Recently, the capital has been continuously sought after. The domestic apparel group Jiangnan Buyao (03306.HK), which is listed in Hong Kong, has reached a new high. Today, its share price rose 6.35% to HK$10.72 per share. The market value recorded 5.56 billion. The first anniversary of the market, the market value rose nearly 70%.
Earlier analysis pointed out that the company's main brand women's clothing JNBY, in the case of income has reached 1.2 billion, the main brand in the 17th fiscal year, has achieved more than 14% of revenue growth, exceeding expectations. The accelerating growth of revenue indicates that the company's main brand has not yet reached the ceiling of market concerns.
The picture shows the stock price change in the past year of Jiangnan Cloth's listing.
The picture shows the growth of fan consumption and membership consumption of Jiangnan Buyao from 2014 to 2017.
The picture shows the growth of the number of members who spend more than RMB 5,000 in the year of Jiangnan.
During the period, the Group already has more than 2 million member accounts, of which more than 1.5 million WeChat accounts. In FY2017, the retail sales contributed by members accounted for 62.6% of the total retail sales. The number of active member accounts of the group has exceeded 260,000. The number of member accounts with total purchases exceeding RMB 5,000 in FY2017 exceeded 118,000. The retail sales also reached RMB 1.4 billion.
As of the end of June this year, the net profit of Jiangnan Buyi Group recorded RMB 332 million, a year-on-year increase of 38.54%. During the period, operating income recorded 2.332 billion yuan, up 22.58% year-on-year; gross profit was 1.475 billion yuan, year-on-year. Rose 23.87%. It is reported that the total number of physical retail stores operated by Jiangnan Buyi Group increased from 1,316 on June 30, 2016 to 1,591 on June 30, 2017, including 39 overseas distribution points, and its retail network covers mainland China. All provinces, autonomous regions and municipalities and 17 other countries and regions around the world.
On August 24th, JNBY's second Hong Kong store opened in Hysan Place. The picture is from Jiangnan Cloth official WeChat.
Unlike most apparel brands, Jiangnan Buyi Group, the parent company of domestic women's wear JNBY, which has never been invited to celebrity endorsements, has begun to be sought after by its capital, and its core competitiveness is gradually becoming clear.
First, with the gradual maturity of Chinese consumers and fashion apparel markets, Chinese designer brands have developed rapidly since 2010. In 2015, the market size of Chinese designer brands reached 28.2 billion. It is expected to maintain a compound annual growth rate of 26.74% in 2016-2020. It is expected to reach 91.6 billion in 2020, and the future development potential is still relatively large.
Compared with the Taiping Bird and Anzheng Fashion, which were listed in the domestic A-share market earlier, Jiangnan Cloth is not so "immediately seen" by the capital market, but now investors are beginning to realize the market potential of Jiangnan Cloth. According to an earlier survey by consulting firm CIC, there are about 300 major designer brands in China, and the top five account for 30% of the market. Jiangnan Cloth ranked first, accounting for 9.6% of the total. Wu Jian, the founder, chairman and chief executive of the group, said earlier that the group is not driven by the opening of stores, but by the designer brand.
Secondly, Jiangnan Cloth's “design-driven†concept has become the differentiated competitiveness of the brand in the Chinese market. According to the CITIC Construction Investment Report, Jiangnan Cloth has a special R&D center for different categories, and launched more than 4,000 models in FY2017 to provide customers with a wide range of products. At the same time, the company has a professional new fabric and material development team, and has successfully developed 10 kinds of fabrics. The 60 designer teams led by Li Lin have enough design freedom, and the company adopts a design-led retail model.
With the literary style that started in China in the field of film and television and music in around 2010, the artistic style that JNBY first created was very avant-garde at that time, and quickly attracted a group of consumers with independent aesthetic attitudes.
Fan members have also become the growth engine of Jiangnan Cloth. “Faithful fans are JNBY's biggest intangible assets,†said Jiang Zhu, CFO of Jiangnan Buyao Group. According to statistics, its women's JNBY ranked first in the domestic women's wear for the second consecutive year on the WeChat platform. It is reported that the brand has established a comprehensive customer relationship management system and customer loyalty program to incorporate fan members into the core competitiveness of the brand.
Multi-brand strategy has also become the basis for the capital market to be optimistic about the future of the group. Jiangnan Buyi Group was established in Hangzhou in 1997 and currently has five brands, including women's JNBY, men's CROQUIS (sketched), children's wear jnby by JNBY and Pomme de terre (Ponma) and high-end women's less. According to CIC statistics of third-party data companies, last year, Jiangnan Buyi Group occupied the largest market share in the Chinese designer brand fashion industry. Sales of the women's wear department, including JNBY and Less, increased 15.9% year-on-year to 1.53 billion yuan, accounting for 65.6% of overall sales.
The picture shows the Jiangnan Buyi Group brand matrix
Some analysts believe that the ownership structure of the Jiangnan Buyi family also guarantees the stability of the company. At present, the company is jointly controlled by Wu Jian and Li Lin, respectively. As the founder of the company and the design and operation of the soul control company, the company controls a total of 61.47% of the company's shares through multiple trusts. The company's major shareholders are all members of the veteran.
With the rapid growth of consumer groups pursuing lifestyle tastes, the demand for personalized and fashionable products will continue to rise, and the potential of the designer brand segmentation market is huge. According to OC&C Strategic Consulting, the total value of China's apparel market is about $300 billion.
With the gradual advancement of Jiangnan Buyi Group's international expansion plan, Frank Zhu said that it will be divided into two parts, one is to go out and expand the brand circle of friends in the capital market, and the other is to attract new designers and become a Designer platform. The mature business model of Jiangnan Buyi Group can support talented designers to do what they want, and the continuous innovation of designers can stimulate the vitality of Jiangnan Buyi Group's revenue growth.
According to him, 30% of the funds raised by Jiangnan Cloth's listing will be used for internal incubation or external mergers and acquisitions to expand the new designer brand. As long as the brand tonality matches the Jiangnan cloth, it may become the acquisition target of the group. Skin care brand.
It is reported that Jiangnan Buyi Group plans to launch several new brands in the near future, including new design business men's wear and renewable environmental brands. At the same time, Jiangnan Cloth is also stepping up the layout and expansion of overseas markets. In the future, the brand ecosystem of Jiangnan Cloth Structure will give the industry a large enough imagination. However, up to now, Jiangnan Buyi Group did not disclose the target of the specific acquisition.
Jiangnan Cloth, which has become a rising star in the capital market, seems to have finally begun to exert its strength. Nowadays, it is also sought after by the market and thanks to the patience of the group. Frank Zhu believes that a gold will always shine. The early stage of the stock price downturn is a normal phenomenon, and the capital market itself is a thing that is not fast.
According to him, investors will pay special attention to two points when they pay attention to Jiangnan Cloth. One is whether the performance of the core brand JNBY will keep growing, and the second is whether the sales proportion of other brands has increased. The former represents whether the main brand JNBY still has vitality, while the latter represents whether Jiangnan Cloth is doing well enough in multi-brand management.
Some analysts pointed out that unlike most apparel brands, Jiangnan Cloth never asks for celebrity endorsements. The future apparel brand will be a contest between taste and personality. Jiangnan Buyi Group, which is designed to impress consumers, will continue to receive capital attention.
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