The Japanese yen exchange rate has hit a new low, causing tourists to buy luxury goods in Japan

According to Nikkei Chinese website, due to the unchanged pillar strategy of the Bank of Japan, the selling of the Japanese yen against various currencies has not intensified. On April 29th, the Japanese yen further rose against the US dollar, falling below 160 yen per dollar for the first time since 1990. In terms of the euro, there is no situation where 1 euro is exchanged for 171 yen, which is the lowest point since the euro was pushed down by a single currency in 1999.

The continuous rise in exchange rates has made luxury goods in Japan cheaper.
Taking Louis Vuitton as an example, the price of a medium Carryall handbag in mainland China is 21500 yuan, while in France and Japan it is 2250 euros and 396000 yen respectively (approximately equivalent to 17444 yuan and 18415 yuan). But if combined with a tax refund rate of about 10% for Japanese tourists, the selling price of this handbag in Japan is about 16569 yuan.
The most welcomed ones are not top luxury brands such as Louis Vuitton, as they have a strong ability to balance prices in different global shopping malls. But for second tier brands like Miu Miu, their popular leather dress bags in recent years are priced at 29700 yuan and 462000 yen (about 21500 yuan) in China and Japan, and after tax refunds, they ultimately need to pay less than 20000 yuan in Japan.
It can be seen that nowadays in luxury brand dense commercial districts such as Ginza in Tokyo and Kousaibashi in Osaka, there are a large number of tourists at the forefront of luxury brand stores. But for Japanese people, the rise in the yen exchange rate has had a significant impact on their overseas purchasing power. According to the Nikkei Chinese News, due to the appreciation of the Japanese yen, Japanese people tend to avoid traveling to neighboring countries during the May Golden Week period, rather than going to Europe and America.
Due to the financial reporting season, multiple luxury brands have exaggerated the growth of Japanese luxury shopping malls in their performance reports.
LVMH Group, the parent company of Louis Vuitton and Dior, saw a 2% increase in sales in the first quarter, while Asia Pacific malls outside of Japan saw a 6% increase, while Japanese malls saw a 32% increase. Zheyun Group’s sales in Asia Pacific shopping malls, North American shopping malls, and Western European shopping malls that have been removed from Japan have increased by 19%, 11%, and 9%, respectively. The sales volume in Japanese shopping malls increased by 16%.
These brands did not mention in their financial reports that the increase in Japanese shopping malls is partly due to the rise in selling prices due to the appreciation of the currency, and on the other hand, a large number of tourists went to Japan to buy luxury goods due to the expansion of the price difference. Although the proportion of tourists from various countries consuming in Japan has not been disclosed, LVMH Group stated that the proportion of Chinese consumers consuming goods in the first quarter increased to 37%.
According to data from the Japan Travel Agency, the total consumption of tourists visiting Japan in the first quarter of 2024 reached 1.75 trillion yen (approximately RMB 81.9 billion), setting a new historical high for a single quarter. In March, the number of tourists visiting Japan exceeded 3 million for the first time, reaching the highest level in a single month’s history.
The wave of tourists going to Japan to buy luxury goods due to the spread caused by exchange rates has been ongoing for quite some time.
The Japanese yen exchange rate hit a new low in July 2022, and Japan officially resumed its domestic team tours on June 10, 2022 to avoid entry testing and cut-off. Group travelers from Hong Kong, China and the United States were the main consumers. After two years of silence due to the pandemic, many Japanese proxy buyers have once again become dull.
Due to the limited number of products in luxury brand specialty stores, many travelers choose to go to second-hand antique stores to buy goods. According to the CCTV Finance Channel, 30% to 40% of domestic visitors to second-hand jewelry stores in the Ueno commercial district. And merchants have a strong desire to buy second-hand jewelry, with generous discounts.
In response to the trend of booming luxury goods sales, many luxury brands have increased their presence in Japanese shopping malls in recent years.
Against the backdrop of the overall increase in store prices caused by the epidemic in Japan, individual luxury brands are taking advantage of their stores in key urban commercial districts such as Tokyo and Osaka. Louis Vuitton’s flagship stores in Ginza, Tokyo and Osaka were closed in 2021, while Balenciaga recently lost its first flagship store in Ginza.
And the marketing targeting Chinese tourists is also not forgotten. Ginza Six, a luxury shopping hub located in Ginza, Tokyo, has recently officially opened a popular Little Red Book account, with the first one receiving up to 400 criticisms and 1400 likes. Earlier, Zishutang no longer promoted a small French style called “Observing Japan” and announced Japanese civilization, snacks, and travel information to Chinese tourists.

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The effectiveness of emotional skincare strategy is evident. In the first quarter of Yurong Day, various channels have innovated and developed

On the evening of April 29th, Meirenli Makeup (605136. SH) collar cloth reported its achievements in the first quarter of 2024. According to the complaint, in the first quarter of 2024, the company realized a business revenue of 472 million yuan. Looking at the overall situation, by promoting high-quality growth of self owned brands, continuously improving inventory structure, and optimizing overall financial governance, the quality and efficiency of beauty and makeup operations have steadily improved, and resilience has become prominent.

