Women's Underwear Becomes A Hot Spot In Capital Market Investment

Underwear plate is becoming another hot investment concept after the high-end women's clothing in the capital market, and has become the last piece of cake in the clothing industry.

Previously, domestic Underwear Only an Hong Kong stock listed company is in the industry. This year, the city beauty was listed on the HKEx successfully, and once again aroused the concern of the capital market for the concept of underwear. However, A shares still do not have a professional underwear listed company. But a few days ago, in the list of textile and garment enterprises that A's newly announced shares of the China Securities Regulatory Commission sprinted in IPO, the appearance of Manifen, the main R & D and design manufacturer of underwear brands such as Shenzhen, appeared in the Limited by Share Ltd.

Hui Jie group's prospectus shows that Hui Jie Group intends to raise funds 662 million yuan, respectively, for Jiangxi production base construction projects, information system construction projects, supplementary liquidity. Nowadays underwear industry is potential for businessmen. Investment Hotspot. But opportunities and difficulties coexist. According to the latest inventory change trend, the urban beauty shows the stock rising trend, and the stock is up 39.85%. While Li Fang Fang reported a 7.94% decrease in direct selling revenue during the reporting period, mainly due to inadequate supply.

According to the insiders, the underwear industry today is more competitive than competition, and the top 10 brands are not too prominent. Wang Xinmin, an underwear industry observer, said earlier that "as a whole, there are bottlenecks in the industry, so shuffling is a matter of time. Moreover, many brands in China are committed to making China's "secret of Vitoria". Although they have not spoken clearly, they have shown the following actions in specific ways, such as taking a lot of stops and taking shows.

　　 Manifen earned about 1 billion 500 million yuan in 2013.

In 2011, Shenzhen city man Finn knitwear Co., Ltd. changed to Limited by Share Ltd as a whole, and changed its name to Limited by Share Ltd of Shenzhen Hui Jie group. It owns 6 brands: "Bodybeauty", "Coyeee" and "Joe byes". In 2011~2013, the sales revenue of the top 3 brands accounted for 94.7%, 91.7% and 92.63% of the main business income respectively. According to the prospectus data, in 2011~2013, the main revenue of Hui Jie group was 1 billion 201 million 698 thousand and 600 yuan, 1 billion 295 million 329 thousand and 700 yuan and 1 billion 475 million 984 thousand and 500 yuan respectively. Among them, net profit income was 104 million 327 thousand and 800 yuan, 100 million 563 thousand and 800 yuan and 108 million 776 thousand and 500 yuan respectively, and the proportion of sales revenue of main brand "master" was 61.45%, 61.69% and 61.9% respectively.

In terms of channel, Hui Jie group is mainly engaged in direct operation mode, including direct sales counters and direct store stores. In 2013 and 2012, the year-on-year growth rates were 6.98% and 10.96% respectively. By the end of the first half of this year, the number of direct counters in Hui Jie group was 1120 Manifen stores, 480 for evelle and 372 for lanzhuo Li.

It is worth noting that in the context of the rapid development of e-commerce, Hui Jie group has established e-commerce sales channels on the one hand, and on the other hand launched the underwear brand "coyeee" which is only used for online sales. The proportion of e-commerce sales increased rapidly during the reporting period.

However, the increase in main business income and the increase in sales of electricity sales products have also led to other problems. Data show that in 2011~2013, the total liabilities of Hui Jie group were 1 billion 97 million yuan, 1 billion 4 million yuan and 907 million yuan respectively, and the combined assets liabilities ratio reached 71.70%, 65.30% and 59.45% respectively. Although the asset liability ratio has been declining year by year, compared with the assets and liabilities ratio of the assets and liabilities of Li Fang, A apparel listed companies and Kaiser shares, the group's liabilities level is significantly heavier than the average value of 17.12%, 17.58% and 14.47%.

The corresponding inventory share has also been at a relatively high level. The net inventory value of Hui Jie group at the end of 2013, the end of 2012 and the end of 2011 was 526 million 519 thousand and 900 yuan, 567 million 893 thousand yuan and 574 million 721 thousand and 100 yuan respectively, accounting for 59.87%, 62.88% and 59.22% of current assets respectively. The company explained that the scale of stock goods is at a relatively high level. There are three reasons: first, the overall inventory of the whole industry chain in the apparel industry is generally large. Secondly, the companies with higher proportion of direct selling and selling have larger stocks. Finally, the characteristics of the underwear industry lead to larger inventory. Generally, clothing mainly includes 3 levels of style, size and color, and underwear needs to continue to cover different types of cups such as ABCD, thus increasing the stocking quantity of stock goods.

