From Shandong Choulan IPO is not to explore China’s independent innovationBrandWomenThe future development of
Recently, the China Securities Regulatory Commission issued the audit work of the Committee meeting, the Chinese women’s best companies – Shandong ChoulanClothingClothing Co., Ltd. (hereinafter referred to as Choulan) first application was not approved, not to become “the first Chinese company listed on the local ladies” has caused a sigh of sound inside and outside the industry. Capital market does not believe in tears, after the regret we can not help but think: an adherent of the innovation to the excellent self-mode-based women’s business why national brand blocked outside the door in the capital markets? The future, the Chinese women’s enterprise development where the road again?
“Will be on whether” to every attempt to enter the capital markets business is required prior to envisage a result, once the application has not been passed, the earliest in order to re-apply after six months, the company’s overall development strategy will be some impact. Carries the “China’s first listed company of local women’s” vision, carrying the Chinese garment industry new hope, Choulan ultimately backfire, and pass the capital market, is somewhat regrettable.
Sigh this is not just employees and thousands of Mingshu Lang “beard” Chairman Wu Jianmin, industry leaders and entrepreneurs can not help but send a trace of emotion. China National Garment Association, Secretary-General Wang Zhuo learned after the first time in the update a microblogging: “20 Choulan on the Council, then the news came too will not, sorry sorry for the tread in!” 22 pm, China National Garment Association Executive Da-Peng Chen, vice president, said although Choulan this will not be passed on, but it is the first knocking on the door of the China Securities Regulatory Commission local women’s business, the entire Chinese women’s development of the industry have a positive meaning.
Because the development did not pass too fast?
In addition to sigh, the last will not because people had recently been the focus of attention, Choulan as the China National Garment Association Committee, director of women’s professional unit, the National Federation of Textile and Apparel Association, vice president of the unit, through a decade of development has been in the industry gained wide recognition both inside and outside, in a sense become a new image of Chinese women’s representatives, such a strong business reason is not passed?
Some people think that 20 will be on display in front of gossip Choulan employees insurance and provident fund arrears, this will affect the Choulan on, but along with the 22 Yantai Development Zone Personnel Labor and Social Security Bureau held a press conference to clarify the truth, people understand that only some of the media about the negative news on the company made some mediocre small trick.
Problem may be out in the open in the prospectus Choulan some risk factors, such as asset-liability ratio 72.78% is too high, the low current ratio, etc., with the end of last year and early this year listing the twoMenEnterprises, Chinour pre-IPO assets and liabilities was 47.85%, Busen shares prior to listing assets and liabilities was 52.98%, although Choulan with a certain gap, but it is worth noting that Choulan is self-mode main, while the two men’s business model is mainly to join the main enterprises of different business model led to debt ratio and liquidity ratio and other indicators vary.
If we analyze Choulan another set of data, the balance is high, the low rate of flow in recent years, perhaps with Choulan “frog jump”-type growth rate for 2008 to 2010, Shandong Choulan’s net profit for the 1175 million and 26.15 million, 50.24 million. The growth rate of the past two years 123% and 92% in 2010, Choulan gross margin of 68.23%, beating the A shares before the garment industry “Maori King” Caesar stake in gross margins as high as 48.81%. The information that Choulan even and has been listed Chinese clothing enterprises, profitability is also far ahead, a high debt ratio is what causes it?
Following this set of data may be able to explain the situation: 2008 to 2010, the number of outlets in Shandong Choulan were 183, 279, 492, 2009, a growth rate of 52% in 2010, the growth rate of up to 76 %. As Choulan its stores have 492, while the franchise is only 59, so each shop to open outlets will take up a lot of money, which resulted in high debt ratio into the phenomenon.
High profitability is high debt, the only explanation is that companies will need funds for rapid expansion, a decade of rapid enlargement of the business if you do not will quickly aging, which is Choulan push the dozens of brands in this year’s strategic reasons , and in the prospectus of the word also expressed Choulan will continue the rapid expansion of the route determination: “after the successful listing of over 180 million yuan to raise funds to continue construction projects for the marketing network.”
Some enterprises in order to look good regardless of market data business strategies for the future, apparently Choulan not take this approach, practical industry do to create a hundred years the idea of brands is clearly visible, perhaps, Choulan market disruption is only temporary.
“Choulan mode” competitive in the end how much?
From Smith Barney, Semir virtual marketing, free dry cleaning for life to Chinour men, each successful apparel companies are listed on their own unique business model to obtain the favor of China Securities Regulatory Commission, Choulan as a dark horse, at an alarming rate of women enterprises in the business model, what characteristic? Women with the following understanding of industry-specific “Choulan model.”
Choulan born in 1999 in the northern coastal city – Yantai, since the brand was founded early stick to the “independent innovation, national brands, professional women” line, under the guidance in this direction, Choulan follow and practice the “six plus one “model, that in addition to manufacturing, including product design, raw material procurement, logistics, order processing, wholesale business, retail terminal six areas, the essential meaning is to enhance the competitiveness of the enterprise itself, enhance efficiency, strengthen enterprise in various chain between the self-control and control, market dominance, the development of the initiative. Choulan in the whole industry chain, the “six plus one” in the “six” to upgrade the whole area, as this chain is the most profitable economic sectors for themselves.
For example, in product design aspects, Choulan now not only has the art of elite graduates from domestic R & D team composed of high-quality, high-level design with foreign companies to cooperate or design studio, design and quality integration with the latest international trends. This high-end design capabilities, making Choulan entered the market to get consumers.
