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Text 丨 Xue Hongyan

In the context of consumption upgrades and the rise of domestic goods, there will definitely be several local clothing brand giants in China. Therefore, the clothing track is worthy of attention. But if you want to bet, you must also find investment targets with higher winning rates. How to choose the potential leader?

Evolution of clothing brand: starting from a case

Antarctic e -commerce company was founded in 1998. It is positioned as an integrated production and sales of clothing companies. In the early days, it quickly occupied the market through CCTV advertising. The “Antarctic” formed a high popularity and recognition in the underwear category. In 2008, the company began to abandon the production and sales side, and opened the brand authorization model (the so -called “selling tag” model), relying on the Antarctic brand to connect manufacturers and dealers. In 2010, the company fully embraced e -commerce channels and enjoyed the high -speed development dividends in the opening and traffic of stores and traffic, forming a distinctive “group store” strategy.


In 2012, the company created its own “NGTT Antarctic Community” and created a comprehensive e -commerce ecological service platform with a flexible supply chain park as its core to deeply empower manufacturers and dealers to comprehensively improve the supply chain capacity. In 2015, the company’s backdoor was listed. In 2016, the acquisition of brands such as Kadle and Palan Dot began to build a multi -brand matrix. In 2017, the company’s merger and acquisition time interconnected company entered the digital advertising business.

At this stage, the company’s business model is mainly to walk with two legs: first, brand authorization+service, that is, relying on its own brands (Antarctic people, Cattel Crocodile, Classic Teddy, etc.) and third -party brands (the company is C & A domestic domestic The only partner online), aggregates manufacturers and dealers in a brand authorized manner, adheres to the concept of “good goods and not expensive”, mainly based on domestic channels, mainly online business; second, digital advertisements+celebrities Relying on the time to connect the company to carry out digital advertising business, and at the same time cooperate with the Internet celebrities to promote business collaboration.

In a sense, the brand authorization model of Antarctic e -commerce company is “one thousand profits”, and the gross profit margin was close to 90%, but

The destiny of this model lies in whether the brand image of “good goods is not expensive” can be maintained.

The brand image depends on product quality, but the company’s product quality depends on the huge number of cooperative manufacturers. Although the company continues to strengthen product quality control through random inspection, inspection, cooperation with third -party quality inspection agencies, and platform random inspections, after all, it is only a cooperative relationship with the factory. The maximum penalty is to cancel cooperation and cannot prevent product quality problems.

In recent years, complaints on product quality have continued to erode the brand reputation of the Antarctic people on the third -party complaint platform. For example, according to the statistics of “Southern Weekend”, in 2018 alone, the Antarctic people were blacklisted by unqualified products from the National Quality Supervision Department and local Consumer Association at least 14 times.

At the same time, although the company’s main products are still warm underwear, vest underwear, urine do not wet, the product line has expanded from clothing to maternal and infant supplies, small appliances, personal care, food and other fields. In response to investors’ questions, the company even said that “theoretically the company can involve all categories on the Ali platform because our user base is large and the conversion rate is high.”

The excessive extension of the product line will inevitably overdo the brand’s professionalism and reputation of the Antarctic people to a certain extent, which constitutes a challenge for the business model with brand authorization as the core. then,


While being ridiculed by users as “all things can be Antarctic”, the profit growth of Antarctic e -commerce has begun to encounter a bottleneck.

In 2020, the epidemic was catalyzed, and online retail continued to maintain high growth. The national online retail sales increased by 11%year -on -year, but the brand service fee income of Antarctic e -commerce companies slowed significantly. From the perspective of gross profit income, the brand service fee in 2020 achieved gross profit of 1.162 billion yuan, only 0.26%year -on -year.

In this context, the capital market began to vote with foot. Since the high point in July 2020, in just over a year, the company’s stock price has fell back to the level of 2015.

The transformation problem of clothing companies

At present, around the problems such as brand overdraft and brand aging, Antarctic e -commerce intends to break through through strengthening supply chain management, cross -border expansion, food business, industrial services, brand matrix and other methods. Whether it can succeed still requires time verification. But whether it is successful or not, it reflects the breakout situation facing the domestic textile and apparel industry.