Insiders pointed out that the inventory risk of Hui Jie group is outstanding. Its debt rate is 4 times the level of the industry. In addition, the current retail situation of the entity is declining. If the management decisions are not appropriate, the risk points will explode at any time.

In addition, Hui Jie group has put forward 9 development plans, such as R & D and design in the prospectus, and is trying to move closer to the leading enterprises in the underwear industry. Hui Jie group said that in the next 3 years, the company plans to expand its brand direct counters, continue to dig the potential of the two or three line city market, and establish its own logistics distribution network. At present, the company has flagship stores in Chengdu, Hefei, Wuhan, Xi'an and other places. It will be extended to more regional central cities in the future, and will increase flagship stores in key department stores. In terms of production, the annual production capacity of Manifen in Jiangxi is 4 million, and the capacity of Shantou in Jiangxi is 9 million. In the future, Hui Jie group will continue to build a production base in Jiangxi Ganzhou economic zone. After the completion of the project, the production capacity of underwear will increase by 15 million.

　 The market for women's underwear is about 60 billion yuan.

Underwear, especially women's bra, is a growing category in the clothing market. Underwear consumers are mainly about urban women, accounting for 66% of them, most of whom are 15~44 years old. Among them, the size of women's underwear market is 6~7 times that of men's underwear, and bra products account for more than half of the women's underwear market.

In recent years, entertainment marketing has been increasingly favored by underwear brands. Because of Lin Chiling, urban beauty has attracted numerous eyeballs from road shows to stock exchanges, and finally struck the bell of the Hong Kong stock exchange. The city beauty report (Unaudited) shows that in the first half of the year, the company achieved a revenue of 1 billion 736 million yuan, an increase of 33.6% over the same period last year, and realized a profit of 260 million yuan, and the growth rate of 40.0% increased by a year. The company said that the growth in the first half of the year was mainly due to the increase in the number of franchised stores and self operated stores, which led to an increase in product sales and improved store performance. In the first half of the year, the company reported a profit of about 125 million yuan, up 0.51% from the same period last year, with an income of about 1 billion 238 million yuan, up 9.07% from the same period last year.

The underwear industry is in the development stage, and the market share is constantly changing. This is manifested in the increase or decrease of the number of brand stores. As of the end of June 2014, the total retail outlets of the group were 2282, with 2093 and 189 sales counters and specialized stores, respectively. In the same period, urban beauty set up 6272 retail outlets in the domestic market, of which 5439 were franchised stores and 833 were between self operated stores. In terms of brand promotion, Hui Jie group is currently pushing the high-end brand "Ni's Secret". The city beauty has launched the high-end terminal brand "the beauty of the city secret", the brand has opened more than 500 stores in China.

Judging from the overall performance of the listed companies in the footwear market, the sports brand industry has been adjusted for about 3 years, and this year only began to regain positive growth. The performance of men's wear listed companies has been depressed since 2013. By contrast, the urban beauty of underwear enterprises can grow at a rate of 30%. In addition to the success of their own business models, it also benefits from the booming trend of the underwear industry, especially the women's underwear industry.

Hui Jie group said that at present, domestic underwear manufacturers are mainly distributed in Guangdong, Yangtze River Delta and other regions. With the continuous segmentation of the market, the implementation of multi brand strategy in underwear industry has become a trend. According to the national sixth national census data, China's population structure has a population of over 650 million women. According to the age group of underwear, 10~15 year old girls have begun to wear underwear. Most of the elderly people over 60 years old need to wear underwear. The overall consumption of underwear is larger. At the same time, due to the different needs of life, work, entertainment, sports, evening party and so on, we need to prepare for different occasions to wear different types of underwear, and the number of underwear that consumers wear is increasing rapidly. Besides, underwear has been constantly updated in terms of design, style, material and so on, and the experience of consumers is constantly improving. The frequency of underwear replacement for consumers is also accelerating. Therefore, the women's underwear market is growing at a high speed.

According to the statistics of China Textile Economic information network, the annual sales volume of China's underwear market is over 100 billion yuan, the annual growth rate is about 20%, of which women's underwear market accounts for more than 60%, and the market size is about 60 billion yuan. Such a seductive market prospect makes people reverie, almost becoming the standard of underwear store floor in department stores and shopping centers of major cities in China, and the Ordifen and admiration as the leader seem to be right. capital The market is not interested. So, who will be the next lingerie brand to sprint IPO?