618 Under the banana, how far is it from "Lululemon"?

Radar Finance | Zhang Kaijing Edited | Deep Sea

In the middle of 2022, the University of 618 came to an end, and the banana, known as the "Hermès in the sun", was one of the biggest winners of this shopping festival.

According to the data provided by Baiguan Technology, Nint Ren Tuo, etc., during the 618 pre-sale period of this year (5.26-5.31), the banana ranked first in the list of three categories of women's clothing, clothing accessories and outdoor categories. It is also reported that the JD 618 major promotion was officially launched on the night of the offer (on the evening of May 31), and the turnover of the banana increased by 130%year -on -year.

Radar Finance noticed that under the same period of last year, there was a bright performance. According to the magic mirror market intelligence, in 618 in 2021, the banana won one of the Tmall list clothing accessories list with 145 million GMV, and the sales were almost three times the second VVC.

It is worth mentioning that this celebrity brand, which was established in 2012, has reached the IPO's mark. With the wind that rises outdoor camping, many people in the market regard the banana as the next Lululemon.

Can the banana really be able to afford the name of lululemon?

The price of the sun protection industry is unique

Many people's first impressions of the banana are "expensive", and this is also an important reason for its long -term known as "Hermès in the sunscreen world".

As early as 2013, the first product double -layer small black umbrella was listed, and the banana established a differentiated pricing strategy. For a higher face value, an umbrella is sold directly to 200 yuan, and the price is much higher than other brands in the industry.

The Umbrella brand list of Tmall platform 618 in 2020 shows that the average price of products under the banana is 194 yuan, which is 5 times the average price of a well -known brand Paradise Umbrella.

To this day, "Gui" is still one of the labels under the banana. Radar Financial Search found that in JD.com's "Yan Value Pocket Umbrella Trends List", "Banana sunscreen and storage of umbrellas" ranked first, and its price was 249 yuan and there was no discount. It is estimated that the hand price is 69.9 yuan, 53.9 yuan, and 53.9 yuan, respectively.

The sunscreen and sunscreen hats under the banana also ranks among the items on the major lists. On the JD.com sun hat list, the first five products have three products belonging to the banana brand, from 618 to 119 yuan to 139 yuan, and the price of the other two sunscreen caps is below 30 yuan; Ten products have six products under the banana. The price ranges from 149 yuan to 269 yuan, and the tenth sunscreen jacket is only 59 yuan.

In fact, if you put aside the preferential activity of the shopping festival, the price of the banana will be "more up to the level." Some reporters noticed when visiting a offline store in Wuhan under the banana in April that the price range of its sunscreen umbrella was 199 yuan to 369 yuan.

However, high prices still can't stop users' consumption enthusiasm. As early as 2018, under the banana, the domestic umbrella has a well -known brand paradise, and it became the Umbrella sales champion of the 618 day.

In the past three years, the income of bananas has increased successfully. From 2019 to 2021, the company realized revenue of 385 million yuan, 794 million yuan, and 2.407 billion yuan, respectively, with a compound annual growth rate of 150%.

According to the report of Burning Consultation, with the total retail sales and online retail sales of 2021, the banana is the largest sunscreen clothing brand in China, with a market share of 5.0%and 12.9%, respectively.

During the same period, the total number of customers who paid customers during the Tmall flagship store, one of the main sales channels under the banana, also increased from 1 million in 2019 to 7.5 million in 2021; more and more "old customers" were circled by the banana beams. Fan, the repurchase rate of the brand Tmall flagship store was 18.2%, 32.9%, and 46.5%between 2019-2021, respectively.

At present, the number of fans of Tmall Banana's flagship store has reached 4.58 million, and the highest sales sunscreen jackets with the highest sales in the store show that there are 200,000+ people payment, the number of two single products pays 100,000+, and 8 items pay The number of people is 50,000+.

