2020 women's market is expected to more than one trillion: according to Euromonitor predicts that 2018 domestic apparel retail sales will reach 2.1 trillion yuan. We assume that the proportion of Chinese women's consumption increased by 5 percent over the next five years, according to the women's, men's, children's clothing, 58%, 32%, 10% of sales accounting estimates, in 2018 women's domestic sales are expected to reach 1.26 trillion , corresponding to a compound annual growth rate of about 8.5 percent, higher than the overall retail apparel market growth.
Women's difficult to have a "public demand", multi-brand group operation is the only way to broaden the market: age structure, ethnic characteristics, income level, fashion women's acceptance of diversity and so caused the other location, style and quality aspects a small minority of the needs of female consumers determine the direction of the women's multi-brand business is the sustainable development of enterprises. Reference LVMH Group's development process, we believe that the future of women's multi-brand surprise that the growth momentum can be achieved "ladder-shaped" a steady stream of women's domestic companies to increase "Portfolio" effect through its own brand of nurture or mergers and acquisitions, We will gradually appear in the next few years.
Mature designer brands and brand collection shop: "The mother of the country effect" caused to the couturier brand awareness, according to statistics, currently forming independent designer less than 200.
Most of the second phase of the designer brand is still in the business of development (brand operational phase), cultural deposit is not enough, so the set designer shop can provide market feedback incubation period, reduce the financial, management brand start-up period, negotiation pressure while rapid expansion of the shopping center makes the brand set shop focused particular consumer groups to strengthen the capacity to fill our "buy hand-made," the vacancy, the future pattern designer brands and collections of women's stores in the industry matures.
Full-channel retail era, catch the next line shopping mall, online attention O2O: Women's experience of the consumer features, making it suitable clothing sub-category shopping center formats, currently shopping centers in women's sales accounting for over 50%. Online layout, we believe affordable fast fashion brand positioning easier conduct electricity supplier breakthrough for high-end women, "service" and the mobile client or brand O2O breakthrough. TV, T2O electricity supplier cooperation model is more suitable for young ladies of high fashion brand.
Industry competition dispersion, fast fashion trend growth: Before 2013 women's industry top ten brands combined market share of only 20.43%. Among them, the luxury brand has significant barriers to women before five brand share of nearly 60%, is currently subject to anti-corruption and purchasing affect the growth rate will decline; consumption of high-end women benefit from upgrades and competitive differentiation, concentration has increased in recent years; Shao Shunv equipment by fast fashion category competition, the brand competitiveness demanding; fast fashion brands and electricity suppliers is still with parity, the advantages of modern, fast response to achieve a contrarian growth.
Investment advice: In recent years outstanding women's brands landed capital markets, Masifeier, ELLASSAY, Yan He shares peacebird were queuing IPO, the subject gradually enriched. We believe that the future of the industry in addition to women's concerns, inventory, supply chain and store management, the long-term Aspect is the choice of industry segments and brand portfolio of endogenous growth. Recommended Companies: Long position shares Ludwig Nasi.
Risk Tip: 1) brand echelon layout advance risk; 2) the risk of continued deterioration of the consumer environment; 3) Corporate Governance risks.