In the face of challenges, reform is the only way out. The same is true for the apparel industry, which is part of the Chinese economy. Seeing opportunities from the challenges, persisting in transformation and upgrading with optimistic spirit and rational thinking, embracing change, and making the industry and enterprises bigger and stronger, is the responsibility of the Chinese clothing industry and clothing operators.
With the closer integration of the apparel industry and capital, the deepening of the integration of the new economy, and the acceleration of the consumption upgrade process, the apparel industry will not only be a simple traditional “manufacturing†industry, but apparel companies will not only sell tangible goods, The apparel industry will present a larger intangible space, which will become a “big fashion, big consumption†industry that integrates manufacturing, retail, management, design, culture, fashion, technology and other factors.
Trend 1: The pace of diversification is accelerating, and apparel companies are facing a “big†change.
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In the current A-share market, the frequent diversified investment actions of apparel companies can be regarded as a means of market-value management of “storytellingâ€. However, it is undeniable that under the impetus of macroeconomic policies and micro-market factors, the integration and upgrading of China's economic industry is accelerating, and apparel companies are being involved.
Trend 2: Accelerated integration of channels, further online and offline
A trend in 2016 is that while the Internet economy is developing rapidly, the offline real economy is re-emphasizing its advantages and charm in the process of transformation and adjustment. The latest trends show that more and more online brands are starting to go offline and seek development online. At the end of last year, Ali's Yintai Commercial said that it supported the Ali online brand landing Yintai store, the first batch of Amoy brand brands including Inman, Aka, David Bella, Seven Gege, Aina Knight and Mama. At the beginning of 2016, Inman shouted the slogan of opening 10,000 stores in the future. Handu Yishe previously announced cooperation with pathfinders to jointly set up a children's wear business. Looking at the world, pure e-commerce brands like Nasty Gal, ModCloth, Warby Parker and Bonobos are starting to open stores.
While online brands are moving offline, offline clothing brands are also accelerating their own Internet genes, and the combination of traditional brands and e-commerce brands has occurred frequently. Since the beginning of last year, La Chapelle has invested 200 million yuan to invest in the Internet brand, seven grids, and searched for 324 million yuan to invest in Huimei clothing with Inman, Chuyu and other Amoy brands. Jiu Muwang announced in August that it will invest in US$12 million. She said that in September it announced that it will reinvest in Handu Clothes House for 60 million yuan. The newsletter also announced that it will participate in the 35% stake in Jim Brothers, an Internet custom brand. and many more.
With the further integration of online and offline channels, the future apparel industry may present the following characteristics: First, apparel companies will generally adopt a multi-brand development model, increase product matrix, and transform to platform operation; second, in terms of terminal channels, The physical store will show the new advantages after the upgrade, the integration of Internet resources and new technologies, the shopping scene is more humane and more experience; the third is to focus on the optimization and transformation of the supply chain, to create more flexible, more efficient, adapt to multiple channels The flexible supply chain, with a strong supply chain as a back-end, responds to changes and competition in the terminal channel. Improve the efficiency of design, manufacturing, and logistics, and achieve rapid production of small orders. Intelligent manufacturing, C2B customization and other production methods are more popular. Fourth, in terms of brand marketing, it will adapt to the rapid development of mobile internet, with more mobile social nature, decentralization, and even fan preferences and feedback as an important measure to launch and reduce brands.
Trend 3: Overseas M&A speeds up, apparel companies build global brands
Following the successful acquisition of a European brand Laurèl last year, this year, the company will acquire an international luxury brand. On January 29, 2016, the company announced that it intends to acquire a 65% stake in Hong Kong Tangli International Holdings Co., Ltd. at a consideration of RMB 240.5 million. Tangli International owns the brand ownership of Ed Hardy, the international luxury fashion brand in the United States, in Hong Kong, Macao and Taiwan, as well as brands such as Ed Hardy Skinwear and Baby Hardy. Its main products are the American and fashionable luxury brand Ed Hardy's men's and women's clothing and related products. apparel.
