Whether The Concept Of Textile And Clothing Industry Segmentation Can Be Favored By The Capital Market

domestic spin clothing The way of listing of the enterprise has generally experienced the wave of listing of textile, men's formal wear, business casual men's wear, sports goods, youth casual wear and women's wear. However, the comparative analysis of the above 23 enterprises shows that the current rush to IPO enterprises are beginning to show some new characteristics: first, after the big industry, some "leading" enterprises in more subdivided industries are seeking to be listed; Second, some strong women's wear enterprises previously considered as "good money" began to join the listing queue.

How long can Masefield people calm down when Zhuoya, a 2 billion echelon, joins the team?

Previously, I had made a report on the queuing of domestic women's wear enterprises for IPO. According to the latest list, there are 4 women's wear enterprises among the 23 queuing enterprises. In addition, according to all parties, Taipingbird has also started the listing process. In particular, it is worth noting that Shenzhen's leading brand of women's wear, Golis, and Xiamen Xinhe Co., Ltd., the leading enterprise of women's wear, have recently joined the rush IPO, which is definitely a "blockbuster". It can even be considered as an indicator.

Most of the women's wear enterprises that had gone through the IPO before, such as Vignes, Lady House, Shulang, etc., although their products have certain characteristics, their annual revenue is in the range of 500 million to 1 billion yuan, their brand strength is not very strong, and they are not the leading brands in the domestic women's wear industry. Even Lucie, known as "the first stock of high-end women's wear", had an annual income of less than 1 billion yuan before; In 2013, the main business income increased by 23.39% year-on-year to 1.379 billion yuan. Although the annual revenue scale cannot fully represent the strength and profitability of a brand, it is a primary indicator of a strong brand.

But in fact, in Shenzhen and other industrial clusters, there are a number of "big men" in the domestic women's wear industry, which are recognized as leading brands in the domestic market. Most of these women's wear enterprises' stores are directly operated stores. Their brand positioning is medium and high-end, and their design style is prominent. However, they act low-key and plunge into the market. Their sales performance is booming, with annual sales scale exceeding 2 billion yuan. For example, the sales of Masefield in 2013 exceeded 2.5 billion yuan; From 2012 to 2013, Xinhe's revenue was 2.003 billion yuan and 2.096 billion yuan respectively, and its net profit was 455 million yuan and 363 million yuan respectively.

According to some investment institutions, these "big men" have abundant cash flow, and rely on their own system to develop steadily. "They don't need money at all". Their brands are the "favorite" introduced by major shopping malls and shopping centers, and brand owners are also "cattle men" in the industry. It is difficult to meet each other. Some bosses are unwilling to contact investment institutions at all, and even resist contact with any capital force, let alone listing.

But in fact, after the successful listing of Lucie, the market began to speculate about who the next high-end women's clothing would be. At that time, the industry generally favored Golith. As early as March 25, 2009, Golith began to marry with capital. At that time, Carlyle Asia Growth Fund (CAGP), a global private equity "giant", invested 150 million yuan in Goliath, which focused on investing in growth enterprises. Since then, Xia Guoxin, chairman of Golith Group, has also said on many occasions that Golith is going to go public, but nothing has happened yet.

Xinhe (Xiamen) with Zhuoya brand Clothes & Accessories In recent years, it has become a strong brand, and has also introduced capital strength. In December 2011, L Capital Asia, a private equity fund controlled by LVMH Group, signed a strategic investment cooperation agreement with it, becoming the second largest shareholder of Xinhe. Both give the market a lot of daydream.

In fact, from the perspective of investment institutions and capital, these brands are still short of money in the long run. Because foreign women's wear enterprises, such as Prada Group, have made many acquisitions and mergers by virtue of capital strength and experienced rapid development before finally becoming a large-scale fashion group. At present, the concentration of brands in the domestic high-end women's wear market is still relatively scattered, and the strength of individual brand groups is still weak compared with that abroad. If we do not rely on the capital market, the subsequent expansion will be challenged.

This time, they finally began to impact the IPO, and finally broke the industry's view that these leading brands were unwilling to enter the capital market. This will undoubtedly arouse the market imagination again. If one or two of them can achieve their wish, the competition pattern of the high-end women's wear market will accelerate to change, and other competitors will be under pressure. Will this cause shock to other women's wear "bosses"? So, how long will Masefield and the actors who have always been calm and collected continue to be calm?

