The Market Value Of AMO Shares Has Exceeded 17.7 Billion Yuan

The underwear track is going through an unprecedented scuffle.

Recently, underwear retailers, Amoy shares landing a shares With a market value of more than 17.7 billion yuan, it has become the fourth underwear brand listed in China after anlifang holding, urban beauty and Huijie shares.

Underwear is known as the "last piece of cake" of clothing industry, and has become the focus of capital market competition in recent years. According to the data, the scale of China's underwear market has reached 495.1 billion yuan, which is expected to increase to 537.3 billion yuan in 2021.
Now the domestic underwear market is experiencing a new round of industry reshuffle. While the old brands are struggling to move forward, many new and sharp local brands are rising strongly, harvesting a new generation of consumers and gaining the favor of well-known VC at the same time.
In 2020, the revenue of ubras, which mainly relies on e-commerce sales, will reach 1.553 billion, with an increase of 800%. The e-commerce revenue of the old brand amo and manifen was 1.057 billion and 750 million respectively. At the same time, Sequoia China, IDG capital, today capital, Qiming venture capital, Zhenge fund, GGV Jiyuan capital and Yuansheng capital are also competing to rush into the track.
At present, a new underwear revolution has broken out. Can we change the unreasonable structure caused by high marketing costs and truly seize the needs of consumers and stand out from more than 3000 domestic underwear brands by relying on the popularity of new brands, star planting grass, live marketing, and topic marketing? It's a long way to go.
Note: the content of this paper mainly comes from the interview with reporters and the public information on the Internet. The argument is inevitably biased and there is no deliberate misleading.
New underwear show everywhere

After five years, underwear market finally added a new listed company.

On May 31, the underwear retailer aimou Co., Ltd. was listed on the Shanghai Stock Exchange, becoming the fourth underwear brand listed in China after the shares of anlifang holding, urban beauty and Huijie.

The IPO price of AMO shares was 20.99 yuan, which rose and closed at 30.23 yuan. As of June 4, the stock price continued to soar to 44.26 yuan, with a market value of over 17.7 billion yuan. The outstanding performance in the share price is enough to show that this 23 year old underwear brand is still favored by the capital market.

Aimu shares started from the steel circle underwear market, and the helmsman behind it is a Suzhou man born 60 years old. At present, Amoy has gradually expanded from women's underwear business to men's, children's, sports and other subdivisions. The main brands include Aimu, Mr. Aimu, Aimei, Aimu children, Mulan and lancavin. The investors behind include Jiahua capital, Zhonghai investment, Chenhui capital and other institutions.

Underwear is known as the "last piece of cake" of the clothing industry. In recent years, underwear has become the focus of competition in the capital market, and the market potential can not be underestimated. According to the data of China business intelligence network, the scale of China's underwear market has increased from 327.3 billion yuan in 2016 to 495.1 billion yuan in 2020, maintaining a good growth trend, and is expected to grow to 537.3 billion yuan in 2021.

And different from the situation when Huijie was listed in 2015, the domestic underwear market is experiencing a new round of industry reshuffle.

According to the public data, since 2015, the market growth of traditional underwear brands has slowed down, and the offline business of some brands has even stagnated. The decline of * *, layoffs and unsalable inventory have become the nightmare of traditional underwear brands.

Known as the Chinese version of "Wei Mi", the city beauty has become the first brand with more than 8000 stores, but it will lose 118 million yuan in 2020. Even the announcement of the listing of Amoy shares also faces continuous growth in revenue, but the embarrassment of declining year by year.

While the old brands are struggling to move forward, many new local brands are growing up. Most of these new underwear brands, which were born after 2015, reap a new generation of consumers. In 2020, the revenue of ubras mainly relying on e-commerce sales will reach 1.553 billion, while the e-commerce revenue of old brands amo and manifen will be 1.057 billion and 750 million respectively; While gaining the favor of famous VC, Sequoia China, IDG capital, today capital, Qiming venture capital, Zhenge fund, GGV Jiyuan capital, Yuansheng capital and so on all rush into the track.

In order to get out of the low tide and get back to the market, * has made every effort to innovate ideas, update spokesmen and renovate categories

The new and old players are in full swing, and the industry shuffle of underwear track is still accelerating.

