Recently, a friend wanted to buy a China-free combat rebound, the reason is that xx has improved, and everyone wants to consume. CDFG once reached a market value of 700 billion, but it has been cut in half in a blink of an eye
I briefly thought about it. It is really hard to understand that a department store that rents houses + holds government licenses + sells all overseas ordinary products can do this pe… Let’s take a look at Vipshop, the one that buys China Free is…
Why are you not optimistic about the China Free Trade Union?
1. Purchasing behavior: 1/3 of luxury goods in the world are bought by Chinese people. When buying luxury goods, it is not the price but the social status. The duty-free luxury goods and famous brands made by CDFG are originally the opposite of luxury goods pricing and target group. CDF just wanted to make this money, and it made it very hard;
2. Consumer application scenarios are naturally limited. Products do not have their own moat. The only moat is a license plate. Foreign duty-free shops are bad streets. In China, highways will always be bigger than high-speed rails and planes. I buy a box of chocolates every time I go to the duty-free shop;
3. Macroscopically, and the current domestic economic growth rate, the concept of domestic substitution for the national tide is inconsistent; culturally, the confidence of Chinese culture will become more and more obvious. Buying 300 Givenchy lipstick and 1000 Chanel perfume is not as good as 100 perfect diary and domestically produced perfume. perfume;
4. China Duty Free, CRRC, BoC, in my opinion, the bank is bigger than the car is bigger than the duty free, the three are all doing things with a license, the pe comparison is 5/10/15, so I like the China Duty Free is also a department store The valuation of…
Putting it abroad, no matter from the concept, model, or stability, the two should reverse the valuation.
$China CDF(SH601888)$ $Vipshop(VIPS)$
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