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Management and positioning of apparel shares to break through the key financial community website According to Hong Kong media reports, Esprit Holdings (00330) handed in a bright performance chart, yesterday's share price rose, surged 25%. Esprit's turnaround experience is certainly worthy of reference, but fashion apparel, luxury apparel and children's wear and other clothing stocks have their own advantages and potentials. Investors can carefully analyze.
Some big companies had previously estimated that Esprit wanted to see red, but now they earned more than 500 million in the first half of the year. This achievement is related to the ability of Esprit to control operating costs.
If we compare the performance of the second half of 2011 and the first half of 2010 alone, we would only think that the sales of Esprit are average, and the cost rates for various costs such as employees, leasing, logistics and promotion have all increased by 0.8 to 2.7 percentage points.
However, if we take a closer look at the changes in Esprit and compare the operating efficiencies in the first half of 2011, we will find that after experiencing heavy losses, Esprit is actively improving its operational efficiency, accounting for the highest operating cost of employees and leases. The cost rate did not only continue to increase, but also compressed 1.2 and 0.7 percentage points respectively.
New Management Controls Operational Efficiency Effectively In fact, after Xing Liyuan and other members of the founding nation left, Esprit was at a low ebb. After replacing the entire management team, the executives and decision-making power of the new speaker received the most attention from the outside world. Although shortly afterwards, but it has achieved initial success in controlling operational efficiency, the market has been most encouraging. It is believed that as investors have increased confidence in the implementation of the transformation plan by the new management, the stock price has an immediate response.
The decline of fashion stocks depends on management fashion is always changing industry, so the prosperity of fashion stocks often depends on executive power and decision-making power.
The market had guessed whether Esprit's myths would emerge in recent years as a rising star. Reappeared on T(00999). Lyon analyzed I. T's success has three major elements, which also reflects I. T management capabilities.
(1) I. T has a lot of brand business first, I. T is a brand diversified fashion company. It not only runs comprehensive brand stores to sell various brands of products, but also has a single brand shop that specializes in individual brand fashions; some brands are self-owned products, and some brands have obtained operating rights or purchased foreign brands. The development of a multi-brand business model can reduce the impact of individual brand changes in the tide.
(2) The brand has a unique positioning The second successful element is that each brand has a unique market positioning, management and management of multiple brands reflect the management of risk management, but to do more than the brand does not conflict, collision reflects the management Layers integrate the power of the brand. Seen from Figure 1, I. The brands owned by T do rarely show overlaps in the market. Another point worth noting is that Fig. 1 also shows I. Most of T's products are in the front line of the trend of fashion indicators, product bidding can also be set in the middle high-grade times.
(3) Innovative promotion strategies The third element is an innovative promotion strategy. Lyon lists, I. T's marketing and promotion campaigns can often be used in conjunction with current trends, cartoons, celebrities, etc. to make marketing more effective.
Like Esprit, Daphne (00210) also underwent the transformation period, from the previous OEM to the development of its own brand. The success of the transition demonstrated the executive power of the company. As for the earlier companyâ€™s shortage of migrant workers, Lyon pointed out that Management's successful decentralization of its production period also reflects management's ability to adjust to time and avoid production breakdowns.
In the same way, Giordano (00709), which is favored by the Shuai Shu uncle, has maintained a good profit margin in recent years, mainly benefiting from the effectiveness of management restructuring of the supply chain and successfully improving the connotation of product distribution.
The concept of children's products shares more about China's garment industry, of course, children's clothing, under the one-child policy in the Mainland, many parents are willing to break through the urine and spend on children. This year is the Year of the Dragon. Under the dragon-year-old effect, China will set off a baby boom in the Longchen Dragon Year. Recently, the B-shares are still hotter, and many children's products stocks have soared.
According to the research organization Frost & Sullivan, the domestic consumer product market for children increased from RMB 165.3 billion in 2009 to RMB 311.1 billion in 2013, with a compound annual growth rate of 17%, and the expenditure on baby products per household in the Mainland was only Equivalent to 20% to 30% in Europe and the United States, the development space is still huge.
