text | Slightly larger reference, author | Fu Rao, Xiaoyao, editor | Zhang Dafang
Semir no longer blindly pursues young consumer groups like when the brand was first established, but hopes to broaden its consumer group by broadening consumption scenarios .
Recently, Xu Zhisheng shot a down jacket advertising MV. Unlike other shopping guides, Xu Zhisheng memorizes idioms first when he sells goods: a drop in a bucket, as light as a feather, a trivial thing... Funny plot, brainwashing songs, Xu Zhisheng has his own highlights, which makes this The mv quickly aroused discussion on the Internet in a short period of time.
And Semir also relied on its popularity to return to the public eye again after a long absence.
But in addition to marketing actions, many young people have also discovered other changes in Semir, such as store brand renewal and efforts online and overseas. Some people even lamented on social media: Is this still the Semir I visited before? Why does it feel like it is becoming more fashionable and more and more like Uniqlo?
Semir has also shifted from its original rapid response to trendy consumer demands to a brand strategy of diversifying consumer groups, product lines, and online and offline multi-channel development. And hidden in these changes is Semir's transformation path.
01 Comprehensive transformation
On October 1, Semir’s flagship store on Wuma Street in Wenzhou officially opened.
The Semir flagship store near the street has three floors, covering an area of 800 square meters. It is transparent and bright. You can feel the outdoor atmosphere everywhere in the store's setting. The products in the store cover multiple categories such as outdoor, sun protection, children's clothing, leisure, etc., attracting Many consumers enjoying the long holiday came to check in and explore the store.
According to some fashion bloggers and industry insiders who have visited the new store, like many large clothing brand stores, it seems that popular sports and outdoor clothing on the market are sold when you walk in. If you cover the Semir logo, you will think that What a new fashion brand this is.
Picture source: Semir Xiaohongshu
This is a store with a new image after Semir announced its transformation last year. According to Semir's official disclosure, Semir has opened 235 new stores with a new image like this this year.
In addition, according to official news, Semir is negotiating for large stores in core pedestrian streets and business districts in central cities such as Xi'an, Wuhan, Chongqing, Nanjing, and Shanghai.
's more central location and larger stores all declare Semir's investment and determination in transformation.
But the change of store image is not the entire focus of Semir's transformation.
First of all, in terms of brand positioning, Semir adjusted its brand strategy last year and announced that it would provide adult clothing, children's clothing and household products for the public of all ages, taking the family as the scene. This means that Semir no longer only pursues young consumer groups as it did when the brand was first established, but hopes to broaden its consumer groups by broadening consumption scenarios.
Picture source: Screenshot of Semir’s official website, Semir’s brands
Secondly, from a product perspective, at the Shanghai Fashion Week Autumn and Winter Exhibition at the beginning of this year, Semir’s new clothing style was extremely close to the Italian luxury fashion brand miu miu. Although this move It triggered the remarks that "Semi is suspected of plagiarism", but at least it sent an obvious message to the outside world: Semir has changed.
In fact, in order to carry out a comprehensive transformation of the brand, Semir is also making changes in its online and overseas businesses.
Semir independently established a live broadcast division in June last year, registered an e-commerce live broadcast company in July, launched a live broadcast base at the end of the year, and also cooperated with Jia Nailiang and Batu Bogu to create a new clothing brand. As of the end of last year, the performance of Semir's live broadcast business will be close to 4 billion in 2023, accounting for about 1/3 of Semir's e-commerce performance.
A clothing e-commerce store owner even observed that Semir is moving faster online this year. "In the past, most of the businesses that carried out local life were gourmet merchants, but now even clothing brands like Semir have begun to settle in."
Semir, which responds quickly online, also brings a lot of offline traffic. For example, Semir's new flagship store in Xi'an opened. Through live broadcast, its offline average passenger flow increased by more than 20% compared with the trial opening period.
Source: Semir official website
At the same time, in order to find new growth points, Semir, which continues to transform domestically, is also not idle in overseas markets.
Semir, which established an overseas business department in April last year, opened its first store in Hue, a city in central Vietnam, this year. According to the brand, Semir will also accelerate its layout in Vietnam and open a 500-square-meter core store in Hanoi, the capital of Vietnam, by the end of 2024.
02 The pain of transformation
In August this year, Semir handed over a double-increased financial report. According to the 2024 semi-annual report, the company achieved total operating income of 5.955 billion yuan, a year-on-year increase of 7.11%; net profit attributable to the parent company was 553 million yuan, a year-on-year increase of 7.14%; non-net profit after deduction was 541 million yuan, a year-on-year increase of 12.69%.
