Aokang International Research Report: Focus on creating comfortable men’s leather shoes, strategic adjustment and improvement can be expected

(Reporter/Author: Tianfeng Securities/Sun Haiyang)

1. Aokang International: Domestic leather shoes leading brand, adjust strategy improvement

奥康国际研究报告:专注打造舒适男士皮鞋,战略调整改善可期

1.1. In 33 years of deep cultivation, Junzhi started a new strategy with Junzhi

Zhejiang Aokang Shoe Industry Co., Ltd., founded in 1988, is mainly engaged in the research and development, production and sales of leather shoes and leather goods products. It is a well -known leather shoes brand in China and one of the largest private shoe -making companies. The company has its own brands such as Okang and Kanglong and Skechres and Puma (Skechres). In 2020, the value of Aokang’s brand reached 2.1251 billion, and the brand value of the Chinese shoe industry brand was topped. The company has three major manufacturing bases in Qianshi, Beibei, Chongqing, and a smart logistics center. The products are sold to all parts of the country through direct -operated or distribution channels. As of 21Q3, the company has 2,540 in the domestic consensus offline stores.

The company has focused on the shoe industry for 33 years. The small shoe factory built from 30,000 yuan has developed as an old -fashioned leather shoes company with a brand value of over 20 billion. Consultation, formulate new development strategies, and open the five major upgrades of brand, culture, products, operations, and organization. It depends on the development process of the company:

Establishment period (1988-2000): In 1988, the company’s predecessor Yongjia Olympic Shoe Factory was established; in 1992, three standard factories were built and invested more than 1.6 million purchases of machinery and equipment, so that the quality of the Aokang brand was improved quickly;

Development period (2001-2012): In 2001, Aokang released a second brand, Kanglong casual shoes; in 2002, Aokang leather shoes were named Chinese brand-name products; in 2006, China’s first foot measurement instrument was born in Aokang; In 2007, the company became a supplier of leather goods products in the 2008 Beijing Olympic Games; in 2010, Aokang obtained the brand ownership of the Italian shoe industry’s first brand Wanliwed Greater China; in 2011, Aokang signed strategic cooperation with the world -renowned crystal brand Swarovski Agreement; in 2012, the company was listed on the Shanghai Stock Exchange;

The fluctuation period (2013-2020): During the period of the industry’s low degree of prosperity, the company continued to carry out strategic partners in various parties and development. In 2015, the company reached a strategic partnership with the first fashion sports brand in the United States; in 2017, the company and the company and the company and the company. The international shoe giant Cortina, Woodland, and one of the world’s largest retail giants, Intersport, reached strategic cooperation to find a global multi -platform development in all aspects; in 2018, the company’s first smart store officially opened; Retail strategic cooperation;

Reform period (2021): In 2021, the first year of the strategic planning of Aokang’s 7th Five -Year Plan. At the beginning of the year, the company joined hands with Junzhi Consultation to formulate a new development strategy. Crowd, create more comfortable men’s leather shoes brands.

1.2. Family enterprise equity is stable, and the shareholding plan encourages employees

The company’s equity structure is stable. The company’s actual control is Mr. Wang Zhentao, who holds 40.1%of the company’s shares, of which 24.9%were indirectly held through Aokang Investment and 15.1%of the shares were directly held. For more than thirty years, Aokang is still a family company. Mr. Wang Zhentao’s brother and one of the founders of the company hold about 5.0%of the company’s shares; %Of the shares, he was elected director of the company in 2019 and entered the core management.

奥康国际研究报告:专注打造舒适男士皮鞋,战略调整改善可期

Bind the interests of core teams to reasonably motivate the new strategy. In 2021, the company launched an employee holding plan, holding a total of 4.5%of the company’s equity, including 12 people in the director and supervisor, and a total of 20.9%of the shares of the shareholding plan. The employee shareholding plan is bound to the interests of core teams and the company, which is conducive to promoting the company’s overall operation and rapid development, maintaining the interests of shareholders, inspiring the work enthusiasm of the company’s management team and core backbone personnel, effectively retaining outstanding management talents, improving the company’s core core Competitive ability.