On January 24, 2016, according to media reports, the Chinese textile and apparel company Shandong Ruyi Group joined the bid for the French luxury fashion group SMCP, the price is expected to exceed 1 billion US dollars. This is not the first time that Shandong Ruyi Group has acquired overseas apparel brands. In 2010, Shandong Ruyi Group acquired RENOWN, a well-known Japanese clothing company. RENOWN was once the largest clothing brand operator in Japan. Shandong Ruyi Group spent about 4 billion yen (about RMB 310 million) to acquire about 41% of RENOWN's shares and became the company's largest shareholder.
Today, as the Chinese economy further strengthens its global influence, the pace of cross-border mergers and acquisitions by Chinese companies is further accelerating, and Chinese apparel companies are facing unprecedented global M&A opportunities. In June, Canoudi Road announced the acquisition of a 51% stake in the Italian fashion sports brand Dirk Bikkembergs for a purchase price of 40.68 million euros.
In the process of overseas mergers and acquisitions, domestic apparel companies will learn the experience of international operations and overseas M&A experience, and promote the mature international M&A fund of fashion industry. The purpose of M&A will change from domestic market to truly international operation. From the capital level, the fashion enterprises that have entered the “bankruptcy gate†with excellent foreign investment quality have undergone mergers and acquisitions and reorganized into global multinational fashion brand groups. This day will come, and ambitious clothing companies should be prepared.
Trend 4: Economic integration deepens, apparel companies integrate into the global industrial chain
A clear trend in the world economy in 2015 is that countries are rapidly advancing regional economic cooperation. On October 5, 2015, TPP (Trans-Pacific Partnership Agreement) 12 negotiating countries reached a basic agreement at a ministerial meeting in Atlanta, Georgia, USA, agreeing to free trade and standardizing in a wide range of areas such as investment and intellectual property. On November 12, Japanese Prime Minister Shinzo Abe said at the Japan-China Entrepreneur Exchange Conference in Tokyo that Japan intends to accelerate the negotiation process between the China-Japan-ROK Free Trade Agreement (FTA) and the East Asian Regional Comprehensive Economic Partnership (RCEP), emphasizing hope. Japan and Japan play a leading role in the conclusion of a comprehensive and high-level free trade agreement.
At the same time, the country is vigorously pursuing the “One Belt, One Road†strategy. As the regional economic cooperation process is further accelerated, the textile and garment industry will face greater development space and challenges. Textile and garment enterprises have already taken action. Jiansheng Group issued two announcements on October 15, 2015, and plans to increase investment in Vietnam under the “TPP Agreementâ€. Jiansheng Group said that in light of the recent development of the international economic and trade situation, it decided to increase investment in Vietnam and accelerate investment progress. In addition to Jiansheng Group, Huafu Color Spinning, Lutai A, and Blum Oriental are also investing in Southeast Asia. Youngor signed a strategic cooperation agreement with CITIC Limited in June 2015. One of the cooperation contents is that the two sides will participate in the development and development of the international market according to the national “One Belt, One Road†strategy.
It can be expected that the international cooperation and integration of textile and garment enterprises will become the norm in 2016. The Chinese clothing market will become a global market and participate more closely in the composition of the global industrial chain.
Trend 5: Overweight industry, apparel companies to meet the needs of the times
Sports is becoming a big industry and a globally integrated industry. The giants such as Alibaba, Tencent and Wanda have already laid out the sports industry on a global scale. In the clothing enterprises, the expensive birds have increased their sports industry. In 2015, they participated in the Tigers Sports, participated in the Spanish football brokerage company BOY, signed a cooperation framework agreement with the General Association and the Sports Industry Fund, and passed the action. Prepare strategies for layout at all levels of the sports industry. In addition to sportswear companies, some of the other apparel companies' movements during the year are also related to sports. Aokang entered into a strategic cooperation with American sports brand SKECHERS, entering the sports shoes and apparel market, claiming to open 1,000 new SKECHERS stores in China in the next five years; Carnudi Road announced in June that it acquired Italian fashion sports brand Dirk Bikkembergs. The plan is to cut into the football industry.
