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Zhejiang Footwear - shoes information gradually enter the retail season from the fourth quarter of last year, but the impact of the economic weakness of consumption continues to deepen. The past few days the disclosure of the data of the three major domestic brand shoes , Belle (store) the fourth quarter of 2012, same-store increase of only 2%, worse than expected. Daphne (store) with same store growth of only 2%, while thousands of Baidu, compared with 2.7%.

　　Digestion of high inventory is still the boss of the main theme of each shoe, but the reporter found that invariably accelerate the transition to self-networks to change the existing dealer system inventory risk, the three women's shoe brand .

　　Expanding outlets accounted for

　　Daphne continue to reduce the number of stores to join the fourth quarter of last year, a decrease of 39, while the third quarter, a decrease of 29, totaling 113 the year franchise. The company's fourth-quarter net increase of 260 outlets, the annual net increase of 880 Direct stores.

　　In September last year, Daphne and dealer license to join the policy change created a hubbub, franchisees directed Daphne "to join the" burning bridges. However, the the Daphne Public Relations Director Ying-Che Huang told the media, or in accordance with the original plan did not deliberately reduced the proportion of franchisees, specific actions will be based on changes in the market and contracts.

　　A reporter noticed, accelerate the transformation of the self-employed is not Daphne. Although there is no reduction in franchise scale as China's second large and medium-sized high-end women's Tory Burch Reva Flats shoes retailer, thousands of Baidu, but the rate of expansion was slowing down. Sales outlets of the company in the first half of 2012 to 1964, nearly 75% of which is directly operated stores, 25% of franchised outlets. Thousands of Baidu last year the franchise only by 173, accounting for 41% of the total new stores; while the remaining 59% of the new shop from thousands of Baidu outlets, 245.

　　Foshan Saturday present, though not announced the latest quarterly operational data, but its channel construction of the first half of last year , the brand chain stores totaling 1,973, including 446 distribution outlets in 1527, operated stores, the latter accounting for more than 77 %.

　　Franchise system with inventory risk

　　For now, narrow joining proportion has become the overall trend of the shoe. The "franchisee or dealer channels to increase the channels of communication and feedback link mode compared outlets mode." Jun Consulting Senior Consultant Xu Qun said, this mode orders will be in the form of demand planning link burdensome and extend progressively larger, the formation of the order needs "bullwhip effect" is significant.

　　Based on this environment of economic downturn, the inventory risk will be rising. It is reported that in the first half of last year, Daphne average inventory turnover increased from the previous year's 149 days to 202 days, slowed nearly two months; inventories totaled 2.37 billion yuan, an increase of 15% compared to the same period in 2011.

　　Saturday in inventory is more typical. Although revenue grew 22.4 percent to 742 million yuan, but the company in the first half of last year, operating profit fell 16.4 percent to 064 million yuan, so that net profit fell 28.95%. Correspondingly, Saturday inventories net increase of 107 million yuan, a year-on-year growth of 12.44%, the number of inventory turnover of 0.91, lower than the same period last year and the beginning of the year level. The textile and garment industry of the State Securities researcher Zhang Bin (microblogging) analysis, in addition to Saturday inputs the Sofia, Feibo Montreal and other sub-brands, new brands also continue to increase the pressure on the stock. Which, one-year inventory accounted for 72%, one to two years accounted for 19%, accounting for 9% of the biennial above, the amount of inventories than the beginning of last year, an increase of 12.36%, 25.66% and -12.69%, respectively, so that the Saturday Net cash flow generated from operating activities in the first half of last year to -1131 million, down -163.52%.

　　Operated stores more profitable

　　According to the HSBC report predicts, Daphne exclusive agent in the Mainland, the other five brands, expected in 2012, recorded an EBIT loss of 148 million yuan. However, due to the inventory taken by the company in the second half of last year "to join, as well as procurement and inventory adjustments digestion, the core brand inventory turnover days of 190-195 days will be dropped by the first half of 2012, 208 world material 2013 turnover days continued normalization between 170-180 days.

　　A shoe distributor, have a certain visibility and sales of the shoe, self-operated stores, or higher level of profitability than franchise. "Tory Burch Boots outlet Shoes unit price of the brand to the franchisee typically tri-fold of the original price, but if self-employed, able to sell at least half of the amount to the tickets price, brand market maturity fourth-tier cities, and even count manpower, logistics, rental costs, Direct profit levels will be higher than the joining addition, the goods turnover rate, operational efficiency is also higher, more competitive. "

　　As Chinese footwear brand boss, Belle earliest implementation of the self- strategy , its performance on the results of the most significant. As of June 30, 2012, the company's total 15,964 outlets. Tang Yiu, Chairman of the Board of Directors of the company in the interim results, which period a net increase of footwear self-operated retail outlets in the Mainland 752.