Bosideng Non Feather Down Business Loss Acquisition Risk Emerge

< p > > a href= "http://sjfzxm.com/news/index_f.asp" > Bosideng < /a > the idea of self creation and acquisition of brand in the early stage of diversified development is not clear. The development of multi brand makes the brand image of Bosideng vague and has a lot of adverse effects on development.

"P > frequent acquisitions, a large number of shops, Bosideng did not usher in a bumper harvest, but fell heavily.

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< p > this is the second year of Bosideng's "3+1" strategic positioning of "four seasons, multi branding, internationalization, and down and down clothing business". However, the recently released 2012/2013 financial year results show that many problems arise in the pformation of the company.

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< p > because of the one-time customer relationship and goodwill impairment of 256 million yuan for Boston menswear and the acquisition of "Jesse dress", the net profit of Bosideng dropped by 24.9% compared to the same period last year.

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< p > the non down business is weak, the number of stores closed to 246, the income decreased by 5.3% compared with the same period last year, and the proportion of total income in the group decreased from 16.1% in the same period last year to 13.7%.

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Besides P, the problem of stock surging and operating cost rising is also faced with the formal execution of multi brand strategy.

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< p > < strong > Boston. What's wrong with it? < /strong > /p >

< p > < strong > the risk of non down business loss is less than /strong > /p >

< p > recently, Semir's acquisition of GXG has attracted wide attention. Analysts of Shenyang Wanguo Securities believe that this indicates that the future "a target=" _blank "href=" //www.sjfzxm.com/ "clothing" /a "can rely more on the endogenous growth brought by acquisition and merger to achieve sustainable development.

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Less than P, Bosideng, who founded the non feather and four seasons fashion team in 2008 and took the road of pformation, is obviously well versed in this way.

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< p > May 2009, Bosideng international investment, which was listed in Hongkong, wholly acquired Jiangsu Bosideng Garment Development Co., Ltd., and entered the field of men's clothing business.

In the same month, Bosideng set up a joint venture to participate in the sales of Rocawear, a street corner brand in the Greater China region.

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In the early years of P, Bosideng held 51% stake in "Mogao" brand and 51% of Shanghai's Rambo children's products through the way of increasing capital and expansion, expanding leisure a target= "_blank" href= "//www.sjfzxm.com/" > dress < /a > and children's wear business.

At the end of the same year, Bosideng spent 892 million 500 thousand yuan on the acquisition of 70% of the domestic women's clothing brand Jesse, and entered the fashion women's clothing market.

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< p > but frequent takeover does not mean that Bosideng has a clear plan for the entry of these new brands.

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After P, only a year later, Boston announced the assignment of all the shares of Rambo, which he held, and at the same time terminated all of the business.

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< p > in fact, there are similar problems in Bosideng's own brand.

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< p > 2010, Bosideng launched the "Rui Qi" women's clothing project and the "wade Luo" senior men's clothing project. The former "high-end fashion ladies" positioning coincided with Bosideng women's wear, ice cream dress and even the acquired Jesse brand. The competition for market resources was inevitable, while the latter had a positive confrontation with Bosideng men's high-end products.

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< p > a person close to Bosideng revealed that unlike other clothing enterprises, the launch of new brands is for large-scale and niche market segmentation. Bosideng acquisition and self created brands are preparing for strategic pformation of the whole group in terms of reserve resources and filling sales vacuum.

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< p > "first buy all the brands of all the market segments, and then use the resources of Bosideng to quickly revitalize them, aiming at making some brands bigger and stronger. This is a way of great pformation.

The rest of the brand is more of a gambler mentality, of course it is very good, can not do nothing. "

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< p > in the flagship store of Nanjing East Road, where all brands of Bosideng are concentrated, the reporter saw the words "5 new summer products folded" on the huge landing windows at the gate. The clerk stood at the door and shouted with a trumpet, "the sale was limited to 59 yuan, and the whole product was 20 percent off, two and 32% off."

