Smith Barney 'Rambo': Younger apparel stock 2 billion cost of the beholder Source: Money Weekly Author: Semir Chiu Mao Yang flow strong \u0026 ldquo; one step at \u0026 rdquo; Following the last week Metersbonwe virtual cut inventory and whitewash report the problem was revealed this week, we want to "vampire knight cosplay " focus on the entire garment industry, the company's stock issues. Inventory has been the core issue of the apparel industry run, the 21st century, more and more asset-light \u0026 ldquo; clothing operation \u0026 rdquo; corporation, continue to impact the traditional \u0026 ldquo; garment manufacturing \u0026 rdquo; mode. On the big problem inventory fall, Metersbonwe will not be the first, nor the last one.
Around inventory problems, management and channels, is increasingly becoming a company's core competencies, but at the same time, but also reduces the threshold for the industry, along with, the cost of a killer application in the industry. In this \u0026 ldquo; killer \u0026 rdquo; before, Metersbonwe left \u0026 ldquo; First Blood \u0026 rdquo ;. Moreover, the industry is facing this threat collectively. Fast Company encountered problems in the financial weekly newspaper reporter Statistics 37 clothing companies (excluding the Far East * ST and ST Rey B), the mid-year report 2012 consolidated inventory totaled 44.985 billion yuan, of which the top three Younger, red beans shares Jihua Group, and three have a lot of real estate inventory, except the most is the Smith Barney and Semir clothing, inventories were 1.753 billion and 1.473 billion. There are four stock less than 1 million, respectively, George White, a hundred round pants industry, culture and JinFeiDa Legg Mason. Inventories increased the top two real estate inventories more red beans shares 458 000 000 490 000 000 and Younger, Semir clothing after a Long position 320,000,000 and 230,000,000 shares. Inventories decreased the most is Smith Barney, reduced by a 2.89 billion 1.753 billion, a decrease of 39.34 percent year on year. Younger looks is the most serious problem, but because there is high Younger real estate inventory, so it was not comparable. Younger financial weekly newspaper reporter inquired from 2009 to mid-2012 financial report, found that the clothing inventory, overall about 20 million and no major fluctuations.
Therefore, Younger is not a serious inventory sick. These two sets of data, it has been the industry's basic inventory puzzles point exposed. That is casual apparel company \u0026 mdash; \u0026 mdash; \u0026 ldquo; asset-light company \u0026 rdquo; now becoming increasingly important. Lei Yu Changjiang Securities analyst analysts say, \u0026 ldquo; in the first half, affected by the economic slowdown, weak consumer market impact, revenue growth sub-sectors are subject to different degrees. Among them, the outdoor industry and high-end brands still maintain a rapid growth in the apparel industry; textile industry, market demand is suppressed, revenue growth fell more; in the end brand apparel industry increased competition, limited margin growth, an increase from the current extension endogenous growth to fine management of a gradual transition; casual apparel industry by the upward impact of international fast fashion brand, down by the impact of the electricity supplier, is currently in to the inventory phase, a marked decline in the growth rate. \u0026 Rdquo; as of 2012, reported that the highest rate of accounts receivable turnover has Pathfinder 19.90, Youngor 16.67, 13.17 Anna Rich, Jihua Group 11.79; the lowest ever BAOXINIAO 1.45, Saturday 1.45, 1.49 Legg Mason culture, Aokang International 1.75 hundred round pants industry 1.91. More than 60% of gross sales have Kanu Di Road Lancy shares, Angelo, over 50% of the joeone, Caesar shares, Pathfinder. Gross sales more significant changes are: Younger to 49.90% from the 38.28%, 29.47% Busen shares increased to 37.47 percent by the hundred round pants industry from 38.25% to 45.15%, Angelo to 60.26% from the 53.76%; Golden Eagle shares decreased from 16.65% to 12.43%. Consolidated net profit larger amount has Youngor 921 million, Smith Barney 432 million, Jihua Group 389 million, joeone 338 million, Aokang International 258 million, Semir clothing 248 million, seven wolves 246 million; the lowest for the Chinese clothing -1951.46 Wan Golden Eagle shares -1167.61 million. Younger what road to go? 2012, Youngor more rumors, Lee, again going back. Because Younger real estate inventories more, and thus its inventory turnover rate was 0.12. But its gross profit grew fastest, 38.28% to 49.90%, which was mainly due to two reasons: the restructuring of the domestic business focus, to make clothing business gross margin increased significantly by 16.5% over last year, reaching 63%; real estate business revenue is recognized increase in gross profit margin increased significantly, increased by 13.6% to 48.6%. This shows that in addition to Lee, the direction of adjustment, gradually cut textile manufacturing, and gradually withdraw from the financial, real estate compression, return to clothing. But the Younger will be what kind of clothing the company does a lot of people probably do not know, there's now five Younger apparel brand:? YOUNGOR, HSM, GY, hemp family and Mayor. Since 2010, Lee, such as the apparel business drawn up by the \u0026 ldquo; production and operation of the transition to the brand operation type \u0026 rdquo; target, and by reducing the proportion of the textile industry holdings, sell new horse clothing options, and other series of integrated measures to gradually reduced OEM export business, the market focus shifted to higher value-added apparel brand. So, April 20, at the shareholders' meeting and exchange meeting Youngor brand apparel Session held, an institution directly Younger executives question: \u0026 ldquo; manufacturing operations based transition to brand operation type, it means that the company's future go asset-light ? Directions \u0026 rdquo; the answer is very vague: \u0026 ldquo; strategy presented in the annual report is to optimize the industrial chain, foster supply chain, to concentrate on the brand well, from the current selling products, 60% -70% of their own factory of production, 30% of foreign purchases in this Part on the basis of stable production, and gradually expand the proportion of foreign procurement, procurement of both neighboring countries, including Europe and Japan, and now Italy, the purchase price of the slowly approaching