The consumption of people’s livelihood must be called “clothing, food, housing and transportation”. Costumes are just needed for just needing. The clothing industry is also a beneficiary industry for consumption upgrades. However, with the improvement of income levels, consumers are increasingly pursuing personalization and fashion, and higher requirements for brand tone and product design.

The major changes in the demand side in the short term have constituted a serious challenge to many domestic and clothing brands that have developed the extensive development of the horse -ranging circle, and comprehensively manifested as the aging of the brand.

The direct manifestation of the brand aging is that the product cannot be sold, the inventory has a large backlog, and a loss is formed by the preparation. Faced with this challenge, many clothing companies may blindly increase brand propaganda and fail to return to the industrial chain to solve quality problems; Industry. In short, there are very few successful people.

On the surface, brand aging is the brand image that cannot meet the needs of consumption upgrades, but in essence, behind the brand aging, it involves many factors such as product design, product quality, product price, sales system, and cultural core. The brand vitality needs to be operated in the depths of the corporate soul, and the success rate is originally low.

Looking back at the past cases, Li Ning is one of the few brands of clothing companies to successfully upgrade. Behind this, there are Li Ning’s own efforts, such as the return of the founder, focusing on research and development all year round, the popularity of “China Li Ning” in 2018, and the first to focus on the national tide and dense publicity. Related, it is difficult to copy other clothing brands.

On the one hand, Li Ning is on the sports clothing track, and the functional attributes are stronger. The head brand can greatly raise market barriers through monopoly on top sports events, and the competition pattern is better. Taking the domestic as an example, in 2020, according to the retail sales, the CR5/CR10 of my country’s sports shoes and clothing industry CR5/CR10 reached 59%/78%, respectively. In contrast The women’s clothing industry is 5%/8.2%, respectively.

On the other hand, after the Xinjiang cotton incident, the image of foreign brands such as Adi and Nike was severely damaged. The reputation of domestic domestic products brands such as Li Ning and Anta quickly rose and filled the market. What’s more important is that, in the context of the rise of great powers, the potential energy of domestic brand brands is trending and persistent, and comprehensive competitiveness is significantly upper step.

However, those who enjoy the rise of domestic goods are still mainly sports shoes and clothing brands. Hailan House, Yaga, Senma Clothing, Meibang Clothing, Seven Wolf and other domestic clothing brands are still continuing.

Like Antarctic e -commerce, clothing brand companies have broken the situation in light asset transformation. They are generally outsourced in production. promote. But to reshape the brand’s vitality, it is still far away.

In the context of consumption upgrades and the rise of domestic goods, the clothing track has undoubtedly broad development prospects, but the uncertainty of a single company is the real problem facing investors, that is, it is difficult for investors to find the target that can win.

In an industry with both personalized, fashionable, rationalization, old brands continue to face the challenge of changes, often dazzling, limited market dominance, coupled with the refinement and maturity of the division of labor in the industry chain, for the rise of the new brand, the rise of the new brand’s rise Provide more convenient conditions. Especially in the current market, the entire clothing industry is in the inflection point of transformation and development, and it is more likely to have variables.

For example, the digitalization of the industrial chain, the diversification of marketing methods, the diversification of sales channels, and the refinement of the industrial division of labor, so that enterprises have a competitive advantage at any point. , Increase market competition variables.

In this kind of environment,


Investors bet on a single enterprise and have high uncertainty; betting on the entire industry is not very significant, because the new forces may be born from non -listed companies

Essence The best strategy is to observe+wait, observe the motion of major listed companies, and wait for a clearer signal.

What is a clear signal? The popularity of “China Li Ning” in 2018 is a typical case. In 2018, Li Ning became popular in New York with the “China Li Ning” elements in New York Fashion, which attracted widespread public opinion in China, and opened the trend of domestic products in sports shoes and clothing. During the half -year to one year after this time, it is the window period for the deployment of domestic sports shoes and clothing companies.

On the other hand, such signals are not seen in the clothing industry in the clothing industry. At this time, watching is a better strategy.

[Note: The market is risky, and investment needs to be cautious. In any case, the information contained in this article or the opinions expressed in this article only exchanges the point of view and does not constitute investment advice to anyone. .

Is it worth betting on the clothing track?

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