Zhongxin Jingwei, September 9 (Zhao Jiaran) With the end of the A-share semi-annual report, men's wear brands have been released for half a year. Annunciation Bird, Seven Wolves, Nine Shepherds and other veteran men's clothing that often appear in shopping malls, and their performance in the first half of this year has been significantly boosted. Does this mean that male consumers, who were once jokingly called the "bottom" of spending power, have "stood up" this time?
A number of men's wear brands increased their performance in the first half of the year
The net profit of Youngor and Hongdou shares both declined
Zhongxin Jingwei inquired about the performance of 11 listed menswear companies in the first half of 2023, with a total revenue of more than 27 billion yuan in the first half of the year. Among them, 7 companies achieved a double increase in net profit and total revenue attributable to the parent in the first half of the year. For example, the net profit attributable to the mother of Jiumuwang increased by about 2.5 times year-on-year; the net profit attributable to the mother of Annunciation Bird, Seven Wolf and Kute Intelligent all increased by more than 50%; Hailan Home and Biyinleffen both achieved a net profit increase of more than 30%.
Some rejoice, others worry. Youngor, Hongdou and Meierya's revenue and net profit attributable to the parent fell in the first half of the year, of which Youngor's revenue and net profit fell by more than 30%, and the net profit attributable to the parent of Meierya was a loss of 17.2441 million yuan, and the loss expanded by 176.74%.
Regarding the decline in performance, both Youngor and Hongdou said that the revenue of the company's clothing business increased year-on-year, and the overall revenue was affected by the decline in non-clothing business revenue. Meierya said that due to the slow recovery of terminal consumer demand, the company's clothing business segment has not seen a significant recovery; The overall performance of the pharmaceutical chain retail business was poor due to the intensification of competition in the pharmaceutical market to which it belonged.
Some clothing brands that sell both men's and women's clothing also sold higher men's wear than women's clothing in the first half of the year. For example, Metus Bonwe belongs to Milbank clothing, in recent years, men's clothing revenue is higher than women's clothing, in the first half of this year, men's clothing revenue of 245 million yuan, more than twice that of women's clothing, accounting for 43.84% of the total revenue; The gross profit margin was 33.72%, 5.12 percentage points higher than that of women's clothing.
According to the first half of Peacebird's financial report, the revenue of its brand Peacebird men's wear was 1.365 billion yuan, slightly higher than the revenue of Peacebird women's clothing, accounting for 38.18% of the total revenue. In the first half of the year, PEACEBIRD's total revenue fell by 14.19%, and men's wear was the only one among all brands to maintain revenue growth. In addition, the gross profit margin of men's wear brands is also the highest among all the company's brands, and the number of stores is not as good as women's clothing, but 72 stores were opened in the first half of the year, which is higher than women's clothing.
Male spending power "propped up"?
Mr. Yang of Beijing bought two sets of business casual clothes at the beginning of this spring, mainly for business trips and business socialization. "This year, we and other partners have made more business trips than in previous years, and there are more occasions to wear formal clothes. I haven't bought these kinds of clothes in two years, and I want to prepare some this year so I can change them when I travel. ”
Behind the good performance of men's wear is the recovery of consumer demand since this year. According to data from the National Bureau of Statistics, the total retail sales of consumer goods nationwide in the first half of 2023 was 22.76 trillion yuan, a year-on-year increase of 8.2%, of which the total retail sales of clothing, shoes and hats, and knitted textiles in the second quarter were 683.43 billion yuan, an increase of 12.8% year-on-year.
Jiang Han, a senior researcher at Pangu Think Tank, told Zhongxin Jingwei that since the recovery of business travel demand this year, with the continuous development of the economy, men's consumption concepts are gradually changing, and the emphasis on quality and image is increasing, which has also promoted the growth of the men's wear market.