Among them, self owned brands represented by Yurong Chu have maintained healthy growth, while the company’s growth strategy of focusing on emotional skincare and streamlined skincare has lost strong evidence. In addition, through perfect financial governance, the ending inventory balance of Beauty Makeup has continued to decline and its structure has been continuously optimized. According to the data, the inventory cost at the end of the first quarter of 2024 increased by 18.94%, and the loss of property added value provisioned in the first three months increased significantly compared to the same period last year. The overall operational quality of the company continues to improve.
Meiren Beauty Action is a leading domestic cosmetics development and wholesale service provider, actively providing changes in the industry, exploring new growth trends, starting from research and renovation, mall structure, and maintaining growth. Focusing on emotional skincare and streamlined skincare, the company accelerates the renovation and iteration of its own brands such as Yurong Chu and Meiyitang, and strives to discover more products with strong research and development capabilities and high product quality for Chinese consumers, as well as multi-point structured “emotional+beautiful” consumer malls.
The effectiveness of emotional skincare strategy disappears, and various channels of Yurong are undergoing renovation and growth
During the complaint period, Yurong Chu stopped at the emotional skincare track and maintained a new brand strategy of promoting new brands, products, and channels. On the product side, based on market reactions and the latest research results of the R&D team, Yurong Chu has stopped cutting the entire product matrix and has successively launched star single products in multiple categories such as saffron Yinghua oil, dual phase Yinghua, oil applied point film, point cream, lip gloss, etc; On the channel side, Yurongchu has opened private stores in many online channels, such as Tomorrow Cat, Tiktok, Little Red Books, and WeChat, and has reached consumers through offline scenes such as Joyce Beauty and CiE beauty refurbishment shop; On the brand side, Yurong Chu has reorganized its brand positioning, focusing on emotional sensitive groups, advocating for a new Chinese style skincare metaphysics, and providing a comprehensive treatment plan for emotional allergic and emotional skin groups with products that are more suitable for Chinese consumers.
With the leading force in research and development, product strength, brand strength, and other aspects, as well as precise marketing essence and multi-channel communication strategy, Yurong Chu successfully closed the mall, achieving a dual promotion of sales quality and sound quality. Among them, the founder of the brand, Mr. Huang Tao, for the first time, lured users to share and discuss through a video account live broadcast. During the live broadcast, there were over 2000 criticisms and over 10000 likes, which not only closed new channels but also strengthened consumer awareness of the Yurongchu brand; Through daily broadcast and several KOLs, the popular single product of saffron Yinghua Oil has been planted grass on the Tiktok platform, making it onto the top list of Tiktok Timing Yinghua Oil; On the Xiaohongshu platform, Yurongchu participated in the “Everyone’s Spring Festival Gala” collaboration, with a GMV exceeding one million in just 30 days and a brand exposure quality of up to 5 million. Famous artist Wu Qianyu was also invited to the Xiaohongshu live broadcast room to share and recite emotional clearing novels, helping Yurongchu make it to the top of the brand list, with a single live broadcast exposure of over 3.2 million.
At present, the self owned brand strategy of Beauty Beauty has achieved phased results, and the successful history of the self owned brand will also provide a self created history for future incubation. The company will continue to promote brand renovation and iteration, focusing on emotional skincare, providing consumers with a happy skincare experience, and fundamentally improving the condition of emotional skin.
Steady improvement in operational quality and efficiency, holding absolute profits and actively repaying investors
Always striving for excellence, Beauty Makeup aims to empower efficient operations with technology, continuously increasing support for cutting-edge technologies such as advanced information systems and artificial intelligence, and providing strong support for the stable growth of the company. During this period, the company actively promoted the growth of intelligent and efficient operations, improved governance effectiveness, and improved the quality of resolution plans.
During the complaint period, through a perfect financial governance system and standard financial governance process, the scope and structure of beauty and beauty inventory have been continuously improved, and multiple financial data have lost promotion and optimization. According to the data, the ending inventory balance of Meiren Beauty cosmetics continued to decline and the structure was continuously optimized. The inventory cost at the end of the first quarter increased by 18.94%, and the provision of property value-added income in the first three months increased significantly compared to the same period last year. Other payables increased by 120 million yuan compared to the same period last year. The net operating cash flow turned positive from negative, and the overall operational quality of the company continued to improve.
In addition, the company actively responds to the “National Ninth Article” promotion by increasing the mid-term share of 2024 to better repay investors. Not yet, Beauty Beauty will adapt to the growth trend of shopping malls. Based on the actual situation, we will actively promote the restoration of suspicious information and digital systems, steadily promote the restoration of financial shared central modules such as capital governance and expenditure management, and further assist in business growth and governance effectiveness improvement.
The National Development and Reform Commission pointed out that in the first quarter of this year, the overall national economy surpassed the upward trend since last year, fulfilled the good situation, and laid a solid foundation for achieving the annual growth goal. With the trend of domestic consumption continuing to grow steadily, it is doubted that Beauty Makeup can rely on the potential and scope accumulated before, while empowering mutual aid brands to increase certainty, continuously expanding the market share of its own brand, creating a stable and healthy business form, and launching the company’s business to achieve high-quality growth.

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Levi’s “Ice Cool” Jeans, Hello Kitty also has fashion collaborations

Levi’s ® Performance announces the 2024 Spring/Summer Charcoal Cool series.
This series uses Lyocell natural fiber as a carrier to add CHILL+technology. CHILL+technology can effectively inhibit bacteria, while Lyocell natural fiber plays a role in eliminating stuffy and humid air.
Levi’s this season ® The Performance Charcoal Cool series has swept across multiple styles of men’s and women’s pants, including BAGGY DAD stacked pants, 724 mermaid pants, 568 workwear pants, as well as classic denim vests, workwear shirts and other items.

The mutated denim pants and fire washed and ground white craftsmanship in the men’s collection showcase a unique layered style. The Mies series has eliminated trendy items such as pink denim jackets, denim skirts, irregular denim color blocking skirts, distressed T-shirts, and waistcoats, showcasing the vitality and charm of ghostly girls.
This time, the brand also used the Cool Land Plan style and holographic projection techniques to create and invent a floating charcoal cool technology experience space in Shanghai. The product display space can be installed in three states: “gas”, “fire”, and “charcoal”, which may not have any fire.
This brand show is surrounded by Levi’s ® The product features of the Performance Charcoal Cool series, and the attributes of nudity, coolness, and sexiness are integrated into the three chapters of the show. Opening with Levi’s ® A sense of quantity and a modern emphasis on individual products to re express the century old model of tannin. The bright and cool ideal of detachment in the second chapter corresponds to the enthusiasm of summer, but it does not belong to Levi’s conclusion ® The cool island breeze is detached. In the third chapter of the finale, the combination of laser, light, and smoke brings the sexual tension and fashion sense of tannin to its peak.
BEAMS COUTURE and Sanrio promote Hello Kitty mutual aid series
To celebrate the 50th anniversary of Hello Kitty’s birth, BEAMS COUTURE, a brand under BEAMS, has partnered with Sanrio to promote mutual assistance products.
The mutual aid series includes plush toys, handbags, embroidered tops, sweater and shorts sets, etc. The inspiration for the plan comes from the 1970s when Hello Kitty was not born, adopting her most exemplary version of abstraction, and the dressing plan is also filled with retro elements.
The mutual aid series is expected to be launched on May 3rd this year.
Adidas Originals refreshed SL72 is about to be sold out
This year, Adidas Originals, as a tribute model, returned the SL72 running shoe that was discontinued in 1972.
This time, Adidas Originals will continue its lightweight classic genes and wear both male and female SL72 models. Wearing the SL72 RS shoe design for boys, the shoe retains the classic surface foundation and adds padding in the nylon material to make the shape more upright and full, while the toe is more rounded. The EVA material on the sole increases the height of the shoe. The overall design of the SL72 RS is a striking blue color, with red shoes and three stripe markings removed. The midsole is outlined with red lines, and the shoe points are made of suede and high-quality fabric. The overall plan is more in line with current aesthetic ideals.
The female version wears the SL72 OG W shoe shape, which is slimmer compared to the RS shoe. The overall appearance, lines, details, and material quantity of the shoe admire the 70s SL72 plan, restoring the classic and ancestral taste. The SL72 OG shoe features an elegant green design on the body, paired with red three stripe markings and gold details on the tongue.