The victory of positioning, marketing and channel

"In the first 40 minutes of June 1, the sales volume exceeded that of the whole day of last year, and the sales volume of 2 hours exceeded that of last year's three days, ranking top 10 in the underwear industry." Just after checking the first day of 618 this year, Dabai, the founder of the milk sugar school, said a few figures to pencil track.

He was surprised by the success of his start, but it was reasonable“ In fact, before that, we had a year-on-year growth of 100% for four consecutive years. This year, thanks to the support and boost of the new brand of tmall treasure, the overall team has also improved. Therefore, in 2021, it is expected to grow by more than 200%

Sugar pie is a big bra brand. At the end of 2014, the pregnant wife found that she couldn't buy the right size when she bought underwear, which made dabaimeng think of making a big cup bra. She specially served the c-k cup crowd and solved the "underwear poverty" problem of women with big breasts.

"More than 20% of the women of the right age in China are above the D cup, but at that time, the only underwear these women could choose was the big mom style. So we seize the needs of this group of people who are not taken seriously and provide them with professional solutions, which is equivalent to opening up a new category. " In Dabai's opinion, all the new underwear brands in recent years follow a similar logic.

Data source: public data collation, data not audited

The new brand may have grasped some valves to pry the flow. Through the insight of consumer demand, it has found some characteristics of sufficient differentiation and left a deep impression on consumers.

For example, at home and abroad, the concept of "no steel ring" zero sensitive underwear is launched in China, and the concept of "pleasing oneself" is exported through a series of brand activities to arouse women's consciousness and strengthen the emotional resonance of female users.

Uberas mainly promotes "no size" underwear, which can take into account the comfortable wearing experience of A-D cup and 80-140 kg, so that users can choose underwear by choosing ready-made clothes, reduce the difficulty and error rate of decision-making, and solve the problem of category growth. Last year, uberas revenue grew 800% year-on-year.

And banana, which is characterized by "no feeling" label, grabs users' pursuit of traceless comfort, and "redefines the basic model" through a sense of technology and minimalist design. Last year, jiaonei also witnessed a growth of more than 200%, with revenue soaring from 350 million yuan in 2019 to more than 1 billion yuan last year.

Plain muscle products find a balance point between the stable support of steel ring underwear and the comfort of non steel ring underwear, and launch the "jelly strip soft support" underwear. On the first day of 618 this year, Gmv broke through 10 million within 12 hours of the first day of 618, and became the first soft support bra category of tmall. At the same time, it is No.1 in the sales list of 618 underwear brand this year, and the fourth in the whole clothing category.

In addition to seizing the new needs of current consumers and seizing the opportunities of online consumption in the context of the epidemic, it is also one of the driving forces for the rapid growth of these new brands.

New brands frequently participate in live broadcasting with goods and star planting grass, while brand stores are constantly self broadcasting. According to the data of cbndata consumer station, last year's double 11, ubras and jiaonei made the top two underwear lists. Among them, the direct broadcast sales contribution was very significant, accounting for 35% - 50%.

Last year, ubras's live broadcasting strategy was to bind Weiya, high-frequency brand self broadcast, and other Taoke live broadcasting. During the pre-sale period of double 11 last year alone, the Viva studio generated 34% of the pre-sale amount for ubras.  

"The victory of positioning, the victory of communication channels, the victory of sales promotion, and the superposition of three effects have brought about the growth of new brands." Dabai concluded.

The competition between the old and the new is just beginning

It is undeniable that the underwear track is ushering in a period of development, but in the increasingly fierce competition, the underwear industry has just begun.

Data shows that there are more than 3000 underwear brands in China, and the market is extremely scattered. According to Euromonitor, the market concentration of the top five underwear brands in China in 2019 is only 9%.

Some people in the industry believe that "in the short term, 2021 will be a year of fierce competition. In the long run, the next three to five years will be an important watershed, and the old underwear enterprises are increasing investment to explore the direction of transformation. If the brand can not cope with the fierce and complex market competition, the production and operation will face adverse effects. "

Although the performance of the new brand is brilliant, whether it can catch up with others still needs to climb many mountains.