1.3. Strong profitability of the product and improve operational efficiency

1.3.1. 21Q1-3 revenue increased by 36.9%, with an increase of men’s shoes.

The 21Q1-3 revenue increased by 36.9%with a revenue of 2.134 billion. In 2013, the company’s revenue was reduced by 19.1%due to the decrease in the boom in the shoe industry and the distribution of traditional street store channels of shopping malls and e -commerce. Restore; since then, due to the weak and intensified competition in the domestic shoe market, revenue has reducing the trend again; 21Q1-3 companies have achieved a total of 2.134 billion yuan in revenue and an increase of 36.9%. increase.

From the perspective of division, men’s leather shoes have always occupied the main position in the company’s past development process, with revenue accounted for over 50%, followed by women’s shoes and leather goods. 21H1 men’s shoes revenue of 885 million increased by 56.4%, the growth rate exceeded the total revenue, accounting for 58.2%, an increase of 1.5pct year -on -year; 21H1 women’s shoes and leather goods accounted for 33.2%and 7.1%, respectively, and the overall decrease was reduced. trend.

From the perspective of brands, Aangkang accounted for over 60%, and the revenue in 2018-2020 showed a decrease in a decrease. 21Q1-3 revenue increased by 41.0%; Kanglong revenue accounted for within 12-14%, 21Q1—1Q1– The 3 revenue of 265 million increased by 25.9%; Skycic’s revenue increased year-on-year stable growth, accounting for 3.9%in 2017 to 10.7%in 2020, and 21Q1-3 revenue of 236 million increased by 39.9%.

In terms of channels, more than 80%of the company’s revenue comes from offline channels, and online revenue is growing. From 11.8%in 2015 to 16.7%of 21Q1-3. Further subdivision to the business format, 2015-21Q1-3, independent store revenue accounted for the largest and basically stability of about 40%; followed by distribution channels, but because the company continued to promote channel integration, the distribution proportion was reduced from 33.0% to 26.4.4 %; Group purchase and online shopping, such as relatively new channels, show rapid growth, accounting for 15.0%in 2015 to 21.3%; shopping mall stores also increased slightly.

In terms of regions, the company’s terminal sales areas have always been concentrated in the southeast, East China, and Central China. The above -mentioned regional market shoe brand coverage is high, the network is densely distributed, and consumers have strong fashion sensitivity. It can also be more intense. After the company’s deep cultivation, the proportion of revenue in this area increases from 64.5%in 2012 to 82.2%of 2021H1. The scale of the company’s overseas revenue has gradually decreased, mainly because the domestic production cost advantage is no longer obvious. Some company customers transfer orders to Southeast Asia or other regions, and foreign trade orders have decreased. (Report source: Future Think Tank)

1.3.2. Strong profitability of the product and improvement of performance

奥康国际研究报告:专注打造舒适男士皮鞋,战略调整改善可期

The company’s performance has improved. From 2013-2018, the company’s net profit attributable to mother-in-law shakes down with the revenue simultaneously, from 457 million in 2011 to 137 million in 2018; in 2019, the company’s cross-border e-commerce Lanting has issued shares The proportion was diluted, and the amount of long-term equity investment impairment was provided with a loss of 103 million yuan. The net profit attributable to the mother was reduced; in 2020, the impact of the epidemic was recovered less; the net profit of 21Q1-3 companies increased by 385.9%of the net profit of RMB 45 million.

The gross profit margin continues to grow, and the product -side profitability is strong. From 2011-2020, the company’s gross profit margin gradually increased from 34.6%to 40.0%, and the product profitability was strong. The 21Q1-3 gross profit margin was 41.7%and increased by 10.9PCT. The gross profit margin base was low in the third quarter. Looking at it meticulous:

From the perspective of the division category, the company’s traditional business men’s shoes have a stabilization of about 40%, and 21H1 is 42.7%increased by 11.4pCT; the slightly lower women’s shoes are 41.4%and an increase of 9.7pct; To 49.1%.

