In May 2018, the 8.5% nominal year-on-year growth of China's retail industry was much lower than the market's expected 9.6%, and also underperformed 9.4% in April. The market had previously generally expected a strong rebound in China's retail industry last month.
In this era, clothing, as the most direct expression of people's personality, has entered the era of original design from the big-name mainstream era. More than 300 Chinese original designer brands have emerged at the historic moment, and most of them have fallen into an awkward situation of feelings and business games. However, it does not include Jiangnan commoner.
Jiangnan Buyi has grown from the “chemist couple†Wu Jian and Li Lin's couple in the street shop 25 years ago to an original designer brand NO.1, occupying 9.6% of the total market. Since this year, the share price of Jiangnan Buyi (3306.HK) has increased by 100%, and the current market value is about HK $ 10 billion, which is three times the market value when it was listed in 2016. At present, Jiangnan Buyi is home to 1768 stores worldwide, located in 17 countries and regions.
The reason why Jiangnan Buyi can continue to lead the original era is due to its successful multi-brand strategy. So far, Jiangnan Cloth has 8 brands, including women's JNBY, women's less, men's “sketchesâ€, children's wear jnby by JNBY and Punma, home JNBYHOME, men's SAMO, and sports and leisure REVERB.
According to Yingshang.com, because the style and connotation of each brand is extremely inclusive, the customer's age spans from 3 to 80 years. "Jiangnan Cloth-style" original products have almost realized the needs of consumers of all ages and scenes. The launch of each new brand can meet the needs of new segments, create a new round of growth opportunities for the group, and build a more complete brand ecosystem.
01
Women's JNBY
815 stores, 970 million, the backbone of the group, continue to incubate more brands
Original era: Women's clothing JNBY is a brand that Jiangnan Buyi started from. It was founded in 1999. Almost when the Chinese were just solving the problem of food and clothing, to the Chinese at the time, the original designer was probably an amiable old tailor at the corner.
Original contribution: As the main brand of Jiangnan Cloth, women's clothing JNBY's operating income in the second half of 2017 increased by 23.2% year-on-year to 970 million yuan, accounting for 60.1% of total sales. As of the end of December 2017, JNBY had a total of 815 retail stores worldwide, accounting for approximately 46% of the total number of stores in the group.
Original character: The customer group is an urban intellectual woman with a mentality of 25-40 years old. The brand concept is: Just Naturally Be Yourself. In terms of style, from the original "laying on the haystack" Mori style, to 2001, it changed into a literary style of daily urban wear.
Interpretation:
In the past 25 years, the original design women's clothing market has gone from lack of original designs to full bloom. For example, exceptions, ZUCZUG, Mo & Co and other original women's brands have risen. In the competition, JNBY women's clothing can still maintain its own style and occupy an important position in the market.
The secret is that JNBY has always maintained its "unchanged" and "changed".
The same thing is that JNBY has always maintained the "natural, self" brand core. Li Lin, co-founder and chief creative officer, has always pursued artistic self-will and casual pursuit. She started JNBY with the intention of "not wanting to be fast fashion, but only to serve people like me."
In that era of a little bit obscurity, calling on people to release their natural self may sound out of place, but JNBY has quickly accumulated a large number of progressive women. Until now, JNBY has never been too catering to consumers, insisting on doing its best to attract similar people.
The change is to constantly capture the needs of contemporary women. For example, from the beginning, almost only using cotton and linen fabrics, to later boldly choose a variety of fabrics. The design language, from the beginning, has more interpretation of typical branches and leaves.
After the Group launched its multi-brand strategy, from 2014 to 2017, the proportion of women's clothing in the group's operating income dropped from 79.8% to 66.0%. Although the growth rate is lower than the overall level, women's JNBY is still very stable and can continue to An umbrella for the growth of other brands, providing strong support for new brands such as capital and talent.
02
Women's less
136 stores, 121 million, the first step in a multi-brand strategy
Picture from Jiangnan Buyi official website
Original era: In 2003, it was acquired through mergers and acquisitions.
Original contribution: Sales of 121 million yuan in the second half of 2017, a year-on-year increase of 45.2%, accounting for 7.3% of total sales. At the end of December 2017, the number of stores reached 136, accounting for about 8% of the group's total stores
Original character: The customer group is "new" women at the age of 30 to 45. The brand concept is: Less is More, which is derived from the world-renowned architect Mies van Der Rohe's architectural design philosophy. The brand's design concept has always been "simple, refined, independent, rational" as its purpose, to create a capable, intelligent, subtle, and generous new urban female image.
Interpretation:
After 10 years of exploration, Jiangnan Buyi has been relatively mature in the management of original design women's clothing. At this time, Li Lin followed the path of fashion brands such as Burberry to launch a multi-brand strategy attempt for the first time.
Jiangnan Buyi launched less, focusing on a more subdivided female group, still within its own ability circle, the span is not too big, and it can provide more experience for later launching more sub-brands.
