Technology will develop again, and no one can escape food, clothing, housing and transportation.
The word "街" is placed first and has a heavy weight.
In recent years, a word we often hear is consumption upgrade. People have more demands on wearing, but more demands.
In recent years, many clothing brands in the clothing industry have been at the forefront of the storm, but now they have left the market sadly. For example, Forever 21 withdrew from China some time ago, but it has not yet caught up with the sales opportunities of Double Eleven.
2019’s Double Eleven National Shopping Carnival, Semir ’s transaction volume was 1.38 billion yuan throughout the day, setting a record. By the 18th, the stock price rose 3.2%. The stock price then went downward. It is mainly due to the performance of Semir Clothing in the first three quarters, "increasing revenue but not increasing profits".
, and the other one, , Mebang Clothing , has been criticized for its business model in recent years, and its stock price has shown a downward trend in the past two years and has not risen much. According to the third quarter report of this year, the operating income in the first three quarters of this year was 4.034 billion yuan, a decrease of -27.27% from the same period last year, and the net profit attributable to listed companies was -248 million yuan, a decrease of -692.42% from the same period last year.
As of November 22, the stock price closed at 1.74. It has become a one-yuan stock.
How come a simple matter of selling clothes is so big a difference?
Today, we, taking domestic Semir and Mebang as examples, talk about the matter of grassroots brands selling clothes.
Semir "counterattack" Mebang
Semir brand and Mebang are "members" and "members" who have played together since childhood. Metersbonwe was born in Wenzhou, Zhejiang Province in 1995, the latter is one year younger than it. Although is about the same age, these two friends have different life trajectories.
Semir's goal is very clear. From childhood to adulthood, he has sold clothes and focuses on two customer groups: a brand for adults called Semir: 18 to 35 years old, and a brand for children called Balabala : 0 to 14 years old.
MeiBang, the slogan "unusual path", looks cool, and the target consumers are young people aged 16 to 25, who are energetic and fashionable. From 2000 to 2010, I invited Jay Chou , Huaer Band, Aaron Kwok, Angela Chang, Pan Weibo and others as image spokespersons. This period of time was the prime time for US development.
August 28, 2008, this number is very auspicious, including the management's beautiful vision. MeiBang Clothing successfully landed on the Shenzhen Stock Exchange. On March 11, 2011, Semir Clothing was listed on the Shenzhen Stock Exchange.
both say that the stock price reflects the future company value. After listing, the market performance of the two friends is also very different from .
At the beginning, Mebang's rise after its listing was raging, with performance in the first year increasing by 41.72%, and its performance in 2010 increased by 137.57% compared with the year before its listing! By the end of 2010, the stock price rose 172.92%.
Sembourne Clothing suffered a Waterloo shortly after it was launched. It was launched in 2011, and its performance changed in 2012, and its operating income decreased by 8.99% year-on-year. About a year after listing, the stock price fell 66.38%.
But I didn’t expect Semir to be very successful. In 2013, its performance began to grow for six consecutive years.
MeiBan seems to have put too much effort into it, and after its performance reached its peak in 2011, it seemed a little tired.
In the end, USBo was overtaken by Semir and the gap continued to widen.
Making money efficiency is different
What is the reason?
In 2007, Mebang had 2,106 stores, and in 2012 it reached 5,220 stores. In 5 years, the number of stores has expanded by 1.5 times. In 2015, there were only more than 3,700 stores, and in the 2019 semi-annual report, there was no longer any number of stores.
In 2012, Semir's stores were 4,420. In the first half of 2019, Semir's stores in China had reached 9,404.
Semir's store opening momentum is getting stronger and stronger, but U.S.A. is getting weaker and weaker. What causes this gap?
The first reason is the core indicator of the clothing industry - inventory turnover rate.
For example, the area of a clothing store, warehouse and store is fixed, and it can accommodate clothes. How to know the quality of the store operation depends on the number of times the store owner purchases. It is better to buy goods 10 times a month than to buy goods once a month.
clothing sales are seasonal, and a store will not buy many clothes at once. The more purchases are, the better the sales are and the faster the turnover is.
If a store had the same clothes hanging in the window a month ago and now, it goes without saying that the clothes in this store are really difficult to sell, and smart shop owners will change the clothes in the window regularly.
(Data source: choice)
Clothes can lie, numbers won't. USBank's turnover rate is about half that of Semir. This means that Semir's clothes have a faster process from production to sales, and the funds are recovered relatively quickly.
Let’s look at the weighted return on equity of the two companies. From 2017 to the third quarter of 2019, Semir's was 11.51%, 16.03%, 11.48%, and USP was -10%, 2%, and -8.63%.