In terms of channels, from 2015-2020, the online gross margin rate decreased, from 42.1%to 9.3pct to 34.8%; while the offline gross profit margin showed the opposite growth trend, from 31.9%increased by 9.8PCT to 41.7%; 21Q1—1Q1– 3 online and offline have a certain increase, online gross profit margin of 34.8%(+9.6pct), and 42.7%(+11.58pct) offline.

From the perspective of the division format, the gross profit margin level of the shopping mall is the highest, maintained at about 49%; followed by independent stores, the gross profit margin of 21Q1-3 independent stores increases by 23.33pct to 54.8%, exceeding the gross profit margin The gross profit margin of online shopping channels was higher than 45%, and then decreased below 35%; the gross profit margin of distribution channels gradually decreased from 34.9%in 2015 to 23.9%in 2020.

奥康国际研究报告:专注打造舒适男士皮鞋,战略调整改善可期

The net interest rate has improved, and the sales cost rate is growing. From 2015-2019, the expense rate of the company’s period increased from 20.2%to 29.6%, and the management, research and development, and financial expenses were basically stable. It was mainly due to the increase in sales expenses. 21Q1-3 increased by 9.8PCT to 37.7%year-on-year, and the growth of more growth was caused by changes in revenue standards. The company’s deduction point of shopping malls and e-product stations was included in the service fee, resulting in a large increase in sales expenses. Benefiting from the improvement of gross profit margin and profitability, the company’s recent net interest rate has improved, and 21Q1-3 has risen to 2.1%.

1.3.3. Inventory weekly resumption of recovery, room for operating efficiency to improve

The operating capacity is improved, and the inventory weekly rotation efficiency improves. 2016-21Q1-3 was a reduction in inventory. The inventory scale of 21Q1-3 companies was 662 million, a decrease of 8.4%year-on-year, and the number of days of inventory was 153.01 times. But there is still much room for improvement compared to the level of 2011 and 20112.

Business cash flow stability needs to be improved. 21Q1-3’s net operating cash flow is -109 million yuan, which is mainly due to the growth of the purchase and payment of Skycci and Puma brand procurement.

2. Differential development advantages reconstruct brand value, intelligent manufacturing empowerment layout smart retail

2.1. Focus on core strategic positioning, multi -faceted force to promote brand image upgrades

The main brand Okang positions mid -to -high -end business fashion, its own brand Kang Long is positioned and placed in fashion and leisure to meet the functionality and fashion needs of different consumers. The company’s main brand Okang is committed to providing mid-to-high-end business fashion products for the target group of 25-35 years old. Its price band is 299-699 yuan, and the price of the new product is between 600-1200 yuan; Leisure style, the target customer base is young consumer group, the product price is between 399-599 yuan.

Together with Junzhi, he is committed to producing more comfortable men’s leather shoes. In January 2021, the company and Junzhi Consulting reached a strategic cooperation to focus on the mainstream people and focus on “comfortable men’s shoes” as the core strategy. With the help of strategic landing, channel expansion, image upgrades, operation upgrades, and policy inspiration, to create “more” more The brand strategic positioning of comfortable men’s leather shoes “is committed to solving the pain points of” grinding, top, cortical, and impermented “of male customers in leather shoes, comprehensively enhance the comfort, fashion and technology sense of product. Junzhi Consultation: Dedicated to assist companies to win competition, the original strategic service system has been recognized and has been repeatedly recognized.