Less also redefines the ageless trend of women's clothing-not pretending to be young and pink, but showing a young mentality and sense of the times in detail design. Women who love nature, have no age.
03
Men's "Sketch" CROQUIS
300 stores, 326 million, first generation original design menswear brand
Picture from Jiangnan Buyi official website
Original era: 2005. At that time, women's clothing gradually matured in terms of taste, skills, and consciousness, but there were still few men in the men's fashion market.
Original contribution: Currently there are more than 300 stores, accounting for about 12% of the total number of stores in the group. According to Jiangnan Buyi's 2018 interim report, “Sketch†earned 326 million yuan during the period, a year-on-year increase of 19.5%, which is higher than the 14.1% growth rate of women's JNBY.
Original character: Target men 25-40 years old men, the brand idea is: this can also ... From a non-theme perspective, "Sketch" interprets the idea of ​​life without restraint, the courage to try, and enjoy the fun of dressing.
Interpretation:
Facing the situation that the original womenswear business is already very mature and the entire womenswear market is relatively full, the focus is on the menswear incremental market, and the first menswear brand is developed to provide the Group with a new round of growth opportunities.
"Sketch" can be called the first generation of original designer men's clothing, but when it was launched, it was not smooth. The women's team was too cumbersome to grasp men's clothing; the design style of "sketches" was too avant-garde at the time, such as crotch pants; the sense of distance in store decoration was too strong.
However, with strong support from the company's top leaders, the "Sketch" team has gained sufficient time and space. Six years later, "Sketch" is more important than achieving balance.
For the expansion of new business lines, the right support of the company's leader is very important. If you just send a small team to explore the wind painlessly and give up after 2 to 3 years without profit, maybe the group's subsequent multi-brand road will be more bumpy.
04
Jnby by JNBY
444 stores, 214 million, is the first wave of parents of the post-80s generation
Picture from Jiangnan Buyi official website
The age of originality: 2011. The most direct background is very casual: the designer had a baby and wanted to design clothes for the child. The background of the era is that there are more and more middle-class families in the 28-40 age group. The parents and parents of the post-80s generation are more independent and mentally and economically.
Original contribution: At the end of December 2017, the number of stores reached 444, accounting for about 25% of the group's total stores. Sales in the second half of 2017 were 214 million yuan, a year-on-year increase of 33.8%.
Original character: The target audience is children 3 to 10 years old. The brand concept is: Free Imagination.
With "Freedom, Imagination, Happiness, and Reality" as the core of the design, while letting children show their true nature, each family also fully feels the joy of free, pure, and happy communication and thinking.
05
Teen wear Pomme de terre
63 stores, 1980 million, "second-child" bonus under the children's clothing market
Picture from Jiangnan Buyi official website
The age of originality: 2016. This is the first year that China has fully implemented the second child policy. Due to the impact of the second child policy and consumption upgrade, the children's clothing market is in a blue sea. Also, the children who wore jnby at that time have grown into teenagers and need a new brand to target the same consumers.
Original contribution: Sales in the second half of 2017 increased by 201.4% year-on-year, reaching RMB 19.8 million. As of the end of 2017, there were 63 stores.
Original character: The target audience is 8 to 14-year-olds. The brand philosophy is: Don't be Serious. The brand is based on a 10-year-old boy named "Pumma" as a prototype, and presents a casual, ghost horse, and yuppie for teenagers who are in the "self-exploration period" and "semi-autonomous period" with their parents. Teenager image.
Interpretation:
Broadly speaking, children's clothing covers middle-aged children (4-12 years) and infants (0-3 years), and youth clothing (12-16 years). For Jnby by JNBY and Punma, the media has been asked many times whether it is "over-subdivided." In fact, both belong to children's clothing, but each has a clear subdivision positioning and planning. In addition, the launch of two children's clothing brands is actually practicing a sentence: brand education for the audience must start from the baby.
It is worth mentioning that Jiangnan Buyi is worth learning from in emphasizing the "authenticity" of children's clothing. For example, children of relatives and friends will be invited to the catwalk. Although various unexpected situations will inevitably occur on the scene, it is very interesting and real, which is key to establishing a stable relationship between children's clothing brands and consumers.
Yingshang.com found an interesting statistic in Jiangnan Buyi Group's 2017 financial report: As of the end of 2016, more than 24,000 (13.9%) members had become members of women's clothing JNBY and children's clothing jnby by JNBY at the same time. The audience of women's clothing and children's clothing is strongly related, partly because children's clothing is sold in women's JNBY before the official opening of independent stores; partly because women's family social role is coupled with the nature of love to share, I hope children It seems logical to wear clothes of the same brand as yourself.
According to data from the China Business Industry Research Institute, from 2011 to 2018, the size of the Chinese children's clothing market rose from 96.4 billion to 166 billion, with a compound annual growth rate of about 8%. The "2017-2021 Chinese Children's Wear Market Investment Analysis and Prospect Forecast Report" predicts that in the next five years, the size of the children's wear market will continue to maintain a compound annual growth rate of 8.05%, and the market size will reach 217.7 billion yuan by 2021.
