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    Fast Fashion. How Are You Doing In Guangzhou?

    2019/12/12 14:09:00 0

    Fast Fashion

    Many young retail brands are located in Guangdong Province, including GAP.

    Recently, GAP group chief financial officer Teri List-Stoll revealed that the group will close about 230 stores by 2020, and is expected to save about 250 million -3 billion dollars. Its sub brand Old Navy will be withdrawn from the Chinese market starting from 2020 after its independent spin off, and will focus its efforts on the North American market in the future to maximize its efficiency. At present, Old Navy has 18 stores in Asia, and its revenue from the region has dropped to $9 million during the period.

    This is after Forever 21, New Look quit the Chinese market, another fast fashion brand also has to say goodbye to Chinese consumers.

    Is the fast fashion cold wave intensifying? Huang Yu, managing director of the consultancy and Trading Services Department of the Greater China region, told reporters in Nandu that the number of new fast fashion brands in the first three quarters of 2019 was 19% and 28% lower than those in 2018 and 2017 respectively. There were also many international brands being withdrawn from the Chinese market in whole or in part.

    But someone withdrew and someone entered. According to the reporter, in the Guangzhou market, fast fashion is still valued by shopping centers, and has a close proximity to the main store. Whether the new shopping malls or upgraded shopping malls are constantly introducing fast fashion brands. In late November, UNIQLO sister brand GU entered Yangcheng. The first store settled in Victoria Plaza, adding another fast fashion brand to Guangzhou.

       Fast fashion performance, several happy several worries.

    In November 21st, GAP announced its third quarter earnings. Sales of its brand Old Navy, which was well placed, dropped by 4%, to $1 billion 947 million. Immediately, GAP announced that Old Navy will withdraw from the Chinese market in 2020, which is only 6 years away from its entry into China.

    But not all fast fashion brands perform so badly. According to the 2019 earnings report of UNIQLO parent company XXX group, group sales increased 7.5% to 2 trillion and 290 billion yen compared with the same period last year, operating profit increased 9% to 257 billion 600 million yen, pre tax profit increased 4% to 252 billion 400 million yen, and net profit increased 5% to 162 billion 600 million yen compared with the same period last year. Since China opened its first UNIQLO store in 2002, China has become the fastest growing group. Today, UNIQLO has 711 stores in China.

    H&M group also came to good news, revenue growth in the three quarter returned to two digits. In the quarter, H&M Group sales rose 12% to 62 billion 570 million Swedish Swedish kronor about 6 billion 520 million US dollars, net profit rose 25% to 5 billion Swedish Swedish kronor about 500 million US dollars, gross profit increased 13% to 31 billion 800 million Swedish kronor about 3 billion 180 million dollars, gross profit margin also increased, from 50.3% to 50.8%.

    Spain's fast fashion Zara parent company Inditex group has announced only half a year report. The results show that group sales grew 7% to 12 billion 820 million euros, and net operating profit margin increased 10% to 1 billion 550 million euros. The company expects annual sales in 2019 to grow from a median of 4% to 6%.

    But it is undeniable that the speed of expansion of international fast fashion brands in China is indeed slowing down compared with the years when they first entered the Chinese market. "The reason for this is that the continuous upgrading demand has made consumers no longer satisfied with the single demand of parity and new fast. Young generation's pursuit of personalized characteristics has weakened the advantages of fast fashion brands, and the promotion of environmental awareness has also impacted the manufacturing concept of fast fashion." Huang Yu, managing director of the consultancy and Transaction Services Department of the Greater China region, said that what is more noteworthy is that the continuous youth strategy of the luxury goods group has been phased in and has been constantly upgrading the needs of young consumers. According to Bain's latest data, sales of luxury goods in China increased by 26% in 2019, while young consumers were the absolute driving force for growth. The global millennial generation and the Z generation contributed 100% of the market growth in 2019, especially in the Chinese market. The recovery of luxury goods industry is squeezing high-end purchase demand of fast fashion brands.

       Although the pace of expansion has slowed down, the pace has not stopped.

    In November 22nd, GU, the same parent company of UNIQLO, opened its first store in Guangzhou, and is also the flagship store in Southern China. Compared with UNIQLO, GU's location is younger, trendy and free. In September 2013, GU formally entered the overseas market. Its first stop was in Shanghai, then went to Suzhou. Guangzhou was the third city battlefield opened in China.