Junzhi Consulting breaks the positioning of traditional consulting characters, created with customers as a “business partner”, and achieved growth methods, improvement of profitability, and co -creation of market status. Dozens of enterprises including Liangpinpu, bamboo leaves, Green Mountain Green Tea, and other industries have achieved growth, helping 5 of them to help 5 of them exceed 10 billion. (Report source: Future Think Tank)

奥康国际研究报告:专注打造舒适男士皮鞋,战略调整改善可期

Focusing on the Aokang brand, the mainstream of men’s leather shoes, the four new products are mainly light, breathable, and comfortable. After the company cooperated with Junzhi, the new -generation brand image terminal flagship store and the first four new products of the year were launched under the new strategy -the double -layer hollow design of the soles of the sole, the summer strong breathable microcontroller series, the comfortable transparent dual -cycle unlimited breathing series, Daily Wanwa Wubia Wanwabe Series and the cloud series of lightweight foot and naked feet experience.

奥康国际研究报告:专注打造舒适男士皮鞋,战略调整改善可期

Import shoes technology+on -site trial service to increase the added value of the product. The company has successively developed GPS positioning shoes, nano -health shoes, oxygen cycle breathing shoes, color -changing shoes, etc., has obtained 166 R & D patents, and technology is at the international advanced level. At the same time, the company has archived over 3 million foot mold data and provides on -site services. Customers can choose any of the same code, different colors, different types of the same code, different colors of the same color, or DIY. As of the end of October 100 million doubles.

奥康国际研究报告:专注打造舒适男士皮鞋,战略调整改善可期

Integrate channel resources, the proportion of direct -operated and collective stores has increased. In 2013, the company began to integrate channel resources on a large area. At the same time as extended stores, optimizing the stores through “expansion, merging, and changing”, mainly reflected in two trends:

1) Store direct -operated reform. As of the end of 2012, the company’s stores were 5,315, of which 960 stores were 960, the number accounted for only 18.1%, and 4,355 stored stores were sold. As of September 30, 2021, the company had a total of 2,540 stores, of which straight The camp store accounted for 48.4%. The increase in the proportion of direct operating accounted for effectively enhanced the company’s control over the end and accelerated the response to market changes.

奥康国际研究报告:专注打造舒适男士皮鞋,战略调整改善可期

2) Encourage the opening of a collection store. The company adjusts small shops with low store efficiency and poor image, reducing the number of quality and improvement, focusing on the opening of multi -brand collection stores to enhance the profitability of stores. In 2018, the number of company gathering stores increased from 211 at the end of 2014 to 993; 21Q1-3, due to closing stores and further channel adjustments between the epidemic, the number of gathering stores decreased to 758.

奥康国际研究报告:专注打造舒适男士皮鞋,战略调整改善可期

In the future, the company plans to focus on the business of men’s leather shoes, focusing on the main brand of Aokang, other brands may gradually be stripped or converted into online channels. At the same time, it will give priority to opening stores in key areas to increase the proportion of shopping center stores and control the number of street stores.

Together with Junzhi optimizing offline stores, emphasizing the brand comfort and professional image. Starting from 21Q3, the company starts with the Zhejiang area as the starting point and plans to update the store in the next two years. In October 2021, 10 stores in Aokang Wenzhou, Yueqing and other places continued to complete new upgrades, and opened in batches to enhance the popularity of store opening at the same time. After the upgrade, the storefront is designed with a simple and scientific sense of rational vision instead of the perceptual vision of traditional stores. The number of SKUs is reduced, the category is more concentrated, emphasizing the elements and characteristics of “men’s leather shoes”, enhancing the sense of offline experience, establishing “comfort”, “professional” Image, re -activate consumer brand cognition.

奥康国际研究报告:专注打造舒适男士皮鞋,战略调整改善可期

In October 2021, the company’s first flagship store nationwide opened in the Ningbo traffic business district, with an area of ​​over 500 square meters. It is specially invited to create a well -known French space designer to integrate the current trend elements in terms of space design, visual experience, and business categories. The “comfort” characteristics of the Aokang brand created an immersive shopping experience. On the day of opening, the flagship store sales exceeded 270,000, and men’s shoes sales increased by 1700%, and the average price increased by 48%year -on -year. Image upgrade attracts consumers offline check -in and online sharing, forming a positive circulation that promotes the growth of passenger flow, while promoting the youthfulness of the customer group; in the future, the flagship store will also be used as a brand and development fulcrum in Ningbo, which will gradually radiate to Ningbo to Ningbo Existing 60 stores.

