Inventory 2018 Performance: Women'S Clothing Industry Competition Is More Intense

Judging from the performance of women's clothing listed companies in 2018, the gap between women's wear listed enterprises is gradually narrowing, and the competition of women's clothing industry will become more intense in the future.

La Natsu Bell's operating income in 2018 was 10 billion 176 million yuan, down 2.58% compared with the same period last year, and its operating profit loss was 152 million yuan, down 120.57% compared with the same period last year. The net profit attributable to shareholders was 159 million yuan, a sharp decrease of 132% over the same period last year.

For the performance, La Natsu Bell said the 2018 year was the first time the group had been operating losses since its listing.

On the whole, the reasons leading to the loss of operation are not only the decline of terminal sales and the decline of gross profit margin, but also the urgent need to adjust the development mode of multi brand and direct business. The excessive cost of fixed cost under direct operation mode has led to a sharp decline in the profitability of the group in the absence of sales growth.

At the same time, some brands which own and invest in cooperation need to invest more business resources in the period of 3~5, and the loss in operation during the cultivation period will also lead to a decline in the current profits of the group.

La Natsu Bell has nearly 20 clothing brands including LaChapelle, Puella, 7m, LaBabite, Candie's and so on, covering the casual wear of men and women, designer brand and children's clothing.

Judging from the profitability of each brand in the period, LaChapelle and Puella brands are still the two brands with the highest proportion of group sales contribution, up to 40.51% of the total sales volume of the group, but down by 4.63% from 45.14% in 2017.

In addition, the income of La Natsu Bell online platform reached 144 million yuan in 2018, an increase of 0.83% over the same period last year, accounting for 14.13% of the group's total revenue.

La Natsu Bell said that online platform revenue growth benefited from the group's multi brand influence and online professional operation capabilities continued to improve.

In the second half of 2018, the company accelerated the progress of terminal channel adjustment, closed down the loss and inefficient stores, and launched a joint and franchise cooperation mode. By the end of 2018, there were 9269 retail outlets, including 9238 direct retail outlets and 31 affiliate retail outlets, compared with 9448 in the end of 2017.

In 2018, the Vic group achieved 3 billion 86 million yuan in business revenue, an increase of 20.34% over the same period last year, and a net profit of 273 million yuan attributable to shareholders of listed companies, an increase of 43.65% over the same period last year.

In 2018, the company completed its non-public offering and increased its net assets by 504 million yuan. At the end of 2018, the owner's equity of the listed company's shareholders was 2 billion 416 million yuan, an increase of 47.26% over the same period last year.

The company has three brands: VGrass, yuan and TeenieWeenie. In 2018, VGrass revenue was 862 million yuan, an increase of 8.91% over the same period last year. The lucky brocade revenue was 23 million 168 thousand and 200 yuan, an increase of 5.07% over the same period last year. TeenieWeenie's revenue was 2 billion 193 million yuan, an increase of 4.99% over the same period last year, and became the biggest contribution to the group's performance.

By the end of 2018, there were 1386 stores in the group, compared with 1449 in the 2017 2017.

In addition, in 2018, Vigna sold 3 billion 471 million yuan on the silk thread, accounting for 15.3% of the total revenue, and sold 2 billion 608 million yuan under the line, accounting for 84.7% of the total revenue.

In 2018, the company achieved 2 billion 662 million yuan in business revenue, an increase of 13.1% over the same period last year, operating profit of 239 million yuan, an increase of 7% over the same period last year, and a net profit of 210 million yuan attributable to shareholders of listed companies, an increase of 12.2% over the same period last year.

The group's main business covers four major business systems, namely, women's clothing, baby care, medical beauty and asset management. In 2018, the revenue of the women's wear section was 1 billion 379 million yuan, up 24.29% from the same period last year, accounting for 51.84% of the total revenue of the group. The income of children's business was 661 million yuan, down 19.26% from the same period last year, accounting for 24.82% of the total revenue. The income of the medical and American business was 479 million yuan, 87.59% percentage points higher than the previous year, accounting for 18.01% of the total revenue.

In the women's clothing market, the company has its own brand LancyFrom25, Rhine LimeFlare, Marie Marien degree Mary, Riya Liaalancy Liaalancy, agent brand MojoS.Phine, JIT Jigott, FabianaFilippi, Dewl and so on.

