Pos Den London's "Show" Men's Wear Has Been Inconsistent.

The South Morton street in West London is the center of the world's top brands and the largest business district in Europe. In this golden area, there is a landmark shaped landmark, which is adjacent to Oxford street and only 20 meters away from the exit of Bond Street in London. The owner of the building is Bosideng International Holdings Limited, China's largest feather clothing manufacturer.

As the only Chinese brand in the street, Bosideng The 13 day was officially opened. In the landmark building with an investment of 35 million pounds, of which more than 400 square meters are flagship stores of Bosteng men's wear and down jacket, this is the first flagship store in Europe.

Though it is domestic Down Jackets "Big Mac", but in the face of overseas markets, Bosideng chairman Gao Dekang obviously does not want to play down the down jacket. This store will mainly push men's wear for the first time to achieve Chinese brand, British design and European manufacture, and next will consider introducing women's clothing.

Gao Dekang may have realized that relying on a single product and a single model is hard to break through today, so he tried to expand the pattern of non - down clothing business to break the single season product.

　 Single quarter product growth slowed down

From the earnings data, it is easy to see that the slow down of Bosideng's growth rate should not be underestimated.

In the year ended March 31, 2012, the group's total revenue was 8 billion 376 million yuan, an increase of about 1300000000 yuan compared with last year, an increase of 19%, a 3 percentage point decrease over the same period in 2011. Net income of 1 billion 430 million yuan, an increase of 160 million yuan, or 12.5%, an increase of 18% percentage points lower than the corresponding period in 2011 by 5.5 percentage points.

Among them, the main product down jacket income was 6 billion 119 million yuan, only 7.7% higher than the same period last year, instead of down jacket income was 1 billion 347 million yuan, an increase of 128.6% over the same period last year. In the 2011 fiscal year, its down jacket income increased by 21.1%, and the income of non down garments increased by 46.5%.

Of course, the slow down of Bosideng down garment is also related to the overall market downturn and fierce competition. In June of this year, China clothing The annual Specialized Committee Conference on feather clothing and products announced in 2012 that the sales of domestic down wear have been negative for 4 consecutive years.

Xiong Xiaokun, a consultant at CIC, pointed out to reporters that Bosideng's down jacket design style is relatively single, and its personality is not strong enough to meet the needs of consumers at all levels. In addition, the production cost of garments has been increasing continuously in recent years, and the profit margins of the company have also been greatly squeezed.

"More and more fashion brands are launching down garments in winter, which pose a threat to the brand of professional down garments." Another garment industry researcher analyzed.

　　 Men's clothing is difficult to test water.

"It is certainly not possible to rely solely on single season products." State Securities Spin Researcher Zhang Bin told reporters, "the down jacket is closely related to the weather. It will be produced in 10 months and sold in 3 months. How can we bring it up?"

Based on this, Bosideng also focused on non down garment business in recent two years. Sales in the 2012 fiscal year account for 16.1% of the total income of the group. However, for Gao de Kang, it is hoped that 30% to 40% of the products will be non down garments.

In the non down garment business, Men's wear Bosideng has always been a "leader." In this "sea strategy", Bosideng hopes to start from the British market and return to the Chinese market.

"Bosteng men's clothing is to incense outside the wall, but now the market environment even strong brands are unable to support, let alone Bosideng this halfway house." Zhang Bin is not optimistic about this.

At present, Bosideng men's clothing has accounted for more than half of the non down garment business share, in fiscal year 2012, about 690 million yuan, an increase of 18.3% over the same period. The shop speed was also lower than in previous years. During the reporting period, there were 901 shops in Bosteng men's clothing, a decrease of 78 from the same period last year, and did not meet the expectations of thousands of shops in 2012.

From the perspective of business scale and efficiency, compared with the high-end casual business men's clothing listed companies, Lang Lang and seven wolves, Bosideng men's clothing can only be regarded as "little brother".

In 2011, the turnover was 2 billion 708 million yuan, an increase of 31.9% compared with the same period last year, and there were 3032 retail outlets. The total revenue of seven wolves in 2011 was 2 billion 920 million yuan, up 32.9% over the same period, and nearly 5000 stores.

Because pure business men's clothing is not Bosideng strong, Bosideng also began to change their positioning, from the original commercial casual men's clothing to fashion casual men's clothing.

　 Diversity is not easy.

In recent years, Bosideng is constantly expanding its new business.

In March 2011, in order to enter the children's clothing industry, Bosideng invested a total of 100 million yuan in Shanghai's Rambo children's products Co., Ltd. (named "Rambo") through increasing capital and expanding shares, and held a 51% stake in the company after its capital raising and expansion. However, in May this year, Bosideng quickly transferred the 51% stake in Rambo to the management of Rambo.

Judging from the performance of the two tier market, investors may not buy "fast forward and fast out" in Boston's children's clothing business. From the day of the announcement in May 4th to May 11th, Bosideng shares fell 13%, much more than the Hang Seng Index fell 5.4% during that period.

While selling Rambo, Bosideng also chose to terminate the development of ROCAWEAR, a poorly developed women's clothing brand.

In order to find new economic growth points, Bosideng invested 6 billion yuan with the Jiangsu KangBo Technology Co., Ltd. in the end of 2010 to build a high-purity silicon production line with an annual output of 6000 tons in Yangzhou, and the first phase of the project invested 3 billion yuan. But at present, the whole photovoltaic industry is in a doldrums, and it is not easy to gain from this field.

"Many new businesses have failed, and Bosideng has consumed a lot. Bosideng has been fighting on several fronts in recent years, and its core competitiveness is inevitably facing dilutive risks. Operational capital and management resources are also facing severe challenges. The researchers said.