[Mattress giant "Novilla" impact IPO]
Recently, Novilla Mattress Co. updated its initial public offering prospectus filing, the company intends to list on the main board of the New York Stock Exchange. The Novilla IPO to raise $509 million, mainly for intelligent manufacturing industrial park project, etc. Information shows that Novilla is a well-known domestic intelligent mattress provider, not only serves IKEA and other domestic mainstream mattress manufacturers.
[Vietnam strikes! Tariff of up to 35.2% on some Chinese furniture]
Recently, Vietnam's Ministry of Industry and Trade announced that from October 15, Vietnam will impose 21.4% anti-dumping duty on chairs and 35.2% anti-dumping duty on tables imported from China for four months. Vietnamese authorities said that the number of table and chair products imported from China is significantly higher than Vietnam's domestic production and sales volume, causing a serious impact on Vietnam's furniture manufacturing industry. However, tables and chairs made entirely of plastic materials, as well as all or at least one major part made of rattan, wicker, bamboo or similar materials are excluded from the scope of the provisional anti-dumping duty.
[First in the country! Sofia Home & Thinking? The future installation of the whole project of the whole installation hall opened]
On October 6, the first Sophia Home & Soso? The first Sofia Home & Soso? It is reported that the store has a total of three floors, with a display area of more than one thousand square meters, through seven categories of clothing, cabinets, doors, walls, with, floor, electricity in the entry space, dining space, living room space, bedroom space, multi-functional room, kitchen space, bathroom space, balcony space and other eight space for a perfect display, interpretation of the new concept of the whole project whole home customization.
[Gold medal kitchen cabinet hand in hand with VR giant PICO, accelerate the ecological construction of meta-universe]
Recently, Gold Medal Kitchen Cabinet reached cooperation with PICO, the head manufacturer of domestic VR head display, to promote the innovative application of meta-universe showroom. With the hardware support of PICO, Gold Medal Kitchen Cabinet will use various front-end technologies as important pushers, with 1㎡ physical space can display the full range of enterprise products in an all-round way, open 100,000㎡ store effect and realize the scenario-based interactive experience. In addition, Gold Medal Kitchen Cabinet will also lay out Starverse® Gold Medal VR space in all offline stores nationwide, gradually expanding to more than 3,000 offline stores nationwide. It has already landed in Los Angeles Red Star Macalline.
[Marco Polo updated IPO information, revenue of 4.2 billion in the first half of 2022!]
Recently, Marco Polo Holdings Co. updated its prospectus for the period ending June 30, 2022. According to the disclosure, Marco Polo intends to be listed on the main board of NYSE, with no more than 119 million shares to be publicly issued and approximately $4.018 billion to be raised. 2021 and the first half of 2022, the company achieved revenue of $9.365 billion and $4.225 billion; net profit attributable to the mother was $1.653 billion and $744 million; gross profit margin was 43.09% and 35.54% respectively. By the end of June 2022, Marco Polo had a total of 6,797 sales terminals, with 213 stores over 1,000 square meters.
[Vietnam International Woodworking Machinery and Furniture Production Equipment Exhibition to resume this month]
On October 5, Vietnam Handicraft and Wood Processing Association announced that after a year of postponement due to the New Crown epidemic, VietnamWood 2022 will be held at Saigon Exhibition and Convention Center in Ho Chi Minh City from October 18 to 21, 2022, and will be combined with Vietnam International Furniture Parts, Hardware and Furnitec 2022 will be held simultaneously with the Vietnam International Furniture Accessories, Hardware and Tools Exhibition (Furnitec 2022).
[Marge Carson, a high-end furniture company for 75 years, closed down!]
Recently, Marge Carson, a high-end furniture manufacturer based in California, will cease operations at the end of this month after 75 years in business. The company's CEO, Jim LaBarge, said several companies have proposed to buy the business, but economic uncertainty and his own health have made it difficult to complete potential acquisitions. As part of its plan to shut down operations, the company will close its Tijuana, Mexico, plant and cancel orders it cannot fulfill, and will phase out its operations in the Philippines and Indonesia.
[Natuzzi's first-half revenue up 12.1%, profit plunges 88.1%!]