Dr. Frog (01698) is the only Mainland children's clothing company listed in Hong Kong. There were approximately 1,724 retail stores in the Mainland. There were no two moments when it was listed. However, last year's interim results were worse than expected and operating profit only increased by 12%. , The stock price is also a big intervention. However, under the concept of the Year of the Dragon, the recent stock price has shown signs of success. After more than three months of consolidation, it has recently exceeded the high level of rebound last November.
The groupâ€™s vice president and chief administrative officer Lu Yong once stated that he is optimistic about this yearâ€™s results and believes that the year-on-year effect is gradually emerging, and is launching several series related to the Year of the Dragon. The group also expects that orders will be made during the spring and summer fairs this year. There is a 4 to 50% increase.
However, the children's clothing market is fiercely competitive. Enterprises have to open additional stores, increase market share and launch products with relatively flat prices. This will put Maoli under pressure. BOCOM International estimates that the number of retail outlets for this year's Boshi Frogs can increase to 2,434, driving sales to rise by 49% and net profit rising by 32% to RMB 332 million. However, as the Group increased its product line with lower gross margins and increased costs without disconnecting branches, last year gross margin would be 6.4 percentage points under pressure and net profit growth would be 32%.
Construction Bank: Frog Prince (for Quotes, News, Reviews)
Compared to Dr.Wagen, another child products company, the Frog Prince (01259), was favored by the market. Because the products are mainly used for care products and have high expendability, the group invited Kelly Chen, a singer with Xiaolongbao, as a spokesperson. CCB International believes that the Group's distribution and brand are gradually improving, and efforts to expand the market in the first-tier cities, so optimistic about its prospects.
20 million high-income group luxury potential to invest in China's consumer concept stocks, we must first understand China's 1.3 billion population of various consumer groups.
Prada's business growth is expected to be high. Goldman Sachs pointed out that China's consumer groups can be divided into four categories, namely, the public, the core middle class, high-end consumers and very high-end consumers; among them, the latter two population of 20 million, luxury stocks such as Prada ( 01913), Chow Tai Fook (quotations, information, comments) (01929) and other businesses are expected to grow rapidly.
The population of the four consumer groups is opposite to the level of spending power. Take the most populous mass consumer group as an example. The average monthly income is 1,500 to 4,000 yuan. This type of population has enjoyed rapid growth in income over the past five years. Domestically produced lower-end consumer goods such as Daphne (00210) and Li Ning ( Quotes, information, and comments) (02331) benefited the most, but it should be noted that the increase in wages is a two-sided move. While promoting consumption, it also examines companies' ability to control costs.
Luxury goods can be divided into high-end consumer tier and extremely high-end consumer tier. China is a developing country with a very high-end consumer population of no more than 1 million. This group has top-grade red wine and sports cars. Even gambling money across the sea can only reach VIP gaming tables.
Although consumption power is extremely high, income is vulnerable to fluctuations due to the economic cycle, and the total consumption of materials this year has declined compared to previous years.
However, the population of high-end consumers has grown at a rapid rate and has now reached 20 million people. Goldman Sachs believes that such people often go abroad, love iPhone, Starbucks, can also afford about 1,000 to 3,000 US dollars handbags and watches, it belongs to Prada (01913) sales target. Seen from Figure 2, Prada, Burberry same-store sales growth is also higher than the highest-end Tiffany.
According to the forecast, the scale of the global fashion market will double in size within five years from 2010, and China will contribute 30% growth.
Interestingly, a survey also found that more than half of domestic consumers will abandon â€œupgradeâ€ another product category when purchasing higher-end products.
The obvious example is that when consumers add clothes, they prefer to abandon sportswear and buy more upscale fashion jewelry. This can explain the reasons for the poor sales and inventories of sports apparel in the Mainland.
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