At the end of the reporting period, there were 505 sales terminals and 6 online channels in the company's women's clothing business, with a net increase of 57 in the reporting period.

In the baby products market, the Group acquired the Korean baby brand akakon has more than 10 series of brands.

During the reporting period, as a result of the continuing decline in the international economic environment and the birth rate of the Korean domestic population, akakon achieved 666 million yuan in operating income, affecting the net profit of -2397.23 million.

As of the end of the reporting period, there were 999 sales terminals under the aka line, including 966 in Korea and 33 in the country (excluding 3 domestic online channels).

Ke Eli Till realized revenue of 2 billion 521 million yuan in 2018, an increase of 14.39% over the same period last year, and realized net profit of 272 million yuan, an increase of 12.26% over the same period last year, and realized gross profit of 1 billion 803 million yuan, an increase of 15.5% over the same period last year.

By the end of 2018, there were 862 stores in the group, including 641 retail outlets and 221 distributors.

Ke Eli Till group currently owns its own brands including Koradior, LaKoradior, KoradiorElsewhere and DEKORA. Its products include dress, skirt, trousers, knitted sweater and accessories.

From the perspective of brand revenue, the group's core brand Koradior revenue was 1 billion 636 million yuan, an increase of 10.77% over the previous year, accounting for 64.89% of the total revenue of the group. It was the largest brand in the group's contribution; LaKoradior's revenue was 208 million yuan, up 30.26% over the same period last year; KoradiorElsewhere brand revenue was 353 million yuan, a growth of 21.09% over the same period.

During the period, group revenue growth mainly resulted from sales growth of existing stores and sales of newly opened stores. 641 direct retail outlets had revenues of 2 billion 44 million yuan, accounting for 81.08% of group's total revenue, an increase of 10.9% compared with the same period last year, and e-commerce revenues of 208 million yuan, accounting for 8.25% of group's total revenue, an increase of 33.89% over the same period last year.

In 2018, the company achieved a revenue of 2 billion 436 million yuan, an increase of 18.66% over the same period last year, and realized a net profit of 365 million yuan attributable to shareholders of listed companies, an increase of 20.74% over the same period last year.

Under the banner of Ellassay, Laur, l, EdHardy, IRO, VivienneTam, JeanPaulKnott and other 6 fashion brands.

In 2018, the main brand Ellassay of the group achieved a revenue of 1 billion 4 million yuan, an increase of 4.32% over the same period last year, and Laur l achieved a profit of 111 million yuan, an increase of 14.05% over the same period last year. The EdHardy series brand realized 498 million yuan, an increase of 14.16% over the same period last year.

As of the end of the reporting period, the company had 592 stores, compared with 533 at the end of 2017, with a net increase of 59.

Among them, Ellassay has 312 terminal stores, 181 EdHardy series brands, 37 Laur brand l brands, IRO brand has 49 direct terminal stores in the world, and VivienneTam has 13 terminal stores.

In addition, in 2018, it sold 103 million yuan, accounting for 4.69% of total revenue, and sold 2 billion 87 million yuan under the line, accounting for 95.31% of total revenue.

In 2018, it realized operating income of 2 billion 100 million yuan, an increase of 7.94% over the same period last year, and realized a net profit of 574 million yuan attributable to shareholders of listed companies, an increase of 19.59% over the same period last year.

As of December 31, 2018, the company had 1062 retail outlets nationwide, including 378 terminal outlets and 684 distribution terminals.

The four brands of DAZZLE, DIAMONDDAZZLE, d 'zzit and RAZZLE are now available in DAZZLE, which has achieved a profit of 1 billion 232 million yuan during the period, an increase of 7.15% compared with the same period last year, DIAMONDDAZZLE revenue of 170 million yuan, an increase of 14.77% over the previous year, and D' zzit revenue of 684 million yuan, an increase of 6.88% over the same period. The September 2017 men's brand RAZZLE revenue was 9 million 209 thousand and 200 yuan, up 241.75% over the same period last year.

In addition, the sales of Di Su fashion online in 2018 amounted to 256 million yuan, accounting for 12.2% of the total revenue of the group and 1 billion 839 million yuan under the line, accounting for 87.8% of the total revenue.