For Semir one year after its transformation, this financial report undoubtedly shows that Semir is returning to growth.
But the success of all businesses is not a matter of rapid progress. Looking back on the past few years, Semir’s highlight moment was still in 2019.
In that year, the number of Semir stores exceeded 10,000, and they were the "standard equipment" in pedestrian streets and shopping malls in various business districts. While domestic performance is improving, Semir has also shown its strength in foreign markets. Semir and its children's clothing brand balabala have opened a total of 30 independent stores and counters in mainstream shopping malls in Vietnam, Mongolia and other countries. The casual clothing business led by Semir has an overseas retail scale of 30 million yuan.
It was also in this year that Semir’s revenue, which flourished in both domestic and foreign markets, increased by 20% to 19.337 billion yuan, almost “touching” the 20 billion yuan threshold, far more than the national trend dividend that year. Li Ning's annual revenue was 13.87 billion.
But the good times did not last long. Semir, which reached its peak performance in 2019, suffered from the impact of the offline consumer market. In the following three years, its performance stagnated and declined for three consecutive years. Its revenue dropped from 15.205 billion in 2020 to 133.31 billion in 2022. billion, and net profit also dropped from 806 million yuan to 637 million yuan. The situation of
will not begin to change until 2023. In February 2023, Qiu Guanghe, founder and chairman of Semir Clothing, resigned, and his son Qiu Jianqiang took over. This second-generation successor, who has been following his father to start a business since retiring from the army at the age of 22, not only has rich experience in clothing product development, design, and procurement, but also has his own understanding of the development and operation of the Semir brand.
In his early days, he publicly stated that he wanted to be a Chinese hm. Then in 2017, Qiu Guanghe made it clear at an exchange meeting held within the company that the company's development path was more like Zara. The latter not only had higher quality and higher customer orders than the former, but also had a higher repurchase rate than the former. high. High-frequency repurchase is what Semir believes will be the mainstream development direction in the future.
It is not unreasonable to build Semir into the "Chinese version of Zara". In the past decade or so, the pool of fast fashion brands has grown, and domestic companies have taken notice. At one time, a large number of Chinese apprentices of Zara emerged in China, such as La Chapelle, mjstyle, etc.
but the results are not satisfactory. Fast fashion brands such as La Chapelle and mjstyle have gone bankrupt, while Metersbonwe and Peacebird have always performed mediocrely.
But during the same period, there were also domestic clothing brands that were doing very well, such as Anta , Li Ning, etc. In 2022, Anta Sports revenue exceeded the 50 billion mark, surpassing Nike China. Li Ning, Xtep and 361 all showed varying degrees of growth, with increases of 14.7%, 29.1% and 17.3% respectively.
children's clothing has become the password for each brand's performance growth. The 2022 financial report shows that the revenue of sports brand 361 Degrees' children's business increased by 30.3% year-on-year, Xtep children's revenue increased by 52.3% year-on-year, Anta's children's clothing and shoes brand revenue totaled 1.45 billion, and Fila children's revenue was approximately 650 million yuan, all of which were for various industries. The growth of the brand market has provided considerable contribution.
As the new chairman of Semir Apparel, the younger Qiu Jianqiang is more able to accept and promote changes, such as business adjustments and the exploration of online e-commerce. He once said: "As long as Semir can 'return to quality growth', we can try."
In fact, Qiu Jianqiang did the same.
During the same period, when domestic clothing brands were looking for growth in the children's clothing market, Qiu Jianqiang also dug into the growth potential of children's clothing and transitioned Semir's main direction from casual clothing to children's clothing. This is also an important factor in Semir's ability to survive the cycle.
’s 2023 financial report also verified the correctness of the new CEO’s strategy.
's financial report shows that in 2023, Semir's children's clothing products achieved revenue of 9.373 billion yuan, a year-on-year increase of 4.92%, accounting for 68.61%, and the gross profit margin of children's clothing was 46.78%; casual clothing products achieved revenue of 4.171 billion yuan, a year-on-year decrease 2.58%, gross profit margin is 38.02%.
Judging from Semir's current revenue structure, children's clothing has surpassed casual clothing and helped Semir achieve growth. To a certain extent, Semir, one of the early representative brands of fast fashion, has also completed a brand differentiation upgrade.
In addition, Semir, which has already made efforts online, has seized the live broadcast trend in 2023.