Let me explain it in the third quarter of this year. Semir invested 100 yuan and could make 11.51 yuan, while Mebang invested 100 yuan and lost 8.63 yuan. The difference between
roots determines the difference between leaves and fruits
Semir and American. The two are not differences in form, but differences in roots.
The most important feature of Semir is that he has clear goals and decisive actions.
1. Clear business goals.
adopts the form of direct sales and franchise, and franchise is greater than direct sales. By the first half of this year, Semir had 10,161 offline stores, including 1,218 direct stores and 8,663 franchise stores. It would be amazing if this number exceeded 10,000. Moreover, the number of franchise stores is 7 times that of direct stores. In the annual report of
, Semir clearly states that it will protect the legitimate rights and interests of dealers and suppliers. The attitude towards dealers is clear. At Semir University, a dealer training system is established. To do this cultivation system, it means that the quality control of dealers is still very important. In the first half of this year, Semir's franchise operating income was 4.4 billion, an increase of 43.49% over the same period last year.
Semir also sets sales rebates at the dealer level.
, and MeBank borrowed 180 million yuan in franchisees in 2018 for the first time. It seems that the franchisee's life is quite difficult.
In addition, MeBang seems to have never found its positioning clearly. It has developed Internet Banggo and "Youfan APP"... In the end, it seems that it has not achieved much effect. There have also been problems in the management of terminal stores, resulting in a sharp drop in the number of stores.
2. Semir's business transformation is also very decisive.
Created the children's clothing brand Balabala in 2002. And U.S.A. made this decision ten years later.
Semir was very foresighted. Later, many clothing companies went to make children's clothing, such as ZARA, H; M, etc., but it seems that they have never surpassed Balabala. Balabala has long established a reputation in the market, and the brand has been promoted, the market has basically been formed, and the user reputation is also pretty good.
2019 semi-annual report shows that Semir's casual clothing revenue was 2.944 billion yuan, accounting for 35.81%, and children's clothing was 5.212 billion yuan, accounting for 63.42%.
In terms of gross profit margin, Semir's children's clothing gross profit margin is higher. According to the 2019 semi-annual report, 49.16% of children's clothing were found, and only 37.18% of casual clothing were found.
In 2018, Semir acquired the French children's clothing Kidiliz Group for about 844 million yuan. After the acquisition was completed, Semir has become the second largest children's clothing company in the world.
In the first half of this year, Kidiliz's direct sales revenue was 532.9731 million yuan, accounting for 37.63% of the total direct sales revenue.
To a certain extent, children's clothing is Semir's main focus in the future.
3. Sales cost control is good.
Take 2018 as an example.
Semir's operating income that year was 15.719 billion, sales expenses were 2.57 billion, and Mebang's operating income was 7.677 billion, and sales expenses were 2.711 billion.
revenue is twice as different, but sales expenses are almost the same. This problem mainly lies in the cost of the store.
Here, we roughly believe that the water and electricity bills in the sales expenses mainly come from the stores. Semir's water and electricity bill is 34.2724 million, while USB's 74.1035 million, which is a profit of nearly 40 million.
Look at the rental fee again. Semir is 463 million and Mebang is 936 million. This time, the profit is 500 million. Sembilan used the money that was missing from
to advertise. The advertising expenditure in 2018 was 330 million, while U.S.A. only 61 million.
strategic height, see the best at first sight.
Semir has the confidence to be optimistic. In the "Estimated Liabilities" column in the first three quarters of 2019, the contract with returns was set aside 291 million yuan of losses caused by the return.
Semir is in stock more and more?
Is there any problem with Semir? some.
Even if Semir's supply chain optimization is optimized again, inventory is still increasing.
In 2014, the inventory was 1.034 billion yuan, accounting for 13.48% of current assets. In the third quarter of 2019, the inventory was 5.29 billion yuan, almost half of current assets. And far higher than other companies in the casual clothing field.
The surge in inventory may be related to the acquisition of overseas children's clothing company K in 2018.
Inventory corresponding to " Inventory Depreciation Preparation ". This thing, if it increases or decreases, will directly affect profits. The amount of inventory impairment provisions for inventory in 2017 and 2018 was 330 million yuan and 464 million yuan respectively, while the amount of return in the six months of 2019 was as high as 434 million yuan, with a span of a bit fierce. If you are interested in sandalwood, you can pay attention to the changes in inventory provisions of Semir Clothing .
Since the second half of this year, the children of actual controller Qiu Guanghe, Qiu Jianqiang, and Qiu Yanfang, have reduced their holdings in the company's shares through bulk transactions and equity transfers. The number of shares reached 8.6569 million and 134.9924 million respectively, with nearly 140 million cashing out. However, the 8.6569 million shares were sold to the company's executives and directors.
Currently, Semir is getting bigger and bigger, but the burden is not heavy. In the future, who wants to get out of the predicament and learn from it!
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