Longitudinal listing, high-end women's clothing market dispersal or end

Langzi high-end women's brand

On July 22nd, the China Securities Regulatory Commission issued an announcement that the NDRC's 158th meeting in 2011 reviewed and passed the initial application for the A shares of the company. According to the Longitus prospectus, Lanzi intends to issue 50 million shares, accounting for 25.00% of the company's total share capital after the issuance. It plans to raise funds of 850 million yuan and is planning to land on the Shenzhen Stock Exchange. This also means that the company will become another listed company in the high-end women's wear field in China. It can be found that following the men's wear, sports shoes, home textiles and other plates, the market atmosphere of the domestic high-end women's clothing market is also growing.

At present, the actual control of the company is Shen Dongri and Shen Jinhua, brothers and sisters, holding a total of 84.93% of the company's shares. After the issuance of 50 million shares, the Shen brothers and sisters still hold a total of 63.70% of the company's shares. According to its prospectus, Langzi shares its main business of "design, production and sales of branded women's clothing, focusing on the high-end women's wear market" and aims to "lead the Chinese high-end women's wear brand and become the leader in the women's wear industry". It is currently adopting a multi-brand development strategy. The three core brands include its own brands "LANCY FROM 25" and "LIME FLARE", and the exclusive "MOJO S.PHINE" in China And ZOOC)", the product's main retail price range is 2000-5500 yuan.

The overall characteristics of its brand are more colors, faster updates, and fewer single items. This mode of operation keeps the proportion of raw materials in inventory at a relatively low level. Overall, the three brands complement each other in terms of brand positioning, design style, and target customers, allowing them to occupy the market to a greater extent, thereby diverting the company's operating risks.

The Lanzi share plan raised about 850 million yuan. According to the degree of urgency, it will invest 587 million yuan in the marketing network construction, invest 139 million yuan in the expansion and expansion of the Beijing production base, invest 68 million yuan in the construction of the design and exhibition center, and invest 55 million yuan in information systems to upgrade construction projects.

Several brands under the company's Langzi Group currently enjoy high popularity and reputation in the domestic women's wear market. According to the “Analysis Report on the Development of China's High-end Women's Clothing Brands” published by the China National Business Information Center, the “Langzi” brand ranks among the top high-end women's wear brands in the country, and its brand position in 2008, 2009 and January-September 2010 are respectively different. Ranked fourth, fourth and third. In 2010, "Langzi" was rated as "Top Ten Best-selling Women's Clothing Brands in China's 2009-2010 Market". It has also been listed in Beijing Top 100 in the Womenswear Industry of Beijing billion shopping mall for five consecutive years.

Langzi shares adopt a combination of self-operated and distribution business model, mainly in the sales of high-end department stores, currently has 308 stores in well-known high-end shopping malls in more than 80 cities in 29 regions. Of the 109 Jinding department stores across the country, Langzi has 54 sales terminals with an occupancy rate of 49.54%, including Beijing Set Mall, Shanghai Orient Shopping Center, Nanjing Golden Eagle International Shopping Center and Wuhan Plaza.

From the financial data, its operating income in 2008

2.226176 billion yuan, net profit 74.11 million yuan, gross profit margin 50.82%; in 2009, its operating income was 3.089985 billion yuan, net profit was 90,209,100 yuan, gross profit margin was 54.47%; in 2010 its operating income was 5.59146.2 billion yuan, net profit was over billion, It reached 152.1176 billion yuan and its gross profit margin was 56.71%. From 2008 to 2010, its compound annual growth rate of operating income and net profit was 58.48% and 43.27%, respectively. It can be seen that its operating income and net profit have been rising year by year, which shows that its brand's market influence and recognition are increasing year by year.

In its overall sales revenue, the "Langzi" brand has a relatively large contribution rate. In the report period, it accounted for 37.31%, 55.79% and 62.75% of the women's total sales revenue respectively. It is a rising trend year by year and is its core brand. Relatively speaking, "Rhine" and "Zhuo" appeared late in the domestic market, but it has gradually been recognized by the market and entered into the growth period.

Ciao Xiaogong, a light industry researcher at China Investment Consulting Group, believes that the brand names of Langzi, Ports, and Masfair, which are well-known in the market, are all high-end women's wear brands. The target group is mature women, so it is a direct competition relationship. Therefore, the appearance of Langzi is bound to pose a certain threat to Ports and Masfil.

The greater possibility is that the characteristics of the regionalization of the domestic high-end women's wear market have been more obvious, but the competition has become increasingly intense, and with the listing of such superior brands as the Longitudinal, the new round of expansion will certainly accelerate, and ultimately, by virtue of With the comprehensive advantages of listing, the brand’s occupation of the national market may gradually develop. This will accelerate the market differentiation by creating strong competitive pressures on some brands that still adhere to design features and have established market honours and have no listing plan. In this sense, the market will be more dispersed in the field of high-end women's wear, the pattern of the strong desire to be strong will be expected to form in the next five years. Based on this speculation, who will be the next women's brand that has been listed or that has lost its competitive advantage and has been acquired by capital?