Part in the procurement of raw materials, procurement and more high-grade fabrics in the South, as Choulan’s late start, with well-known, often large competitive disadvantage, the supply of fabric development of enterprises became the “bottleneck.” Choulan’s bold play to the advantage of direct negotiations with the international fabric suppliers from Europe, Japan, South Korea, the purchase of high-grade fabric, relying on efficient international logistics and transport, even in the south than the original purchase but also timely and convenient manner.
Choulan the “six plus one” model has attracted a lot of industry experts and scholars inside and outside the attention and praise, academic dean of China’s economy Jinglian, China National Garment Association consultant Jiang Heng Jie have went Choulan company inspections, investigations, in the just-concluded nineteenth China International Clothing & Accessories Fair, Vice Premier Zhang during a visit to Choulan booth, gave Choulan full recognition and excellent reviews, and placed Choulan great hopes “Choulan lead the women to a higher level of Shandong.” China Textile Industry Association vice president Xu Kun Yuan Choulan booth 10 of Wu Jianmin short period of time established brand with good appreciation of innovative initiatives, while encouraging Choulan continue to take the “6 +1″ to control the whole chain of the road.
In this mode, driven Choulan won various awards and recognition of institutions, only the past year on the Harvest “2009 – 2010 top ten best-selling women’s brand in China,” “Eleventh Five” apparel industry in Shandong Province Ten meritorious enterprise, “the brand impact of China Outstanding Contribution Award Brand Award (2010)” and other awards, launched by the China Garment Association, China’s Top 100 enterprises in the garment, Choulan also mid-ranking in the financial After the 2008 crisis raging, Choulan enterprises still serving the country has been ranked the average profit margin of the top few, and in 2007 set off first in the country’s record, which shows the unique profit model and risk-resisting ability is to withstand the test of of.
And many service enterprises have been successfully listed on the different Choulan neither the huge trade and processing enterprises, capital turnover rate does not fall within the virtual marketing business quickly, but a chain of control of all aspects of industrial innovation-oriented enterprises, Meanwhile, Choulan in response to national “five” to encourage independent innovation and brand the call to increase the design and development capabilities, stick with a terminal-based network to Direct mode, the starting point is to increase research and development, it must adapt to the market need, if the use of agents, laying the way to join the terminal, the reaction of the market information is bound to exactly the way as Direct and rapid, quality of service can not be guaranteed and effective supervision, therefore, this approach based Direct from management services to feedback design has an unparalleled advantage. As of the date of dispatch reporters, Choulan has covered 29 provinces and more than 600 shops, Direct proportion accounted for 90%, a large number of shops in such a case remains a very high proportion of Direct, which Chinese garment enterprises in the whole is also amazing, which makes Choulan in brand awareness, rapid response has become the industry more competitive advantage.
Chinese Women, Where?
Choulan model can eventually be recognized by China Securities Regulatory Commission? China’s domestic market of the way women’s business success How far? We do not know answers to these questions, but Choulan of this set back will lead us to the Chinese women’s brand-new way of thinking of the future.
At present, China Women’s Garment Industry is characterized by: market segmentation, distribution of international brands in China, increasingly fierce competition, the design strength of women’s business is relatively weak, mostly regional brands.
If the analysis of market standing height of the pattern of global, European and American women can see the influence by virtue of its brand and market size, firmly occupy the industry leadership; Japanese and Korean women in particular, the recent Korean women, in younger age groups come to the fore, has been began to guide young people in the worldFashionTrend, in addition to foreign high-end luxury brands LV, CUCCI outside, H & M,ZARA, C & A has also been pouring into the Chinese market and a leading position, which makes women even more intense market competition.
We note that the above-mentioned brand in the international market, Chinese market outlets are used in the form, but did not take the expansion of Agent, even if the women have been successfully listed on Hong Kong enterprises Ports, leisure brand Metersbonwe, Experts joeone pants will also be listing a lot of money used to raise the self-expansion of stores, like Smith Barney, Semir these companies have chosen are set in gold to corner a large number of storey shop model, as gradually change agent to join more self-less status quo. This phenomenon illustrates the stores at least the main form of success is the brand of choice and continue to pursue the goal, perhaps Choulan and more like Choulan similar mode of development of local brands take time to wait for the recognition of domestic capital markets.
Women with a novel design, high technology, fashion and strong, small volume, short cycle, fast changes, etc., can be said that design is the soul of women. Compared with international brands, local brands of women’s design is weak is an indisputable fact, the state second Five-Year Plan to encourage innovation and independent brands, which need to strengthen the design and development efforts, but as a “smiling curve” the other side, if the market this end mishandled, design and development is impossible, therefore, good control over the market – design – surface materials procurement – production – market commodity chain can really solve the “design not suited to the market, with no matching fabric and accessories on design development, market segmentation positioning is not accurate, “and so on, is to control the whole chain to occupy the starting position, or follow the crowd to do fast moving consumer goods, this is the future of Chinese companies can go far in women’s choice problem.
With the last two yearsHangzhouWomen,ShenzhenThe rapid rise of women, “South installed north” has become China women’s market, a typical phenomenon of the brand, but from the whole region characterized by the prominent Chinese women, Chinese women have a high number of brand growth, but more regional women’s brands strong market share in the nationwide brand of women’s higher market share lower than men’s brand and its brand stable.
Northern companies to emerge in the south of the river and fewer brands, such as Choulan the river north of successful women’s brand can be described as rare, as this can cover 29 provinces and cities such a wide range of enterprises should be encouraged and supported, ZARA , H & M, Uniqlo women can be all over the country, our local women also will be able to do it. If this “Crossing the River crossing strategy” mode not being perceived, then? So whether China should continue to take the regional women’s road? Crossing the River is not even crossing the line, how should our Chinese women across the sea it? International road will also sight.
