Author 丨 Gao Jianghong
Editor 丨 Zhang Weixian
Figure source 丨 Figure wormworm
On April 22, Xinjiang Laxibell Clothing Co., Ltd. (hereinafter referred to as “La Xiabeel”) officially entered the delisting period.
From the revenue of 10 billion to A shares, Latharbeel has only experienced three years. In the past, women’s clothing giants were no longer beautiful, and tens of billions turned their heads.
Prior to this, on March 30, Lathar Bell, who was double -pinned by the negative assets and debt crisis, received a notice to terminate the listing of listing to it by the Shanghai Stock Exchange, and then disclosed the 2021 financial report. The annual revenue decreased by 76.36%year -on -year, less than 500 million yuan, a loss of more than 800 million yuan, total assets of 2.4 billion yuan, a decrease of 30.95%from 2020, or even less than one -third in 2019, with liabilities as high as 4 billion yuan.
Lathar Belle stated in the performance report that even if the A -share retreat does not affect the normal operation of the company, the company will still move forward and expand business, and strive to achieve quantitative and qualitative transformation. However, in the fashionable women’s clothing market with extremely competitive competition, as the brand of local designers has risen, how much is left to the ending?
The five -year listing road has ended, and the former women’s clothing companies have endlessly. Recently, some domestic first -tier women’s clothing groups announced their financial reports. The Taiping Bird has become another women’s clothing brand that entered the revenue of 10 billion clubs after La Xiabeel.
The old king retreated, the new king was in the top, and a new round of domestic women’s clothing was shuffled.
Falling into the altar: from Gao Ge to the dim
Latham Bell -Women’s fashion brand founded in 1998 by Fujian businessman Xing Jiaxing, twists and turns in twenty -three years. First, in 2011, it changed its direct business model and adjusted it to a joint -stock company. In 2014, it landed on the Hong Kong Stock Exchange. Three years later, it was listed on the Shanghai Stock Exchange.
While changing the form of business, the group’s brand matrix has also continued to expand. Before 2011, there were only three women’s clothing brands: Lachapelle, Puella, and Candie’s. In 2012, under the leadership of the “multi -brand and direct business” strategy, the two women’s clothing brands, 7modifier and Lababité, POTE and Jackwalkō, three men’s clothing brands. Brands and 8EM children’s clothing brands. The new brand Ushgee was introduced in 2021.
In the first ten years, La Xiabeel fought steadily, capturing consumers with trendy styles and Pingmin pricing, but the popularity was average, and the market share was not high.
Turnds occurred in 2010
At that time, La Xiabeel ushered in 45 million investments of Lenovo Holding Holding Holdings. Since then, it has embarked on the road of rapid expansion. The number of stores and outlets expanded from 900 in 2010 to 1841 in 2011, and in 2018 At the end of June, it reached its peak, forming a huge scale of 9,647.
The extension of the store has worked for a while. In 2017, the Group achieved revenue of 8.999 billion. In 2018, revenue exceeded 10 billion yuan, an increase of 13.08%year -on -year to 10.176 billion yuan. This is rare in the entire women’s clothing industry.
The dazzling performance covered the group’s wrong concern to a certain extent.
Although the company’s 2018 revenue revenue created the myth of the domestic women’s clothing industry, the loss of losses for the first time is worrying. In 2018, the net profit attributable to listed shareholders was -159 million yuan, while in 2017, it achieved a profit of 499 million yuan; the net profit attributable to shareholders of listed companies to the shareholders of listed companies was -245 million yuan, which was compared with Last year, it increased by 164.43%.
In the past few years, it has been downward, and it has intensified.
Compared with the previous year, the revenue of 2019 decreased by 24.66%to 7.666 billion yuan, and the net profit attributable to shareholders of listed companies was -2.139 billion yuan, which was 1241.01%from the previous year; 100 million yuan, operating profit was -446 billion yuan. The annual revenue of 2021 was only 430 million yuan, falling to the bottom.
According to financial report data, from 2017 to 2021, the company’s asset -liability ratio was 48.31%, 59.01%, 85.94%, 119.7%, and 162.7%, respectively. With the deterioration of debt problems, lawsuits have come.
At the beginning of April this year, La Xiabeel was listed as the executor by the People’s Court of Wenjiang District, Chengdu City, Sichuan Province. The case number (2022) Sichuan 0115 executed 1380 and implemented the target of 23.058 million yuan. At present, the company involves 823 legal proceedings, with 181 articles restricting high consumption records, and 14 executors record, and at the same time facing the risk of litigation and asset freezing. Due to a number of litigation cases, a total of 151 bank accounts of the company and subsidiaries were frozen, and the frozen amount was about 104 million yuan. 17 subsidiaries of the company’s subsidiaries were frozen, involving a total of about 681 million yuan in the case execution amount, and 4 real estate was seized.
