< p > summer is coming. The domestic down jacket boss Bosteng entered the off-season sales.

Starting in July, Bosideng will distribute products to self stores and distributors, and inventory will start rolling.

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< p > in last year's a target= "_blank" href= "//m.pmae.cn/" > clothing < /a > industry lowest valley year, Bosideng was also not spared.

Yesterday, Bosideng announced the 2012/2013 financial year annual report shows that not only the amount of inventory rose sharply, net profit also fell 24.9% to 178 million 700 thousand yuan (the following are RMB).

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Less than P, Bosideng's efforts to create non down wear business have not only increased momentum but accelerated shrinkage. While revenue has shrunk, it has closed 246 stores, and the road to pformation has not been much improved.

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< p > < strong > high return rate < /strong > < /p >

< p > an industry source said that the return rate of < a href= "http://sjfzxm.com/news/index_f.asp" > Bosideng < /a > in recent one or two years is close to 25%, while the average return rate of large enterprises in garment industry is below 20%, so its terminal sales are not smooth.

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< p > for this purpose, Bosideng CFO Mai Yun Quan said that the return mechanism of the group was divided into two parallel lines. One was when it was signed with the dealer, it was clear that the return rate could not exceed 20% to 25%, and the returned products were not included in the sales.

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< p > "25% of the return rate is relatively high, mainly depends on the proportion of return dealers."

UTA Fashion Management Group CEO, China Yang Dayun said that in the past two years, when the market situation is not good, many enterprises concession to dealers, one way is to increase the rate of return, one is to buy stocks in cash, and Bosideng chooses the former.

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< p > another industry insider said that this stage is in the downturn of the garment industry, and the return rate is generally higher than in previous years.

Last year, the return rate of a large listed men's clothing enterprise in Zhejiang was as high as 40%, compared with 25% of Boston's return rate.

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< p > however, in the fiscal year ending March 31st this year, the stock of Bosideng was 1 billion 971 million yuan, up 40.89% from 1 billion 399 million yuan in the previous year, and the turnover days of inventory also rose to 134 days from 114 days in the same period last year.

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< p > Bosideng introduces that during the off-season sale of down garments in 4~6 month, the group will assist distributors to deal with the issue of return and goods pfer, and from 2013 to March, the production of the next fiscal year will be used to save production costs from 1 to March.

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In order to speed up shipment, Bosideng is also intending to increase its electricity business. In the 2012/2013 fiscal year, its electricity business revenue reached 350 million yuan, an increase of 76.7% over the same period last year.

At the same time, the electricity supplier pipeline has also expanded to non down garments, and began selling Bosideng's men's clothing at the moment.

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< p > < strong > gross profit margin < /strong > < /p >

< p > in the first half of this year, the raw material purchase price of "a href=" http://cailiao.sjfzxm.com/Matertial/show/default.aspx "> down" /a "has doubled in less than three months.

At the same time, there was also a phenomenon of "down sale" and "no price".

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< p > Mai Yun Quan said that because of the avian flu, the price of the down was really high, but in fact, there were few real pactions.

Bosideng, because of its early procurement and large purchase, is much lower than the market, so it has little impact.

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< p > Mai Runquan said that in the four major costs of down, fabric, accessories and processing costs, the domestic wage level is rising every year, or the processing fee is the largest.

The data of the last fiscal year is that the proportion of down to cost is 20%, and the cost of processing is 35%.

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< p > < /p >.

According to the annual report released yesterday (P), the cost of Bosteng's employees increased the most in the past year, rising from 553 million 600 thousand yuan last year to 757 million 300 thousand yuan.

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< p > although the average unit price of the down garment products has increased by about 5.6% in the 2012/2013 financial year, this increase can hardly be compared with the increase in cost.

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< p > Goldman Sachs said in its research report that the sales price of Bosteng is very high, and its ability to raise prices is limited.

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< p > at present, the clothing market is hovering in the low valley, and the major apparel brands are in high inventory. Low price promotion has become the "main melody" in the market. In this environment, the price of Bosideng terminal has little space to raise prices, and at the same time, the company is facing the objective impact of rising costs of raw materials such as feather and down, which will cause certain restrictions on the space of Bosideng's gross margin.

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< p > < strong > pformation worry less than /strong > /p >

< p > although in the down jacket Market, Bosideng's market share is the most deserved boss in 40%, but in recent years, Bosideng has also felt the threat from all sides.

So we put forward the "3+1" strategy based on the strong down jacket as the core to realize multi branding, four seasons and internationalization.

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< p > however, at least for the time being, this pformation is not fruitful, mainly due to the fact that the performance of the non down garment sector is not increasing.

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< p > in the financial year ended March 31st, the income of Bosideng non down garment business was 1 billion 280 million yuan, down 5.3% from the same period last year, accounting for 13.7% of the total revenue of the group, which was 2.4 percentage points lower than that of 16.1% in the same period last year.

It seems that Gao Dekang, chairman of Bosideng, hopes that the net profit contribution to the down jacket will not exceed 30% in the next 3~5 years.

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< p > at the same time, the outlets of non down wear shops have also been shrinking, and the net sales have decreased by 246. The sales revenue of men's clothing business, which is the most valued by Bosideng, has decreased by 30% to 480 million yuan, and the number of outlets has decreased by 146.

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< p > Yang Dayun thinks that the direction of Bosteng is right for the strategy of "men's going out to sea," but the strategy is irrational.

"Last year, for example, Boston introduced high-end high-end men's clothing in the UK, and proposed to build a brand like HUGO BOSS, which is a bit impractical in the short term.

How much has been done in the development of HUGO BOSS, and in Europe, the longer the high-end brand grows, the more expensive it will be. "

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< p > he believes that in the non down garment business, Bosideng will be more realistic if it is acquired through mergers and acquisitions.

"Identify some high-end brands instead of two or three line brands, and acquire the resources of the M & a side through capital, rather than through management, because most of China's enterprises fail to meet the requirements of management."

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< p > in addition, Yang Dayun also said that the biggest problem of Bosideng down jacket plate is that the four brands do not make good market segmentation, and the difference is not big. When fashion brands begin to make down garments, the advantages of Bosideng are even more apparent.

"If we can fine down the down garments according to age and style, there will be room for future.

But it is not easy to expand capacity according to the current product consumption power.

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