As early as 2021, Semir synchronized its catwalk events in Qinghai's Chaka Salt Lake and the Great Wall in the form of live broadcast on the e-commerce platform. The two events gave Semir more than 1 billion exposures and sales of 50 million. and 70 million. Semir has also tasted the benefits of online channels since then, but at that time Semir’s focus was still on the offline market.
However, the early layout and ability to respond quickly are also an important factor in Semir's ability to overcome obstacles in the offline consumer market.
Semir Clothing Chairman Qiu Jianqiang also said in his speech at the opening ceremony of the live broadcast base at the end of 2023, "Live broadcast is becoming a new engine for Semir's growth."
03 Comparing to Uniqlo?
"I feel so familiar after entering Semir. Why does it look so much like Uniqlo?" a Gansu netizen said on his social account.
This is not the experience of a single netizen. Many netizens also said that whether it is the layout of the store, the category of clothing or the strategy of a large store, the more lively Semir is now, the more it looks like Uniqlo.
To a certain extent, Semir does have the shadow of Uniqlo in terms of large store strategy, focus on single store efficiency, and clothing categories.
However, whether it is the Swedish brand hm, Zara owned by the Spanish Inditex Group, or today's Uniqlo, they are all facing the challenge of consumption downgrade and white-label clothing in the Chinese market.
The business logic of fast fashion in the past no longer applies. Even Zhang Dayi, the first-generation Internet celebrity in the women's clothing business, announced that he would no longer operate his 10-year-old store and would instead turn to a more sophisticated and high-end clothing brand. The
consumption environment has changed. Even Semir, which has achieved initial results in its transformation, is not yet completely relaxed.
First of all, in China, inventory problems have always been the lifeblood of apparel companies, and Semir is no exception. After the listing of
Semir, as the scale grew, the inventory also continued to increase. Especially in 2018, it suddenly surged from 2.384 billion yuan in the previous year to 4.417 billion yuan. Since then, it has been at a high level.
Although Semir's inventory turnover days have continued to decline in recent years, the most recent semi-annual report shows that Semir's inventory turnover days were 157 days, a decrease of 48 days year-on-year. However, in terms of inventory scale, Semir Apparel's inventory scale is 2.851 billion yuan. It’s higher than Li Ning’s inventory.
In addition, in addition to internal worries, Semir also faces challenges from other clothing brands in the domestic market.
Not only is Semir undergoing transformation, both domestic brands and foreign fast fashion brands are undergoing transformation to save themselves. For example, La Chapelle constantly saves itself through coaching changes and price cuts. Metersbonwe founder Zhou Chengjian took office again in January this year, and has successively announced the brand’s integration into local lifestyle business, its transformation to outdoor strategies, and its positioning to replace big-name brands.
Secondly, in overseas markets, although Semir Apparel has made many moves, it still failed to develop a second growth curve.
Semir Clothing went overseas earlier than expected.
Since 2016, Semir has cooperated with Southeast Asian e-commerce Lazada to try to enter the Southeast Asian market, and established an overseas business center in 2019.
Although Semir has deployed overseas markets relatively early, as of the end of 2023, it has opened 70 overseas and Hong Kong stores.However, judging from revenue data, overseas markets still account for less than 0.5% of the overall market revenue, let alone becoming the second growth curve.
Source: Semir official website, Semir’s first store in Vietnam
At the same time, in overseas markets, the market structure of leading clothing brands has been formed. For example, Uniqlo has long embarked on the path of globalization, and its revenue this year exceeded 1,470 100 million mark, Shein, an independent clothing brand created at the beginning of its establishment, has a total revenue of 18 billion US dollars.
In the Southeast Asian market, which is the most important region for the Semir apparel brand's overseas strategy, competition is also quite fierce.
Chen Shu, head of Semir's overseas digital business and retail promotion, said, "The demographic structure of the Southeast Asian market is very young, and GDP and Internet penetration have shown explosive growth in the past few years. We have seen very large growth in the shoe and clothing categories in Southeast Asia. Opportunities.”
But international fast fashion brands such as Zara, hm, and Uniqlo, which have also seen opportunities early, have already completed their layout in Vietnam. In particular, Uniqlo, which entered the Vietnamese market in 2019, has opened 10 stores in 2023 and plans to expand further. Not to mention that local brands such as Li Ning, Anta, and 361 Degrees, which also focus on children, outdoor, and sportswear business sectors, have also begun to enter the Southeast Asian market this year.