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Diamonds are not selling well, De Beers may be sold soon

According to a recent report by the Wall Street Journal citing informed sources, De Beers Group, a natural diamond miner and wholesaler, may be sold. The company is currently controlled by mining company Anglo American.
These insiders say that British and American capital groups listed in London have stopped talks with several potential buyers in recent weeks, including luxury goods companies and sovereign wealth funds in the Gulf countries.
Insiders say that British and American capital groups have withdrawn signals from potential buyers, showing a declining stance on the offer to buy.
British and American capital groups are considering the sale of Pickles for business, perhaps because the latter is deeply mired in a downturn in the natural diamond industry.

As commodity prices rise and encompass the entire industry, British and American capital groups have also cut production and have been conducting comprehensive and extensive evaluations of their assets. Among them, its diamond business has played a particularly serious role.
Under the influence of the continuous expansion of diamond production range and the continuous increase in global natural diamond prices for a year, the overall diamond consumption in the United States and China, the two largest natural diamond malls in the world, in 2023, is sluggish.
The weak effect of terminal demand on upstream purchasing. From April 2023 to December 2023, Pickles Company recorded a year-on-year decline in sales and sales for seven consecutive sales cycles. Due to this effect, British and American capital groups have had to set aside a $1.6 billion (approximately RMB 11.59 billion) property appreciation for DeBeers in their 2023 financial statements.
The entire natural diamond industry is still in poverty. On April 24th, Pickles announced its diamond production report for the first quarter of 2024, stating that the company’s rough diamond production in the first three months of this year decreased by 23% year-on-year. The production of mining areas in Botswana, South Africa, and Canada decreased by 28%, 19%, and 4% respectively, while the production of mining areas in Namibia decreased slightly by 2% year-on-year.
At the same time, the production indicator for the entire year of 2024 has been lowered from the originally planned 29 to 32 million carats to 26 to 29 million carats.
According to private data from Zebils, Zebils Company and its mutual partners in the four mining areas mentioned above produce approximately one-third of the rough diamonds for Global every year. Having controlled a vast upstream mining source of natural diamonds, Pickles has a huge collection of terminal mutual aid partners worldwide, including well-known jewelry brands such as Chow Tai Fook and Chow Sang Sang in Greater China.
Not only that, this company also has two diamond brand wholesalers downstream, namely De Beers Jewellers, which focuses on high-end jewelry malls, and De Beers Forevermark. But compared to its mining business, the wholesale business of Pickles is not strong, and its brand awareness and influence are still survival differences compared to brands such as Cartier and Tiffany in high-end jewelry malls.
This may also be one of the considerations of British and American capital groups considering the sale of the Pickles business, as the advantage of its action miners is not in wholesale operations. The Wall Street Journal also mentioned in a report that an informed person stated that the ultimate buyer of Pickles is likely to be the lure of luxury goods companies and financial investors. From the perspective of the business acquisition of Tuobiles Company, such potential buyer acquisition is in line with folding logic.
According to insiders from the department, discussions on the sale and acquisition of Pickles Company are still in the early stages, and the valuation has not yet been discussed. The names of these potential bidders are currently unknown.
The form of a straight industry chain with the complexity of natural diamond pricing does not benefit amateur investors in evaluating its financial costs. At present, the potential valuation range of the public discount for Tuobiles Company is very large. The British and American capital groups believe that the valuation of Pickles’ business is $7.6 billion (approximately RMB 55.052 billion), while analysts’ valuations range from $600 million to $4 billion (approximately RMB 4.346 billion to RMB 28.975 billion).
It is worth noting that on April 25th, Anglo American Capital Group announced that the company had received a full stock buyout offer from BHP, the world’s largest mining company, provided that the group divested its holdings in two South African listed companies, Anglo American Platinum and Kumba Iron Ore.
This potential business operation may reshape the global mining industry. However, BHP Billiton’s buyout offer does not specifically mention the Pickles business, but BHP Billiton has included the Pickles business in its potential buyout plan. Once both Pickles are bought, BHP Billiton will evaluate Pickles as a natural diamond business after the business is realized.
The Wall Street Journal reported that the discussions between British and American capital groups and potential buyers surrounding the acquisition of Beers are separate from BHP’s initiation of its acquisition. British and American capital groups accounted for 85% of the shares in Zaibils, and the other 15% was in the hands of the Botswana authorities. This means that once the British and American capital groups find potential buyers for discounts, the act of selling and selling the Pickles business can be very straightforward.

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Hailan Home’s 2023 revenue and net profit both saw high growth, and its business landscape continues to expand

Although men’s clothing malls are often ridiculed for not being as vast and prosperous as women’s clothing malls, Hailan Home once again confirms the potential for men’s consumption to be explored.
On the evening of April 29th, the 2023 annual report of Hailan Home showed that the group’s 2023 revenue and net profit were both deleted. The year-on-year decrease in revenue and development was 15.98% to 21.528 billion yuan; The net profit attributable to the parent company was 2.952 billion yuan, a year-on-year decrease of 36.96%; The gross profit margin decreased by 1.77% year-on-year to 45.87%; The net cash flow offset by operational activities was 5.23 billion yuan, a significant year-on-year decrease of 66.71%.
The impressive achievements are mainly reflected in the fact that in 2023, with the domestic economy showing a warming trend, Hailan Home has adapted to changes in shopping malls and consumer needs, deepened its brand’s full chain operation strategy, increased its digital transformation and downgrade efforts, and continuously promoted its brand influence and decomposition power. During the period, the main business expenses of the main brand Hailan Home series decreased significantly by 19.66% year-on-year.

