Zhejiang, which is rich in clothing brands, recently flew a "sunbird". Following the listing of Youngor, Baoxin Bird and Senma, Ningbo Taiping Bird Fashion Co., Ltd. (stock code: SH603877) officially landed on the Shanghai Stock Exchange on January 9 and became another listed Zhejiang clothing brand. The market value of the day exceeded 14.5 billion. , the daily limit is open.
Choosing an IPO at this time may save the performance of the Pacific bird in the past year.
According to the listing announcement, in the first three quarters of 2016, the revenue of Taiping Bird was close to 4 billion, the net profit was about 160 million, down more than 20% year-on-year, and the current liabilities exceeded 3 billion. At present, the decline in net profit is still continuing. Based on this performance, Taiping Bird estimates that 2016 full-year net profit will be at least 14% lower than the previous year.
However, this is not a long-term phenomenon. Previously, from 2013 to 2015, the revenue and net profit of Taiping Bird increased year by year, with revenues of 3.8 billion, 5 billion and 5.9 billion, respectively, with a compound annual growth rate of 24%; net profit of 210 million yuan and 430 million yuan respectively. 5.3 billion yuan, the compound growth rate is close to 60%.
Data from the Peace Birds Annual Report
Taiping Bird said that the slowdown in growth in 2016, the decline in net profit and the increase in current liabilities were due to the expansion of business scale. In the first nine months of 2016, the average number of stores in Taiping Bird increased by 1.5 per day, an increase of more than 400 from the previous year. At present, there are more than 4,200 Taiping Bird stores. With the expansion of stores, various costs have surged, while the profit growth of newly opened stores has been slower.
Founded in 1996, the Taiping Bird started out as a men's shirt and is currently positioned as a fashion “mid-class casual wearâ€. Its main brands are six brands, which are divided into core, emerging and start-up three gradients to cope with the differentiated needs of the market segments, complement each other and develop in a staggered way. In addition, the company also invested in the French design brand AlexisMabille in 2015.
Information from Taiping Bird's official website
In recent years, thanks to fashion design, cutting-edge content marketing and multi-channel expansion of sales, Taiping Bird has been well received by the industry. According to the prospectus, in 2015, Taiping Bird ranked fifth in the Chinese casual wear market. The Euromonitor report shows that in 2014, Taiping Bird ranked sixth in the mid-range casual wear market for women and men, and is the only local apparel company that ranks among the top ten in both markets.
Faced with brand aging and consumer growth, its founder Zhang Jiangping has publicly stated that “it must be transformed at least five years to understand your audience and seize your customers.†This spirit of moving with the trend is first manifested in Design innovation and content marketing. In recent years, the Taiping Bird has indeed gone farther than many domestic apparel companies on these two points.
On the day of the listing, Taiping Bird held a fashion show called “FLY†in the Shanghai Stock Exchange. The models showed their brands in turn. This unique launching ceremony is a style of peacebird that has always promoted the trend of entertainment and interaction. And this is obviously not all.
Since 2015, the Taiping Bird, which has been deeply immersed in the “net red†economy, has opened the “Net Red†business unit under its e-commerce department. It also invites fashion people to design the Disney series of clothing and invite model Zhang Liang as its spokesperson.
In the same year, the Peace Birds held the “Space and Technology†3D show in Ningbo, where many models, fashionistas and stars were invited. On the same day, PEACEBIRD women's dresses tried to move the show back to the front of the T-stage to restore the designer's work scene. This is similar to the Chanel 2016 Laofe's autumn and winter, moving the studio to the show.
"Space and Technology" 3D Show Live Photo
PEACEBIRD women's clothing try to move the show back to the front of the runway
Subsequently, the brain hole is getting bigger and bigger. In 2016, PEACEBIRD men's clothing and the former floral master ThierryBoutemy who dressed up for Dior, Lanvin, GIVENCHY, etc., launched the FEVER series men's wear; to pay tribute to the minimalist dressing philosophy of the East and West, to convey "fashion regardless of national boundaries", PEACEBIRD women's wear and Italy The independent designer brand MINIMALTO teamed up to design the “MINIMALTOFORPEACEBIRDWOMEN†series; in the same year, the Peacebird held the “Fever Again†online concept exhibition with the theme “Arts and Events of the 50sâ€.
Peace Bird 2016 Autumn Winter Advertising
On the eve of the 2016 Double 11, the Peace Birds hosted the "Birdman Music Festival", which created an interactive marketing with cross-border fashion and music. The drainage effect was good. On the day of Double 11, the sales of Taiping Bird exceeded 600 million, a year-on-year increase of 61%, ranking second in the ranking.
The reason why these content marketing can take effect is of course not just relying on entertainment gimmicks. The many factors behind it, such as trendy clothing design, effective sales models and supply chains, are fundamental.
At present, the design team of the Peacebird is over 500 people. In order to improve research and development capabilities, in recent years, employees have been organized to visit the ZARA factory in Spain. Zhang Jiangping said in an interview with the First Financial News that the Taiping Bird adopted a production method of “a lot of moneyâ€. In order to keep the merchandise fresh and fashionable, and ensure that the retail store is new every 1 to 2 weeks, the Taiping Bird develops more than 8,000 new products every year. The company also implements a flexible supply chain that typically only orders 60% to 70% of orders from the factory. If the sale is not good, the remaining fabrics will be used separately, and the products will be sold well.
From the perspective of sales channels, Taiping Bird implements multi-channel coverage of “street shop + department store + shopping center store + online salesâ€. With the change of retail formats, the proportion of channels is also constantly adjusted. The proportion of sales in traditional street shops and department stores is declining, and the proportion of shopping malls and online sales is gradually increasing.
At present, its offline sales model is mainly based on direct sales and franchise, and some use agents. As of the end of June 2016, franchise stores accounted for the most, about 70%, but the direct store revenue contribution was the largest, close to 3/5 of total revenue.
The Taiping Bird started out in the offline, but in 2007 it entered the e-commerce business, and the online layout was relatively early. By 2016, its e-commerce business accounted for more than 15%. According to the prospectus, the e-commerce business of Taiping Bird has grown substantially in recent years, and the online retail sales have increased from 400 million in 2013 to 1.1 billion in 2015.
In the double 11 battle, the Taiping Bird used the offline store to participate in the O2O mode. On the one hand, online orders, offline stores shipped. In addition, offline stores and dealers' merchandise can also be sold through online events.
Behind the huge sales, the Taiping Bird relies on self-built warehousing. Its Cidong logistics base costs 500 million, and the automatic storage and replenishment operation platform can be controlled only by a small number of managers.
Behind the excitement of the smooth listing of the Taiping Bird, the development of the Chinese local apparel industry is not optimistic. The Euromonitor report shows that the overall strength of China's local apparel brands is still difficult to compete with several international fast fashion groups. It is still to be seen whether the peacebirds borrowing from the capital market will be able to go further and further in the subsequent expansion.
In the first half of last year, Zhang Jiangping, chairman of Taiping Bird, said in an interview with the daily economic news that he plans to open 2,000 stores within five years. IPO can become a catalyst, so he hopes to enter the A-share market quickly. After the listing, Taiping Bird said that it will use more than 1 billion funds raised to build and strengthen the marketing network, distribution logistics center and information system, and invest 580 million yuan, 350 million yuan and 150 million yuan respectively in these three parts.
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Editor in charge: Li Xuetian
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