Jordan and Del Hui in the Gap

Among the 23 enterprises, the only one that has passed the meeting is Jordan Sports. If you switch to other brands, this stage is almost the time to toast. However, Jordan Sports is depressed.

You know, it was more than two years ago on November 25, 2011 when Jordan passed the sports meeting. However, since then, Michael Jordan, an American basketball star, announced in February 2012 that he had sued Jordan Sports for infringing his name right, which has delayed the original plan of Jordan Sports to be listed before the end of March 2012.

By May 9, 2012, Guirenniao, one of the competitors of Jinjiang system, had also successfully held the meeting. Since then, IPO has been closed and restarted in January this year. At that time, the market generally believed that after a long wait, Jordan Sports and Guirenniao would become the first batch of enterprises to be released after IPO "opening".

However, the fact proved that only the noble bird was finally released after a long wait. At the end of January, Guirenniao was successfully listed, becoming the only A-share sporting goods company. Only Jordan Sports, who was in a dilemma, continued to be melancholy. Whether it will be listed is still unknown.

As for Del Hui, if the time goes back to five or six years ago, the gap between Del Hui and partners such as Tebu and Anta is not so obvious. However, since then, with the listing of Anta, Tebu, 361 degrees, PEAK and China Trends, the gap between Anta and its partners has widened. Later, even the second and third tier brands of Hongxingerke and Guirenniao have been listed, and Delhui obviously can no longer be indifferent.

For the current Del Hui and Jordan Sports, although they are both Jinjiang series, they will not be qualified to compete with their partners at the same level if they can not be listed as they go public, continue to race for land, accelerate channel integration and adjustment, and promote the future development of multi brand layout. Even if it can be listed, it will end up in the same awkward situation as the noble bird. The gap has opened, and the market is undergoing adjustment, so it is increasingly difficult to catch up with peers. In any case, I had to brave my way forward.

　　 Queuing enterprises highlight three segmentation concepts

Following the wave of listing of textile, men's wear, sporting goods, youth casual wear, women's wear and other large concept plates, enterprises seeking listing are beginning to emerge in some more specialized sub industries.

Outdoor concept -- the first hot concept is outdoor. At present, the only outdoor products enterprise in A-share market is Pathfinder. While the performance of mass sports brands such as Li Ning and Anta has declined for three consecutive years and experienced the development downturn of closing stores, Pathfinder has maintained a high growth of 40% - 70%% for many consecutive years. Even in 2013, domestic outdoor products market Against the background of overall slowdown, its revenue still increased by 30.74% year-on-year to 1.445 billion yuan; Net profit increased by 47.48% year on year to 249 million yuan. The excellent performance of the model undoubtedly gives hope to the latecomers.

In this queue, one more outdoor goods retail enterprise, Nanjing Biancheng Sports Goods, was added. But different from the mode of integration of production and marketing of Toread, Border Town Sports has no independent brand, but is a professional agent for international outdoor brands. At present, it operates three well-known European outdoor brands, namely NORTHLAND (Austrian outdoor brand), LOWA (German outdoor brand), and LEKI (exclusive agency for walking stick brand). In 2011, Biancheng Sports renewed the long-term exclusive agency agreement of LOWA brand in China with LOWA Germany, and signed a century old licensing agreement of NORTHLAND brand with NORTHLAND Austria. By the end of 2012, there were more than 500 border city sports stores, with outlets in middle and high class malls and multi brand outdoor stores in the first and second tier cities across the country. From this point of view, this is a relatively characteristic enterprise. {page_break}

Jiangsu Shenli Industry also has the outdoor concept, but it is not a terminal retail enterprise, but a foreign trade export fabric enterprise. Its main products are outdoor casual wear fabrics, and fleece is its core product. The main customers of the company are American outdoor brand Columbia, American children's clothing brand TCP, Russia's largest sporting goods retailer Sportmaster, Japan's Uniqlo and American outdoor and tooling leisure brand Dickies, which are one of the main suppliers of these international brands of fleece fabrics. In 2013, the revenue of Jiangsu Shenli was 998 million yuan, and the net profit was 55.9965 million yuan; In 2012, its revenue was 877 million yuan, and its net profit was 57.2825 million yuan; In 2011, the revenue was 724 million yuan, and the net profit was 64.2721 million yuan.