奥康国际研究报告:专注打造舒适男士皮鞋,战略调整改善可期

Offline can be transformed and upgraded, renewing the image of the product. The co -branded Disney “Marvel” and promulgated the strategy of “Millions of Million Salary, 100 million yuan incentives” global elites seeking sage, integrating young culture and trend fashion, and comprehensively opening up multi -dimensional vertical depth digital transformation and upgrading.

奥康国际研究报告:专注打造舒适男士皮鞋,战略调整改善可期

Strategic cooperation in Ali, JD.com, and Ruili, layout live e -commerce online to bless the brand out of the circle. Okang has lived online in 2017 to explore the entity+live new e -commerce model and accelerate the online transformation of the enterprise. Together with Ruili to create a brand shopping guide+net red supermodel anchor matrix to break through the traditional online sales method; create a Double Eleven Fan Life Festival, a new product show on the cloud, 88 brand day event, etc. The channel channel is further. In March 2021, the company joined hands with Tmall to launch the “New Wind … Thousands of People Live Challenge”. The cumulative playback volume was 2.28 million on the same day, with a total of 10 million people, and sales of 108%.

Together with JD.com to create a “unbounded retail”, the full link opens up to achieve digital marketing of precision marketing and omni -channel. The company and JD.com carried out online and offline “Okang Show New Seasons” with new events, launching JD membership code to open the full link, and realized brand -centric full contact management.

2.2. Actively explore the intellectual transformation cost reduction and efficiency, and build a smart retail centered on user needs

Manufacturing end: Continue to promote intelligent production, cost reduction, efficiency, digestion and incremental order company divides intelligent manufacturing into three dimensions: 1) Automation: realize machine substitutions, reduce the number of labor, and reduce labor intensity; 2) Informatization: realize information Integrated automation, systematic data analysis, instant production of statement and rapid decision -making improvement; 3) Intelligent: realize interconnection, sharing, links and conservation. Specifically, in recent years, the company has continued to deploy intellectual manufacturing factories in many ways:

The “Easy Efind” APP is launched within the factory to achieve production labor sharing in the factory, reasonable allocation of human resources, stimulate employees’ enthusiasm for work, and improve production efficiency;

The “machine substitution” strategy is introduced to the cutting -edge three -dimensional design and R & D CNC equipment. At the same time, the PLM system is upgraded to establish a full life cycle management, introducing MES visual data systems, and helping the company’s research and development innovation capabilities.

21H1 launched the intelligent commodity management system, based on the company’s big data and algorithms, realized the full life cycle operation management of the product, accelerated brand transformation and upgrading, improved the overall efficiency of the supply chain, and provided system support for product decision -making.

With scientific and technological time -efficiency, we will make effective effects with intelligent manufacturing. In the company’s smart manufacturing factory, the computer Rolla car instead of the traditional sewing machine, and the robot replaces the artificially fixing leather bag, which can replace the workload of more than 10 minutes in more than 10 seconds; automatic cutting the cutting machine can automatically complete the scanning and typesetting of the scanning, typesetting machine. , Cut, improve the efficiency of tailoring production; the company’s “Flying Workshop” has been put into use since 2017, woven the hot capacity to the entire upper, and operates 24 hours a day every day. The daily output of 150 workers in the workshop.

From 2015-2020, the number of production personnel in the company decreased from 4,368 people to 2129 year by year, and the per capita output increased from 0.18 million doubles/ person to 02,200 double/ person.

