Domestic Women's Clothing Brand Listing Boom

Here world clothing shoes The Xiaobian of the hat net introduced to you the revival of the domestic women's clothing brand listing.

Recently, Shanghai La Natsu Bell women's clothing will be listed at HKEx. At the same time, the Nanjing women's clothing brand Vigna S once again appeared in the newly released IPO sprint company by the China Securities Regulatory Commission.

In fact, in China Spin Women's clothing category has always been the "worst hit area" on the road of garment enterprises attacking IPO.

Since 2011, there have been nearly 10 women's wear enterprises, but most of them are "halting". So far, the high-end women's clothing companies in the A share market only have 1 shares, but Kaiser shares also have women's clothing business, but at the same time, there is a certain proportion of men's clothing business.

But obviously, no matter the recession of the capital market or the lessons of the martyrs who had already fallen on the road, they failed to stop the enthusiasm of women's clothing enterprises in attacking the capital market.

　　 More than 10 textile and footwear enterprises queue up

Women's clothing business accounted for 3

La Natsu Bell once experienced the failure of A share IPO before listing in Hong Kong. Nevertheless, his dream of hitting capital market will eventually be round. For other women's clothing brands, they have been dreaming of the A share market, or are still waiting anxiously for the audit.

In 2011, there were 10 shoe and clothing enterprises applying for A share IPO, of which 5 were women's clothing enterprises. In the end, 5 enterprises IPO successfully broke through, namely Semir. Clothes & Accessories The other 4 women's clothing enterprises and women's clothing processing enterprises are either in Shandong, Jordan, Zhuhai, Nanjing, Vigna S (V.GRASS), Shenzhen ladies' house and Shanghai Li Rui (engaged in men's casual dress processing business).

In 2011, the overall IPO pass rate of textile, clothing and footwear industry was 50%. Among them, the pass rate of women's wear brand is only 10%. Based on this calculation, the IPO pass rate of women's clothing enterprises in 2011 was only 5%, far lower than that of men's wear, sports and leisure brands.

In 2012, 515 companies in the A stock exchange were sprinting in IPO. Leatherwear There are 13 footwear enterprises, including two women's clothing companies, one for La Natsu Bell and another for Ningbo's high-end women's clothing ODM business. In this year, the passing rate of IPO in textile and garment industry further dropped to 45%, and two women's clothing enterprises all dream of the A share market.

Although the situation is so unoptimistic, the enthusiasm of women's clothing enterprises to attack the A share market is still undiminished.

Vicknus, who was first denied in July 18, 2011, restarted IPO in April 2012 and broke through two degrees. Recently, its latest prospectus appeared in the China Securities Regulatory Commission's announcement list. It intends to issue shares of not more than 36 million 995 thousand shares, after the issuance of the total stock capital does not exceed 148 million shares, the planned financing amount of 869 million yuan.

Its investment projects include: first, to invest 260 million yuan in the marketing network construction project, to set up 152 Direct stores in the whole country in two years; two is the R & D center to upgrade the construction project, to invest 110 million yuan; the three is to add 500 million yuan of working capital.

There's also a two degree pass. The fate of the women's clothing business is even more complicated.

In 2011, it submitted its IPO application to the SFC for the first time. The Commission issued a notice on the day before the issuance of the application by the board of audits in May 6th of that year. But Wiseman did not shrink back. He started IPO again in early 2014 and continued to wait in line.

"Veterans" fought repeatedly and new members joined. At present, women's clothing companies waiting for trial are also wearing Ningbo Taiping bird clothing. It also appears in the latest list, which is lined up for trial, and the main part of the golf series is Dupin, which also includes some women's clothing business.

At the same time, the famous women shoes retail brand KISSCAT belongs to Guangzhou Tian Chong fashion shoe Limited by Share Ltd, and many favorite home textiles also appear in the latest queue list.

In addition, the current line of textile shoes and clothing enterprises also include Guangdong children's wear enterprises, pig pig, Jiangsu Dan hair textile, Zhejiang Red Dragonfly shoes and so on. Among them, Zhejiang silver textile which had been queuing up was terminated in April 1st this year. According to this calculation, there are 3 women's clothing enterprises in the IPO company.