Whether it is the domestic market or the overseas market, Semir is far from relaxing.
text | Slightly larger reference, author | Fu Rao, Xiaoyao, editor | Zhang Dafang
Semir no longer blindly pursues young consumer groups like when the brand was first established, but hopes to broaden its consumer group by broadening consumption scenarios .
Recently, Xu Zhisheng shot a down jacket advertising MV. Unlike other shopping guides, Xu Zhisheng memorizes idioms first when he sells goods: a drop in a bucket, as light as a feather, a trivial thing... Funny plot, brainwashing songs, Xu Zhisheng has his own highlights, which makes this The mv quickly aroused discussion on the Internet in a short period of time.
And Semir also relied on its popularity to return to the public eye again after a long absence.
But in addition to marketing actions, many young people have also discovered other changes in Semir, such as store brand renewal and efforts online and overseas. Some people even lamented on social media: Is this still the Semir I visited before? Why does it feel like it is becoming more fashionable and more and more like Uniqlo?
Semir has also shifted from its original rapid response to trendy consumer demands to a brand strategy of diversifying consumer groups, product lines, and online and offline multi-channel development. And hidden in these changes is Semir's transformation path.
01 Comprehensive transformation
On October 1, Semir’s flagship store on Wuma Street in Wenzhou officially opened.
The Semir flagship store near the street has three floors, covering an area of 800 square meters. It is transparent and bright. You can feel the outdoor atmosphere everywhere in the store's setting. The products in the store cover multiple categories such as outdoor, sun protection, children's clothing, leisure, etc., attracting Many consumers enjoying the long holiday came to check in and explore the store.
According to some fashion bloggers and industry insiders who have visited the new store, like many large clothing brand stores, it seems that popular sports and outdoor clothing on the market are sold when you walk in. If you cover the Semir logo, you will think that What a new fashion brand this is.
Picture source: Semir Xiaohongshu
This is a store with a new image after Semir announced its transformation last year. According to Semir's official disclosure, Semir has opened 235 new stores with a new image like this this year.
In addition, according to official news, Semir is negotiating for large stores in core pedestrian streets and business districts in central cities such as Xi'an, Wuhan, Chongqing, Nanjing, and Shanghai.
's more central location and larger stores all declare Semir's investment and determination in transformation.
But the change of store image is not the entire focus of Semir's transformation.
First of all, in terms of brand positioning, Semir adjusted its brand strategy last year and announced that it would provide adult clothing, children's clothing and household products for the public of all ages, taking the family as the scene. This means that Semir no longer only pursues young consumer groups as it did when the brand was first established, but hopes to broaden its consumer groups by broadening consumption scenarios.
Picture source: Screenshot of Semir’s official website, Semir’s brands
Secondly, from a product perspective, at the Shanghai Fashion Week Autumn and Winter Exhibition at the beginning of this year, Semir’s new clothing style was extremely close to the Italian luxury fashion brand miu miu. Although this move It triggered the remarks that "Semi is suspected of plagiarism", but at least it sent an obvious message to the outside world: Semir has changed.
In fact, in order to carry out a comprehensive transformation of the brand, Semir is also making changes in its online and overseas businesses.
Semir independently established a live broadcast division in June last year, registered an e-commerce live broadcast company in July, launched a live broadcast base at the end of the year, and also cooperated with Jia Nailiang and Batu Bogu to create a new clothing brand. As of the end of last year, the performance of Semir's live broadcast business will be close to 4 billion in 2023, accounting for about 1/3 of Semir's e-commerce performance.
A clothing e-commerce store owner even observed that Semir is moving faster online this year. "In the past, most of the businesses that carried out local life were gourmet merchants, but now even clothing brands like Semir have begun to settle in."
Semir, which responds quickly online, also brings a lot of offline traffic. For example, Semir's new flagship store in Xi'an opened. Through live broadcast, its offline average passenger flow increased by more than 20% compared with the trial opening period.
Source: Semir official website
At the same time, in order to find new growth points, Semir, which continues to transform domestically, is also not idle in overseas markets.
Semir, which established an overseas business department in April last year, opened its first store in Hue, a city in central Vietnam, this year. According to the brand, Semir will also accelerate its layout in Vietnam and open a 500-square-meter core store in Hanoi, the capital of Vietnam, by the end of 2024.
02 The pain of transformation
In August this year, Semir handed over a double-increased financial report. According to the 2024 semi-annual report, the company achieved total operating income of 5.955 billion yuan, a year-on-year increase of 7.11%; net profit attributable to the parent company was 553 million yuan, a year-on-year increase of 7.14%; non-net profit after deduction was 541 million yuan, a year-on-year increase of 12.69%.
