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The price caught up with the big goose, and the domestic down jacket can sell more than 10,000. Do you still feel cold?

Posted on July 18, 2022 By ArticleManager

This year is a cold winter, and the down jacket business has ushered in a high point.

Before the winter in October, the news that the online education platform ape tutoring transformed into a down jacket ignited the popularity of the down industry in advance.

However, compared to the newcomer of the apes, the old down jacket giant Poson is more like the protagonist.

On November 25, Bosideng launched the “Climbing Peak 2.0” series down jacket with the highest price of 14,900 yuan. The price of 15,000,000 instantly made Bosh on the hot search, which also made people suddenly realize that the original domestic down jacket was so expensive that it was also so expensive. It’s right.

In the increase in price, Bosideng is also increasingly like China’s “Canadian Goose”.

Why is Bo Sideng more and more expensive?

What is the price of down jackets now?

According to the tiger ESOP, within 30 days before October 22 this year, the average sales price of Adidas down jackets under the e -commerce company was 575 yuan, Li Ning was 450 yuan, Skeckey reached 617 yuan, and Anta was 510 yuan.

But if you put your sight on Bosidi, the unit price level is doubled.

As early as last year’s National Day, Bosideng’s average sales price in the Tao Department had reached 1034 yuan. It was able to have a price -level brand with Bosideng, only File, north, New Baren, and more expensive Canadian goose.

The price increase and high -end of the Boshide down jacket have actually launched as early as 3 years ago.

Tiger ESOP found that in 2018, Bo Siden officially kicked off the price increase. The sales volume of single products with a unit price of less than 1,000 yuan dropped to 12%, and sales of more than 1,800 yuan increased to 24%. By FY2020 Bosideng brand down jacket online sales revenue, sales revenue with a unit price of more than 1,800 yuan accounted for 31.8%.

Now that Bosideng has become more and more smooth on high -end roads, it is due to the big cycle of the current clothing industry.

According to the data of the China Feather Association, the average price of down jackets in my country has been on the rise in the past ten years, and as the industry destocking is close to the end, the entire industry has entered the price lifting cycle.

Since 2017, my country’s down jacket production has begun sharply. The decline in production in 2017-2019 reached 14.4%, 32.8%, and 20.8%, respectively. .

However, the market demand of down jackets at the same time did not decay, and the market size remained in a compound annual growth of more than 10%.

The increasing gap between the decline in production scale and the growth of market scale has given the price of sufficient increase in the price of down jackets.

In addition, the increase in the price of down raw materials has also urged the market price of down jackets.

Among the production costs of down jackets, the cost of raw materials accounts for 75%, of which the highest cost is down raw materials, accounting for 45%of the total cost.

As a big head of cost, the price of down commodities of down jackets determines the market price of down jackets to a certain extent. From April 2020 to August this year, the price of 90%of white duck down from less than 200 yuan to about 360 yuan. The unit price of 90%white goose down rose from 400 yuan to about 630 yuan.

In the year, more than 50%of the raw materials increase, and the down jacket industry is afraid that it is difficult to increase the price.

According to data from Tianfeng Securities, except for the industrial destocking in 2014 and 2015, the average price of down jackets in the past ten years has been rising, and the average unit price increase of 2016-2018 has exceeded 7%.

As the old down jacket giant, Bosideng will naturally take a very stable high -end route under the east wind of the market.

After falling, Bosidin returned to the main business of down jackets

In addition to the objective conditions of the market, the fundamental reason for the smooth and smooth -end of Boshi is that the market needs a high -end domestic down jacket brand.

In recent years, international high -end down jacket brands such as Canada and Moncler have entered the Chinese market. Under the blessing of consumption upgrade, the high -end consumption demand of down jackets has been fully discovered. Taking the Canadian goose as an example, the sales of direct operating channels in Greater China in the last quarter have increased at 85%.

Under market demand, Chinese down jacket brands can support the word “high -end”. And for Bosideng, transformation to high -end is also a way to go.

As a head down jacket brand, Bosideng successfully landed on the Hong Kong Stock Exchange in 2007. Its down jacket brands including Bosideng, Xuezhongfei and Bingjie.

Although Bosideng had become a domestic down jacket at that time, after all, down jackets were a dinner that was eaten by the sky. The sales period of down products was limited to winter, and the market was more concentrated in northern regions with relatively rare population.

After standing in the field of down jackets, Boshi launched a four -season and diversified strategy, successively launched business lines such as men’s clothing, children’s clothing, school uniforms, and also acquired women’s clothing brands such as Jesse and Bangbao.

But the market effect brought by expansion has not achieved the expected effect.

In 2013, Bo Side’s warm winter and macroeconomic impact inventory. At the same time, under the impact of other fast fashion brands, he began to take a downhill road.

Since 2014, Bosideng’s revenue profits have fallen all the way. In 2016, it ushered in the lowest point. In that year, only 5.8 billion yuan in operating income was achieved, a decrease of nearly 40%compared to 2013. In 2015, its net profit was only 130 million yuan, less than one -tenth of 2012.

While the revenue profit declines, Bosideng’s positioning is constantly blurred.

Since 2017, Bosideng, who is painful, has begun to return to the main business of down jackets and shrinks the diversified business line with poor performance.

However, this time Bosideng did not take the old road, aiming at the high -end and youth of down jackets.

Since 2018, Boshung has frequently held fashion shows. For three consecutive years, show shows have been held in New York, Milan, London and other regions to provide professional cold equipment for the Antarctic Science Team and the Chinese climbing team.

Behind these marketing operations is to promote high -end transformation. Through data, we can find that the road of transformation and upgrading of Bosideng is indeed right.

At the mid -term performance meeting held in November, Bosideng stated that the average down jacket price in the past three years has increased from 1,000 yuan to 1,600 yuan, and the average price in the future is expected to reach 2,000 yuan.

Moreover, the market did not have conflicts with Bosideng’s high -priced products.

From 2016 to 2020, Bosideng’s operating income rose from 6.8 billion yuan to 13.5 billion yuan, which has doubled the growth in four years. Net profit rose from 400 million yuan to 1.7 billion yuan, an increase of more than 4 times.

In the past three years, it has also been a high time of Bosideng’s stock price. Since 2018, Bosideng’s stock price has risen from the lowest to HK $ 1 to HK $ 5.18 today.

The total scale of equity incentives exceeds 1 billion shares

价格直追大鹅,国产羽绒服都能卖到1万多了,你还觉得冷吗?

As a brother of the domestic down jacket brand, Poson’s development is inseparable from the support of talents, and equity incentives have also become a powerful tool for their talents.

According to the tiger ESOP, as early as 2007, Bo Siden set up a share purchase plan, but the plan was valid for 10 years, which has expired in 2017.

In 2017, Bosideng once again established a new equity plan to replace the 2007 plan. The validity period of the new plan was also 10 years.

According to the annual report, the total incentives of the new equity plan were as high as 1.068 billion shares, accounting for 10%of the total share capital issued at that time.

As of March 31, 2021, Bosideng has granted the number of unsatisfactory equity shares that has not been exported to 670 million shares. Among them, the directors Rui Jinzong’s name has been granted to 105 million shares under the name. The number of shares that have not been performed in the right to exercise is 8 million shares.

In addition to buying equity, Bosideng also passed the share reward plan in 2011. After the plan expired, Bosideng set up a new shares in 2020.

As of March 31, 2021, the number of unwavering shares has reached 87 million shares.

The data of this article comes from Bosideng Announcement, Wind, West China Securities, Tianfeng Securities, Guohai Securities, Haitong Securities, Tencent News, Finance and Economics, etc.

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