Former Costumes Leading The United States "Falling" Shares Fell More Than 9

The spread of pneumonia has become the focus of attention after the Spring Festival. Since then, various materials have attracted market attention for a short time. Red beans announced the production of disposable protective clothing, SAIC GM Wuling joint supplier transfer mask.

After seeing this news, many investors expressed under the American state clothing, "do not rub the hot spot how to turn a deficit!" "Call the United States, quickly turn several lines to make protective clothing and masks. These products are too easy for clothing enterprises".

Can we make masks and protective clothing for the time being, but from these comments, we can see the embarrassment of American Apparel. Prior to this, the United States announced that the results of the clothing announced that the first 1-12 months of 2019 performance loss, net profit attributable to about -10 billion to -5 billion.

By the end of February 6th, Metersbonwe's stock price was 1.98 yuan / share, and its total market value was 4 billion 970 million yuan. Today's stock price is down by over 90% compared with 39.57 yuan / share in the peak period in 2010.

As a leading sportswear, it is known as the "Whampoa Military Academy of China's clothing industry". How does the "Bon don" do not take the unusual road?

　 01 the highlight time

Speaking of the United States, perhaps many people feel strange clothes, but for Jay Chou endorsement of Metersbonwe, many 80, 90 should be very familiar with.

Metersbonwe, which was born in 1995, has chosen the virtual operation of "production outsourcing, direct operation + joining together" from the outset, because it can save a lot of production costs and sales costs, so it mainly deals with brand management.

It is targeted at 18-25 year old young men and women. This group "young vigor, fashion and fashion" as a brand appeal, so the "Metersbonwe, do not take the unusual road" as a brand slogan, and chose the then very popular flower band endorsement, and rapidly enhance the popularity and influence. This "light asset" brand management strategy has made rapid growth through less capital expenditure after its establishment.

Aaron Kwok, who had tasted the sweetness, signed one of the four heavenly kings in 2001. Jay Chou joined hands in 2003 to further enhance the brand image and popularity of Metersbonwe. At the signing site, Metersbonwe executives said that it would be worthwhile to invite Jay Chou to endorse the brand for seven digit.

Of course, this income has not been wasted. With the appeal of Jay Chou, Metersbonwe has been promoting marketing. The slogan "not taking the unusual road" has successfully knocked the market of young people, and has become a popular casual wear brand in China. In 2007, Metersbonwe accounted for 0.95% of the domestic casual wear retail industry, ranking the top 12 major casual wear brands in the domestic market.

In 2008, when Metersbonwe was successfully listed, its market share occupied the first place in the clothing industry in the three years of 2009 -2012, and reached its peak in 2011. The market share of 1% was the absolute leader of China's apparel industry and casual dress industry. In the capital market, by the end of 2011, the market value of American Apparel reached 26 billion 100 million yuan, the largest market maker of the brand clothing sector.

　 02 internal and external troubles, difficult predicament.

At the ceremony, Zhou Chengjian, the founder of Metersbonwe, presented to the Shenzhen stock exchange a small gold plated sewing machine. He said, "I was the tailor of a village, and now I am lucky enough to be a Chinese tailor. I hope I can become a global tailor."

The ideal is very realistic, but the reality is backbone.

Although Metersbonwe's passion is strong, orders are greatly increased. But because it did not consider the changes in the consumption environment at that time, the action laid a hidden danger for the later stock crisis. In 2012, there were media reports that Metersbonwe's clothing inventory exceeded 1 billion 500 million yuan in the past season.

As early as 2002, UNIQLO took the lead in China. Since then, ZARA, H&M and GAP have entered the Chinese market successively, and officially opened the curtain of fast fashion trend. Fast fashion brands, because their products are more fashion oriented, and their unique fast response supply chain, can achieve quick returns with shorter supply cycles, which has made a great impact on China's domestic brands.

Affected by this, a large number of domestic brands are forced to close. In the 2010-2015 year, the number of stores in the United States decreased from 5220 to 3700.

In the context of poor external environment, Metersbonwe's transformation is not smooth. From the state purchase network to O2O, and then to "fan", Metersbonwe's thinking is ahead of schedule, but its positioning is not accurate enough. The transformation seems to go all the way, but it does not keep up with the needs of young people: the style is old, lacks personalized elements; product brand positioning is not clear, deviating from consumer demand, causing a large number of customers to lose; when products do not cater to the needs of consumers, excessive pursuit of "situational consumption experience" causes customer loyalty is not high.

In this situation of internal and external troubles, the size of Smith Barrack's clothing revenue has been rapidly reduced, and its performance has entered a declining range: operating income has dropped from 9 billion 945 million in 2011 to 6 billion 295 million in 2015, and its market share has dropped from 1% to 0.4% during the same period.

Where is the 03 way?

At the end of 2016, personnel changes occurred in the interior of Smith Barney, and Hu Jiajia, Zhou Chengjian's daughter, became the new helmsman. After taking office, Metersbonwe upgraded itself from brand to product, channel, retail and supply chain. In terms of brand, the main brand Meters/bonwe was upgraded and fission, and pushed towards the stylized and quality-oriented lifestyle brand, changing the single leisure style and refining it into five styles.

On behalf of the spokesperson, Metersbonwe changed Jay Chou in 2017, replacing younger Guan Xiaotong, Zeng Shun, Ren Jialun, Song Weilong, Zhong Chuxi and so on. In addition, slogan has changed from "no ordinary way" to "how to love", hoping to continue to lead the fashion and become the "best young generation" clothing brand.

After spending a lot of money, Metersbonwe's revenue also picked up slowly, and its revenue rose to 7 billion 677 million yuan in 2018, but it still had a lot worse than its revenue in 2011. In addition, its net profit was still at a low ebb, although it turned out to be 40 million 360 thousand in 2018.

Many industry analysts believe that as a leading industry, the United States is in a difficult time, is the epitome of the entire garment industry. Objectively speaking, the United States does not lack the spirit of innovation, but it has lagged behind the initial stage of entrepreneurship in the field of doing business. It is a question for entrepreneurs to think about how to regain the virtuous period of entrepreneurship for a large enterprise.

For the performance of Smith Barney clothing in 2019, Everbright Securities analysts believe that short-term performance of the company under pressure, in the first half of the spring and summer goods shipment period, the second half of the stock may intensify efforts to drag gross profit margins and profits...... The 19-21 year reduction of EPS was -0.23, 0.01 and 0.05 yuan, and was reduced to "neutral" rating.