In addition to the sports industry, children's wear is not reduced. As one of the main businesses, the children's wear business continues to increase the children's wear market. At the end of August 2015, it announced that it will jointly invest 20 million yuan with some employees of the company to set up Shanghai Macalle Children's Wear Co., Ltd. In the first half of 2015, the first loss of the performance of the US-based apparel is also increasing the children's wear business, saying that its children's wear business is growing at a faster rate, and wants to open thousands of children's wear stores. Sports brands such as 361 Degrees, Li Ning, Xtep, Anta have all entered the children's wear market. The men's and women's wear brands such as Langzi and Qipirang continue to exert their children's wear business. It seems that every clothing brand wants to get a foot out from the children's wear market.
Sports and children's wear have become the hot industry investment areas of the apparel industry, behind the promotion of mass consumption, national economic transformation and national top-level policies. As China's economic development model shifts to a service consumption model, the mass consumer group with the middle-income class as the main force has become an important driving force for the rise and fall of the clothing segment industry. "Running economy" led to the recovery of sports brand performance; adult clothing has laid out the children's wear market, and the "full second child" policy has further contributed to the promotion; and Jiansheng Group, Huijie Group, City Beauty and other personal clothing stocks The performance has a relatively good growth, showing that the intimate clothing market is in a period of rapid growth, which is behind the consumption of the public to pay more attention to the inner quality of life. According to recent news, Jiansheng Group plans to focus on domestic sales in 2016, and opened 500 stores in three years, mainly selling socks, underwear, box pants, home clothes and other close-fitting clothing.
Trend 6: Capital market expansion, more quality apparel companies landed in the capital market
In 2016, with the approach of the registration system, the speed of multi-level capital market construction, the increase of direct financing proportion, the rapid expansion of capital market scale and the deepening of capital market reform, garment enterprises are facing the strategy of combining industry and capital. period. The State Council executive meeting held on December 23, 2015 proposed to further significantly increase the proportion of direct financing, and improve the economic efficiency of financial services entities. It is necessary to improve multi-level capital markets such as stocks and bonds; establish a strategic emerging board of the Shanghai Stock Exchange, support the financing of innovative and entrepreneurial enterprises; improve relevant legal rules, promote the listing of special equity structure entrepreneurs in China; and increase the listing of national SME share transfer systems. The number of companies, research and launch to the GEM to switch to the pilot; standardize the development of regional equity market.
It is expected that 2016 will be a year in which the pace of direct financing in the capital market has greatly accelerated. Main markets, small and medium-sized boards, GEM, New Third Board, Fourth Board (regional equity market), equity crowdfunding, bond market and other markets will have new moves. In the A-share market, according to Huashanghui, as of the end of November 2015, a total of 15 apparel companies were waiting in line for listing. Among them, Guangzhou Tianchuang Fashion Shoes Co., Ltd. will purchase new shares on February 1, 2016. Before the Spring Festival, the apparel industry will add another listed company.
If there are no major problems, with the rapid advancement of the current registration system and the establishment of a multi-level capital market, these dozens of apparel companies will successively land in the capital market, thus officially becoming a public company, promoting enterprises through market capitalization and capital operation. Further development and growth, accepting the baptism of the capital market and the selection and evaluation of public investors, this is equivalent to the "adult ceremony" in the growth of clothing enterprises. In the future, the experience of "adult ceremony" will be far more than the dozens of apparel companies.
Trend 7: Entering the era of integration of industry and finance, financial capital and industrial capital collide
Shenzhen Ladies' listed company ç‚莱蒂尔 announced on January 5, 2016 that Chairman Jin Ming and Koradior Investments Limited, which was ultimately controlled by the discretionary trust, have completed the sale of 25.8 million shares of the group to Fosun Unzhe, a wholly-owned subsidiary of Fosun International. , equivalent to 5.14% of the group's total share capital. According to ç‚莱蒂尔, as a strategic investor of the company, Fosun International will use its investment network and capital strength to explore various possible in-depth cooperation in the fashion industry with the company's existing marketing network and operation platform.