Revenue Waterloo has a high debt platform, and the company’s word of mouth has declined all the way. According to the “Southern Weekend” reported in November 2021, the partner said that the time of the payment of the payment can reach one year.
Lathambergs will come back to the annual report,
Since the second half of 2018, it has failed to make correct judgments on the external industry environment, as well as internal strategy, excessive expansion and cost structure imbalance.
The annual report stated that “the impact of the new crown pneumonia’s epidemic since 2020, the company’s financing channels are closed, the capital chain breaks, the due debts are unable to repay, the litigation and asset freezing seizure has also followed, facing large cash flow pressure and debt concentration redemption Risk will not affect its production and operation. “
What exactly does the mistake in 2018 point to?
Behind the huge loss: invent
The problem of “increasing income and increasing increasing benefits” was initially explicit in 2018.
The industry analysis pointed out that Lathar Bell has problems in the operation of many stores and low -level efficiency, rich brands, and product similarities. In a thousand square meters of stores, different brands gather in one place and do not look at the tags. It is difficult for consumers to distinguish these jackets with similar styles. Not only lower the sense of shopping experience, it is also difficult to leave consumers a distinctive brand impression. The annual report disclosed that in the large brand territory of the group, only women’s Lachapelle performance can be available, bringing more than 30 % of the group’s income. The homogeneous 7modifer and Candie’s performance is not good, and men’s clothing brands are particularly low.
The Taipingbird, which is also a domestic first -tier women’s clothing group, is obviously clearer than Lamabel. Its brands include Taiping Bird Women’s Clothing, Taiping Bird Men’s Clothing, Lechang Girls’ Clothing, Taiping Bird Children’s Fress, MG material girl women’s clothing, Coppolella sports tide brand. As far as women’s clothing is concerned, there are obvious separation of the corresponding age group and style style.
Looking at the front -line women’s clothing industry, the revenue and profits are not the dilemma faced by La Xiabeel alone. 2021 is undoubtedly a harvest year for the Taiping Bird Group. The financial report data shows that the group realized revenue of 10.921 billion yuan in 2021, recorded by 16.34%. Although the revenue is happy, the profit is not ideal. The group realized a net profit of 680 million yuan, a year -on -year decrease of 5.0%; the net profit of the deduction of non -returning mother was 520 million yuan, a year -on -year decrease of 7.3%.
From radical expansion to rapid shrinkage, there are currently only more than 300 Lamarbel stores. While the Taiping Bird Group closed 717 stores in 2021, it opened 1,315 newly opened, and currently a total of 5,214 stores.
The inventory problem is that Lathallier has been lingering for a long time.
Even in 2018, which ushered in beautiful revenue data, its commodity inventory was as high as 2.555 billion yuan, which has been rising year by year. In 2021, due to the Group’s increase in cleaning inventory and reducing the procurement of new goods, inventory dropped to 61 million yuan. On the other hand, the inventory is highly stunned by the inventory week. Some analysts have pointed out that Lathar Bell’s inventory turnover days have exceeded 200 days in recent years, while UNIQLO is about 140 days, and ZARA is only 80 days.
In fact, the backlog of inventory is a problem that plagues the entire clothing industry.
The net inventory value of the Taiping Bird in 2020 was close to 2.26 billion yuan, an increase of more than 400 million from the end of 2019, an increase of 21.67%. The number of days of inventory was 166 days, a decrease of 13 days from the previous year. In 2021, the company’s net inventory value at the end of the company was 2.54 billion yuan, an increase of 280 million yuan, an increase of 12.56% over the end of the previous year.
In addition, La Xiabeel is not deeply strong in the design of the garment, and the style is also going on. It has not been able to form a highlight, which has been criticized.
A author named “Yi Wei” analyzed in 2019 that La Xiabeel’s design style was erratic, “” Before the marking Korean clothing group to go to college style; also walked over hip -hop and street style; French style and INS are mixed, and they have become increasingly unclear. “The financial report showed that since 2019, enterprises will no longer invest any R & D expenses.
What is even more fatal is that the quality of clothing has deteriorated and has been repeatedly spit out by consumers.
