number of stores increased from 174 to 5.45% in, up by 5.45% compared with the same period last year. The number of Direct stores and distribution outlets was 26 (compared with the net increase of -2 at the beginning of the year) and 148 (compared with the net increase of -5 at the beginning of the year), up 18.18% or 3.50% compared to the same period last year. 2019Q1 and Q2 were directly increased by -2 and 0 in the single quarter compared with the beginning of the year, up by 18.18% and 18.18% compared with the same period last year. The net sales increased by 1 and -6 at the same period, up 19.38% or 3.50% compared to the same period last year. 2019H1 gross profit margin fell 2.91pct to 69.67%.
 
4. IRO 2019H1 revenue is 343 million yuan (+40.82%), Q1 and Q2 single quarter revenue growth is 10.45%, 86.06%. 2019H1 revenues in non China and China regions were 3.05 (+31.95%) and 38 million yuan (+208.19%) respectively. The Q1 and Q2 revenues in non China regions were 1.44 (+20.9%) and 1.61 (+78.74%) billion yuan respectively, with 0.17 (+270.74%) and 0.21 (+824.65%) billion yuan in China. Q2 overall IRO brand revenue growth accelerated, China's business rose higher. 2019H1 stores at the end of the year increased by 4 to 53 compared with the beginning of the year, up 47.22% from the same period last year. The number of direct and distributable stores was 35 (compared with the net increase of -1 at the beginning of the year) and 18 (compared with the net increase of 5 in the beginning of the year). The number of Direct stores increased by -2.78% compared with that of the previous year, and the distribution shop 2018Q4 was opened. 2019Q1 and Q2 were directly increased by 0 and -1 respectively, compared with the beginning of the year, which increased by 0% and -2.78% compared with the beginning of the year. Meanwhile, the distribution network increased by -1 and 0 in the same period. 2019H1 gross profit margin of non China and China increased by 0.08, 1.95pct to 62.35% and 73.60% respectively, and the same store grew 32% in the first half year.
 
5. VIVIENNE TAM 2019H1 revenue is 9 million 324 thousand and 700 yuan (+248.98%), Q1 and Q2 single quarter revenue growth is 454.11%, 162.40%. 2019H1 stores at the end of the year increased by 1 to 14 compared with the beginning of the year, up 366.67% from the same period last year. The number of direct and distributable stores was 13 (compared with the net increase of 1 at the beginning of the year) and 1 (compared with the net increase of 0 at the beginning of the year), up 18.18% or 3.50% over the same period. The 2019Q1 and Q2 retail outlets in the single quarter increased by -2 compared with the beginning of the year, 0, an increase of 12 or 10 compared with the previous year, and 2018Q4 opened the first distribution shop. 2019H1 gross profit margin rose 0.09pct to 67.24%.
 
6. Hundred autumn electricity supplier For international fashion brands to provide online and offline full channel brand consultation, brand business operation, digital marketing, new retail and other services, 2019H1 realized revenue of 141 million yuan, an increase of about 73.2%, net profit of 25 million 753 thousand and 900 yuan, an increase of 18.92% over the same period last year. Bai Qiu opened its overseas subsidiary ARRIVE in 2018, which will continue to increase the layout of Southeast Asian electricity providers.
 
⑦ Jean Paul Knott 2019H1 has acquired its ownership in Greater China through joint ventures and has opened its first store in Shenzhen as of August 27, 2019.
 
A kind of Self-Portrait 2019H1 and its brand founder set up a joint venture to operate its business in mainland China. As of March 2019, the brand has opened 375 outlets in more than 70 countries worldwide.

On the whole, the main brand is robust, and IRO has "explosive" growth in China. China and Thailand securities Limited by Share Ltd researcher analysis said that the high end multi brand strategy development path of GEIs is clear, synergy between brands continues to show, the overall revenue performance in 2019H1 exceeded expectations, the main brand endogenous growth is strong, and the number of channels is still much larger than that of peers; new brands are developing rapidly and are expected to continue to make profits. The net profit of 2019/20/21 is estimated to be 4.36/5.34/6.46 billion yuan, respectively, increasing by 19.7%/22.4%/20.8%, corresponding to EPS 1.3/1.59/1.92 yuan respectively, and the current price corresponds to PE10/8 times of 2019/20.

Part of the information source: Founder spinning team