Production foundry is discounted all year round.


China Business Daily (Reporter Jiang Yongxiawen/Picture)

Recently, Beijing Garman Clothing Co., Ltd. (hereinafter referred to as Garman Clothing) was launched by the GEM Listed Committee (hereinafter referred to as the Shanghai Municipal Party Committee) and will be listed on the GEM of the Shenzhen Stock Exchange. The prospectus shows that the company’s two authorized brands -Hushpuppies children’s clothing and the operation of Hazzys children’s clothing are very noticeable. Taxi children’s clothing and Hargis children’s clothing occupy a high proportion of the revenue of Garman clothing, which can be described as its main brand. However, a reporter from China Business Daily found that these two so -called “mid -to -high -end” children’s clothing brands do not seem to be so high -end -production foundry, and the focus is on brand operations, and the R & D investment is lower than that in the same industry is comparable to comparable to the industry. The company, discounts are even more frequent.

A next -time walking stroll children’s clothing store

Heavy brand promotion light production research and development


Garman Clothing adopts multi -brand operation strategy, including its own brand, authorized business brand, and international retail agency brands. Timebucho children’s clothing and Hagis children’s clothing are two authorized business brands of Garman clothing, positioning mid -to -high -end. It is reported that in 2013 and 2015, Garman’s clothing has been exclusively authorized by Tacorus Step Shutter and Hargis Children’s clothing in mainland China (excluding Hong Kong, Macao and Taiwan). Sale. Among them, Timebuki is a US casual clothing brand founded in 1958. Hargis is a fashion brand spin -off from South Korea’s LG Group. It is a well -known international popular clothing brand.

The two brands of the children’s clothing and Hargis children’s clothing have good sales performance. They occupy a high proportion in the revenue of the entire company in Karman’s clothing, and it is also the company’s main brand. In recent years, the brand image of Shibuchi children’s clothing and Hargis children’s clothing has gradually been established, and this is due to the brand operation and promotion strategy of Garman’s clothing. Garman Clothing has repeatedly emphasized the role of brand operation and promotion in the prospectus, and its investment in this area is also increasing. China Business Daily reporters have noticed that since 2019, the brand promotion costs of Garman Clothing have increased year by year.

It is reported that Garman Clothing’s IPO raised funds also have a large part of the funds planned to be used in brand operations. The prospectus shows that the raised funds are mainly invested in four projects. In addition to the construction project of the e -commerce operation center with the largest investment amount, it is the marketing system construction project with an investment capital of more than 100 million yuan. The marketing system construction project is the further improvement of the existing marketing system of Garman Clothing. By expanding the construction of offline flagship stores, gathering stores and specialty stores, including the construction of Tacorus Children’s clothing, Hagis children’s clothing straight business store construction, the company’s brand image is enhanced. Market coverage and direct sales capacity. And improving the company’s brand image plays a significant role. The prospectus also mentioned this -this project further strengthens market coverage by further expanding the form of flagship stores, collective stores and specialty stores, and increasing the opportunities of consumers to understand enterprises and brands, especially flagship stores and collection through high -end images of high -end images. Stores can better display brand image, interpretation and transmitting brand culture.

In addition to focusing on brand operation and promotion, Garman Clothing also emphasizes the use of R & D design capabilities as the development power to promote brand image construction. In the prospectus, Garman Clothing claims to be strong design and research and development capabilities as the core advantage of the company, and the company has an experienced design team. The company’s design center targets its own brand “Water Children” and authorized brand “Tacorus Stepper “Hargis” set up different design groups. During the reporting period, the number of SKUs designed, put into production and sale each year was 5037, 7503, 7696, and 4399, respectively.

However, such enterprises and brands that attach importance to research and development capabilities, the actual R & D investment is very low. Although the Garman Clothing IPO had a meeting, the Shanghai Municipal Party Committee conducted on -site inquiries. During the reporting period, the proportion of income generated by Garman’s clothing authorized brand operations accounted for about 51%-62%of operating income. The proportion of Karman clothing research and development investment in about 1%of operating income is lower than the comparison company in the same industry. The Shanghai Municipal Party Committee requires it to explain the specific embodiment of innovation in combination with business models, innovation capabilities, and R & D and transformation capabilities. R & D investment is lower than the reasons and rationality of comparable companies in the same industry.