The concept of socks -- the second popular sub category concept is knitting, including socks and underwear. At present, Langsha shares represent the concept of socks industry in A-share market. In 2013, its revenue was 437.8 million yuan, and its net profit was 8.1729 million yuan. One of the enterprises in the queue is Zhejiang Jiansheng Group, which is mainly engaged in the concept of socks industry. Jiansheng Group is an export enterprise. The company mainly adopts ODM and OEM models to become a service manufacturing supplier for international manufacturers such as Okamoto, Itochu, Decathlon, Dobe, Pacific, Metro, and produces PUMA, FILA, MIZUNO, NEW BALANCE LEE、LOTTO、 Adidas, TOMMY HILFIGER and other brands, as well as TOPVALU, Muji and other stores' own brand socks. Its core products are all kinds of cotton socks. In addition, it also produces all kinds of sports socks, such as golf socks, ski socks, tennis socks, running socks, etc. From 2011 to 2013, its revenue was 397 million yuan, 445 million yuan and 558 million yuan respectively; The net profits were 51.6716 million yuan, 65.3055 million yuan and 75.4365 million yuan respectively; The proportion of products exported was 94.08%, 93.11% and 86.44% respectively.

The sock industry, as a subdivided knitting industry with certain advantages in China, will still have room for growth for "leading" enterprises in the future. From the perspective of revenue scale, Zhejiang Jiansheng is larger than Langsha, especially its profitability in recent years, which is higher than Langsha. However, compared with Langsha, Zhejiang Mengna, Haining Naier, Zhejiang Qingyi and other domestic brands with high popularity and market share, Zhejiang Jiansheng, which mainly exports, has limited popularity in the domestic market. Moreover, judging from the situation in recent years, the probability of foreign trade leading enterprises passing the meeting is very small. I wonder if Zhejiang Jiansheng will have any unexpected gains.

The concept of underwear -- Although there are many domestic underwear enterprises (including traditional underwear and bra enterprises), the overall scale of individual enterprises is smaller than that of large clothing enterprises. At present, there is no listed company focusing on underwear concept in the A-share market. On behalf of the concept of underwear, is Hong Kong listed company An Lifang.

One underwear enterprise appeared in the queue, Jiangsu AB Group. But unlike An Lifang, which focuses on women's bra products, AB Group is a traditional underwear enterprise group integrating weaving, dyeing and clothing. The company has its own underwear brands, AB A&B、T6， The products mainly include more than 20 series of functional underwear, pure cotton mercerized underwear, pure cotton mercerized vest, cotton Lycra underwear, thermal underwear, Modal home casual clothes, children's underwear, etc., accounting for about 9% of the domestic traditional underwear market.

However, compared with the traditional concept of underwear, the current capital market prefers the concept of underwear dominated by women's bras. According to the reporter, some investment institutions actively track and contact the leading bra brands in China. In the eyes of these investment institutions, the bra industry is another industry worth investing in with high growth after the high-end women's wear industry.

Data can also confirm this. In 2013, the revenue of Hong Kong stock Anlifang was 2.235 billion Hong Kong dollars, an increase of 12% year on year, which has been the double-digit turnover growth of Anlifang for seven consecutive years since its listing; The net profit was HK $198 million, up 8.07% year on year. By the end of 2013, it had 2272 terminal outlets, including 2082 counters and 190 stores, of which 151 retail outlets had increased in 2013.

However, there are some similarities with the situation in the middle and high-end women's wear industry. The market share of several famous brands in the bra industry, such as Audifen and Amor, has increased year by year. The cash flow of enterprises is good, and the development trend is good relying on their own funds. At present, there is no intention of listing.

Banna Piglet's IPO failed, and children's enterprises are under heavy pressure to play "Big Boss"

In the domestic clothing market, in addition to the underwear and outdoor "blue ocean", children's clothing is also recognized as a new growth point. Especially after the national policy of single two child was released, it gave new opportunities to the children's clothing market. Of course, children's wear enterprises who are involved in it hope to seize a new round of market opportunities and establish a "leading" position.