You know that users said, “I just knew that Lathamberg was in 2009. At that time, it was a humble brand in the mall, and it was more popular with little white-collar workers who just went to work. His clothes were particularly suitable for 20-30 years. Duan’s girl, leisure reduction, can be home, commute at home … At that time, La Xia at that time, whether it was workmanship or clothing, was very worthy of the price, and occasionally the feeling of picking up the treasure. ” Impression has been dispelled almost by the endless quality problems in recent years. Browse the Taobao platform users leave a message, such as the poor reviews such as the ball, hook, and off the line.
Lathamberry returned to the market sadly, and the revenue of Taiping Bird Group exceeded the tens of billions of barriers for the first time. The replacement of the winner and the loser shows the metabolism of the women’s clothing industry.
It’s hard to make women’s clothing, the national tide brand looks up against the trend
The Essen institutional report shows that in recent years, China has nearly 400 million years old consumers aged 20-60, and controls up to 10 trillion consumption expenditures each year. Women’s consumer decision -making status is important, and more than 60 % of Chinese family consumption is dominated by women. According to Guotai Junan estimation, in the past five years, the overall expenditure of Chinese women has reached US $ 670 billion, an increase of 81%.
The continuous “her economy” attracts countless entrepreneurial and investors’ attention, and the women’s clothing field is regarded as growth points with endless potential.
Analysis pointed out that women’s clothing as the largest sub -industry as the clothing industry, the market size has increased year by year. In 2019, the domestic women’s market size was about 1057.3 billion yuan, an increase of 8.56%. Affected by the epidemic in 2020, it fell below the trillion mark, but the scale was still twice as much as the men’s market. With the turn of the epidemic, the women’s clothing market returned to trillion in 2021. The size of the mid -to -high -end women’s clothing market accounts for about 14%of the overall women’s market size. The size of the mid -to -high -end women’s clothing market is about 7.5%, which is higher than the growth rate of the overall women’s market size of 2.3 percentage points. The market penetration rate has increased year after year.
Although the women’s clothing industry is a rich mine, it is not easy to achieve profitability.
The unpredictability of demand is the biggest challenge facing today’s women’s clothing industry.
Some analysts pointed out that “the core contradictions of the women’s clothing market at this stage are the contradictions between the needs of multiple varieties and the rapid changes between the rapid changes and the slow supply.” Accurately grasp the identity identity, value selection, emotional ownership, and how such factors are externalized into consumer concepts and motivations.
In the list of “Top 100 Enterprises in China Clothing Industry in 2019” released by the China Clothing Association in 2020, Hailan House, Senma International, and Jihua Group ranked high in the revenue list of listed companies, ranking in the top ten without women’s clothing companies. According to Yizhan & Bo Jun Technology’s “Insight Report on the Fashion Retail Industry in 2021”, the TOP10 of China’s listed clothing companies in 2020 was shortlisted by the Taiping Bird’s family, and Jiangnan cloth clothing ranked eleventh.
In the rapidly changing women’s clothing market, it is not surprising that the change of the brand. The attachment to the Korean clothing brand that has been settled in China for nearly 30 years has been the “dream of 900 million girls”. At present, it is difficult to escape the fate of being left out by the younger generation. Brands such as Teenie Weenie to alleviate high debt ratios.
The Danish Danish Tzu Group, which owns brands such as Vero Moda and only, is the first fast -fashion brand introduced in China. It was questioned as early as 2013.
As a last rescue, he had to move out of the clearance, discount, and sale.
In recent years, the fast -fashion giants, which have been sought after by the Chinese people, have also suffered a while. Zara, GAP, H & M and other brands have been cold again, and the domestic market share has shrunk significantly.
In the current clothing market that pays more attention to personality, consumption experience, and identity expression, it is fast and fashionable that the cost -effective slogan but has no distinctive design characteristics. It gradually withdrawn from the stage and was abandoned by the younger generation.
“Clothing is a language, with pocket drama with you.” Even if it is developing at the high speed of the Internet, it is difficult to say that it is not a person’s beauty and life at the ecepts of life. A new type of social method. The rise of some niche clothing brands is good for the pursuit of clothing in Gen Z for generations.
the survey suggests,
Nearly 90%of the national style enthusiasts are young people of generations Z
Essence Therefore, the Taiping Bird Group continued to interpret the national tide culture through joint names and pioneer designer cooperation in 2021, while breaking the barriers of category tracks. Creating the national tide IP has become one of the way domestic brands’ vitality. At present, more and more local clothing designers have begun to export original brands, opening up the territory on live broadcast platforms such as Douyin, Kuaishou, Taobao, and finding target groups.
Editor Liu Xueying intern Huang Jingshan in this issue