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According to Euromonitor statistics, from 2012 to 2019, the market size of China’s luggage industry increased from 130.2 billion yuan to about 253 billion yuan, with an average annual compound growth rate of 9.96%, which is ahead of the global growth rate.
36Kr recently paid attention to a bag designer brand “PECO”. The founder Wang Peize is optimistic about the domestic bag racing track and believes that there are no domestic brands that impress consumers in consumer goods such as clothing and bags. A large market space is available for the development of emerging brands.
PECO product map
Wang Peize told 36Kr that he had worked in Hong Kong’s financial industry, Found that the phenomenon of “recognizing people by package” is common in the workplace, that is, judging a person’s income and social status according to the brand of package. At first, he will enjoy this process, but later as work experience increases, he begins to reject the feeling of being scrutinized., So I started buying smaller packages from Europe.
In 2013, Wang Peize opened a buyer’s store in Shanghai, focusing on niche designer brands in Europe and the United States. The customer group portraits are white-collar workers in first-tier cities. They have higher incomes and a certain educational background. They have passed blindly chasing trends and big names. Stage, want something different. Wang Peize believes that American brands need to be more refined, and British brands need to be more practical. There is a gap between small-brand handbags in shopping malls and big-name brands. In 2015, after accumulating the buyer experience of niche bags, Wang Peize founded the brand PECO.
PECO products are mainly used in commuting scenes. Wang Peize has done research on target users. On average, professional women spend 5-10 minutes matching clothes every day, hoping that the products can be concise and functional.“They have seen good things and are very picky about the quality and details of the products. We do not encourage women to buy and buy. When consumers think that the most frequently used bag is PECO, they will definitely repurchase.”The price of PECO is around 1300 yuan. There are about 100 SKUs at present, and 100-150 SKUs will be maintained in the future. The new frequency will be controlled at two series a year, with small items interspersed in the middle. Handbags are different from clothes and have high requirements for functionality and silhouette. Therefore, the products are more refurbished on the original classic bags.“Don’t over-provide information, and don’t over-provide products. The market is rich, just do what we are good at.”Wang Peize told 36 krypton.
PECO product map
PECO’s hardware locks are independently researched and developed, and this is also the most recognizable part of the single product to reflect the power of women.The product leather is mainly the first layer of cowhide, but also includes renewable materials and reprocessing of waste products. Designers look for design inspiration in real life, and elements such as cans and keyboards are incorporated into the single product.
PECO has iterated a set of supplier evaluation models, focusing on the following characteristics of suppliers: 1) Basic ability, including the qualifications and years of experience of production line personnel; 2) Development ability, original development volume and difficulty are very large, hope to supply The business can have the corresponding undertaking capacity; 3) the quality and number of equipment, and the ratio of imported machinery and equipment; 4) after-sales service, the degree of repair and timeliness of after-sales return to the factory; 5) environmental protection requirements, auxiliary materials and sewage treatment Have you obtained the corresponding qualifications? According to the above requirements, the team inspects suppliers 1-2 times a year on average. The main suppliers and potential suppliers need to meet certain standards, otherwise they will be eliminated in the second year.
Wang Peize told 36Kr that the bag making industry is very traditional. A good product design is only 50% completed, and the supply chain is also very important. The social status of the craftsman is not as high as that of Internet and financial practitioners. The team often takes the achievements. Such as fashion week cooperation, celebrity group photos, etc. to the factory masters, on the one hand, is a kind of respect and encouragement, on the other hand, I hope they can make good products with more energy.Wang Peize believes that the domestic bag supply chain has opportunities to reintegrate and reshuffle. The industry’s requirements for environmental protection are getting higher and higher. It is easier to retain efficient, standardized, and standardized factories, which also helps promote the development of the entire industry.
PECO product map
PECO encourages users to write real opinions and give feedback, and encourages the formation of word-of-mouth communication among users.The products have been displayed in the China International Fashion Week show for four consecutive years, and appeared in the British “Harper’s Bazaar” in January 2021, and will continue to cooperate with the media, brands, and buyers.At the channel level, PECO has been stationed on Tmall, Taobao, Xiaohongshu and some vertical bags of bags. Offline sales are mainly through buyer stores. It will be stationed on Amazon this year. In line with the principle of not overly disturbing, users in the community are mostly heavy bag lovers, whose main content is communication and bag care.
Founder Wang Peize obtained a double master’s degree in finance from Fudan University and EDHEC Business School in France. He is a CFA and FRM licensee. He used to engage in Mutual Fund investment management at Comgest Asset Management and was mainly responsible for the investment in the consumer goods sector of Hong Kong stocks. Later, he joined CLSA and was responsible for Hong Kong stocks. Research on the consumer goods sector has accumulated years of industry experience in consumer goods brands.