In this round of queuing enterprises, there was once a professional children's clothing enterprise, Guangdong Piglet Banner Clothing, and at the same time, there was a women and children's products enterprise, a blonde rabbi women and children. At the same time, there are two children's products companies rushing for IPO, which has never happened before. But unfortunately, Banna Piglet was terminated on May 12. According to the data, there are three children's clothing brands under Piglet Banner, Pengku Generation and Elhema, and there are more than 2000 chain stores at present.

In contrast, blond rabbis have more characteristics and competitive advantages than women, babies and children. The company has three self owned brands, namely Rabbi, Next Generation and Bebi Rabbi, and its main products include infant clothing cotton products (internal clothing, outdoor clothing, household cotton products), infant daily necessities (bedding, feeding, bathroom, and nursing supplies), and maternity products. Among them, Rabbi is positioned as middle and high grade, with full product line coverage; The next generation is positioned as the middle class, and the product category is mainly clothing cotton products; Babi Rabi mainly uses baby care products.

According to Frost&Sullivan's survey, only Liyinfang, Cayman Dongling (the main brand is "Yellow Duckling"), Blonde Rabbi, Goodbaby and other enterprises have realized the full product line coverage of infant clothing cotton products and daily necessities. Among them, only Blonde Rabbi enterprises in the mainland fully operate their own brands. From 2011 to 2013, the revenue of Kingfa Rabbi was 256 million yuan, 333 million yuan and 380 million yuan respectively, and the net profit was 49.2 million yuan, 690.2 million yuan and 87.37 million yuan respectively. By the end of 2013, it had 1005 sales outlets.

From this point of view, after the failure of Banna Piglet, there is only one enterprise related to the concept of children's products, which may bring hope to it.

But generally speaking, the current children's wear market is under heavy pressure. The important reason is that a number of leading listed companies have entered the field of children's wear cross-border, and continue to increase investment in order to bring high returns. The competition in the children's wear market is becoming increasingly fierce, and professional children's wear enterprises are facing increasing competition pressure and difficulty in listing.

The biggest beneficiary in the field of children's wear is Sima Shares. The vast majority of children's wear enterprises were originally small in scale and had strong regional brands. Previously, there was no national leading children's wear brand. However, in recent years, Sima's Barabala has rapidly grown into a brand with the highest popularity and market share in the domestic children's wear industry. At the same time, Sima has also continued to increase the size of the children's wear market. In 2013, it announced that it will act as an agent for the high-end Italian children's wear brands Sarabanda and Minibanda, and layout the multi-level children's wear market with multiple brands. According to its transformation plan, it will continue to increase investment in children's wear in the future. In 2013, Sima's children's clothing business realized a revenue of 2.535 billion yuan, up 19.9% year on year, and Balabala had 3471 stores nationwide. The business scale of more than 2.5 billion yuan can be equal to the total annual sales of several, even a dozen, dozens of small and medium-sized children's wear enterprises.

In addition, a number of listed companies such as Meibang Garments, Septwolves, Li Ning, 361Du, Anta, and Tebu have entered the children's clothing market, and all have seen good growth. For example, the sales revenue of children's wear products increased by 97.7% year on year in 2012, reaching 370 million yuan, accounting for 7.5% of the group's total turnover; In 2013, its sales continued to grow by 13.6% year-on-year to reach 450 million yuan, accounting for 11.7% of the total turnover. The number of retail stores also increased from 1590 to 1858. In 2013, other business income including Tebu children and XTOP product series was about 162.8 million yuan, a significant increase of 114.9% compared with 75.8 million yuan in 2012, becoming a new growth point of the Group, and its sales outlets for children's products increased by 150.

It can be found that the leading listed enterprises, depending on the borrower's brand popularity, existing retail outlets, capital strength, talent attraction and other comprehensive advantages Children's clothing The market has developed rapidly, and the sales volume has increased exponentially in just a few years, rapidly reaching hundreds of millions or even hundreds of millions of yuan. This expansion speed is far beyond that of professional children's wear enterprises. The fact that we have to admit is that when "big men" are playing with children's clothing, the development space of children's clothing enterprises will be rapidly squeezed. This time, the IPO failure of Banna Piglet undoubtedly cast a shadow on the already pessimistic situation.