High-End Men's Clothing Is Not Popular With Chinese Men?

Li Rucheng, President of YOUNGOR group, recalls a scene at a wedding banquet. "The men who are present are dressed in suits except for the groom, the best man, and the father of the bride and bridegroom.

Everyone else is.

"

Apart from wearing suits in formal business occasions, Western suits, as exotic, do not seem to be popular with Chinese men.

As for the reason why Li Rucheng is dressed up in men's clothing, YOUNGOR is in charge of the related business.

Unlike most people, he looks "silly".

He later mentioned the encounter on various occasions and was bitterly at that dinner party, and this kind of psychology may also be at the same time feeling YOUNGOR's clothing business and the current domestic traditional men's clothing market's downturn.

Such a downturn began in August.

The company announced its mid term performance in a glance.

Towards the end of August, the results of the listed companies that have been disclosed are far from satisfactory.

In June 30, 2016, the listed company's brand designer CABBEEN apparel (02030.HK) disclosed that as of June 30, 2016, the company achieved operating income of 536 million yuan, down 4.5% compared with the same period last year, while the profit attributable to shareholders of the company declined significantly, down 31.5% from the same period last year.

The announcement of 01234.HK, which was founded by Fujian businessmen in 2009 and listed in Hongkong's main business Menswear, announced that revenue in the first half of 2016 dropped 1.2% to 1 billion 174 million yuan, and net profit was 266 million yuan, a decrease of 3.9%.

There are seven wolves (002029). The latest half yearly report shows a net profit of 105 million yuan in the first half of this year, down 5.63% from the same period last year.

Worse, the company's performance in recent three years has continued to decline.

Since the peak of net profit reached 561 million yuan in 2012, the seven wolves began to go downhill.

Net profit in 2013 was 379 million yuan, down 32.44% from the same period last year. This is the first time that the company has declined since its listing.

In 2014, net profit was 289 million yuan, down 23.84% compared with the same period last year.

In 2015, seven wolves realized net profit of 273 million yuan, down 5.43% compared to the same period last year.

It is no surprise that the old saying is that most of these companies attribute their performance decline to a slowdown in the economic environment and drag on the overall consumption.

If we say the masses

Weak, so the pockets of Chinese rich men are also not good enough to pry.

As a result, the main high-end men's clothing companies suffer the same.

Hongkong's 00891.HK, which lost HK $47 million in the first half of last year, increased its losses to HK $200 million in the same period this year.

According to public information, Li bang was founded by Li family in the 60-70 century of twentieth Century as a garment manufacturer and exporter.

In April 2006, it was bought by Li Feng private group, and the new management took office.

In 2009, Li Bang listed on the Hongkong stock exchange, mainly engaged in the retail business of senior men's clothing in the Greater China and European markets.

The company currently runs many high-end men's clothing brands such as Cerruti 1881, Gieves & Hawkes, Kent & Curwen brand, etc. these brands have a long history.

Gieves & Hawkes, for example, has been providing clothing services to the British royal family for more than 200 years.

In 2012, Li Bang bought more than 90 million pounds and owned all the control.

Another French menswear brand Cerruti, founded in the 60s of last century, was bought by Li bang in 2010.

At that time, the Cerruti brand was an American investment fund Matlin Patterson, which sold the shares including Cerruti100% and all brand intellectual property to Li bang with a price of up to 53 million euros.

Unfortunately, Li Bang did not build these brands after bringing these brands into the Chinese market.

These men's clothes, which were positioned overseas, entered the Chinese market one after another in 80 and 90s of last century, but now they are scattered in some old shopping malls, such as disson, Jinjiang, Shanghai.

"I used to think that this brand (Gieves / Hawkes) was to cheat old men's money."

Yuan Bin said that it was not until later that he saw the brand in a fashion magazine that he realized that he was a real British product.

As a post-80s young man, Yuan Bin is willing to spend money on expensive clothes, but only for famous brands such as Zegna, "but only when he goes to Italy.

Mainly the difference between domestic and foreign prices.

The same happened to Chen Jun.

As a member of Ali's APASS black card club, Chen Jun spent more than 600 thousand yuan shopping on the Internet last year.

Also born in 80s, he usually chose to buy brands such as Balmain, Alexander McQueen, Y-3 and so on. "I know the brands you mentioned, but I have never bought them.

Style and design are not very suitable for me.

According to Yang Dayun, President of fashion brand management and President of excellent international fashion management group, the main consumers of high-end brand men's clothing in China are made up of Chinese men in 60 and 70s, and this part is mainly divided into two categories, one is the earlier gift giving (now the impact of anti-corruption impact is bigger), the other is personal consumption, such as entrepreneurs, company executives and so on.

In the west, the main concept of this kind of consumption is successful people, such as business managers, doctors, lawyers and accountants. Their consumption level is above the middle class, and they have a strong sense of identity.

But in China, the high-end consumption of personal clothing has not yet formed yet to be cultivated.

In other words, in China, there are more and more rich men. They also pursue substances, such as good red wine, cigars, luxury cars, watches and so on, but seldom hear them talk about their clothes.

When they were asked about what brand they were wearing, they usually replied, "I don't know. They helped me prepare for it."

Li Rucheng believes that his YOUNGOR needs to set an example for Chinese men's attire. "Chinese people need to know what clothes to wear, funeral clothes and mourning clothes."

He felt that the economic conditions of the Chinese people were much better than those of decades ago, so they should not always follow suit.

But there is no doubt that men are always able to avoid such spending on the outside than women, so for most garment enterprises, women earn money well.

Men don't say that suits are daily clothes, and their buying frequency is much lower.

Therefore, men's clothing enterprises in China may experience repeated problems in the long run. It is very difficult for apparel enterprises to make breakthroughs in the high-end field if they want to break through the traditional demand for men's clothing.

Because young Chinese men like Chen Jun still spend money on famous brands, such as the Givenchy T-shirt on him.

Although running a company will also attend some formal occasions, Chen Jun is still not accustomed to formal dress and is more inclined to leisure.

"In fact, China's high-end men's wear market is unpredictable at present and may grow in the future, but let's see it again."

Yang Dayun said.