优衣库，平价不平庸.docxVIP

No rating TextileApparel UNIQLO: Parity is not mediocre  07/27/2020 Analyst Han Yijia anyf@ SAC: S0190517090002 SFC：BPP249 Uniqlo is a representative of parity and quality, with a deep moat that is difficult to replicate: Focus on basics, cut down SKU, and reduce inventory pressure. SKU is maintained at around 1000 basics, and the inventory turnover keeps in good condition with small inventory pressure. Attach importance to fabric research and development, and focus on making the single product ultimate. Through fabric research, development and process quality control, more value is given to the Uniqlo brand. Pay attention to refined management, and SPA management is outstanding. The company achieves the goal of improving quality and reducing costs through multiple stages of design, manufacturing, and sales, and returns more profit to consumers, thereby achieving high cost performance. One-stop clothing procurement, providing solutions for the whole familys clothing. The sales concept of Made for All can capture a wider range of consumer groups. Uniqlo: Crossing Japans third and fourth consumption era, following the trend to become the darling of the era. Start ten years: Position the mainstream consumer group in the era-teenagers. Uniqlo was established in 1984. The main force of consumption is mainly young people and teenagers in 1984-1995, and their unique and unique clothing styles are very popular. Uniqlo entered the casual clothing market with low price, and it adopts a new form of independent purchase and creates a new channel for suburban street shops. Ten years of growth: In line with the mainstream consumption concept of the era high cost performance, create star products and establish SPA model to help high cost performance. From 1995 to 2004, the terminal demand of the apparel market has shrunk. The rational consumption concept has become obvious. Simplified and cost-effective clothing is very popular. Uniqlo launches fleece star products,