The main brand is steadily leading the way, and the multi brand matrix is poised for leadership
In 2023, Hailan Home continuously shaped the abstract of “People’s Brand” through multi-dimensional precision marketing, closely linked with the emotional support of consumers, and strengthened its leading position in the men’s clothing industry.
It was precisely in this year that Hailan Home became the first fashion brand to be elected as the “Brand Strong Country Project” of the Central Broadcasting Station. In addition to leveraging the strong influence of the new media matrix of Zhongwang, Hailan Home has flexibly linked popular trends and stopped promoting its deeply popular brand through activities such as naming the “First Youth Peking Opera Conference of Zhongwang Broadcasting Station” and exploring smart factories through Zhongwang Live. It explains the brand’s strength and pricing ideals, informs the people’s brand of the task of inheriting civilization and leading technology, continuously enhances brand awareness and reputation, and strengthens the sense of obligation and affinity of the people’s brand.
Not only that, in 2023, Hailan Home also signed a contract with the powerful actor Zhang Songwen, who became popular due to the TV drama “Fury”, as the brand spokesperson. This was also Zhang Songwen’s first official dress brand endorsement, and once the confession was received, it did not lead to the climax of the episode; At the same time, Hailan Home and online celebrities cooperated to create the Changbai Mountain winter outdoor slow variety show “Hailan Home Winter Super Power Tour”, and broadcast it live on the Tiktok Wangpin number, ingeniously spreading the power of product technology, also exerting the influence of young traffic groups, and building emotional ties with young consumption groups.
During the reporting period, actor Zhang Songwen endorsed Hailan Home
At this important festival node, Hailan Home has been deeply involved in Father’s Day marketing for ten consecutive years. In 2023, Hailan Home will hold a public service shop of “100 Happy Chinese Fathers” in seven townships, and lead the national task of “Happy Chinese Fathers’ Day” in Tiktok. This series of rich and creative brand actions lead to a strong consensus among the public, and consumers agree with the cost of labor, establishing a warm and loving brand abstraction.
Through the integration of conservative civilization and technological renovation, targeted at different age groups, exploring family relationships and modern life inner novels, and other multi-dimensional precision marketing, Hailan Home continuously strengthens its affinity for the “people’s brand” and closely connects with the pillars of consumer groups, thereby continuously strengthening its leading position in men’s clothing malls.
The product strength of Hailan Home lies in renovation and product diversification. Among a series of eye-catching products, the “Energy Lucky Shirt” series, the “New Cool” series, the “Fresh Plant Jacket” series, the “Aurora Super Goose Down” series and the “Chinese Loong IP Co Branding” series are not only unique in planning style, but also attach importance to renovation in efficacy.
In terms of product focus and efficacy, Hailan Home attaches great importance to enhancing user experience, such as using techniques such as coolness, sun protection, moisture wicking, four sided elasticity, and graphene heating. These benefits not only enhance the applicability and comfort of the product, but also give the product more sense of technology and fashion.
Through continuous refurbishment and skill empowerment, Hailan Home strives to meet the needs of the new generation of male consumers, promote products with high moral character and personalized characteristics, and further promote sales and deletion. These product series not only capture traffic, but also represent the brand’s unique style, bringing consumers a brand new shopping experience.
In addition to being a leading position in men’s clothing as the main brand pillar, Hailan Home has established a multi brand matrix, leading multiple brands such as Hailan Home, OVV, Hailan Optimal, Black Whale, and YeehoO to meet the clothing needs of different age groups and consumer groups. For example, OVV strives to provide fashionable clothing and accessories for the new generation of women; Black Whale focuses on young trendy shopping malls; YeehoO is aimed at children and youth groups; Head specializes in a sports and leisure style.
There are significant differences in aesthetic orientation, price expectations, and purchasing scenarios among different age groups and consumer groups. Having a diversified brand matrix helps companies deeply segment their shopping malls and accurately meet the needs of different groups of people with different brands. It is difficult for a single brand to make equal calls to all consumer groups, and the maximum level of brand diversification can expose and infiltrate various potential consumers.
Meanwhile, with the continuous evolution of fashion trends, it is difficult for a single brand to sustain such high-frequency and rich iterations. Has the company achieved differentiation in planning ideals and style positioning, with the continuous revitalization of pillar products and marketing, thanks to its multi brand reputation.
The joint leadership of a multi brand matrix helps Hailan Home Group seize different segmented shopping malls, realize the diversified structure of categories and channels, and meet the needs of a wider consumer group. At the same time, relying on a strong supply chain and channel advantage, the group can achieve common effectiveness among various brands and improve overall competitiveness. Through the comprehensive leadership of multiple brands and channels, Hailan Home Group continuously expands its business boundaries and improves its market share in the fashion industry.
Taking research and supply chain as the fulcrum, leading the way in dress and speech industry
Although marketing skills are not lacking, what truly enables Hailan Home to take the leading position in the fashion industry is its continuous promotion and digital transformation in research and supply chain.
Hailan Home is accelerating the promotion of internal digitalization and information technology renovation, and has successfully established the “Hailan Smart Dressing System” by officially joining the Cloud Service Laboratory during the period.
The “Hailan Smart Dressing System” reflects its pioneering and advantageous position in digital transformation and intelligent production. By adjusting the three major sectors – upstream “cloud service laboratory” based on big data and artificial intelligence techniques, we will stop forward-looking research and development; The midstream “Hailan Yunfu Smart Factory” realizes intelligent and flexible delivery; The downstream “Hailanzhi+” provides personalized customized services for consumers – the three ends work together efficiently. This establishes an efficient closed-loop supply chain system from delivery to delivery, and then to quick response, which can timely control and accurately meet the needs of shopping malls and consumers.
This smart system has also broken through the conservative dress industry’s form of “selling first, producing later, and having high inventory”, realizing “selling first, producing later, and having zero inventory”, preventing capital savings and improving supply efficiency.
The entire system runs through various key aspects of the property chain, achieving a high degree of integration between intelligent production and personalized needs. Whether it can quickly respond to fashion trends and provide solid support for the company’s continuous development. The pioneering reality of Hailan Home will inevitably lead conservative textile and clothing properties towards the future of intelligent production and personalized customization.
Hailan Cloud Service Laboratory