The problem with * * is that there is still a huge deviation between the professional cognition of the underwear industry and the public cognition. Dabai has investigated a lot of female users, including many high-tech women, and found that many women's first bra was basically accompanied by themselves or their mother. They bought it after visual inspection, and some even bought it on behalf of their mother“ Most adult women don't know how to choose a bra size. "

But in fact, bra size is very fine. In the domestic counter, bra is basically A-E cup, f cup is a rare species, and ghijk cup is even more unheard of“ But in fact, these are very popular in Japan, Europe and the United States, because their underwear market is relatively mature. "

Therefore, in terms of user experience, milk sugar pie has created a new service form "chest management consultant", which is different from the previous underwear shopping guide. The "chest management consultant" provides advisory services for customers and provides specific solutions based on the characteristics and pain points of users' breasts.

The cognitive gap exists not only between brands and consumers, but also in the upgrading of supply chain. Before the establishment of Suji liangpin, the team of maixianqian had been engaged in high-end underwear supply chain docking and underwear design for nearly 10 years. But in the management of quality control and supply chain, still need to spend a lot of effort.

"For start-up brands, there will be new ideas and working methods. For example, Suji has a quality control system higher than the national standard. But even in a very competitive supply chain, they may not be able to cooperate well with our standards and requirements. We have to work very hard to slowly influence them and tell them our standards. " Mai Xianqian said in an interview with pencil track.

Similar to the popularity of diary and huaxizi, new underwear brands are also facing the problem of high marketing costs. In 2020, the sales revenue of ubras, amo and manifen will be 1.553 billion, 1.057 billion and 750 million respectively, while the expenses will be 650 million, 160 million and 90 million, accounting for 42%, 15% and 9% respectively. The former is much higher than the latter two.

The old brand seems to be in decline in marketing, but the cost structure and the ability of the brand still have greater advantages compared with the new brand. To break through from more than 3000 underwear brands, we still need to make up for many shortcomings and take a more sustainable development strategy.

What will new players fight for in the future?

According to AI media consulting data, in 2019, China's per capita underwear expenditure increased to 57.5 US dollars. With the increase of consumer demand, the demand for underwear quality also increased. The underwear seller's market turned into a buyer's market, and people's requirements for underwear were diversified.

It can be found that in the past few decades, there are almost all male founders behind both overseas giants and domestic top brands. Therefore, some industry commentators believe that the underwear market has long been filled with aesthetic appreciation from the perspective of men's gaze. They all hope to put women's bodies into a standard, so that women can have a body.

With the awakening of female consciousness and the arrival of "her economy" era, women are more and more daring to get rid of "male gaze" and pay attention to their own needs. Throughout this wave of rapid rise of new brands in China, all of them are standing in the perspective of female users to solve the demand pain points.

For example, Liu Xiaolu, the founder of ubras and Mai Xianqian, the founder of ubras, and Mai Xianqian, the founder of Suji liangpin, are keen insight into women's emotional needs and changes from their own reality.

"For female founders, the advantage is to be able to have a very strong sensitivity to perceive changes in user needs. Our entire team is dominated by women. In addition to maintaining close communication with users online, we will also hold a lot of offline activities. In the process of product development and revision, we will also send a large number of samples to seed users to try them on, and let them give feedback and suggestions. "

Based on the actual needs of users, Dabai, the founder of milk sugar school, also adheres to its own rhythm in terms of product concept“ Compared with emotional needs, our current products will be more inclined to meet the functional needs of users, because at present, most brands in this field have not done a good job in functional requirements. "

In his opinion, it does not work to blindly promote spirit and attitude when users don't even believe that the new brand can do a good job. On the other hand, consumers will be able to look at the spirit, attitude and culture only when the products can reach the level of pass or good.

Although the founders of jiaonei, Zang Chongyu and Li Zechen, are also men, they also hold consumers to death through digitization and content. Zang Chongyu once introduced that jiaonei will use big data such as social media platform data and e-commerce platform data to quickly capture users' product word-of-mouth and product conversion rate. At the same time, referring to user collection and purchase indicators, jiaonei will optimize product structure, user experience, optimize inventory, and even update iterative products.

"This is an era when supply exceeds demand. For brands, it is important not to find the supply resources, but to find the demand correctly." In Dabai's opinion, although the vast majority of consumers still belong to follow the trend or impulse purchase, there are more and more rational consumers. They will do their homework and explore the logic behind the product, rather than just listen to one side of the word and choose without brain.

He believes that in the long run, the underwear industry will eventually become a professional market that is biased towards personalized needs. When some professional management teams and product teams begin to cultivate in this industry, the concentration of the market in the future should continue to increase.