Not only does the proportion of R & D investment not high, but also the production session of Garman Clothing also pays great attention to cost control. All of this session adopts the light asset model of outsourcing and foundry. The prospectus mentioned that Karman’s clothing itself does not produce. Entrusted processing after the auxiliary materials. Although this method has an advantage in capital occupation and cost control, it must also bear certain risks. The production organization capabilities, management level and quality control of foundry manufacturers directly affect the quality and delivery time of the company’s products. Once the foundry manufacturers have corresponding problems, they will bring risks to the company’s operations.

Regarding many issues such as R & D investment and light production strategies, China Business Daily reporters have contacted Garman’s clothing, but as of press time, they have not received a reply.

Can the discounts of all year round support the middle and high -end positioning

Garman Clothing adheres to the multi -level and multi -brand operating strategy, adopts the marketing model of synchronized development in offline, and with the development of e -commerce, the online business of Garman Clothing has gradually become the mainstream. The prospectus shows that Garman Clothing has established online direct sales channels through e -commerce platforms such as Vipshop, Tmall, and During the reporting period, the company’s online sales revenue accounted for 42.75%, respectively, and 42.75%, respectively, respectively, respectively, respectively, respectively, respectively, respectively, respectively, respectively, respectively, respectively, and 42.75%, respectively. 52.91%, 61.59%and 62.17%. Garman Clothing is the company with the highest proportion of online sales than listed companies in the same industry, and has realized the in -depth integration of children’s clothing sales and e -commerce.


Perhaps because of focusing on online channels, the promotion strategies of Tsushu Children’s clothing and Hargis children’s clothing are also e -commerce -enthusiastic about discount promotion.

Vipshop is the e -commerce connection platform of Karman’s clothing. Compared with Taobao and Jingdong, the cooperation between them is closer. In Vipshop’s self -operated store, the reporter noticed that the retail price is 20 % off the price of the tag price. The discount of some T -shirts and pants is less than 100 yuan, and the coat is within 200 yuan. In addition, the current Tmall Flagship Store of Timebu Children’s clothing is also promoting the promotion, 20 % off 2 pieces, 30 % off 3 pieces, and a minus of 20 at a less than 600 yuan, 50 yuan minus 90, etc. In the end, the price of a product is equivalent to 5-6 % of the tag price.

Compared with the time of the Toba children’s clothing, the price of Hargis children’s clothing is higher. Most of the discounts of Hargis children’s clothing on the Vipshop platform are about 4 % off. The summer T-shirt is about 200 yuan, the coat is about 400 yuan, the girl’s skirt ranges from 500-600 yuan, and the down jacket is thousands of yuan. Hargis children’s clothing Tmall flagship store is also conducting promotion, 20 % off 2 pieces, 50 at 600 yuan, 100 at a minus of 999 yuan, and a full reduction of various full reductions in over 1899 yuan, which can be superimposed.

Tianhong Shopping Mall (Beijing Xuanwu Store) is a tourist shop in the children’s clothing store is engaged in promotion

Not only is it discounted online, there are also high discounts for offline stores. The reporter saw at the Timebu Store of Xuanwu Store, Tianhong Mall, and saw the information of discounted promotion everywhere on the clothing shelves. After the season, the old product participated in the tag price of 50 % off. the discount of. After the discount, the price of the sweater pants of the Tsushu Children’s clothing is mostly within 100-200 yuan, and the jacket is within 200-300 yuan. The shop clerk told reporters that the children’s clothing of the time of time is basically discounted all year round, and the discounts of different periods are slightly different.

In fact, discounts are also a marketing strategy claimed by Garman’s clothing. The prospectus mentioned that the company’s products are given a certain commercial discount on the tag price during foreign sales. The main sales discounts in different sales models are different: offline direct business stores, 5-8 % discount on the new product of the season, the season is 5-8 %. Or the anti-seasonal discount is 30 % to 5 % of the tag price; the franchise store, the new product discount in the season is 3-4 % of the tag price, the season or anti-seasonal discount is DE1.5-3 % off; Battalion, the discount of new products in the season is 3-6 % of the tag price, and 2-4 % off the tag price after the season or anti-season style.

From the perspective of industry insiders, the price of higher price tag prices, and then reducing the price by discount promotion, this strategy has a greater attractiveness to consumers in the short term, but there are many disadvantages of discount promotion. The most obvious one is the impact on the impact Brand. As a mid -to -high -end brand, can Taxi Stepshop children’s clothing and Hargis children’s clothing adopt this promotional strategy to support the brand image for a long time?