Dressing China
All the world’s apparel manufacturers and retailers have joined the race to clothe China. While sportswear manufacturers such as Nike and Adidas have been around for a while, “fast fashion” retailers—such as Spain’s Zara, which has opened around 70 stores in the country in the last three years, and Denmark’s Best Seller, which retails through 3,000-plus stores in over 300 cities—are also expanding rapidly now.
It’s easy to see why. Incomes are rising quickly in the world’s most populous country: The percentage of the Chinese population earning between 10,000 and 24,000 renminbi a year (between US $1,200 and $3,500, in terms of 2010 exchange rates) rose from 11% in 2004 to 58% in 2010.
The Chinese are also becoming more aware of fashion. According to a 2007 McKinsey & Co. survey, only 12% of consumers said they keep abreast of the latest fashions. Three years later, the number had jumped to 28%. Meanwhile, the number of people agreeing with the statement “I build my wardrobe around different occasions and needs” rose from 36% in 2010 to 45% in 2011. The era of the all-purpose Zhongshan suit is over.
Unsurprisingly, apparel spending in China has been growing by a robust 16% per annum. In 2009, sales totaled $114 billion, making China the world’s second-largest apparel market behind the $287 billion U.S. market. That’s just a start, though; the Chinese spent only $96 a year on a per capita basis on apparel compared to the Americans’ $935 and the Japanese’s $891.
Casual apparel accounts for 58% of clothing sales in China today. That’s why both local and multinational players are scrambling to expand. For instance, Japan’s Uniqlo will open 1,000 new stores by 2020 while China’s Semir will set up 800 outlets over the next two years.
Accounting Adjust Inventory Value - News
The sequential increase in first quarter gross margin reflected the favorable impact of an increase in revenues recorded on the sale of previously written-down inventory combined with a reduction in inventory valuation allowances.
The accounting rules require that the share price on the date of closing of the transaction, February 16, 2010, be used when determining the purchase price. Based on the closing price of Poynt Corp.'s common shares of $0.27 on this date,
In the second quarter we also took an inventory provision of $30 million which had a 3.5% impact on both GAAP and non-GAAP gross margins. We will continue to manage our inventory efficiently and monitor its market value regularly.
Our cash and marketable securities position increased to over $61.0 million as a result of the excellent operating performance combined with disciplined management of accounts receivable and inventory, despite the significant growth in revenues.
In the event that the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which
Accounting Adjust Inventory Value - Bookshelf
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