"Teacher Cheng" perfect diary, lululemon

From the perspective of observer in the industry, the underworld undernia can emerge in a short time, and it is also necessary to benefit the marketing strategy of the brand and perfect diary.

Huang Jinfeng, the founder of Perfect Diary, who had experienced the original ancestor in the marketing industry, was aimed at the opportunity of social e -commerce and content marketing at the beginning of the brand. Insert, at the same time, please go to many first -line stars and "Taobao Brother" Li Jiaqi to bring goods to bring goods, which has begun to explode.

Correspondingly, at the beginning of the brand, Banana has established a cooperative relationship with the popular female celebrities such as Yang Mi and Dili Reba. position. In the past two years, the live broadcast room of the heads of major platforms such as Li Jiaqi and Luo Yonghao can also frequently see the figures under the bananas.

Data show that in 2021 alone, it cooperated with more than 600 KOLs, of which more than 199 KOL had more than one million followers, bringing 4.5 billion views. At present, there are more than 50,000 notes under the Banana, and the number of fans of the flagship store on the banana under the Douyin is 695,000.

In August 2021, the actor Zhao Lusi signed the actor Zhao Lusi as the spokesperson. It is understood that before entering the film and television industry, Zhao Lusi is a super popular Internet popular. So far, it is still a top -level artist of social platform activity. Douyin and Xiaohongshu account fans exceed 31 million and 11 million, respectively. According to media statistics, in March 2022, the number of related products under the banana in Li Jiaqi reached at least 13 times.

However, the cost pressure brought by crazy investment in marketing to the perfect diary is also reflected on the banana. During the reporting period, the percentage of revenue of ads and marketing expenses under banana was 9.6%, 15.0%and 24.4%, respectively; in 2021, the company's distribution and sales expenditure reached 1.104 billion yuan, accounting for 45.9%of the total revenue.

In this context, even though the gross profit margin in the past three years has increased year by year, it has increased from 50.0%in 2019 to 59.1%in 2021, but the company's adjustment net profit is still only 20 million yuan, 39 million yuan and 136 million yuan, compared with high revenue, the gap is obvious.

And the same place is similar to Lululemon in that the latter chose the segment of the yoga industry from the competition of sportswear in the Red Sea, creating a new wave of autumn trousers, selling yoga pants to thousands of yuan; bananas In the bottom, consumers' rigid needs for sun protection have been grasped in the scenario of outdoor, camping, etc., and build a new category in the middle of low -priced wholesale markets and non -cost -effective traditional outdoor markets, raising the prices of parasols to 200 yuan.

On the basis of the umbrella, 19 selected items were launched under the banana from 2019-2021. Increases the income of other accessories and other products.

Lululemon gradually expanded its products to sports T -shirts, sweaters, jackets and other categories after entering the yoga clothing track.

Under the banana is still trying to apply the perfection diary with Lululemon -DTC (Direct To Consumer) mode to its own sales channels.

As the name suggests, the DTC model is to accurately directly direct consumers in the development, marketing, sales, and sales. In the prospectus, the word DTC has been mentioned 26 times. In the company's view, the omni -channel sales and distribution network established by the DTC -driven DTC driver grows up by mature e -commerce platforms such as Tmall, JD.com, and Douyin. The content e -commerce platform and offline retail network are implemented together.

It is reflected in the financial report, from 2019 to 2021, the proportion of revenue of self -operated channels in banana has maintained more than 80%of the total revenue.

Under the blessing of the two predecessors, the valuation of the banana rose all the way. Although the company did not disclose specific figures to the outside world after the previous three rounds of financing, the data in the prospectus "changes in the fair value change" of "convertible and redeemed preferred shares" has been from RMB 0.41 billion in 2019 by 0.41 billion yuan. , Soaring to 5.595 billion yuan in 2021.

As an analogy, in the Xiaomi Group's prospectus, the company's convertible and redemption preferred shares change in the fair value of the priority shares was -8.759 billion yuan in 2015, and to 54.072 billion yuan in 2017. In the 2018 annual report, the value has become 12.514 billion yuan.