For Semir one year after its transformation, this financial report undoubtedly shows that Semir is returning to growth.
But the success of all businesses is not a matter of rapid progress. Looking back on the past few years, Semir’s highlight moment was still in 2019.
In that year, the number of Semir stores exceeded 10,000, and they were the "standard equipment" in pedestrian streets and shopping malls in various business districts. While domestic performance is improving, Semir has also shown its strength in foreign markets. Semir and its children's clothing brand balabala have opened a total of 30 independent stores and counters in mainstream shopping malls in Vietnam, Mongolia and other countries. The casual clothing business led by Semir has an overseas retail scale of 30 million yuan.
It was also in this year that Semir’s revenue, which flourished in both domestic and foreign markets, increased by 20% to 19.337 billion yuan, almost “touching” the 20 billion yuan threshold, far more than the national trend dividend that year. Li Ning's annual revenue was 13.87 billion.
But the good times did not last long. Semir, which reached its peak performance in 2019, suffered from the impact of the offline consumer market. In the following three years, its performance stagnated and declined for three consecutive years. Its revenue dropped from 15.205 billion in 2020 to 133.31 billion in 2022. billion, and net profit also dropped from 806 million yuan to 637 million yuan. The situation of
will not begin to change until 2023. In February 2023, Qiu Guanghe, founder and chairman of Semir Clothing, resigned, and his son Qiu Jianqiang took over. This second-generation successor, who has been following his father to start a business since retiring from the army at the age of 22, not only has rich experience in clothing product development, design, and procurement, but also has his own understanding of the development and operation of the Semir brand.
In his early days, he publicly stated that he wanted to be a Chinese hm. Then in 2017, Qiu Guanghe made it clear at an exchange meeting held within the company that the company's development path was more like Zara. The latter not only had higher quality and higher customer orders than the former, but also had a higher repurchase rate than the former. high. High-frequency repurchase is what Semir believes will be the mainstream development direction in the future.
It is not unreasonable to build Semir into the "Chinese version of Zara". In the past decade or so, the pool of fast fashion brands has grown, and domestic companies have taken notice. At one time, a large number of Chinese apprentices of Zara emerged in China, such as La Chapelle, mjstyle, etc.
but the results are not satisfactory. Fast fashion brands such as La Chapelle and mjstyle have gone bankrupt, while Metersbonwe and Peacebird have always performed mediocrely.
But during the same period, there were also domestic clothing brands that were doing very well, such as Anta , Li Ning, etc. In 2022, Anta Sports revenue exceeded the 50 billion mark, surpassing Nike China. Li Ning, Xtep and 361 all showed varying degrees of growth, with increases of 14.7%, 29.1% and 17.3% respectively.
children's clothing has become the password for each brand's performance growth. The 2022 financial report shows that the revenue of sports brand 361 Degrees' children's business increased by 30.3% year-on-year, Xtep children's revenue increased by 52.3% year-on-year, Anta's children's clothing and shoes brand revenue totaled 1.45 billion, and Fila children's revenue was approximately 650 million yuan, all of which were for various industries. The growth of the brand market has provided considerable contribution.
As the new chairman of Semir Apparel, the younger Qiu Jianqiang is more able to accept and promote changes, such as business adjustments and the exploration of online e-commerce. He once said: "As long as Semir can 'return to quality growth', we can try."
In fact, Qiu Jianqiang did the same.
During the same period, when domestic clothing brands were looking for growth in the children's clothing market, Qiu Jianqiang also dug into the growth potential of children's clothing and transitioned Semir's main direction from casual clothing to children's clothing. This is also an important factor in Semir's ability to survive the cycle.
’s 2023 financial report also verified the correctness of the new CEO’s strategy.
's financial report shows that in 2023, Semir's children's clothing products achieved revenue of 9.373 billion yuan, a year-on-year increase of 4.92%, accounting for 68.61%, and the gross profit margin of children's clothing was 46.78%; casual clothing products achieved revenue of 4.171 billion yuan, a year-on-year decrease 2.58%, gross profit margin is 38.02%.
Judging from Semir's current revenue structure, children's clothing has surpassed casual clothing and helped Semir achieve growth. To a certain extent, Semir, one of the early representative brands of fast fashion, has also completed a brand differentiation upgrade.
In addition, Semir, which has already made efforts online, has seized the live broadcast trend in 2023.
