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March 12, China Lilang (HK, 01234) released its 2013 financial year results. The report shows that as of December 31, 2013, the company achieved turnover of 2.3 billion, down 17.7% from last year's 2.79 billion yuan; net profit of 516 million yuan, compared with 630 million yuan last year, down 17.7%. This is the first time since China Lilang's IPO dropped in 2009 that the company slowed its expansion in a soft environment. However, Lilang's recently released orders for fall orders in 2014 show that the total order amount of the main brand "LILANZ" recorded a medium-unit increase, which is the first time the brand has regained growth since the spring and summer 2013 orders. The sub-brand "L2 "The total amount of orders increased by 10% to 15%. An unnamed company insiders told the "Daily Economic News" reporter said that since 2010, Lee Lang began to integrate sales channels and sort out, in the transformation of the image of the store to increase the terminal sales staff training, At the same time the implementation of multi-brand strategy, followed by the main fashion business fast fashion brand "L2" potential is very good, has become the company's new performance growth point. Clear Inventory To Make 18% Less Gain Throughout The Year Inventory backlog in the national apparel market is an indisputable fact. In early 2013, Lilang issued a press release stating that as the channel inventory of products in the fall of 2012 was higher than in previous years and the Group encouraged the distributors to sell off-season products in the channel as soon as possible, the total order amount of the LILANZ fall orders A year-on-year decrease of 26%. Reducing inventories is still one of the main tasks for Lilang in 2013. Lee Lang said that in addition to continuing to strengthen the regular monitoring of sales channels during the year, distributors were encouraged to adopt various measures including setting up outlets about 30 days prior to the opening of the store or renovation and opening of temporary stalls in department stores, etc. Promotions, active cleaning of non-seasonal stock. According to media reports, on the eve of the Spring Festival, Li Lang will also reduce the prices of over-the-season apparel sold by major direct sales stores all over the country in the form of "year-end sale will", and the cheapest price will be less than the price tag. It is understood that through this move to inventory effect is obvious, a lot of cash flow can be quickly withdrawn from circulation. Lilang said that the company's channel inventory of products in 2012 and before has been substantially cleared, and the channel inventory of products in 2013 is also close to the healthy level. Earnings reports, Lilang's inventories fell 3.3% year on year, but the average inventory turnover days but increased 21 days to 76 days. With such an aggressive inventory-to-inventory strategy, Lilang's operating and net profit in 2013 both decreased by 17.7% YoY. Prior to that, Lee Lang's performance soaring all the way. In 2006 its revenue was only 410 million yuan, from 2009 to 2011, respectively, Lee Lang operating income of 1.56 billion yuan, 2.05 billion yuan and 2.7 billion yuan, net profit of 302 million yuan, 420 million yuan and 620 million yuan, up Growth reached 97%, 38% and 49% respectively. In 2012, Lilang achieved revenue and net profit of RMB2,790 million and RMB626 million respectively for the full year, basically unchanged from the previous year. In response, Lilang said the main affected by the downturn in retail terminals. The above-mentioned people also told reporters that before the clothes sell well, high growth to cover up many problems in the development of China's garment industry, and now consumers are more rational in the choice of clothes, the demand is higher, the Chinese enterprises need to dress design and quality Upgrade, in order to cope with the new market environment, although discounted inventory can be faster inventory, but too low a discount will often hurt the brand image. Efforts to cultivate fast fashion brand Reporter noted that the two major Chinese brands LILAN "LILANZ" and "L2", the product involved in suits, jackets, shirts, pants, sweaters and accessories, of which the former positioning mid-range sales last year accounted for the company 91% of the total revenue, which is the company launched after 2010 for the young fashion industry's fast-fashion brand, accounting for 8.3%. Earnings reports, LILANZ in recent years showed a weak growth momentum last year's revenue of 2.09 billion yuan, down 19.2%, accounting for the proportion of group revenue fell 1.6%. Last year, L2 achieved sales revenue of 190 million yuan, down 1.8% from a year earlier and accounting for 1.4% of the Group's revenue. In the group's major dealer orders, LILANZ also less than the growth of new brands. Data show that LILANZ order bookings last fall, the total amount of orders fell 26%, the total amount of orders for winter orders fell narrowed to 16%, the spring and summer of 2014 orders will also record a low order amount decreased, while the amount of L2 orders recorded High unit growth, fall orders will grow even as high as 10% to 15%. Is slightly strategic management consulting partner Tang Pinghua told reporters that China's high-end men are often monopolized by foreign brands, while the domestic mid-end brand men's high growth in previous years after several years of stagnation have appeared in the state, brand and design also A bit high and not low not. So Lee Lang adjusted strategy in 2010, launched the workplace for the young elite fast fashion brand L2. From the financial point of view, Lilang for the future development of the two major brands have also made a distinction, in 2013 "LILANZ" net decrease of 47 stores, "L2" store net increase of 23. In 2014, Lilang said it will continue to consolidate the low-efficient LILANZ. It is expected that the number of closed stores will be similar to the number of open stores, with a view to cultivating L2 and 20 to 20 to 20 net open programs in 2014. According to Tang Pinghua, L2 aims at a wider group of consumers and adds fashionable elements to attract non-professionals on a business basis. In the future, it may become the new performance growth point for Lilang.
December 13, 2020