Bosideng 1 Billion 600 Million Top Down Of Stock Down Business

　 In the cold winter, domestic Down Jackets Boss Bosteng ushered in the most prosperous season of the year.

However, in the face of the downturn in the industry, Bosideng's diversification does not seem to achieve the desired results in the short term. In the case of high expectations of men's clothing business, Bosideng proposed in the strategic planning of 2012/2013 fiscal year, still need to take the strong down jacket as the core, and realize the strategy of multi brand, four seasons and internationalization of "3+1".

Since the beginning of April this year, we have begun to collect the membership fees and the four seasons strategy for down duty clothing dealers. In the 2012/2013 financial year ended September 30th, Bosideng revenue increased by 12.4% to about 3 billion 80 million yuan, but the net profit of equity holders decreased by 3.4%.

It should also be noted that, as at September 30th this year, the cost of inventories recognized as expenses in the cost of sales was 1 billion 667 million yuan, an increase of 1 billion 618 million yuan over the same period last year.

　 Decline in core business revenue

In recent years, the domestic down garment market has been slowing down. 2012 China clothing Specialized Committee annual work conference of feather clothing and products shows that under all kinds of pressure, the sales of down wear have been negative for 4 consecutive years. At the same time, the down garment industry has shown some new features, such as the rise in the cost of sales, the rise in the unit price of sales, and the sharp decline in the growth rate of the anti season sales.

In the first half of fiscal year 2012/2013, Bosideng down clothing business income was 1 billion 842 million yuan, an increase of only 3.8% over the same period last year, accounting for 59.8% of total revenue, down from 64.8% in the same period last year.

Bosideng investment Ministry told the media: "in the past, Bosideng The three brands of "snow flying" and "KangBo" are shared by a management team, and many resources can be shared. But the drawback is that the product styles are used for reference, and the positioning of each brand is not clear enough. From the beginning of this year, we have adjusted the operation of the down jacket board and adopted the sub brand form. Each brand has an independent management team, which is responsible for design, product development, supply chain, marketing and marketing.

As of September 30th this year, Bosideng's total network points reached 11904, an increase of 3560 over the end of the first quarter. The sharp increase in the number of outlets was mainly due to the split of sales channels, and the original multi brands became single brand stores, while the total sales area increased by only about 5.4%.

Xiong Xiaokun, a consultant at CIC, pointed out to reporters that in recent years, the production cost of clothing has been increasing, which has greatly squeezed profit margins. And more and more fashion brands are introducing down clothing products. If the design style of the professional feather clothing brand is single and the personality is not strong, it is lack of competitiveness.

Moreover, the special characteristics of down garments are single season. "10 months of production in the whole year, selling for 3 months, it is very difficult to increase significantly." State Securities Spin Researcher Zhang Bin told reporters.

　　 Men's business is weak.

Therefore, Bosideng's original intention is to increase the proportion of non down garment business. Bosideng investment Ministry told reporters that the goal of the group is to make the net profit of the non down garment plate reach 30% of the group in the next 3~5 years.

However, judging from the situation of the past two years, this goal is still somewhat difficult.

In terms of sales in the 2012/2013 fiscal year, Bosideng's non down jacket income accounts for only 16.1% of the group's total revenue. As of September 30th, the income of non down garments accounted for 15.8% of total revenue.

In the non down garment business, men's clothing has always been Bosideng as the "leader." Bosteng men's clothing was bought by Boston in 2009, and also the first acquisition item of the non down jacket board. Located in the age of 28~45, white-collar and working-class, the style is divided into business dress, business casual, fashion and leisure, and the likeness of Li Lang and seven wolves.

However, the proportion of Boston men's clothing business income is also declining.

As of September 30th, there were 887 men's sales outlets in Bosteng, a decrease of 14 compared with the end of the first quarter. Sales revenue was 146 million yuan, down 13.8% from the same period last year, accounting for 30% of the total of non down garments. In the same period last year, Bosideng men's clothing income was 169 million 500 thousand yuan, accounting for 51% of the down jacket.

From the scale of business, Bosideng men's clothing and the above two men's clothing brands do not belong to the same level.

In 2011, there were 3032 retail stores in the city, and the number of stores in the seven wolves was close to 5000.

Bosideng told reporters that on the basis of developing the existing brand Bosteng Menswear, Jesse and Mogao, the company will continue to look for opportunities to purchase and merge high-quality brand names for men and women.

Goldman Sachs said in its research report that Bosideng's growth in the next three years is about 10%, but the growth of its core business is limited. Boston now has a very high selling price, so its ability to raise prices is limited.

Goldman Sachs said that the diversified development of Bosideng's down garment business has not been effective. For non down garment business, sales in the 2013 fiscal year are expected to grow by 22%.

In addition to men's wear, Bosideng has tried in women's wear and children's wear. Only children's clothing in Bosideng's business area belongs to "fast forward and fast out".

Due to the increase of Jesse brand's women's clothing business, the total income of non down garment business increased significantly, reaching 488 million yuan, an increase of 46.7% over the same period of last fiscal year, and business income accounted for 15.8% of the total revenue of the group, only 3.6 percentage points higher than that of 12.2% in the same period last year.

Bosideng said in its announcement that the down jacket business will continue to be affected by the downturn in China's consumer market and the downturn in the industry, and that the men's market will continue to adjust to the industry in the short term.