Women'S Shoes Are Currently At The Top Of Brand Boards.

Consumer characteristics and cost fixing decisions

The brand is dominated by high-end positioning.

In 2010, the top ten brands of women's shoes accounted for the low end of Daphne.

The reason for this market pattern lies in:

1) footwear

The consumption awakening is later than that of clothing. First, the consumer consciousness group is concentrated in the middle and high-end crowd.

2) raw materials alone result in firm cost, and high-end positioning often corresponds to larger profit margins.

BELLE wins in the forward-looking multi brand layout, the first hair occupies the channel resources.

The difference between high-end and high-end shoes is not large, and the bearing capacity of the brand is limited. The key to success lies in the channel. In order to occupy as many shopping areas as possible on the first floor, the multi brand strategy becomes the inevitable choice.

Compared with other middle and high - end brands, BELLE has a multi - brand layout ten years ahead of time. At present, the number of single store brands is up to 9.

Daphne continued to scale up to break the middle and low end of "small profits".

The core strategy of the company is to push forward the cost reduction of the single product on a continuous scale, and finally to gain a positive profit.

The mode of operation is oriented by scale, and is committed to making bigger replicating single brands. The terminals are mainly located at more flexible street stores, and are actively sinking into a broader low-level market.

The average PE value of women's shoes plate is 5% higher than that of the Heng index, and the current valuation ranks first among all brands. The main reasons are as follows: 1) the market space is huge, the growth space of single brand of high and low end women's shoes is as high as 60.75% and 43.81% respectively; 2) the survival situation is the best, and the bearing capacity of women's shoes is weaker than that of their brands.

Implications for A share and investment advice:

1) on Saturday, we should grasp the time window between BELLE's event mergers and acquisitions, strengthen the internal strength training of supply chain management, improve the soft power of differentiated design, research and development, and enhance the identification and consumption stickiness of the main brand with uniqueness.

2) to AOKANG's inspiration, the middle and low end men's shoes are less impacted by foreign brands. Because of the strong brand bearing capacity of men's shoes, the well-known brands will have a first mover advantage and enjoy a steady growth for a period of time in the current mode and operation capacity.

To sum up, under a unique pattern, Saturday's business improvement is a long way to go, and the turning point of business is hard to come. However, as the sole brand of men's shoes, AOKANG has relatively low strength and low risk for women's shoes, and the bonus of listing will strengthen its first hand advantage, which is worth looking for in the medium and long term.