    Some of the fast fashion brands in the market are also expanding. In the three quarter, Guangzhou only opened a new shopping mall, Merrill Lynch (GAP), which is the brand that it focuses on.

    Yue Hai Chung Hui is the largest shopping center in the core business district of Beijing road. Previously, the negative overall format was mainly retail, mostly small brands and central island counter businesses. Since the end of last year, shopping malls have been upgrading this layer. At present, many young retail brands are entering, including GAP.

    And from the official website of UNIQLO, in the Guangzhou market, the brand will open two new stores in Bai Xin square and Jiayu Sun City in the near future.

    Yu Weiwen, managing director of Nandu, said that the fast fashion brand has a close proximity to the main store for the shopping center. "Fast fashion brands play a very important role in promoting the operation of shopping malls, enriching the brand structure, or meeting the needs of consumers." Therefore, the shopping center has maintained close cooperation with the fast selling brand in the process of development.

    So what is the development scale of fast fashion brands in Guangzhou? Nandu journalists have sorted out the opening volume of several major fast fashion stores in Guangzhou. According to incomplete statistics, UNIQLO ranks the first in 30 stores and is far ahead in scale. Basically, Guangzhou has been able to make a home in the mall where it can be reported. H&M has second stores, and now there are 18. UR follows closely, and there are 16 stores in Guangzhou. Zara has 7 stores and GAP has 6 stores.

       Adjust strategy, fast fashion is looking for new growth point.

    The change of China's consumer market is accelerating.

    Yu Weiwen, managing director of Guangdong Hainan Zhong Hui, believes that the exit of individual fast fashion brands should be related to brand positioning in China, business strategy or market adaptability. "From the data point of view, the performance of most fast fashion brands is growing. The outlook is optimistic.

    Huang Yu, managing director of the consultancy and Transaction Services Department of the Greater China region, is also concerned that in order to adapt to the rapid and iterative Chinese consumer market, the international fast fashion brands are also actively adjusting their strategies to seek new growth points.

    For example, we should implement digital strategy, and develop new trends of fast fashion through digitalization and retail technology. Fast selling group's 2019 fiscal year data show that sales of UNIQLO Greater China rose 14.3%, and sales reached 49% in total sales in the international market. And continuous promotion and optimization of digital operation, access to stores and electricity providers of the full channel sales is the key to winning the brand of UNIQLO. At the same time, Zara also launched store AR services to enhance experience and interaction. China has 24 stores located in a second tier city high quality business circle to launch the experience service. H&M will also focus on the transformation of development in digital expansion, the group's third quarter online sales rose 30% over the same period. The group had predicted that the growth rate of online business will be about 20% from 2019 to 2022, with the participation of Tmall and the setting up of discount e-commerce platform Afound, and its online revenue will reach about SEK 75 billion in 5 years.

    Huang Wei also found that fast fashion is also carrying out a new brand iteration and introducing a more high-end and better brand in the Chinese market. For example, the parent company of Zara entered Tmall's Tmall and opened its first store in Shanghai. H&M also took the lead in Tmall's online brand &Other Stories in August this year, which quickly triggered market concern. In addition, these brands also cross border other products to expand consumer groups, and enhance user stickiness in all directions. At the beginning of this year, Zara launched lipstick series Zara Ultimate to earn lipstick effect.

    Fast fashion also pays more attention to sustainable strategy. "Giving the brand more sustainable development concept is a fast fashion brand's" slow down "and a way to rebuild healthy and environmental image. Some brands began to use more environmentally friendly fabrics and open store clothing recycling services, while H&M was testing rental services in the Sergels Torg flagship store of its headquarters in Stockholm. Huang Yu believes that the concept of "sustainability" will permeate all stages of the fashion industry. From 3D design, proofing to reduce material waste in production, to resist fur, and to encourage second-hand trading and leasing platforms, will be the trend of the future development of the garment industry.

    Speaking of the future, Huang Yu said that the international fast fashion brand is experiencing the transformation stage after the rapid expansion. From increasing sales of traditional stores to diversifying and sustainable brand strategies, brands need to continuously explore, iterate, and introduce new technologies and new scenarios. "From the property market perspective, we will also see more new brand, digital stores, and multiple store models such as shopping and experience flagship stores, rather than a single store."

    Source: Southern Metropolis Daily Author: Yi Xiaoxia

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