　 Overall market pressure

Women's clothing enterprises still have pressure.

From the reasons why the women's clothing enterprises did not pass the examination, the following are the following aspects: first, the high proportion of franchised stores; two, the high inventory; three, excessive brands and scattered energy and dragging the main brands, such as the ladies' houses, besides the main brands, they also set foot in children's clothing and home textiles categories; four, the overall brand strength is limited, and the profitability is insufficient.

Take Vigna S as an example, for the first time, the reason why the SFC rejected the IPO application was that the 2008~2010 revenue increased significantly, but the number of clothing sales increased from 143 in 2008 to 272 in 2010. Data show that in 2008~2010, the number of clothing sales was 581 thousand and 800, 603 thousand and 400 and 586 thousand and 700 respectively.

The Commission also believes that the stock grew substantially at the end of 2010, from 38 million 160 thousand yuan at the end of 2009 to 101 million yuan at the end of 2010. The inventory was mainly for inventory commodities, and the inventory turnover rate in 2010 was only 1.36. In addition, the company intends to raise 277 million yuan to open 85 new self operated stores, and in 2010, the number of outlets was 46. As a result of the process of opening the shop to profit, the sales volume of clothing decreased while the number of stores increased during the reporting period, and the stock of goods increased significantly at the end of 2010.

But once again, she changed. According to its latest prospectus, Vigna S 2011~2013, which was located in high-end women's clothing, realized business income of 505 million yuan, 598 million yuan and 746 million yuan respectively, and the number of shops increased from 346 to 361, of which 320 were direct stores, and the number of sales was 763 thousand and 600, 778 thousand and 100 and 840 thousand and 700 respectively. This responds to the original trial committee's doubts: clothing sales growth matched the growth of the number of shops.

In terms of profitability, prospectus shows that in 2007, the company's operating income and net profit were 95 million 551 thousand and 200 yuan and 6 million 329 thousand and 100 yuan respectively, and increased to 746 million yuan and 136 million yuan in 2013 respectively, the annual compound growth rate was 40.86% and 66.65% respectively. In terms of 2011~2013 data, its net profit was 91 million 100 thousand yuan, 94 million 790 thousand yuan and 136 million yuan respectively. The growth in 2013 was particularly rapid, with a growth rate of 43.48% over the same period.

Although this is a beautiful set of figures, the fact is that the overall consumer market, including the high-end women's clothing market, is not optimistic.

Compared with men's wear, sportswear and casual wear industry, the market concentration of domestic women's clothing industry is low, and the regional character of many brands is still strong, with limited influence nationwide. According to the statistics released by China business information network in 2013, the sales volume of clothing products in major national retail enterprises showed that the market share of women's clothing brands ranked first in VERO MODA, but only 3.82%. The market share of Amal, which ranks tenth, was only 1.34%.

Upscale Women's wear In the market, Vigna S quoted the 2011 China National Business Information Center in the prospectus. The top ten brands in this year are baozi, Mass Phil, Ya Ying, ranzi, Wenger, AMEX, singer, Nals, white-collar and voice. The ten major brands had only 27.61% market concentration in that year.

Especially in the past two years, under the influence of ZARA and other international fast fashion brands, such as the continuous impact of international fast fashion brands, the electricity suppliers wantonly distributing hundreds of stores, the flow of people and sales performance, and the weakness of the retail market, the sales of these high-end women's clothing brands have been under pressure, and consumers' consumption preferences are more inclined to those cost-effective brands.

Take the long - term shares as the "top and middle class ladies' first share" as an example, its revenue grew by 23.39% in 2013, but its net profit increased by only 1%. The net profit after deducting non profits was 8.8% lower than that of the same period last year. In 2013, especially in the second half of the year, China's clothing consumption market, especially the high-end products, said. Brand clothing The consumer market has encountered an unprecedented "cold current". The high-end department store market has declined significantly, and the pressure of high-end brand clothing enterprises has increased rapidly.

In this regard, insiders pointed out that with the increase of macroeconomic uncertainties and the continuous rise of various costs, coupled with the "contrast effect" of similar listed companies, the difficulty of IPO entry for the two or three line clothing enterprises may be getting bigger and bigger. From this, we can not let people wear the sweat of these women's clothing companies still queuing up hard.