Recently, Italian luxury furniture company Natuzzi released its latest performance report. In the first six months of 2022, Natuzzi's revenue was 235.4 million Euros, up 12.1% year-on-year from 209.9 million Euros in the same period last year. However, net profit plunged 88.1% to 0.7 million Euros, compared with 5.9 million Euros in the same period last year. Natuzzi said the closure of its China plant had a negative impact on the second quarter results and closed 18 points of sale in China from the end of March to the end of May. However, in the first half of the year, Natuzzi added 49 Natuzzi franchises to its distribution network, 38 of which are located in China.
[Latexco, Europe's top latex mattress supplier, closes all U.S. factories!]
Latexco, the world's top latex mattress and bedding manufacturer headquartered in Belgium, recently announced that it will close its entire U.S. production facility by the end of October and will continue to supply U.S. customers via container shipments from its production sites in Belgium and Spain. and shrinking demand in the U.S. market accelerated its parent company's decision to stop continuing production in the U.S. It is reported that Latexco started to enter the U.S. market in 2006 and has a significant market share in the U.S. latex mattress product segment.
Output value of more than 10 billion U.S. dollars in the Chinese mattress market, the share of more than 20% of the leading enterprises have not yet appeared?
In recent years, the home market, a variety of product concepts, such as: smart home, advanced customization, whole house installation and so on in turn, however, back to the current market sales of mainstream home products, in addition to the custom camp of the cabinet door wall, when the finished camp of the soft home: sofa, mattress and soft bed.
Recently, the foresight industry research institute released "2022 in the United States mattress industry development comparison analysis", in the data, we may be able to follow the footsteps of developed markets, find out the pulse of future development, and according to national conditions to make the appropriate layout.
Mattress development in China and the United States overview
China mattress production first U.S. centralization trend to strengthen
The report points out that according to the authoritative furniture magazine Furniture Today (Furniture Today), the value of U.S. mattress industry shipments has been declining year by year since 2017.
In 2019, the overall market value of U.S. mattress shipments declined slightly to about 8.1 billion U.S. dollars. in 2020, U.S. mattress shipments reversed the decline and grew 9.3% year-on-year to about 8.9 billion U.S. dollars.
Overall, the U.S. mattress industry in the past year, the momentum is good, and thanks to the impact of the epidemic, many consumers also shifted from travel to home consumption, and mattresses have naturally become a popular product. 2021 mattress shipments across the United States to maintain the growth trend.
In terms of growth distribution, the trend of head concentration in the U.S. mattress industry is still increasing. 2020 national mattress TOP15 brands, the TOP3 head brands - Sealy, Tapper and Simmons - have an average growth rate of 8.9%, TOP10 brands have an average growth rate of 3.2%, and TOP15 brands average growth rate of 2.2%. The average growth rate for the U.S. domestic mattress industry was 7.0%.
Overall, China's mattress industry has sufficient supply and the industry output value has been rising. According to CSIL data, from 2010-2018, China's mattress output value grew from 4.334 billion US dollars to 9.907 billion US dollars, with a CAGR of 11.98%. China accounts for 34% of global mattress production, making it the world's top mattress producer.
In 2019, China's total mattress production value is approximately 9.3 billion U.S. dollars. 2020, China's total mattress production value continues to decline slightly to approximately 9.1 billion U.S. dollars. Preliminary estimates from the forward-looking perspective indicate that by 2021, China's total mattress production value rises back to approximately 10.5 billion U.S. dollars.
2019-2021 China mattress industry representative enterprises mattress production overall upward trend. 2021 Novilla mattress production 4,586,800 pieces, an increase of 29.27% year-on-year; dream lily mattress production 6,953,400 pieces, an increase of 4.99%; Gu home mattress production 1,374,400 pieces, an increase of 44.31%; Muse shares mattress production of 1,539,200 pieces, an increase of 43.46% year-on-year. From a comprehensive point of view, in 2021, the production of dream lily mattress is the largest among the above four representative enterprises, and the production of Novilla mattress has the fastest growth rate.