Thanks to its advanced intelligent production skills, Hailan Home has won the first prize of the 2023 China Fashion Speech Industry Science and Technology Progress Award from the China Fashion Association and the second prize of the China Textile Industry Association’s Science and Technology Progress Award. It has been recognized as a third level talent of the China Fashion Digital Rapid Response Factory and has received multiple honors, including the “2022 Standardization Rest Advanced Unit” awarded by the Standardization Skills Committee of the China Fashion Association. In December 2023, Hailan Home was also selected as a leading model enterprise for the integration of new generation information technology and manufacturing industry in the Ministry of Industry and Technology evaluation.
Hailan Home has also applied big data intelligent algorithms to the research and development of decision-making plans, extending the link from testing to cutting out orders, improving the effectiveness and accuracy of decision-making plans. At the same time, Hailan Home has widely used automation objects such as E3+systems, Banniu software, RPA robots, etc., greatly enhancing their effectiveness and achieving cost increase and cost reduction.
In terms of supply chain governance, Hailan Home has optimized the supplier structure and direct order ratio, extended the time for goods to be stored, improved the conversion rate of goods, and effectively reduced the loss of out of stock. Through flexible co delivery, the operational capabilities of online channels have been further enhanced.
It is precisely by relying on the digital downgrade of key aspects of research and supply chain that Hailan Home can better serve consumers, quickly respond to mall needs, ensure efficient and stable supply, and thus stand out in the same industry. Although marketing is crucial, leading the effectiveness of the supply chain is the fundamental place where Hailan Home has long stood in the textile and clothing industry.
Jointly expanding domestic demand through channels and launching expansion of overseas shopping malls
In 2023, the online sales of Hailan Home decreased by 14% year-on-year, while the offline sales decreased by 16.3% year-on-year. Hailan Home has continuously established online and offline omnichannel marketing channels, promoting the integration of new wholesale and realizing the joint effectiveness of channels.
In terms of offline sales, Hailan Home has established stores in key commercial districts at or above the county level in 31 provinces (autonomous regions, municipalities directly under the central government) through direct sales, franchises, and joint ventures, continuously optimizing the channel structure of offline stores and increasing the expansion of central shopping stores to meet the convenient shopping needs of consumers.
During the complaint period, by steadily promoting channel expansion and rest, the total number of Hailan Zhijia stores reached 5976, with direct operated stores accounting for 20.95%. In order to deepen the refinement of governance, the company has further refined daily rest and strengthened the digital reform of its stores, such as the digitalization project of the Shiyan store service evaluation system and the headquarters store frequency linkage meeting, in order to improve the professionalism and effectiveness of store management rest.
On the online side, through running through conservative e-commerce platforms such as Tmall, JD and Vipshop, supplemented by social e-commerce channels such as WeChat, Tiktok and Fastfoot, Hailan Home has realized multi-channel selling and steadily improved online brand exposure and user experience.
Hailan Home is adept at using substantial refurbishment to initiate traffic growth. During the complaint period, Hailan Home won the Jingdong 2023 Men’s Down Gold Award, the Tiktok Platform 2023 Clothing and Accessories Men’s Wear Decomposing Annual Brand of Yanye and many other reputations, which fully demonstrated the rapid development of Hailan Home’s online channels.
In order to organically integrate online and offline sales channels, Hailan Home uses data analysis and artificial intelligence skills to deeply explore consumer needs and motivations, and realizes the joint operation of omnichannel marketing. Through online and offline sports, member linkage marketing, and other forms, Hailan Home has realized the adjustment of sales channels and promoted the development of new wholesale forms.
During the period, Hailan Home actively launched cross-border e-commerce business in Southeast Asia and established online sales platforms in countries such as Malaysia, radiating and mobilizing brand leaders in shopping malls in other countries. Hailan Home is also accelerating its entry into global stores and shopping malls, especially in Southeast Asia where it has stopped vigorously expanding and structured international stores to enhance the brand’s global awareness and influence.
At the end of 2023, Hailan Home successfully opened two offline stores in a Philippine shopping mall, located in SM Fairview City Mall and Robinson Manila Place in Manila. This milestone upheaval not only marks the first entry of Hailan Home into the Philippine shopping mall, but also the brand’s sixth overseas country after Malaysia, Singapore, Thailand, Vietnam, and Laos.
In 2023, Hailan Home’s overseas regional cash out business expenses amounted to 272 million yuan, a year-on-year decrease of 23.98%. The opening of overseas shopping malls has provided Hailan Home with broader space and opportunities for expansion, bringing a more stable and continuous source of dividends, laying a solid foundation for the company’s long-term expansion.
In this setting, Hailan Home showcases the absence of global expansion and continuous participation, not only injecting new vitality into the brand, but also providing a successful example for Chinese brands to go global. With the continuous opening of overseas shopping malls, Hailan Home has no hope of showcasing any more dazzling brilliance on the global stage, turning from a “national brand” into a resounding thorn for Chinese brands overseas.
Fulfill social obligations, undertake corporate tasks and responsibilities
Staying in China, Hailan Home has always regarded corporate social obligations as an important component of its leadership. On the occasion of the 10th anniversary of “Duoke Warmth”, Hailan Home Group has strengthened its brand acquisition efforts, led multiple brands under its umbrella to actively participate in public welfare miracles, and highlighted the social responsibility of “reaching both the world and the world”.
Hailan selects a continuous public welfare project and goes to Xihaigu with Hailan Home to provide living materials and training supplies for local students; Hailan Group Purchase customizes customized school uniforms to meet social needs and donates them to Civil Aviation North China Air Traffic Control Hope Primary School. The Hailan Home group is also constantly exploring whether there are continuous and diversified forms of renovation public welfare, helping rural revitalization and contributing more warmth and attention to society.
In addition to actively participating in public welfare miracles, Hailan Home Group has always attached great importance to fulfilling corporate social obligations in the process of leading the enterprise. Whether it is in the field of deep cultivation of dressing, or in building a “super people’s brand” smart wholesale with multiple structural categories, Hailan Home always remembers the obligations and responsibilities of the enterprise to society. By constantly renovating and expanding brand boundaries, Hailan Home strives to become a leader in the fashionable lifestyle category of the Chinese people, and gives back to society with practical actions, dedicating its strength to building a harmonious society.
While keeping in mind social obligations, as a listed company, Hailan Home also values the responsibility of giving back to shareholders and investors, and shares the results of corporate leadership with them. On April 30th, the 2023 annual distribution plan for Hailan Home collar fabric is proposed, with a total of 10 distributions of 5.6 yuan (exposed tax), and an estimated cash out amount of 2.69 billion yuan. This is also the 21st cumulative cash payout since the company went public.