The four promotional cars located in the centre of the shop are surrounded by a large number of customers.

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< p > although the brand is numerous, many different brands are integrated in the same store, and the unclear definition of partitions obviously makes consumers feel confused.

The scene even many people stopped at the door to wait and see, and came to the conclusion that "inside are all miscellaneous cards" and turned away.

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< p > Xiong Xiaokun, a researcher at CIC light industry, told reporters that Bosideng's idea of self developing and acquiring brand was not clear. The development of multi brand made Bosideng's brand image blurred and had more adverse effects on development.

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Less than P, Goldman Sachs lowered its target price in July 2nd, pointing out that its acquisition business was poor, and the non down garment business lost 42 million yuan in fiscal year 2013.

"If the performance does not meet the management expectations, the market anxiety group needs to further reduce the business."

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< p > strong > multi brand strategy is not easy to land < /strong > < /p >

< p > < strong > stock shadow lingering < /strong > < /p >

< p > < strong > the development of large garment brands is becoming a trend of multi brand development.

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< p > take the Limited by Share Ltd of the wedding bird bird clothing as an example. Since 2010, the company has implemented the multi brand layout of the four major plates: "high, medium and high, young fashion and high-end professional wear", and its operation mode is brand integration shop, which implements a terminal and multiple brands.

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< p > Bosideng is another way: separate the brand from the operation and lay a large number of independent stores.

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In the financial year of P 2013, Bosideng began to separate its down garment brand Bosideng, Xue Zhong Fei and KangBo independently. From the design and product development, supply chain to marketing and marketing channels, each brand formed its own independent and complete operation system.

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< p > in Xiong Xiaokun's view, independent shop is an independent display window of every brand, and helps to brand image.

"Diversified development of Bosideng in the early days" is not good enough for the students. "To a large extent, the brand positioning is not clear, and the independent shop will effectively solve this problem."

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< p > Professional told reporters that the terminal retail mode of clothing brand depends on whether the development of each brand is mature. If the sub brand has a fixed customer group and can operate independently, the risk of opening an independent shop is relatively small.

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< p >, but he admitted that "the retail terminal of garment enterprises is largely managed together."

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< p > it is understood that the split of sales channels directly led to a surge of 55.9% in Bosideng stores, reaching 13009.

Human capital has also increased significantly, from 554 million yuan last year to 757 million yuan, the biggest increase over the years.

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< p > more analysts pointed out that the implementation of multi brand strategy made Bosideng need a lot of distribution, which further aggravated the situation of high inventory.

Compared with last year's 1 billion 398 million inventories, Bosideng's stock grew by 41% to 1 billion 970 million yuan this year, and the turnover days of inventory rose to 134 days from 114 days in the same period last year.

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< p > > Zhao Weiguo, director of the Chinese clothing "a target=" _blank "href=" //www.sjfzxm.com/ "," designer /a "association, said that in order to fundamentally solve the problem of clothing brand inventory, enterprises need to get rid of the traditional distribution agent and channel growth mode and pform it into a zero sales growth model.

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< p > "distribution agent type enterprises will cover up the inventory problem in the process of rapid growth of the channel, but when the enterprise reaches a certain scale, the problem of high inventory will float up.

At this time, we should consider the adjustment of the commodity structure, and establish a retail centric business model through the merchandise planning.

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< p > this view has been approved by Wang Qian. The latter further pointed out that domestic clothing enterprises are generally out of touch with product and market terminal consumption. This is also the main reason for high inventory. Improving management level and product design response speed is the key.

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"P", director of the brand consultancy brand research center, Lin Yifan, told reporters that it should face the high inventory and high rent, but also consider the product width and marketing pressure of multi brand strategy. 2013 may be the most stressful year in Boston.

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< p > "what we are seeing now is neither Bosideng nor future, but Bosteng in the period of change.

It is now taking the first step in the multi brand strategy, separating the big brand structure and business units, but each brand needs to be built and operated independently, which will take at least 3~5 years. "

Lin Yifan concluded.

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