Domestic Clothing Consumption Is Still Plain Channel Breakthrough Is The Key.

After experiencing the rapid expansion of the leverage mode and the stage of product price increase, the growth mode of traditional garment enterprises is hindered, and the industry has entered the transformation stage in the face of the promotion of online shopping and the penetration of foreign brands. We believe that the core of transformation is to increase product strength and speed up turnover, so solving channel conflicts is the key to breakout.

In the first three quarters of 2013, China's clothing exports were US $130 billion 300 million, an increase of 12.3% over the same period last year, and the cumulative growth rate was relatively stable. In terms of single month, the export volume of clothing categories in September was 17 billion 500 million yuan, up 5.5%, down 5.2% from the month to month ratio. Although the export situation has slowed down, it is still the third highest this year after 7 and 8 two months. Domestic demand, although the three quarter has a mid autumn holiday and eleven National Day holiday, but terminal consumption is still relatively dull. During the holidays, discount sales promotion volume is still the main driving force, but there is no substantial improvement in the terminal.

The latest feature of the clothing industry is that the rapid growth of online shopping leads to the change of consumption patterns. Most of the clothing enterprises have already laid the electricity supplier, but the mainstream enterprises still regard online shopping as the sewer for inventory digestion. We believe that the main ways to solve the conflict between the online and offline price system are clear inventory strategy, special fund / sub brand strategy, and the same price under the Internet, but the key is to solve the conflict of channel interests between franchisees and the franchisees. We should pass the concept of "I serve you" to the franchisees, and we can pilot and support the excellent franchisees to touch the net, optimize the level of joining, improve the overall quality, and bring the main franchisees into the logistics system to make them profitable.

In the near future, the three quarterly bulletin will soon be released. The clothing enterprises' income is not up to expectations and the cost pressure is still there. It is expected that three quarterly earnings growth will continue to slow down. In terms of molecular industry, men's clothing terminal sales pressure is greater, while franchisee's ordering enthusiasm is poor. The company is in a channel adjustment period. It is expected that there will be more negative growth and more industry inflexion. Although the industry is in a relatively difficult period, the leading enterprises in the industry are taking the opportunity to enhance their competitive strength from the channel construction or from the optimization of shops. The leisure clothing inventory adjustment is coming to an end, and some three quarterly reports are expected to achieve positive growth on the low base. Some companies are still under pressure despite the three quarterly reports, but the future trend is constantly improving due to the driving force of product innovation. To sum up, we believe that consumption in the three quarter is flat. We expect the consumption to pick up and release the performance elasticity of clothing. We will focus on garment O2O innovation and transformation enterprises. After more than a year of deep adjustment, the textile and apparel industry is at a historic low. At present, enterprises are actively exploring the business of electric business. We believe that the concept of O2O will become the core catalytic factor of the future sector. We will gradually restore the traditional logic of the impact of the electricity supplier on the traditional business, and promote the reconstruction of the overall valuation level of the garment.