Transportation end: Build an intelligent logistics center, open up the barriers of factories and offline stores

In 2017, the company’s East China Logistics Center was officially launched, realizing the intelligentization of the entire process from the storage, replenishment, picking, and distribution of the warehouse. It can complete the shipping task of 5,000 boxes of offline stores. The largest delivery capacity of more than 300,000 pairs can be greatly shortened, reducing the time of the goods out of the warehouse, reducing inventory pressure, and improving logistics efficiency.

奥康国际研究报告:专注打造舒适男士皮鞋,战略调整改善可期

Consumption side: layout C2M business, customized services to improve consumer experience

The C2M business needs to be customized and connects the factory and consumers directly. In 2017, the company became the first company in the industry to formulate a “C2M high -end customization” strategy, and intends to provide customers with customized services with big data. In the C2M business model, consumers can measure the foot type through the device, and choose the suitable shoes for the system pushed by the system. The entire process of order and product production.

In 2018, the company launched the first smart store and C2M experience hall; in February 2021, the company was selected as one of the key training and support targets of the C2M “Super Factory” plan in Wenzhou. In the future, the C2M business model may effectively solve the pain points of industry, reduce inventory and cost, and improve production efficiency, and also provide consumers with comfortable and personalized products.

2.3. Strategic cooperation Skecker, Puma, layout sports sports section

Strategic cooperation in Sky, deep and comprehensive strategic cooperation played the advantages of both parties. In 2015, the company had a strategic cooperation with Sikecci to sign the company’s formal layout of the sports sector and gradually established a effective information sharing mechanism, business cooperation mechanism, communication and communication mechanism, and cooperation research mechanism to achieve good economic benefits of the two parties. Aokang has established an independent camp team to accurately grasp the changing consumer’s changing product demands from marketing, brand promotion, customer maintenance, and channel expansion, strengthen Skydich’s business capabilities and deeply cultivate the Chinese market. On the day of the strategic cooperation, the Skecker Store of Wuma Street, Wenzhou officially opened. The store was the largest flagship store at the time at the time, with a store area of ​​350 square meters.

The second largest shoe brand in the United States, Sky, covers all ages. The main price of Skycic is between 399-599 yuan. Unlike traditional sports brands based on specific sports, the Sikecci brand uses a family as the target group to provide one-stop, full-scene life-dressed needs, and continue to introduce new new outlets. , Children’s S-Lights series of shiny decorations, professional running Gorun series breakthrough technology, footwear Gowalk comfortable and breathable is favored by elderly consumers, retro sports D’Lites series positioning young fashion style.

Focus on product comfort and innovation and upgrading, and high functional and cost -effective performance grows rapidly. In recent years, channels and income have grown rapidly, and with their high functional and cost -effectiveness, they are favored by young consumers in first -tier and second -tier cities. Keep steady growth.

Together with the world’s largest sports retail supermarket, INTERSPORTS, cooperates with the German fashion sports brand Puma to create a full -class shoe industry ecosystem. In the second half of 2018, the company’s strategic cooperation in German fashion sports brand Puma further expanded sports territory. The Puma brand product positioning and leisure and sports style involved multiple scenarios such as running, football, golf, etc. The main price was between 499-899 yuan.

Since the cooperation, the product series has been continuously upgraded, and the Australian street brand Butter Goods has launched the retro style joint series Super PUMA. With high performance, it provides strong support for the golf movement; accelerate the expansion of the terminal store. As of the end of September 2021, a total of 57 Puma Stores of the company (42 directly operated and 15 joined).

3. Business scenarios expand and increase rigid demand, domestic men’s leather shoes brand development is expected

3.1. The gathering effect of the men’s leather shoes industry is obvious, and the regional concentration gradually increases

Since the opening of the market, my country’s leather shoes industry has developed rapidly. From the decentralized, individual, hand -work workshop formats, it has developed into a complete industrial system with large -scale production and operation. Leather shoe manufacturers are located in the middle reaches in the industrial chain. The upstream is raw materials such as natural leather, rubber, and PVC. The downstream is sold to consumers through e -commerce, direct operation, franchise, agency and other channels. From the perspective of the supply of raw materials in the upstream, since 2016, my country’s leather supply has shocked. In 2017, the national leather product output was 730 million square meters, the highest in the past 5 years; my country’s leather production was 580 million square meters in 2020.