This is the latest example of the collision of clothing industry capital and financial capital. On October 20, 2015, CITIC Capital Holdings Co., Ltd. announced that its Japanese private equity fund CITIC Capital Partners Japan (CCP) completed the acquisition of Japanese footwear company Akakura. CITIC Capital said in the announcement that Akakura is a Japanese company engaged in the design and retail of women's shoes, with 60 direct stores in Japan. CITIC Capital will assist Akakura to expand into the Chinese market, attract rising middle class consumers, seize the opportunities brought about by the continued growth of travel to Japan, and strengthen Akakura's supply chain management. In May 2015, CITIC Capital acquired another Japanese women's apparel company, MARK STYLER. This is the second Japanese apparel brand acquired by CITIC Capital in 2015, and both are women's wear brands.
Financial capital frequently favors women's wear brands, which undoubtedly is worthy of the development potential of the women's wear industry. This also reflects financial capital from one side as an important driving force for China's economic development. The garment industry will enter an era of integration of industry and finance. The combination of industry and finance is generally divided into two stages. One is production and integration. In 2015 and a few years ago, many clothing companies have set foot in the financial industry, set up banks, and involved in financial fields such as supply chain finance and P2P; further, it will be “ From the integration of production, financial capital will actively seek to integrate with the garment industry capital, from industry to finance, then from finance to industry, promote the integration and transformation of the garment industry, and force the restructuring of the garment industry and transformation and upgrading, which will become the development of the garment industry. Trend.
Trend 8: Supply side reform advances, apparel companies face policy dividend window
In 2015, under the background of China's economic development entering a new normal and entering the stage of medium and high-speed growth, the central government intensively issued a number of industrial policy guidelines to tap China's economic growth potential and promote China's economic restructuring and transformation. These industrial policies also provide more paths and options for the transformation and upgrading of the apparel industry.
For example, the State Council issued the "Guiding Opinions on Actively Giving Play to the Role of New Consumption to Accelerate the Cultivation of New Supply and New Motive Forces" (referred to as "Guiding Opinions"), and comprehensively deploying industrial upgrading with consumption upgrading, with institutional innovation, technological innovation, and product innovation. New supply, satisfying the creation of new consumption and forming new impetus. For the apparel industry, the "Guidance Opinions" clearly pointed out that the new consumption mainly includes six major consumption contents such as service consumption, information consumption, green consumption, fashion consumption, quality consumption, and rural consumption, among which fashion consumption is directly related to the clothing industry, and clothing The industry will have more “big fashion†and “big consumption†in the process of transformation and upgrading.
Quality consumption and service consumption, apart from their specific content, are essentially a guiding role, suggesting that apparel companies have higher quality and more personalized products on the manufacturing side, and higher service and experience on the sales side. . The “new consumption†content provides a general direction for the transformation and upgrading of the apparel industry. In the service-oriented economic industries such as sports, culture, tourism, and cross-border e-commerce, the state has also significantly increased its policy release.
Generally speaking, the intensive release of new consumption and new economic policies is a concrete manifestation of the requirements of the “supply-side reform†of the Chinese economy. What is supply-side reform? In short, it is not always looking at the demand side, but more ways to find ways from the supply side, improve efficiency, tap potential, and create more effective demand from the supply side. The converse meaning is that there are still more problems in the supply side, which are manifested as overcapacity, excessive cost, and the output efficiency of production factors needs to be improved. In the transformation and upgrading, garment enterprises are faced with an unprecedented policy dividend, but it also means that garment enterprises are facing greater challenges and higher requirements, solving the problem of high inventory and homogenization corresponding to overcapacity, and improving the supply chain. And production management efficiency. This is a topic that needs to be seriously faced in the operation of apparel enterprises in 2016. This is related to the transformation effect of clothing enterprises and even the survival of enterprises.
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