Cheng Weixiong, founder of Shanghai Liangqi Brand Management Co., Ltd., pointed out in an interview with Zhongxin Jingwei that the performance growth of menswear this year is normal. "In the first half of 2022, the performance of many companies was at a low level, and it is normal for this year's performance to grow. If it is still growing compared to 2019 before the pandemic, that is real growth. ”
Zhongxin Jingwei's inquiry found that among the men's wear brands with double increase in revenue and profit in the first half of this year, the revenue of Seven Wolf was slightly lower than that of the same period in 2019; Hailan House's net profit attributable to the parent was slightly lower than the same period in 2019; The net profit attributable to the parent in the first half of 2023 was 92.4192 million yuan, far less than the 325 million yuan in the same period in 2019.
"In the past three years, the epidemic has had a huge impact on the footwear and apparel industry, especially in offline retail and logistics. For men's clothing, the consumption habits of the male group are different from those of women, and the frequency of buying new clothes is relatively low. This year, business travel, sports and other scenes have increased, and some male consumers have not purchased such clothing for a long time, so as to focus on releasing demand, which is good for brands that meet these needs. Cheng Weixiong said analytically.
Previously, Wu Zhize, chairman of Annunciation Bird, said at the shareholders' meeting that the clothing market has entered stock competition, or even shrinkage competition. However, the market's demand for business men's wear still exists, and companies should pay more attention to their own development than pay attention to the external environment. Annunciation Bird also said in the half-year report that although clothing consumption recovered in the first half of the year, the overall operating pressure was still large, the competitiveness of small and medium-sized enterprises gradually declined, and the industry concentration will be further improved.
Industry: Homogenization is still serious and needs to be transformed in many aspects
Although the performance of many men's wear companies is good at this stage, there is still a homogeneous product and the current situation of urgent transformation. Cheng Weixiong said that compared with female consumers, the needs of male consumers have not changed much, and the homogeneity of men's wear brands is more serious. In addition, many footwear and apparel companies have the problem of "heavy marketing, light research and development".
Taking some men's wear companies as an example, Hailan House's R&D expenses in the first half of this year were 104 million yuan, and sales expenses were 2.091 billion yuan, about 20 times the R&D expenses; Youngor's R&D expenses were 65.1243 million yuan, more than 21 times its sales expenses; and the sales expenses of Seven Wolf were nearly 10 times the R&D expenses. However, the R&D expenses of the above-mentioned companies increased year-on-year.
"At present, the homogenization of men's wear brands is not only reflected in the details of product styles, functions, fabrics, etc., but also in price, marketing strategy. In order to seek scale, some enterprises lack high-quality development. Cheng Weixiong said that the clothing industry is not only a business, but also a reflection of lifestyle, and in the future, enterprises need to transform from many aspects to convey the understanding of lifestyle and brand culture.
Can menswear brands continue to grow in the second half of the year? In this regard, Jiang Han believes that men's clothing will continue to grow. "As consumers' demand for personalization and customization grows, the menswear market will also pay more attention to personalization and differentiation, which will provide more opportunities for brands."
"In the future development, if the brand wants to stand out, it needs to pay attention to several aspects: first, the cultural and historical inheritance of the brand, and create a unique brand image and culture; The second is to improve the personalization and differentiation of products; The third is to improve brand awareness and influence; The fourth is to improve customer satisfaction and loyalty. Jiang Han said.
Cheng Weixiong believes that from an overall point of view, the second half of the year will be a more important period for the men's wear field. "Now the market has started to sell early autumn clothing, and the second half of the year is the peak season for autumn and winter clothing sales, which has a greater impact on corporate performance." In the first half of this year, most enterprises did not decline, which is a good opportunity, indicating that there is a trend of industry recovery in the second half of the year. (For more reporting clues, please contact Zhao Jiaran, the author of this article: [email protected]) (Zhongxin Jingwei APP)
(The views in the article are for reference only, do not constitute investment advice, investment is risky, and caution is required when entering the market.) )
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