In this context, the launch of children's clothing was highly anticipated by the group from the beginning, and even became an important bargaining chip when Li Lin negotiated with fund companies around 2013. At that time, Li Lin told the fund company that the main store growth in the future will come largely from children's clothing. In the future, the Group will continue to overweight the children's clothing business.
06
Home Brand JNBYHOME
2 stores, 3.346 million, demand produced from fan soil
Picture from Jiangnan Buyi official website
The age of originality: 2016. With a new wave of consumption upgrade bonuses, consumers are paying more and more attention to the quality of home life.
Original contribution: Opened the first independent store in January 2017. Sales in the second half of 2017 increased by 730.0% to 3.346 million yuan. As of the end of 2017, there were 2 stores.
Original character: Explore the diversity of high-quality life in a positive and free state of mind (LiveLively).
Persist in integrating all tastes about life details and aesthetic art into every real space, so that the home living space, like a diary, records the real, curious and interesting.
Interpretation:
Yingshang.com learned that in 2016, Jiangnan Buyi learned that the user ’s demand for household products was particularly large through investigation and analysis, so JNBYHOME was hatched.
Although Jiangnan Buyi does not intend to open too many independent stores of JNBYHOME for the time being, but will sell it in JNBY's women's clothing store, but the birth of JNBYHOME is a visual reflection of the economic results of Jiangnan Buyi fans.
Jiangnan Buyi is currently the most successful fan economic operator among domestic designer brands. According to the financial report, the number of active members in 2017 exceeded 290,000, an increase of about 26% over the previous year. At the same time, the number of members with higher spending has also increased year by year. In 2017, more than 140,000 members spent more than 5,000 yuan annually, generating a total of more than 1.67 billion in consumption.
07
Men's SAMO
1 store, "other economy" rises
Picture from SAMO official WeChat public account
The age of originality: April 2018. "His economy" is strong.
Original contribution: There are currently 1 stores.
Original character: The target customer group is "pioneer professional men" who are 25 to 40 years old. The brand philosophy is: Simple, but better, Elegant, Simplified, Charming, Practical (Versatile).
Interpretation:
The success of "Sketch" is of great significance for the launch of SAMO, because the team has a considerable accumulation of experience in menswear design and operation. At this time, the SAMO plus size menswear market was launched, and Jiangnan Buyi must have seen the business opportunities brought by the prodigal men to buy and buy under the rise of "his economy".
The Boston Consulting Group report shows that the proportion of men in the middle class is 63.4%, much higher than that of women. The Jingdong Data Research Institute announced the top ten categories of men's most willing to spend money, ranking men's top1. CBNDate data show that the mainland men's clothing market will grow by more than 200 billion yuan in five years. Coupled with the trendy cultures such as face value and exquisite boys, SAMO's growth has provided a hotbed.
But the other side of the coin is that, unlike the more relaxed environment when the "Sketch" was launched, SAMO is now facing a strong original design menswear brand such as Mingtang, and many traditions such as Lilang and Hailan House that are struggling to change Men's clothing brand. The menswear market is still ocean blue, but competition is also fiercer.
08
Sportswear Reverb by JNBY
1 store, breaking the boundaries of sports, leisure and fashion
The age of originality: May 2018. With the rise of the national movement, sports are also a fashion.
Original contribution: currently has 1 store
Original character: Reverb uses Zero fashion as its brand philosophy, adhering to the design concept of "Athleisure (sports and leisure mix and match), no gender, regeneration and agility", which aims to attract contemporary young people who are concerned about fashion to explore the future of fashion. Thinking.
Interpretation:
It is reported that the group's founder Li Lin invited German designer Tillman Lauterbach as the creative director of the new brand.
This is the first time that Jiangnan Buyi Group has launched the men's clothing brand SAMO within a month, and launched a new brand to further expand the boundary covering the needs of the entire scene.
Sportswear classified as "functional apparel" is often dull and boring. In the continuing trend of popular sports, Reverb pays more attention to combining fashion, sports and leisure elements to enhance the fashion sense of sportswear. At the same time, Reverb also emphasizes the concept of "sustainable fashion", which is more environmentally friendly in material selection and manufacturing processes.
Summarizing the multi-brand drive, the 25-year-old Jiangnan Buyi continues to glow with charming vitality. It is reported that Jiangnan Buyi Group is expected to open 200 ~ 250 stores in 2018. Interestingly, Wu Jian, chairman of the group, said that the growth of Jiangnan Buyi was driven by designers, not stores.
Of course, this is not to say that the store is not important, but to say that connecting the 8 major brands into an ecological one is the consistent first principle of "original design". With the escort of original design, each brand has set up high barriers to competition since its birth, making it difficult for competitors to surpass. The superposition of the barriers of each brand makes the barriers of the entire group even stronger.
And how does your brand open up its own original era?
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