Compared with Meibang Apparel, which is more well-known to the people and continues to sell assets at a loss year after year, Senma still maintains a scale of more than 10 billion yuan and a certain level of profit. But enterprises also face some challenges and need to make changes.

In February 2023, Senma Garment, a veteran leisure clothing enterprise in Zhejiang (002563)PointblankarcadeQiu Guanghe, founder and chairman of the board, stepped down and his son Qiu Qiang took over as legal representative and chairman of the board.

In April this year, Sema Garment handed over a double increase financial report, with total revenue of 13.661 billion yuan, an increase of 2.47% over the same period last year, and net profit of 1.122 billion yuan, an increase of 76.06% over the same period last year. This is also Qiu Qiang's first report card after taking office.

Looking back over the past few years, Senma's highlight was still in 2019. In that year, the company's revenue soared by 20%, reaching 19.337 billion yuan and almost "touching" the threshold of 20 billion yuan. But the good times did not last long. From 2020 to 2022, Samar clothing's business income was 15.205 billion yuan, 15.42 billion yuan and 13.331 billion yuan respectively. Objectively speaking, the achievements of Samar's clothing counterparts in those three years were not entirely satisfactory.

Compared with Meibang Apparel, which is more well-known to the people and continues to sell assets at a loss year after year, Senma still maintains a scale of more than 10 billion yuan and a certain level of profit. But companies are also aware of the need for reform.

Qiu Guanghe was 72 years old when he retired last year.PointblankarcadeHe also worked as an agent for Metersbonwe for two years before deciding to join the clothing industry and founded Samar in 1996. Qiu Qiang, who took over from his father, was born in 1974. Before taking over from his father, he served as executive chairman of Sema clothing, general manager of Shanghai Sema Investment Co., Ltd., and director of Sema Group Co., Ltd.

Qiu Qiang has publicly stated that he wants to build Samar into a "Chinese version of Zara." Times have changed, and now he has changed his mind.

In 2023, Sema repositioned itself and began to provide adult clothing, children's clothing and household products based on the family, and changed its target audience from "post-1995 new youth" to "Chinese mass family".

"it sounds more like the positioning of Uniqlo-that's what Samar wants to learn." Cheng Weixiong, founder of Shanghai Liangqi Brand Management Co., Ltd., said that there is always a demand for products with both quality and cost performance in the Chinese mass market. As a brand with a large channel and supply chain base, it is understandable that Sema has chosen to shift to a broader mass market. To satisfy the whole family shopping, this is also the positioning of GAP at that time, but GAP did not go far in China.

The transformation will be implemented in the new offline store. Senma recently opened its first flagship store in Hangzhou after its transformation, and the new store has been built into a "one-stop retail space" covering adult and children's wear, which is compatible with the needs of people of different ages. According to Sema's forecast, the brand will open more than 500 new stores in 2024 and strengthen cooperation with chain shopping centers in key cities to continue to expand brand influence and market share.

According to some fashion bloggers and industry figures who have visited the new store, like the big stores of many clothing brands, Samar's new store has products in a wide range of categories, such as light outdoor, sunscreen, children's clothing and leisure. It seems that everything that is popular on the market can be sold when you walk in, but if you cover LOGO, people often can't tell.

"the consumer experience in the Chinese market has changed, from being dominated offline to online and offline interconnection. In the field of leisure clothing, which is dominated by the trend, online brands with small size and high flexibility tend to have a faster pace than this large-scale brand, and there is no lack of advantages in price. " Cheng Weixiong pointed out.

However, in any case, from the performance point of view, the performance of Samar after the succession of the second generation is gradually picking up. The first quarterly report in 2024 showed that the company's main income was 3.139 billion yuan, up 4.58% from the same period last year, the net profit from its mother was 346 million yuan, up 11.4% from the same period last year, and the non-net profit was 338 million yuan, up 15.55% from the same period last year.

After the domestic transformation, the company is also exploring overseas business. Since last year, Samar Garment has invested some energy in exploring the source of business growth, stepping up efforts to dig deep into the Asian market and explore the African market. In April 2023, Sema Garment set up an overseas division to build organizations and teams to conduct online and offline global operations in overseas markets. As of December 31, 2023, the company has opened 70 overseas and Hong Kong stores.