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Senma performed better than the overall market in the first quarter, but the challenges have become more apparent

The outdoor leisure clothing and children’s clothing brand group Senma Clothing recently released its 2023 annual report and first quarter performance report. According to the financial report, in 2023, Senma Clothing realized a business expenditure of 13.661 billion yuan, a year-on-year decrease of 2.47%, a net profit of 1.122 billion yuan, a year-on-year decrease of 76.06%, and a net profit of 1.021 billion yuan, a year-on-year decrease of 105.29%, after deducting non expenses.
The first quarter report continued its upward trend in 2023, with a year-on-year decrease of 4.6% in operating expenses to 3.139 billion yuan, a year-on-year decrease of 11.4% to 346 million yuan in net profit after deducting non operating expenses, and a year-on-year decrease of 15.6%. Its performance in the first quarter was also better than that of the clothing consumption market, with a 2.7% increase in social retail sales of clothing, shoes, hats, needles, and textiles in the first quarter of 2024.

However, the operating and net profit range of Senma Clothing has not yet been adjusted back to Cenling, which was nearly 20 billion yuan and 1.5 billion yuan respectively before the epidemic in 2019.
But 2023 is an important turning point for Senma Clothing, with changes in governance, channel changes, and overseas shopping mall expansion all coming to a halt in sync.
At the beginning of 2023, Qiu Guanghe resigned as the legal representative and chairman, and both positions were taken over by his son Qiu Qiangqiang. Qiu Qiangqiang, known as the “second generation” of the company, had already participated in the operation of Senma since its establishment in 1996. He successively worked hard in Senma’s clothing procurement, co development, and governance planning teams, and was responsible for positions such as vice chairman and general manager.
It is rare in the action dressing industry to directly witness a company’s successor from 0 to 1, and Qiu Qiangqiang has his own understanding of the operation and growth of Senma. He has made a public appearance before, aiming to turn Senma into the “Chinese version of Zara”.
In 2023, Zara’s parent company Inditex developed a group business worth 35.9 billion euros, covering hundreds of countries. From the perspective of deletion trends, some rising stars, such as Urban Revivo, which is rapidly expanding in rural areas, and SHEIN, which has become a challenger to Zara overseas, seem to be closer to this goal.
Senma Clothing has two main brands under its umbrella, namely Senma, a leisure clothing brand established in 1996, and Batui, a children’s clothing brand established in 2002.
The advantage of Senma Clothing lies in the basic offline channels established in its early years. By the end of 2023, Senma Clothing had a total of 7937 stores, with franchise stores accounting for over 90%. The overall number of stores was 203 more than in 2022. According to the statement from Donghai Securities, Senma Clothing plans to continuously optimize its stores and will expand and merge in May 2024, including multiple S-mall Olay stores, with a focus on increasing operational volume.
Digital operation has become an exaggeration for both offline and online channels.
Senma Clothing pointed out in its annual report that digital stores have opened up multiple brands of the company, with 4000 more stores realizing the widespread use and differentiated operation of multiple modules such as live streaming business, WeChat ecological business, local career business, O2O business, and actual grass planting diversion, mobilizing the growth of physical store sales.
In order to enhance the ability of live broadcast, in 2023, Sima Garments and Accessories set up a live broadcast miracle department. By the end of 2023, it will drive the live broadcast base located in Wenzhou, and jointly create a new leisure clothing brand Shuku and a parent-child outdoor activity children’s clothing brand VIVID-BOX with Jia Nailiang, Tiktok’s head goods wearer, and Batu&Bogu.
However, the business scope of online channels has been stagnant since reaching 6.46 billion yuan in Cenling in 2021, and has slightly declined by 3.5% to 6.23 billion yuan in 2023. However, the gross profit margin of online channels has increased, from 38.8% the previous year to 42.97%.
Offline channels remain a key point. The total proportion of direct sales, franchisees, and joint ventures is 53.6%, with nearly 20% of direct sales being deleted. The overall gross profit margin of the dressing business has increased to 44.09% compared to the same period last year. At the beginning of 2023, Senma Clothing also set the goal of net deletion of 200 to 300 stores throughout the year.
At the same time as channel integration, the inventory turnover ability of Senma Clothing has also improved. In 2023, the company’s inventory turnover days increased by 26 to 159 days year-on-year, and the inventory range increased by 28.6% to 2.747 billion yuan year-on-year, resulting in an increase in the effectiveness of commodity operations.
However, in terms of the overall business scope that has not yet been restored to pre epidemic levels, Senma’s clothing still cannot be relaxed due to the temporary recovery.
During the period, the revenue of leisure clothing and accessories business, mainly under the Senma brand, decreased by 2.6%, and its proportion in total revenue also slightly decreased to 30.54%.
The children’s clothing and accessories business, which focuses on promoting children’s clothing, has experienced a growth of 4.9%. However, according to the report of Donghai Securities citing Euromonitor data, although promoting children’s clothing has stabilized the leading position in China’s children’s clothing shopping malls, its market share has been declining since reaching 7.3% in 2020, with a market share of 6.3% in 2022. This is mainly due to Anta children’s clothing and Feitui children’s clothing event brands taking advantage of the outdoor activity style to divert market share.
Senma Clothing also has children’s activity brands, such as authorized brands Asics Kids and PUMA KIDS. In terms of brand acquisition, Senma Clothing also has multiple authorized and self owned brands such as mid to high end women’s clothing Jason Wu, baby and children’s clothing brand Macaro, and Mini Batui, surpassing different circles from the public to high-end and children to adults. Unfortunately, these sub brands do not particularly surpass the situation reflected by the two main brands.
In order to further expand its business scope, Senma Clothing is also confident in betting on overseas shopping malls.
In April 2023, Senma Apparel’s Overseas Miracle Department increased its efforts to cultivate Asian shopping malls and explore the expansion of African shopping malls. In September, Senma Clothing held its first overseas agent customer gathering, and in December, Ba Tui Ba Tui closed its first store in Singapore.
But this is not the first time that Senma Clothing has tested going global. Since 2016, the company has cooperated with Southeast Asian e-commerce company Lazada to test and join Southeast Asian shopping malls, and established an overseas business center in 2019. By the end of 2023, the company had already expanded 70 overseas and Hong Kong based stores, but its revenue was still less than 0.5%.
It is still unknown how much confidence Senma Clothing has in joining overseas this time. Compared to SHEIN, which has been valued at billions of dollars since its establishment for only 12 years, Senma Clothing needs to start by inheriting and stabilizing the domestic market to replace Zara.