us, Our costs are increasing their costs reduced; in general: the company to focus on what brand building, channel development, including construction products, product innovation, the supply side is to optimize the industrial chain, foster supply chain. \u0026 Rdquo; generally mean a change in light of the trend, but not clear. From Younger current brand of subtle changes and the layout seems to be able to read more of the \u0026 ldquo; light \u0026 rdquo; taste. For example, the original suit Younger, targeted at business people, are now becoming more and more leisure. GY targeted at 25 to 35 year-old urban youth fashion, the annual salary of 5-10 million, which, like most Metersbonwe; and from the United States to introduce the HSM, located in the 33-35 year-old professionals active in the city and business elite, American middle-grade casual men walking route; Mayor positioned to public servants customization; hemp family is in the production of clothing, bedding bedding, sanitary underwear, home crafts and other products. However, the inventory, the Younger was not into \u0026 ldquo; \u0026 rdquo ;. light rail Financial weekly after deducting the total inventory Younger real estate inventory, as roughly calculate inventory status Younger apparel business. Result of the calculation is as follows: 2.07 billion in stock in mid-2012, 2.18 billion by the end of 2011, 2.2 billion in 2011, 2.2 billion by the end of 2010, 2.1 billion in 2010, 2.1 billion by the end of 2009, 2.21 billion in 2009. Thus, the Younger did not become lighter. This is a relationship with the Youngor present two important strategic orientation. One is inclined to open up direct channel of Younger. For example, the report shows, in shops, as compared to beginning of the year 109, mainly in the new mall-based point and operated stores and closed part of the franchise to further enhance the terminal control, the proportion dropped to 17 stores %. The second is a multi-brand positioning gap between the very large, different styles, so it is taking the business model is not the same, in the end which way to go, it seems that he did not fully think Youngor good.
A Shanghai agency analysts said, \u0026 ldquo; Younger practices, a bit like Luzhou, top brands do not get a second on additional high-end brands (HSM), at the same time to see what the rise of new business models, they felt to take a The new road is also good, so they learn from others (GY), and finally their fist product positioning becomes blurred. \u0026 Rdquo; the pain is no inventory of Youngor clothing, conversely, Lee, did not think of yourself in the end how to turn back. Restructuring of the industry, apparently Eight Immortals, casual wear industry is the most difficult area of inventory. Which Metersbonwe inventory, reduced by a 2.89 billion 1.753 billion, a decrease of 39.34 percent year on year. However, the financial weekly survey report explained last week, which is likely to be the result of financial bookkeeping. In franchisee inventory digestion smaller and smaller in the background, Zhou Jian continue to accelerate the construction of wholly owned stores. In the first half of this year, Direct and joined 192 new stores respectively and 154, Direct continue to enhance the proportion to 25 per cent. A fellow in his opinion, \u0026 ldquo; old Zhou is no doubt in stiffness. Stocks have so much, but also increase the proportion of direct marketing, he is trying to increase the terminal's control, rely on this to solve the problem of poor information turnaround. \u0026 Rdquo; Obviously, this week to build a strong and in line with the pursuit of the perfect character. The relatively mild character much Qiu light and his son, apparently not so resolutely. Semir market recognized channel inventory is heavy, it has a relationship with Semir high proportion of channels to join. In an interview with the weekly financial Qiu strong, its commitment in dealing with inventory management admits, but only step by step. Such as discount stores and factory stores opened, increasing e-commerce sales efforts, speed up the processing company stock and other products. Channel construction, in May, Semir clothing Zhejiang invested 156 million acquisition of Chinese industry. And in March of this year, Semir clothing also were invested 8 million and 12 million, respectively, in Changchun, Shenzhen set up two subsidiaries, both for business and product sales company apparel brand. Overall, Semir in sales efforts to increase self-control, but more moderate. Manifested, it is Smith Barney, Semir clothing and search in particular the three casual apparel listed companies in the second quarter revenues were 196,146.68 million, 119,199.56 yuan and 34,641.57 yuan. From the growth point of view, Smith Barney and search in particular in the second quarter revenue grew by 14.02% and 48.91%, while Semir apparel revenues fell 17.34 percent year on year. Located in the high-end women's Long position by the 86,301,600 shares of stock to 318 million, an increase of 268.48%. Long position shares increased inventory, first, by the delivery rhythm control, the second is so rushed back to join the Direct transfer part of their income, while income rushed back into the inventory, so the inventory increases.
The increase in inventories, the company sales gross profit also increased to 62.21% from the 58.72%, net profit increased to 142 million by the 96,196,100 become the apparel industry grew rapidly in the company. Joeone and Chinour two men's brand of clothing the company's stock also increased to varying degrees, and are focusing on cultivating outlets. Adversity joeone first half gross margin hit a new high of 57 percent, while Chinour is due to the increase in operating expenses resulting in net profit growth rate decline. Positioning in the wear of newly listed cosplay costumes for sale companies later George White is currently only 89,627,400 first-half gross margin was 45.5%, compared with last year dropped by about 1.5 percentage points, mainly due to increased procurement costs. The company's main customers for the Group's customers, concentrated in the areas of finance, "mononoke cosplay " electricity, tobacco, energy, communications, and education. Current macroeconomic growth continued to decline, the company expects some customers and potential customers will reduce administrative costs, which will probably have a greater impact on the company's business wear business to the company's current single-core, can only be a hard carrying .