PK, Semir, Who Threw It Away?

"Duan wood took me to Metersbonwe, picked a lot of clothes and shoes. When I looked in the mirror, I didn't know who the girl was." Zheng Shuang said Chu Yu Xing.

When it appeared in the meteor shower, which was broadcast in 2009, it was the representative of the trend.

Now, ten years later, the meteor shower has become a memory.

The semi annual report released by Smith Barney showed that business income was 2 billion 699 million in the first half of this year, down 31.47% from the same period last year. Net profit attributable to shareholders of listed companies was 138 million yuan, down 359.61% from the same period last year.

This is mainly due to the optimization of the channel structure and the closure of inefficient Direct stores. In the first half of the year, the factors of commodity delivery affected the rhythm of new products in the spring and summer of 2019, which affected the response to market demand.

In the same period, the same from Wenzhou, Semir achieved a trend of growth. In the first half of 2019, Semir's operating income was about 8 billion 219 million yuan, an increase of 48.57% over the same period last year. Net profit attributable to shareholders of listed companies was 722 million yuan, an increase of 8.20% over the same period last year.

Zhou Chengjian, the founder of the United States, once said, "I didn't really make a tailor with the craftsman spirit, so I was abandoned by the market.

Is that really true?

　　 Smith Barney's main business has been losing money.

If you draw a US chart, you will find that in recent years, the revenues and net profits of Smith Barney are like roller coaster.

Data show that from 2015 to the first half of 2019, MB's revenues were 6 billion 295 million, 6 billion 519 million, 6 billion 472 million, 7 billion 677 million and 2 billion 699 million respectively, and the net profits were: -4.32 billion, 36 million, -3.05 billion, 40 million and -1.38 billion.

In fact, in 2016, the United States turned its losses, mainly through the sale of subsidiaries to get income subsidies. By 2017, net profit fell by 942.95%. In 2018, it was hard to turn around again. Net profit was also related to 3310.64 of the government's subsidy at that time, and the main business was still weak.

It is worth noting that in the first half of 2019, there was still 20 million yuan of investment income, accounting for 15.38% of revenue.

In 2018, although the United States was slightly profitable, its net interest rate was only 0.53% at that time, and the main garment business was still losing money, which was also questioned by the Shenzhen stock exchange for its continued profitability.

In 2016, the United States has undergone great changes. Chairman Zhou Chengjian resigned. The two generation Hu Jiajia, 30, took office. He shouted the slogan of "returning to the main business" and made efforts in channels and retail sales. The United States and the United States have achieved certain results in the layout of the online business, improving the profitability of their main businesses, and turning losses into gains in 2018. This is a good sign.

However, in the first half of 2019, in the first half of the year, the performance of Smith Barney went another dive. As a highly seasonality industry, the apparel industry is the peak season for the 14 quarter and the off-season for the two or three quarter.

It is not impossible for the us to turn around the deficit in 2019, but this raises higher requirements for operational management capabilities in the second half of the year. Losses in the first half of the year are not related to the factors of commodity delivery, which can not keep up with the new rhythm of new products in spring and summer.

　 Inventory crisis

The digestion and transformation of inventory is the key to the next US state.

In fact, inventory has become a sword of Damour and Chris on the head of many local clothing enterprises. And the sword of the United States is heavier.

Starting from 2014, the amount of goods in the United States increased rapidly. In 2018, the stock accounted for 32.58% of the total assets. It was located at the highest level in the sea market, Semir, La Natsu Bell, Taiping bird, seven wolves, news birds and wgnas, and the stock turnover reached 208 days.

This problem has not been alleviated so far. In the first half of 2019, U.S. stocks reached 2 billion 72 million, accounting for 31.03%, up 0.82% from the same period last year. Compared with the same period, Semir accounted for 28.36% of the inventory, and Semir was also affected by the merger of the French KIDILIZ brand.

A large quantity of stocks not only reduced the assets impairment in the first half of this year to 72.8% of the total profit, but also affected the gross profit margin - the gross profit margin in the first half of 2019 was 44.35%, down 2.42% from the same period last year. Semir has benefited from the gross margin of the Barbara children's brand and its gross margin reached 44.84%, up 6.2% over the same period last year.

More serious is that the high inventory brought about by a large discount sale, so that the post-90's "big card" gradually reduced to "cheap goods."

The severe inventory crisis is closely related to the virtual supply chain. In the apparel industry chain, Smith Barney only involves design development, brand promotion and terminal sales, and outsourcing manufacturing.

American state "Waterloo"

However, this kind of outsourcing mode of light assets virtual operation is exactly the important driving force for the early departure of the US state.

In 90s, Wenzhou's entrepreneurial boom surged, and Zhou Chengjian, a small tailor, started his own business. Finally, at the age of 30, he founded the brand.

In the era of monotonous clothing, decoration and display were very avant-garde, the United States quickly attracted the popularity of young people at that time. When the United States and the United States took the initiative to strike the iron and expand the shop online quickly, they came to Aaron Kwok and Jay Chou to speak for themselves.

In 2008, when the United States went public, Zhou Chengjian called out to "fix the whole Chinese market and get the whole Chinese consumer".

At that time, the United States opened more than 5200 stores online, when the small tailor also became the richest in the clothing industry by 17 billion.

The turning point appeared in 2012, and the United States ushered in "Waterloo". Those young people who chased American States grew up, and they had more choices. This year, the United States net profit of 850 million yuan, down 42% compared to the same period, the line also began large-scale closure.

In fact, at that time, the United States and the United States had been "trapped inside and outside the country". At home, it faces JEANSWEST, Semir and other local brands. Overseas, ZARA, H&M, UNIQLO and other international casual wear retail giants continue to pour in.

Smith Barney once launched the high-end brand ME&CITY against ZARA, and spent a lot of money to open a large store in the core business circle. The store is bigger and more refined, compared to the new rhythm of fast fashion 15 days, and the United States simply can not resist. At this point, the hidden dangers of the virtual management mode of outsourcing production are undoubtedly exposed, because the high inventory caused by the deviation of market prediction has been a drag on the pace of transformation.

A new brand of ME&CITY is the US bond's attempt to break the bottleneck of profitability. Regrettably, the series of new products such as children's clothing and footwear did not seem to have sparked any splash. By contrast, Semir's children's clothing has been up to half the sky. In 2018, the children's brand revenue reached 5 billion 200 million, accounting for 63.42% of the total revenue, and the growth rate reached 81.66%.

　　 Frequent Internet transformation

In fact, if the United States did not change in the new consumption environment, it really wronged it. The rise of the electricity supplier has made a huge impact on the United States, which has long been known for its offline channels.

In 2009, the United States learned all customers to launch the "state purchase" business platform, and today it can still download goods, but it hasn't stirred up any waves. The reporter found that most of the clothes on the platform are in a big discount, which has become a clear inventory channel, and sales of many goods are in single digits.

In 2015, the United States was still showing its face in the debate program "fantastic flower". With more than 100 million advertising fees, the fashion aggregated electricity supplier APP was "fan", but it ended up being "big thunder and little rain".

Semir seems to be more like a fish in water than the US wall in the electricity business. Semir's electricity business reached 2 billion 167 million in the first half of 2019, with a growth rate of 35%. Since entering Tmall in 2010, the scale of Semir's e-commerce has grown all the way. Last year, double eleven, Semir electricity retail sales exceeded 1 billion.

The force online market is not only able to get closer to young consumers, such as the United States and Semir, but also improve the design and development of young products through big data.

Semir has changed, and the United States has gradually faded from memory after 80 and 90. Is there another place in America in your wardrobe?