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The national golf team will wear this Chinese brand to compete in the Paris Olympics

The countdown to the Paris Olympics is less than a hundred days, and the Olympic marketing competition of major Chinese companies has been the first to conclude.
On May 6th, the fashionable foreign brand Biyin Lefen held a press conference for the “Five Star Robe III” of the Paris Olympic competition uniform for the Chinese national golf team in Shenzhen. Since becoming a mutual aid partner of the Chinese national golf team in 2013, Biyin Lefen has not participated in the Olympics with the national team for the third time, providing funding for the latter’s amateur competition uniforms.

Five Star Robe III Image Source: Biyin Lefen
Founded in 2003, Biyin Lefen initially entered the clothing and apparel market from the sub category of golf apparel. It has grown up to now and has three proprietary brands: Biyin Lefen’s main logo, Biyin Lefen Golf, and Venice Carnival, as well as two domestic brands, CERRUTI 1881 and KENT&CURWEN, which were purchased in 2023. These brands are all positioned at the mid to high end, revealing various styles such as fashionable activities, lifestyle leisure, vacation tourism, business leisure, and demolition.
In the 20th year of its establishment, Biyin Lefen achieved a revenue of over 3 billion yuan. In 2023, Biyin Lefen’s operating income decreased by 22.58% year-on-year to 3.536 billion yuan, and its net profit increased by 25.17% year-on-year to 911 million yuan, both reaching historic highs.
This is the 12th consecutive year since 2012 that Biyin Lefen has achieved both revenue and net profit reductions. Compared with the operating income of 304 million yuan and net profit of 44.29 million yuan in 2011, the annual compound growth rates of Biyin Lefen’s operating income and net profit over the past 12 years have reached 22.7% and 28.7%, respectively.
Such deeds are not commonly seen in Chinese service dismantling enterprises. Compared to more established male demolitions from other rural areas, the annual compound growth rates of China Lilang, Seven Wolves, and Nine Muwang during the same period were 2.3%, 1.4%, and 2.6%, respectively. In 2023, all three companies had a growth rate of 3-3.5 billion yuan, which is comparable to that of Biyin Lefen.
In fact, the revenue range of over 2 billion to over 3 billion yuan is often a bottleneck for Chinese male companies to fall into. The deeds of Baoyou Bird, China Lilang, Seven Wolves, Nine Shepherds King, and Red Bean Stock have all wandered in this range.
However, Biyin Lefen still has the momentum of inheriting and deleting. In the first quarter of 2024, its operating and deleting rate reached 17.55% – but this is the slowest deleting rate since its listing in 2016, except for the first quarter of 2020; The deletion speeds of Seven Wolves and Nine Shepherds were -1.80% and 21.70%, respectively.
Xie Bingzheng, Chairman of Biyin Lefen Group Photo Source: Biyin Lefen
It may be a misunderstanding that Biyin Lefen relied on binding golf activities to achieve continuous high deletion. In fact, targeting the high-end consumer group is one of the reasons for the connection between music and music.
In 2023, Xie Bingzheng, the chairman of Biyin Lefen Group, stated on the program “Financial Visit · Financial Report” of CCTV Finance that Biyin Lefen positions itself as a “successful person” in its customer base. This not only includes the high net worth population behind golf activities, but the interface message was previously learned from Biyin Lefen that about 90% of Biyin Lefen’s customer group are actually middle-class and above who do not handle golf activities but have a certain consumption power.
The characteristic of this group of people is that they are not sensitive to price, so they are more able to cultivate brand loyalty, and their consumption scenarios are often spread offline. Biyin Lefen’s strategies in marketing, pricing, channels, and other aspects also correspond to them.
In terms of marketing, Biyin Lefen is not only associated with golf, such as sponsoring national teams and amateur golf events, but also collaborates with the Forbidden City to promote joint series, hold offline intangible cultural heritage central salons, and strengthen the cultural core of the brand through national civilization. In addition, like other men’s dismantling brands, they exaggerate the positioning of the “T-shirt master” of the Biyin Lefen brand by creating image points through the fist category.
Xie Bingzheng once stated in the aforementioned program that high-end consumers are not very sensitive to price, but are sensitive to discounts. Therefore, Biyin Lefen attaches great importance to the stability of the pricing system, in order to avoid high discount rates affecting brand abstraction and user loyalty. Xie Bingzheng leaked that the products of Biyin Lefen have the same price both online and offline, and the new product does not enter the Olay channel.
This directly affects the channel structure of Yinlefen, and it is not in a hurry to explore deletion volume online. In 2023, 94.5% of the revenue generated by Biyin Lefen will be contributed through offline channels. By comparison, in 2023, the offline sales and development proportions of Yagor (service dismantling business), Seven Wolves, and Nine Shepherds King, which are also positioned as mid to high end, were 86.6%, 59.8%, and 88.9%, respectively.
Most of Biyin Lefen’s offline stores are directly operated, located not only in conventional high-end markets in first and second tier cities, but also in airports with high passenger flow, well-known clubs, hotels, and other places where high-end consumers spread. In 2023, the offline sales revenue of Biyin Lefen increased by 34.55% year-on-year to 2.395 billion yuan, making it the largest and fastest growing channel.
Biyin Lefen is also competing for high-end customer groups in third – and fourth tier cities. According to Xie Bingzheng’s disclosure in the aforementioned program, Biyin Lefen mainly relies on franchisees to expand its stores in third – and fourth tier cities. In 2023, Biyin Lefen’s self franchise sales reached 918 million yuan, a year-on-year decrease of 2.07%, making it the second largest channel after direct sales.
The above strategies can not only assist the target audience of Biyin Lefen in attracting customers, but also provide data that Xie Bingzheng did not provide in the aforementioned program to confirm customer loyalty. In recent years, about 80% of Biyin Lefen’s sales have been to new and old VIPs; It also helps to promote their bonus talents.
In 2023, the gross profit margin of Biyin Lefen’s clothing and accessories reached 79.08%, and the net profit margin reached 25.8%, both of which are at the best level after going public. By comparison, in 2023, the gross profit margin of Yagor’s service split was 72.96%, while the gross profit margins of Baoyou Bird, Seven Wolves, and Nine Shepherds were between 50% and 66%; Winning Fashion and Disu Fashion, both rural women’s demolition enterprises that also follow the mid to high end path and have higher gross profit margins than Xihang, have gross profit margins of 75.30% and 74.53% respectively in 2023, and net profit margins of 12.1% and 18.6%, respectively.
Image of the headquarters of Biyin Lefen Group Source: Biyin Lefen
However, starting from 2023, with the goal of building a global luxury goods group through localization and high-end development, Biyin Lefen’s long-term membership in the two purchasing brands may be removed. In 2023, Bi Yin Le Fen specifically created the domestic miracle department and established the Paris R&D center in France, forming a domestic team for product planning and brand management, including hiring Daniel Kearns, the director of Gucci’s male demolition plan, to be the chief creative citizen.
Coherent addition is also reflected in expenses. In 2023, the governance expenses of Biyin Lefen increased by 41.83% year-on-year to 277 million yuan, accounting for 7.8% of total revenue, the highest level in the past three years, mainly due to the increase in employee salaries, intermediary service fees, and office travel expenses.
Whether these additions can lose their responsiveness in return largely determines the length of the deletion curve that has not been removed from the music. The road to creating luxury goods is not easy, at least if we put it aside, Chinese companies that want to become luxury groups are not just like Yin Lefen, but there have been no successful ones so far, and even the previous parent companies of CERRUTI 1881 and KENT&CURWEN, Shandong Ruyi, have collapsed.
In addition, the cultivation of the new generation of young consumers is also a major role in their long-term growth. Biyin Lefen has identified one of the repair objectives for the new stage of “youthfulness” in the action company. According to Xie Bingzheng’s disclosure in the aforementioned program, in 2022, among the VIP customers of Biyin Lefen, those born in the 1980s accounted for 31%, while those born in the 1990s accounted for 19%. According to the evaluation, its main customer group is still people over 40 years old.