The complete production system covers all aspects of raw materials to all aspects of the sales service. The aggregation effect is obvious, and the regional concentration has gradually increased. At present, my country has formed a leather shoes manufacturing industry group centered on Fujian, Zhejiang, and Guangdong. It has mature production technology and related supporting links. It has formed a complete production system from raw materials, processing to sales and services to promote industrial structure adjustment and growth methods In the change, the output of Fujian, Zhejiang, and Guangdong’s leather shoes from January to July 2021 accounted for 59.4%(+4.4%), 15.8%(+19.6%), and 8.7%(+9.8%). (Report source: Future Think Tank)

奥康国际研究报告:专注打造舒适男士皮鞋,战略调整改善可期

Leather shoes production technology equipment and supporting industries have improved significantly. my country’s leather shoes production technology and product quality have reached the level of international mid -to -high -end, and supporting industries such as leather chemical, shoe 楦, and hardware have also developed rapidly; in terms of production and processing technology, my country’s leather shoes production enterprises have gradually grasped computer shoes 楦 design and 楦 types Advanced processes such as engraving and automated production equipment; therefore, internationally renowned brands have established long -term cooperative relationships with Chinese OEM merchants.

Leather shoes are originally labor -intensive products, but as people’s requirements for style design and comfort are getting higher and higher, independent research and development design capabilities have become the key to ensuring the survival and development of leather shoes. At the same time, consumers’ awareness and loyalty to well -known brands have High degree, and the establishment and formation and marketing network of well -known brands require long -term accumulation, so there is a high entry barrier in the leather shoes industry.

奥康国际研究报告:专注打造舒适男士皮鞋,战略调整改善可期

Brand barriers: Brands are vital to the sales of leather shoes, and the consumer groups of well -known brands are relatively stable. With the increase of per capita income and consumption level, the proportion of brand leather shoes is increasing, and the establishment of well -known brand image is the result of long -term cultivation of its product quality, design, brand positioning, process technology, operation management and services. At present, the men’s leather shoes brand Okang, Red Dragonfly, Yilkang, Corona, etc. have established better brands. The customer base is relatively stable, and it is difficult for new entrants to establish a stable brand in a short time to compete for existing consumers. Marketing network barriers: strong marketing networks help brands have continuously pushed out new and seized market opportunities.

The marketing network is the key to winning the market for consumer goods companies, and the establishment of a stable and profitable sales terminal is a systematic project. During this period, it needs to invest a lot of manpower, financial resources, and material resources for a long time. The establishment of the national market network helps product organization, brand maintenance, personnel training, cost control, information system construction, etc. At the same time, these advantages are conducive to further expansion of the marketing network and form a virtuous circle. Well -known brands can make full use of their strong marketing networks, continuously update product iterations, and grasp market opportunities, while new entrants require a larger time and human cost to establish a systematic marketing network.

Technology R & D barriers: Dynamic research and development capabilities are the driving force for enterprises to achieve rapid product iteration and new original driving force. The product matching design according to the brand positioning to form a product style that is in line with brand positioning is the key to ensuring brand survival and development. At the same time, mid -to -high -end brands have high requirements for the dynamic research and development capabilities of the enterprise. It is difficult to obtain profit margins in the mid -to -high -end market.

3.2. Business scenario increases the application of leather shoes, leather shoes have a higher sense of value for men

At present, Chinese consumers have matured for shoe demand structure, and gradually change from the price of use to pursuing personalization, fashion, quality and personal expression. The leather shoes market has further subdivided. Brand, price, style, style.

