However, it can not be seen that the trend of declining growth in clothing consumption is reversed.

The increase of consumption growth is mainly due to the promotion of business promotion activities.

This sacrifice profit space in exchange for sales scale growth mode, in the long run is unsustainable.

And large discounts often stimulate consumers to spend ahead of schedule, and consumption in 09 years may be less optimistic.

Most of the brand clothing enterprises listed on A share adopt the franchise mode, organize the production according to the franchisee's order, and the products are bought by the franchisee at the agreed price.

Therefore, inventory backlog and discount sales do not directly affect the company, but the impact on franchisees is direct and heavy.

If the franchisee's interests are not guaranteed, the enthusiasm of the shop will be reduced, the quantity of the stock will be reduced, and the purchase price will also be lowered as far as possible.

In addition, compared with similar enterprises listed in Hongkong and overseas, the valuation of A brand clothing enterprises is obviously high, and the premium has further expanded after a rise in the previous period.

For the above reasons, we classified the seven wolves (002029) (002029), the wedding bird (002154) (002154), and the American bond (002269) (002269) three companies from "overweight" to "cautious Holdings".