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Jeans are not popular, Lee is selling golf apparel

Recently, American denim brand Lee lost its first men’s golf collection. This series is designed with comfort as its ideal, featuring a series of tops and detachables, aimed at promoting golf feet and enthusiasts.
Its main products are long pants and shorts, with Lee’s active elastic waistband and shirt clip techniques applied in the plan, as well as the use of wrinkle resistant, moisture wicking fabrics. In addition, there are iconic Polo shirts available in various colors for selection. The entire series is priced between $20 and $80 (approximately equivalent to RMB 144 to 577).

Image source: Lee Minwang
From blue casual denim pants to elegant and sporty golf gear, Lee’s unstoppable pace cannot be overstated. Compared to the brand genes of denim clothing, the Lee brand is now more willing to claim itself as a technology fabric for casual wear. The information leaked behind this brand’s abstract migration and change is that the era of a cowboy pants hitting the world no longer exists, and deletion has encountered bottlenecks.
This has already been reflected in the weakness of brand performance. In 2023, the parent company of Lee brand, Kontool, saw a year-on-year decline of 1% in revenue to 2.61 billion US dollars (approximately 18.8 billion yuan). Among them, the revenue of the Lee brand decreased by 4% year-on-year to 843 million US dollars (approximately RMB 6.08 billion). Lee alone saw a 4% decline in rural shopping malls in the United States, due to the pace of punishment for wholesale inventory disposal; Lee’s overseas shopping mall sales also declined by 4% at a fixed exchange rate.
This situation did not worsen by the first quarter. Due to the dual effects of wholesale channel shortage and direct sales to consumers, Lee brand’s revenue in the first quarter decreased by 9% year-on-year to 219 million US dollars (approximately RMB 1.58 billion), becoming the main burden of the decline in group revenue. Among them, Lee’s overseas shopping mall expenses did not decline by 12%, while domestic shopping mall expenses did not decline by 4%.
Lee is facing an increasing number of competitors in the entire denim clothing mall. In addition to the old rival Levi’s, fast fashion brands such as Zara, SHEIN, and H&M have all categorized their denim pants into action oriented categories, making them more affordable and cost-effective.
Levi’s life, who is also dedicated to positioning himself in denim clothing, is also difficult. At the beginning of 2024, Levi’s announced the news of a 10% -15% layoff after the new Chief Executive was inaugurated. The poor performance of the COVID-19 pandemic in 2020 was the main reason for Levi’s decision to implement cost increases and cost reductions. Levi’s also mentioned exploring new strengths for the company through product and brand renovations, increased efforts in female sales, and global channel structures.
Due to the singularity limitation of denim fabric, besides the logo marking, it is also difficult for brands to make significant changes in their plans and distinguish themselves from competitors in folding. The category expansion of golf apparel can apply Lee’s accumulated brand power to expand business categories and compete with more segmented customer groups.
Golf enthusiasts are also numerous clothing and dismantling brands trying to expand their reach.
Even with the introduction of extracurricular activities to China, golf collectives are constantly growing. According to the intelligence research inquiry, golf clothing dismantling accounts for nearly 40% of golf equipment malls in China, with a shopping mall area of 1.341 billion yuan in 2022. As golf activities shift from elite to popular, the price of golf apparel will grow towards a more affordable trend, and independent brands of golf apparel will have a larger market prospect.
SKECH officially introduced its golf product line to China in 2020 and set up dedicated golf dismantling stores in Dongguan and Haikou. Fila established the Golf Miracle department in 2022, eliminating the Fila Golf sub brand, while the golf apparel specialty store of Nissan has already set up over 80 stores in China.
What the brand hopes for is user stickiness among golf enthusiasts. Golf, known as the “aristocratic activity,” not only has a strong demand for dismantling, but also has a certain consumption threshold compared to other activities.
In addition to a set of spare parts for golf balls, many golf courses also have high costs such as membership fees. Although some golf courses have become even more withered with the normalization of golf activities, subjective factors such as quality to park spacing and starting at 100 yuan per hour still discourage most consumers.
But this also precisely shapes the uniqueness of the collective consumption of golf. They have a talent for consumption and low price sensitivity. More importantly, golf is an activity with an extremely strong social atmosphere. People usually choose to play golf with their family, enemies, and resting partners.
This type of population often has stable preferences and is less likely to be steadfast in times of economic uncertainty. Golf clothing dismantling brands that can penetrate this circle will naturally engage with high-end clothing.
An obvious example is that the outdoor men’s dismantling brand Biyin Lefen, which focuses on golf clothing and accessories, has achieved both revenue and net profit reductions for the 12th consecutive year since 2012. Even after three years of being affected by the epidemic in clothing and accessories companies listed in other rural areas, Biyin Lefen still maintained a double-digit net profit decline.
But this kind of user loyalty can also provoke new brands entering the market. Lee’s previous abstraction had always been denim casual wear, but suddenly turned to golf apparel, and his plan tended towards a more conventional basic style. Therefore, it is necessary to focus on fabric skills and comfort, giving consumers a choice.
Regardless of the future prospects of the new category, Lee is facing the reality that selling only jeans is no longer enough.

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