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.