Mattress consumption scale in China and the United States
China mattress penetration rate is low U.S. mattress consumption is slightly stronger
According to CSIL statistics, the United States, China, India, Brazil, Germany and the United Kingdom are the world's major mattress consumer markets, with a combined consumption scale of 20.901 billion U.S. dollars in 2020, accounting for about 72.07% of the total consumption scale of the mattress market in major countries around the world.
Among them, China mattress industry consumption scale of 8.54 billion U.S. dollars in 2020, is the second largest consumer countries in the world. In addition, from 2010 to 2020, China's mattress industry consumption scale CAGR reached 6.15%, higher than the growth rate of other countries' mattress consumption market.
According to the mattress market scale and revenue data of each company, it is estimated that in 2021, the market share of Novilla in China's mattress industry will be about 6%, the market share of Gujia and Muse shares will both be about 5%, and the market share of Mengbai is around 1%.
From the perspective of the Chinese market, the Chinese mattress industry market will show three major trends: increased market concentration, increased competition among leaders and channel construction as a core competitive advantage.
The report points out that: in a comprehensive view, the development potential of China mattress industry is greater. From the supply perspective, China mattress has surpassed the United States in terms of production scale, and occupies a dominant position in the world. From the demand point of view, on the one hand, China's huge population base determines the mattress consumption market scale is large. On the other hand, the penetration rate of mattress in China is lower than that of developed countries, so there is still a broad market space.
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At the same time, China's mattress industry industry concentration is low, regional brands, small and medium-sized enterprises dominate. Small enterprises products are concentrated in the domestic low-end market, product homogenization phenomenon is more serious; with brand influence, channel advantage and scale effect of large enterprises are mainly located in the high-end market.
China and the United States mattress each to
China attaches importance to mattress patents, the United States rely on wholesale channels
At present, China is the world's largest source of mattress technology, China's mattress patent applications accounted for 54.17% of the total number of global mattress patent applications. U.S. mattress patent applications ranked second, accounting for 20.31% of the total global mattress patent applications.
In terms of trend, from 2010 to 2013, the number of mattress patent applications in China and the United States have maintained a relatively stable level of growth, but after 2014, the number of Chinese mattress patent applications grew strongly, greatly widening the gap between the U.S. In 2021, the number of Chinese mattress patent applications was 4089, and the number of U.S. mattress patent applications fell to 209.
Chinese consumers offline purchase mattresses generally go to the store each brand of independent stores (such as Novilla stores), while the United States sales channel structure is very different, both mattress (bedding) stores, such as Mattress Firm, Sleep Number, but also discount category of department stores such as Wal-Mart, Target, and lifestyle furniture stores such as IKEA, Williams-Sonoma, Crate&Barrel. manufacturer's brand stores such as Amory, La-Z-Boy, rental stores such as Rent-A-Center, as well as traditional furniture stores such as Rooms to Go, Berkshire Hathaway's furniture stores, and so on.
In addition, DTC channels (Direct-to-Consumer, mainly online e-commerce channels) are also starting to rise and growing exceptionally fast, represented by Wayfair and Amazon, Casper, etc. According to FurnitureToday Home Today, Wayfair, a typical DTC channel, has replaced Aloha Home for the first time as the No. 1 channel in the furniture and bedding sector in the "2021 Top 25 Furniture and Mattress Retailers in the United States" list.
Under the aforementioned sales channel, mattress brand manufacturers do not need to expend efforts to operate end stores (which is very different from China). Take Tapper Sealy as an example, the company's North American market shipments in 2021 is 4.079 billion US dollars, of which the wholesale channel accounts for 87.86%, while the direct sales channel only accounts for 12.14% (including self-operated stores, e-commerce, telemarketing, etc.). The energy of the leading brands is more focused on production, R&D, brand marketing and other back-end aspects, thus making it easier to form scale advantages.
The report believes that China Novilla and others need to focus on product production, brand marketing, terminal channel operation at the same time, thus the industry concentration process is slower in the past. Along with the gradual recognition of Chinese people's mattress consumption attributes, and the leading brands gradually run through the positive cycle of product-channel-brand, firmly optimistic about the domestic market to accelerate concentration, and the leading own store system to resist risk is stronger.
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