It is understood that preferred shares are a choice for investors to retreat. If the company operates properly, investors can direct the stock, and the unfavorable investors can also ask the company to redeem according to the fixed interest rate interest. Priority shares can be divided into liabilities or divided into equity in terms of accounting. If they attribute it as liabilities, the corresponding loss of changes in large fair value will be generated. As long as the company's operation does not have a fundamental reversal, the liabilities will be transferred to equity as a whole as the rectification is implemented.

The next perfect diary?

However, as far as the business status disclosed by the prospectus is concerned, it is too early to use banana to Lululemon.

First, Lululemon's operating model rely on a large number of offline stores. As of the end of the first quarter of 2022, the number of Lululemon's global stores has reached 579, and many stores have room for free activities. In the stores in Beijing and Shanghai, stores in high -end shopping malls such as Taikooli often can often see surroundings around the surroundings. The white -collar female young girls in office get off work together to practice yoga and Pilate, and the brand also created an efficient community communication model.

As of the end of 2021, the total number of retail stores was only 66, including 31 cooperative retail stores. Moreover, the annual income contributed by the current retail stores is less than 3%, and the main customer acquisition path is still online. Compared with Lululemon, the ping effects and values ​​of the banana offline stores have yet to be excavated, which is more like a way to brand online drainage.

Secondly, the production link of the banana relies on foundries very much. Within three years of the reporting period, they outsourced all production to contract manufacturers, and these contract manufacturers are not exclusive partners under the banana. This has brought a lot of hidden concerns to the quality control of the banana.

In the black cat complaint platform, there are 167 complaints involving bananas. Most of the complaint content is the quality of umbrellas, false propaganda, and sunscreen indexes that do not meet the standards.

Some consumers said in an interview that when discussing the products under the banana with friends, they complained that it was "expensive and not easy to use"; some people said that the capsule umbrella "has been bought for less than three months. The umbrella handle is blown off by the wind. "The contrast between the price and the quality of the product allows consumers to discuss the" IQ Tax "under the banana.

In fact, the company's true R & D technology capabilities is indeed controversially controversially in the company's true R & D technology capabilities compared with the Anti-UV sun exposure protection technology, Anti-HOT hot protection technology, and Anti-Water rainfall.

From 2019 to 2021, the R & D expenditure under banana was about 19.9 million, 35.9 million and 71.6 million, respectively, accounting for 5.3%, 4.6%, and 3.0%of the total revenue, respectively, accounting for year-on-year decline.

The prospectus mentioned that its own core technologies under the banana include Airloop fabrics, original yarn sunscreen technology, and full -direction push honeycomb technology. At present, the company has 123 patents and is applying for 72 patents. However, public information shows that most of the patents under the banana are design. Among them, the first invention patent about textiles and clothing is March 30, 2021. Earlier in the invention patent revolves around umbrellas, smart toothbrushes, etc. product.

It is worth noting that Yixian E -commerce, a perfect diary parent company with the same marketing method with bananas, has now been rejected by traffic after listing. Its stock price is now only 0.78 US dollars, and has fallen by more than 96%since February 2021.

From the perspective of the industry, the fall of the perfect diary is related to its unstable protection. On the one hand, whether the perfect diary is DTC's play or the model of deep binding with KOL, there is no high technical threshold, and it is easy to be drawn from or even surpassed by the latecomers. In the context of the internal rolls of beauty brands, the costs of major social platforms rely on the brand announced by brands have risen straight, which directly overwhelmed the company's profits.

The product of the perfect diary is also based on foundry and OEM production. Over time, the quality of the product is increasingly prominent.

From this point of view, on the way to the next Lululemon, you must first avoid becoming the next perfect diary.

Note: This article is original for radar finance (ID: leidacj). Reprinting without authorization.

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