Jiangnan cloth clothing in 2018 achieved operating income of 2 billion 27 million yuan, an increase of 22.6% over the same period, and realized net profit attributable to shareholders 381 million yuan, an increase of 22.1% over the same period last year.

The growth of revenue is mainly due to the expansion of the group retail network and the rapid development of e-commerce business and new business, Jiangnan Buyi said in the report.

As of December 31, 2018, there were 1994 retail outlets in the south of the Yangtze River, including 161 overseas retail outlets.

Jiangnan Buyi group has 9 brands: Women's clothing brand JNBY, high-end women's wear less, men's wear CROQUIS, children's wear jnbybyJNBY, teenage dress Pommedeterre, home JNBYHOME, men's wear SAMO, sports and leisure REVERB.

In 2018, all the brands of the group achieved revenue growth, of which JNBY revenue was 1 billion 156 million yuan, accounting for 57% of the group's total revenue, up 19.1% from the same period last year, the largest contributor to the group's performance; Menswear CROQUIS revenue 40 million 205 thousand yuan, accounting for 19.8%, an increase of 23.5% over the same period; the jnbybyJNBY of children's wear was 28 million 507 thousand and 100 yuan, accounting for 14.1%, an increase of 33% over the same period.

In addition, in 2018, it sold 220 million yuan, accounting for 10.9% of the group's total revenue, a 57.1% increase compared with the same period last year, and 819 million yuan for self operated stores under the line, accounting for 40.4%, an increase of 6.9% over the previous year, and 986 million yuan for distribution outlets, accounting for 48.6%, an increase of 31.9% over the same period.

In 2018, it realized operating income of 1 billion 649 million yuan, an increase of 16.09% over the same period last year, and realized a net profit of 281 million yuan attributable to shareholders, an increase of 2.96% over the same period last year.

By the end of 2018, the number of terminal stores was 973, compared with 917 in the 2017 2017.

Our main business is independent research and development, production, sales and brand management of medium and high-end fashion brands. The company's own brands include: Nine posture, Yin Mo, an Zheng, Fei Nachen, and the five major lines of the mosaic. The company has represented StellaMcCartney and StellaMcCartneyKids in the Greater China region. During the reporting period, the company acquired 70% stake in Shanghai Li Shang Mdt InfoTech Ltd. The date of delivery is October 31, 2018, and the net profit of 2018 is 62 million 813 thousand and 400 yuan.

According to the profit situation of each brand, Jiu's revenue was 1 billion 38 million yuan, an increase of 10.93% over the previous year, and Yin Mo Ying received 223 million yuan, an increase of 4.1% over the same period last year. The revenue of an Zheng men's clothing was 74 million 870 thousand yuan, an increase of 0.1% over the same period.

In addition, in 2018, it sold 404 million yuan on the positive fashion line, accounting for 24.59% of the total revenue, and sold 1 billion 240 million yuan under the line, accounting for 75.41% of the total revenue.

Among them, online sales, including the online sales product of Li Shang information incorporated in the current reporting period, earned 130 million yuan. Excluding this factor, apparel products achieved 273 million yuan in revenue, up 39.92% over the same period last year.

In 2018, the daily fashion realized revenue of 1 billion 132 million yuan, an increase of 5.46% over the same period last year, and the net profit attributable to the listed shareholders was 38 million 364 thousand and 300 yuan, down 54.13% from a year ago.

As of December 31, 2018, the company had 1067 sales terminal stores.

For the decline in net profit, the daily fashion report said in the performance report that the obvious reduction of net profit is mainly due to the fact that the new brand investment income of the company has not achieved the expected benefits. Moreover, the original CRZ brand is still in the adjustment period due to the brand positioning adjustment, and the net profit and return on net assets decrease.

There are five brands of broadcast, PERSONALPOINT, CRZ, MUCHELL and broadcute.

Among them, the two new brands of women's clothing brand MUCHELL and children's wear broadcute have been operating since 2018.

From the point of view of each brand profit, the main brand Broadcast: Broadcast revenue 920 million yuan, an increase of 7.36% over the same period; CRZ revenue of 151 million yuan, down 10.06% compared with the same period last year; PersonalPoint revenue of 26 million 507 thousand and 900 yuan, an increase of 0.6% over the same period last year.

