Clothing Market Research: Opening Up New Era Of Women'S Clothing

2020 women's clothing market is expected to exceed trillion: according to Euromonitor forecast, to 2018 domestic

The retail sales will reach 2 trillion and 100 billion yuan.

We assume that the proportion of women's clothing consumption in China will increase by 5 percentage points in the next 5 years. According to the proportion of women's clothing, men's wear and children's wear, they are 58%, 32% and 10% respectively. In 2018, domestic sales of women's clothing are expected to reach 1 trillion and 260 billion yuan, corresponding to the annual compound growth rate of about 8.5%, higher than that of clothing.

Speed up.

Age structure, national characteristics, income level, fashion acceptance and so on have all caused the diversity of women's dress in positioning, style and grade. The minority demand of female consumers determines that multi brand management is women's clothing.

The direction of sustainable development.

Referring to the development process of LVMH group, we believe that the focus of future multi brand operation of women's clothing is whether we can achieve a continuous growth momentum of "ladder shape". The effect of "portfolio" of domestic women's clothing companies increasing their brands through their own cultivation or acquisition will gradually appear in the coming years.

The gradual maturity of designer brand and brand collection store

The "mother country effect" has attracted the attention of women's designer brand. According to statistics, there are less than 200 independent designer brands.

Most designer brands are still in the second stage of commercial development (brand operation stage), and lack of cultural deposits. Therefore, the collection store can provide market feedback for designers during the incubation period, reduce the pressure of financial, management and negotiation in the initial stage of brand development. At the same time, the rapid expansion of shopping centers strengthens the ability of brand collection shops to concentrate specific consumer groups to fill the vacancies in our "buying system". In the future, the pattern of designer brand and collection store will gradually mature in China's women's clothing industry.

Full channel retail era, offline shopping centers, online attention O2O

The experiential consumption characteristics of women's clothing make it a clothing sub category suitable for shopping center format. At present, women's clothing sales account for over 50% in the shopping center.

In terms of online layout, we believe that the fast fashion brands with low and middle location are more likely to break through the electricity supplier, which is a breakthrough for high-end women's clothing, service and mobile clients or brand O2O.

The T2O mode of TV and electric business cooperation is more suitable for the fashionable young women's clothing brand.

The competition pattern of the industry is dispersed, and the trend of fast fashion is increasing.

In 2013, the top ten brands of women's wear industry accounted for only 20.43% of the total market share.

Among them, luxury women's clothing has obvious brand barriers, and the top 5 brands occupy nearly 60%. At present, the growth rate of anti-corruption and purchasing agents will decline, and high-end women's clothing will benefit from the upgrading of consumption and differentiation competition. In recent years, the degree of concentration has improved; a few women's clothing is subject to the competition of fast fashion category, which requires higher brand competitiveness; fast fashion and e-commerce brand still achieve the trend of growth by virtue of parity, fashion and quick reaction.

In recent years, excellent women's wear brands have landed in succession.

Ma Fei Fei, Song Li Si, Xin he shares, Taiping bird are queuing up IPO, the target gradually rich.

We believe that in the future, besides the focus on inventory, supply chain and store management, long-term attention should be paid to the choice of subdivided industries and the endogenous growth of brand combinations.

Recommended companies: Langer and Wien.

Risk warning: 1) brand ladder layout promotes risk; 2) consumer environment continues to deteriorate risk; 3) corporate governance risk