The development of the office workplace industry and the development of urbanization have prompted the increase in business scenarios, and derivative of multi -category leather shoes meet different needs. With the growth of urban white -collar workers, the upgrading of urbanization has brought about the upgrading of work scenarios, and the demand for business leather shoes has increased. At the same time, as the business scenario tends to diversify, male consumers have improved the comfort and design sense of leather shoes. Men’s leather shoes are gradually subdivided into segmentation into them. Oxford, Mengke, Derby, Lefu, Chelsea and other shoes.

At present, the basic consumption needs of major leather shoes have been met. In the future, with the improvement of higher -level consumption, people will pay more attention to leather shoes comfort and brand. Leather shoes have specific use scenarios for such consumers, that is, wearing leather shoes in work and social occasions. At the same time, the business scenario of leather shoes increases the rigid needs of leather shoes, and stimulates the use of leather shoes. The market demand is visible. In addition, leather shoes have a higher sense of value for men than other shoes, and the attributes are more obvious.

3.3. National brand recognition increased, brand+marketing+technology R & D construction industry barriers

3.3.1. Early foreign brands monopolized high -end markets, low added value of domestic brand products occupied low -end markets

Professional and globalization of leather shoes design, research and development, production, and marketing trends, multinational companies occupy a high -end value chain of leather shoes with style design, high -quality and cultural accumulation. Instant -branded shoes such as Italy, Spain, etc. In terms of style design, new material research and development, brand marketing, etc., they are in the world’s leading position, occupying the dominant position of luxury and high -end markets. Professional agglomeration and social supporting services provide all -weather and all -round services. Taking Italy as an example, its professional industry associations and interbank unions in industrial clusters have established joint procurement cooperatives, sales consortia, financing guarantee consortiums, products, and products Various intermediary service organizations such as inspection centers and international exchange centers cover almost all industrial cluster areas. At the same time, well -known international shoes companies have regarded China as the fastest growing market in the world, and began to study Chinese feet and preferences to design leather shoes style, and continuously expand marketing networks in China, such as LV, Dunhill, Hermès and other luxury brands. And Clarks, ECCO, Geox, Valleverde and other high -end brands.

Southeast Asian countries are mainly produced and processed markets. The added value of products is relatively low, occupying low -end markets. Developing countries such as China, India, and Brazil are mainly engaged in the production of low -grade shoes due to labor advantages, or are processed by brand -name shoe companies in developed countries. , Italy is about 567-710 yuan per pair.

3.3.2. The recognition of domestic goods is improved, and the shoe and clothing enterprises will grasp the traffic opportunities online

Shoe companies seize the opportunities for online traffic, increase social e -commerce, and innovate sales scenarios. In recent years, under the development of the Internet and digital age, major shoes and clothing companies have continuously increased social e -commerce, especially under the impact of the new crown epidemic. Layout, innovation scenes such as Taobao online special session, WeChat spikes, applet distribution, and live broadcasts in different regions.

The improvement of domestic goods recognition may accelerate the national brand to enter the mid -to -high -end market. At present, the industry has entered the stage of brand competition, and major domestic brands have gradually entered the mid -to -high -end market. Practical and innovative domestic products are gradually favored by consumers in competition with international big names. Especially after a series of events in Xinjiang cotton and Hongxingrke this year, consumers With a higher degree of recognition of national brands, the market share of the national brand may be further increased.

With the enhancement of people’s awareness of exercise and fitness after the epidemic, the penetration of sports scenes to daily life, sports and leisure shoes are diversified to have a certain replacement of leather shoes, but leather shoes are still a necessity of various business scenarios of office workers; at the same time, company four The Daxin product series breaks through the original business scene, providing long -term growth of scarce value -driven brands.

(This article is for reference only, does not mean any investment advice of our investment. If you need to use the relevant information, see the original text.)

Selected report source: [Future Think Tank].

Future Think Tank -Official Website

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