In addition, the daily fashion online sales in 2018 were 107 million yuan, accounting for 9.73% of total revenue, and 999 million yuan under the line, accounting for 90.27% of total revenue.

Judging from the performance of women's clothing listed companies in 2018, the performance of each garment enterprise is uneven, but the overall trend is still rising.

In the 9 women's clothing listed companies, La Natsu Bell's net profit has dropped, and the daily fashion has not increased profits; the remaining 7 enterprises have achieved double profit in net income.

In terms of revenue, in addition to La Natsu Bell, the rest of the 8 women's clothes listed in the listed companies are fully increasing revenue.

The highest revenue is La Natsu Bell 10 billion 176 million yuan, followed by Vigna S 3 billion 86 million yuan, 2 billion 662 million yuan.

From the same period of revenue growth, the highest increase followed by Jiangnan cloth 22.6%, Vigna S 20.34%, and 18.66%.

La Natsu Bell, the company with the highest total revenue, is the only enterprise in 9 women's clothing enterprises that has both net profit and net profit. This is the first time that the group has been running a loss since its listing.

From the perspective of net profit, except for La Natsu Bell and Japanese fashion, the other 7 enterprises have achieved positive growth in net profit, and the growth rate is relatively rapid, increasing by 2.96~43.65%.

The top three companies in the net profit are 574 million yuan, 381 million yuan in the south of the Yangtze River and 365 million yuan in the Song Dynasty.

The top three of the fastest increase in net profit in the same period were Vigna S 43.65%, Jiangnan cloth 22.1%, and song's 20.74%.

Although La Natsu Bell's revenue ranked first among the 9 women's clothing enterprises, La Natsu Bell's revenue in 2018 was the only one in 9 women's clothing enterprises. At the same time, La Natsu Bell's net profit fell 132%, only 159 million yuan, which has lagged behind most of the women's clothing enterprises.

From the net profit situation, we can see that the gap between the women's wear listed enterprises is gradually narrowing, the women's clothing group is evenly matched, and the competition of women's clothing industry will become more intense in the future.

Online channel has become the battleground of brand enterprises. The income of women's clothing group in 2018 has increased significantly, and its proportion in sales has increased gradually.

For example, sales of the positive fashion line accounted for 24.59% of the total revenue, sales of Vigna silk accounted for 15.3% of the total revenue, the sales of Jiangnan cloth line increased by 57.1% over the same period last year, and the sales of the company increased by 33.89% over the same period last year.

Looking at the performance of the 9 women's clothing listed companies in 2018, the 6 women's clothing groups, such as wirnus, Lancy, cottier, singer, Dasu fashion and Jiangnan cloth dress, have a double-digit high growth rate in 2018, and the money making effect has been significantly improved.

Despite its 2 billion 100 million yuan revenue, the net profit of 574 million yuan has become the most profitable business of 9 women's clothing groups.

But according to the sales revenue of 9 women's clothing listed companies, besides La Natsu Bell's 10 billion 176 million yuan, the sales income of Vickers, Lancy, Ke Letil, Song Li Si, di Su fashion and Jiangnan cloth clothing almost all concentrated in the 20~30 billion yuan ladder, the total difference is not big, but in the net profit aspect, this characteristic is more obvious.

From this we can see that the gap between the women's wear listed enterprises is gradually narrowing, which fully reflects the intensity of competition in the women's clothing industry. On the other hand, it also reflects that the domestic women's clothing is still in a market segmentation, the market concentration is relatively low, the lack of overlord enterprises and brands, and lack of the growth stage of the international fashion group.

Local high-end women's clothing brand positioning, because of similar channels, price bands close, category proximity, consumer homogenization, it is difficult to achieve differential expansion of scale, which also makes this camp women's clothing brand can not really draw the distance on the scale of revenue.

With the intensification of market competition, the survival of the fittest and Matthew effect will become more prominent in the industry.

For the future local women's clothing camp, the product's unique, youthful, reasonable price, and the combination of online and offline channels may be the new development direction and direction.

Integrated pformation and scale expansion will undoubtedly be the theme song of the local women's clothing industry for a long time now and even in the future. The pformation, adjustment, remodeling and upgrading of women's clothing enterprises will accelerate the development in depth, and the combination of capital strength and brand will be more closely linked, and the competitiveness of women's clothing enterprises will also undergo qualitative change and really widen the gap.