Fujian men’s clothing is heading towards brand renewal
Since August, listed Fujianese men’s clothing companies such as Jiumuwang, Lilang, Septwolves, and Cabin have successively released their 2021 semi-annual reports. Although the revenue and profit growth of companies in the first half of 2021 are not fully comparable due to the impact of the epidemic in the first half of 2020, it can be seen from the aspects of reshaping core competitiveness, optimizing channels, and embracing new retail. Pai men’s clothing brand is constantly innovating itself and heading towards a new road of brand reshaping.
Most service companies’ revenue and net profit increased
On August 25, Jiumuwang disclosed its 2021 interim performance report. During the reporting period, the company’s revenue was 1.396 billion yuan, a year-on-year increase of 24.43%; the net profit attributable to shareholders of the listed company was 122 million yuan, a year-on-year decrease of 40.41%. It pointed out that the decline in net profit was mainly due to the year-on-year decrease in gains and losses from changes in fair value and investment income generated by the investment business.
On August 23, China Lilang announced that its revenue in the first half of the year was approximately 1.354 billion yuan, a year-on-year increase of 23.87%. The profit during the period was approximately 271 million yuan, a year-on-year increase of 0.93%.
On August 21, Septwolves released the 2021 semi-annual financial report. During the reporting period, the company achieved revenue of approximately 1.542 billion yuan, an increase of 13.88% over the same period last year; operating profit was approximately 111 million yuan, an increase of 13.88% over the same period last year. An increase of 555.82%; the net profit attributable to the parent company was approximately 82.702 million yuan, an increase of 241.15% over the same period last year.
On August 2, Cabin announced its semi-annual report. The group achieved revenue of 660 million yuan, a year-on-year increase of 37.9%; gross profit was 350 million yuan, a year-on-year increase of 50.4%; the gross profit margin increased from 48.6% in the same period last year to 53.1%; The profit attributable to the company’s equity shareholders was 118 million yuan, a year-on-year increase of 1.9%.
Looking at several listed Minpai apparel companies, comparing the operating conditions in the first half of 2020, they all achieved double-digit growth in their main business, and except for Jiu Mu Wang’s gains and losses from changes in fair value due to investment , corporate profits have also achieved positive growth.
Return to core brand competitiveness
Since 2020, especially under the influence of the epidemic, many companies have realized the importance of returning to core brand competitiveness.
On August 18, 2021, at the Septwolves brand strategy conference, Septwolves Chairman Zhou Shaoxiong officially announced that the company signed a contract with Su Bingtian, who became the new spokesperson for Septwolves fashion business men’s wear. Facing new transformation and upgrading, Septwolves stated that it will re-examine and focus on its core business, return to product and cultural competitiveness, and explore potential opportunities in the market through change and innovation.
Previously, due to insufficient innovation in product positioning and channel positioning, Lilang L2 did not develop very well after its launch. China Lilang also made up its mind to no longer be responsible for its profits and losses, and gradually shut down L2 from the autumn of 2017. In related businesses, the focus has been returned to the main brand LILANZ, and its market performance has quickly achieved initial results.
In recent years, Jiumu Wang has launched a series of hot products such as “Little Black Pants” to comprehensively promote the “Men’s Pants Festival” to popularize the new trend of trousers. In 2020, Jiumuwang once again sorted out and established a new brand mission and brand vision of “leading Chinese men’s trousers”.
People in the industry have said that China’s clothing industry has not yet gotten rid of the quagmire of homogeneity and high inventory. For enterprises, returning to core brands and core competitiveness is also a wise move for enterprises to survive.
Optimize channels to increase single store profitability
At the same time, the semi-annual report also shows that Fujian-based service companies are further optimizing channels, especially closing stores with poor profitability, reducing store size, saving costs, and improving single store efficiency.
According to the announcement, as of June 30, 2021, Jiumuwang has closed a total of 177 directly operated stores and franchise stores including the JOEONE brand, ZIOZIA brand, FUN brand, and VIGANO brand. But at the same time, Jiumuwang has joined hands with well-known Italian space designers to create a new space image of the tenth generation store, and will fully promote it in 2021. In the first half of the year, nearly a hundred new tenth generation stores were opened or renovated.
In the first half of 2021, Lilang will continue to increase the layout of shopping mall stores, carefully select suitable store locations in high-quality shopping malls, continue to expand stores, and seize the commanding heights to cultivate brand influence and radiation; on the other hand, through survival of the fittest, we will actively Close stores with unsatisfactory operating results. As of June 30, Lilang had 2,708 offline stores nationwide, including 287 independent specialty stores in the light business series. The number of shopping mall stores increased to 821, accounting for 30.3% of the total number of stores. The number of outlet stores also increased to 40. . While making strong inroads into shopping malls, Lilang also continues to optimize and upgrade offline stores, upgrade spatial image and visual marketing, and enhance store experience.
Strengthen the layout of new retail
In addition, with the current comprehensive integration of online and offline, Fujian-based service companies continue to strengthen the development of new retail, actively combine online services, offline experience and improve logistics, and have achieved good results.
Judging from the analysis of the semi-annual report, after Lilang changed its online store to self-operated, it not only launched online promotions, live broadcasts and other promotional activities more flexibly, but also was able to effectively utilizee-commerce Clean inventory. Taking the “6·18” Shopping Festival as an example, Lilang responded quickly to the many popular items during the event and temporarily added 7 production lines to coordinate.Property. According to Yingshang.com, during the “6·18” event, Lilang’s Tmall single store sales reached 44.18 million yuan, a year-on-year increase of 55%. The semi-annual report also shows that the retail sales of Lilang’s online store increased by 15% to 20% year-on-year in the first half of the year.
Jiumu Wang also said that the company is building a mature marketing network that is integrated across the board. It has now fully deployed mainstream e-commerce platforms, micro-malls and other emerging online channels to reach front-end customers across the board. The relevant person in charge of Jiumuwang said that empowered by new technologies and new tools, the company’s online and offline channels are accelerating the opening and integration to serve customers in an all-round way.
Sun Ruizhe, President of the China Textile Industry Federation, recently pointed out when participating in activities related to Seven Wolves that the country is currently accelerating the formation of a domestic cycle as the main body and a domestic and international dual The new development pattern of cyclical and mutual promotion is a major development opportunity for domestic brands. Many old brands with good visibility and reputation have also embraced the new era and embarked on a new path to reshape brand vitality. Among them Including Fujian style men’s clothing brands. “The times are giving Chinese clothing brands new historical responsibilities. The new trends and trends in the development of the new generation of Chinese fashion brands will also represent Chinese style and lead global fashion.”
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