As early as 2021, Semir synchronized its catwalk events in Qinghai's Chaka Salt Lake and the Great Wall in the form of live broadcast on the e-commerce platform. The two events gave Semir more than 1 billion exposures and sales of 50 million. and 70 million. Semir has also tasted the benefits of online channels since then, but at that time Semir’s focus was still on the offline market.
However, the early layout and ability to respond quickly are also an important factor in Semir's ability to overcome obstacles in the offline consumer market.
Semir Clothing Chairman Qiu Jianqiang also said in his speech at the opening ceremony of the live broadcast base at the end of 2023, "Live broadcast is becoming a new engine for Semir's growth."
03 Comparing to Uniqlo?
"I feel so familiar after entering Semir. Why does it look so much like Uniqlo?" a Gansu netizen said on his social account.
This is not the experience of a single netizen. Many netizens also said that whether it is the layout of the store, the category of clothing or the strategy of a large store, the more lively Semir is now, the more it looks like Uniqlo.
To a certain extent, Semir does have the shadow of Uniqlo in terms of large store strategy, focus on single store efficiency, and clothing categories.
However, whether it is the Swedish brand hm, Zara owned by the Spanish Inditex Group, or today's Uniqlo, they are all facing the challenge of consumption downgrade and white-label clothing in the Chinese market.
The business logic of fast fashion in the past no longer applies. Even Zhang Dayi, the first-generation Internet celebrity in the women's clothing business, announced that he would no longer operate his 10-year-old store and would instead turn to a more sophisticated and high-end clothing brand. The
consumption environment has changed. Even Semir, which has achieved initial results in its transformation, is not yet completely relaxed.
First of all, in China, inventory problems have always been the lifeblood of apparel companies, and Semir is no exception. After the listing of
Semir, as the scale grew, the inventory also continued to increase. Especially in 2018, it suddenly surged from 2.384 billion yuan in the previous year to 4.417 billion yuan. Since then, it has been at a high level.
Although Semir's inventory turnover days have continued to decline in recent years, the most recent semi-annual report shows that Semir's inventory turnover days were 157 days, a decrease of 48 days year-on-year. However, in terms of inventory scale, Semir Apparel's inventory scale is 2.851 billion yuan. It’s higher than Li Ning’s inventory.
In addition, in addition to internal worries, Semir also faces challenges from other clothing brands in the domestic market.
Not only is Semir undergoing transformation, both domestic brands and foreign fast fashion brands are undergoing transformation to save themselves. For example, La Chapelle constantly saves itself through coaching changes and price cuts. Metersbonwe founder Zhou Chengjian took office again in January this year, and has successively announced the brand’s integration into local lifestyle business, its transformation to outdoor strategies, and its positioning to replace big-name brands.
Secondly, in overseas markets, although Semir Apparel has made many moves, it still failed to develop a second growth curve.
Semir Clothing went overseas earlier than expected.
Since 2016, Semir has cooperated with Southeast Asian e-commerce Lazada to try to enter the Southeast Asian market, and established an overseas business center in 2019.
Although Semir has deployed overseas markets relatively early, as of the end of 2023, it has opened 70 overseas and Hong Kong stores.However, judging from revenue data, overseas markets still account for less than 0.5% of the overall market revenue, let alone becoming the second growth curve.
Source: Semir official website, Semir’s first store in Vietnam
At the same time, in overseas markets, the market structure of leading clothing brands has been formed. For example, Uniqlo has long embarked on the path of globalization, and its revenue this year exceeded 1,470 100 million mark, Shein, an independent clothing brand created at the beginning of its establishment, has a total revenue of 18 billion US dollars.
In the Southeast Asian market, which is the most important region for the Semir apparel brand's overseas strategy, competition is also quite fierce.
Chen Shu, head of Semir's overseas digital business and retail promotion, said, "The demographic structure of the Southeast Asian market is very young, and GDP and Internet penetration have shown explosive growth in the past few years. We have seen very large growth in the shoe and clothing categories in Southeast Asia. Opportunities.”
But international fast fashion brands such as Zara, hm, and Uniqlo, which have also seen opportunities early, have already completed their layout in Vietnam. In particular, Uniqlo, which entered the Vietnamese market in 2019, has opened 10 stores in 2023 and plans to expand further. Not to mention that local brands such as Li Ning, Anta, and 361 Degrees, which also focus on children, outdoor, and sportswear business sectors, have also begun to enter the Southeast Asian market this year.
Whether it is the domestic market or the overseas market, Semir is far from relaxing.
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