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Bosideng, the largest down apparel company in mainland China, is now shifting its focus to the mid- to high-end menswear market. This year, the brand plans to invest 300 million yuan to open over 300 men's clothing stores. The company recently completed its Men’s Wear Fair and is optimistic about future growth, with a conservative estimate of a 20% to 30% increase in sales. According to CFO Mai Runquan, the men’s clothing business saw a 20% rise in same-store sales during the first half of the 2011 fiscal year (April to September), signaling strong potential.
During an interview in Changshu, Jiangsu Province, Mai Runquan mentioned that since May last year, Bosideng has launched the “Bosideng Men’s Wear†brand, which added 99 new branches in just one year. Starting this year, the group aims to open between 300 and 350 stores annually, expanding into the men’s apparel sector. The strategy involves opening directly-owned stores in first-tier cities and franchise locations in second- and third-tier cities.
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 company reported autumn and winter orders totaling 290 million yuan, reflecting a 57% year-on-year increase. Lisa Lim, director of Bosideng Menswear, noted that the company targets a 25% to 30% growth in quarterly orders.
Despite the success in the down apparel segment, the company remains focused on expanding its menswear division. However, the overall business mix is expected to remain stable in the short term. In 2010, Bosideng’s menswear business generated 410 million yuan in revenue, accounting for 7% of total sales, with a profit margin of 9% and a gross margin of 51%.
Industry analysts believe that the down market in mainland China is becoming saturated, making Bosideng’s move into men’s fashion a smart strategic shift. Positioned in the mid- to high-end range, Bosideng men’s wear offers products priced from a few hundred to tens of thousands of yuan. This could position it as a major player in the men’s fashion market, potentially competing with brands like Li-Ning.
Goldman Sachs recently released a report stating continued confidence in Bosideng’s operations and profitability. However, due to the current stock price already factoring in double-digit sales growth from 2011 to 2013, the rating was downgraded from “buy†to “neutral.†Despite this, the company’s long-term prospects in the evolving Chinese fashion market remain promising.