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Bosideng, the leading down apparel brand in mainland China, is now expanding its focus into the mid- to high-end menswear market. This year, the company plans to invest 300 million yuan to open over 300 men's clothing stores across the country. Bosideng recently completed its Men’s Wear Fair, and the event was seen as a key step in its strategy to boost growth. Analysts expect a strong performance, with conservative estimates suggesting a sales increase of 20% to 30%.
According to CFO Mai Runquan, the men’s clothing division saw a 20% increase in same-store sales during the first half of the 2011 fiscal year (April to September), showing promising results for the new venture.
In May last year, Bosideng launched its "Bosideng Men’s Wear" brand, which has already expanded rapidly. In just one year, the number of branches increased by 99, and the company aims to add between 300 to 350 new stores annually starting this year. These stores will be mainly located in first-tier cities, while second- and third-tier cities will see more franchise opportunities.
As of March this year, Bosideng operated nearly 800 retail outlets, including 40 self-operated stores, 40 department store counters, 100 franchised locations, and around 620 dealer-operated stores. In April, the men’s autumn and winter orders reached 290 million yuan, marking a 57% year-on-year increase. Lisa Lim, director of Bosideng Menswear, mentioned that the company targets a 25–30% growth in quarterly orders.
Despite the rapid expansion into menswear, Bosideng remains focused on its core down apparel business. While the menswear segment currently accounts for about 7% of total revenue, the company believes it can become a significant growth driver in the future. In 2010, menswear generated 410 million yuan in revenue, contributing 7% to overall sales and 9% to profits, with a gross margin of 51%.
Industry analysts view Bosideng’s shift into menswear as a smart move, especially as the down jacket market in mainland China becomes increasingly saturated. With a mid-to-high-end positioning, Bosideng’s men’s clothing line offers a wide price range, from several hundred to tens of thousands of yuan, making it a strong competitor in the growing men’s fashion sector.
Goldman Sachs recently adjusted its rating on Bosideng from “buy†to “neutral,†citing that current stock prices have already factored in potential double-digit sales growth through 2013. However, the firm still maintains a positive outlook on the company’s operations and long-term prospects.