The customized home furnishing industry as a whole is moving in the direction of whole family customization. Among them, Suofeiya Home Collection Co.Ltd(002572) (002572, SZ), who was born in wardrobe customization, chose a rather unexpected path – starting from the cabinet and landing the whole family customization strategy just released at the end of 2021.
On February 23, Suofeiya Home Collection Co.Ltd(002572) launched Suofeiya Home Collection Co.Ltd(002572) cabinets, and combined with the release of the whole customized package including cabinets, kitchen appliances, sofas, tea tables, beds and other single products, “let cabinet customization bid farewell to the era of single products and deeply integrate with the whole customization”, said Yang Xin, vice president of Suofeiya Home Collection Co.Ltd(002572) group at the press conference.
The reporter of the daily economic news noted that before that, Suofeiya Home Collection Co.Ltd(002572) also had its own cabinet brand (Simi cabinet). Yang Xin told reporters after the press conference that Suofeiya Home Collection Co.Ltd(002572) cabinet and Simi cabinet will not conflict: on the sales side, Suofeiya Home Collection Co.Ltd(002572) cabinet and Simi cabinet will have their own stores; At the production end, the two brands are currently shared, but it is also possible to separate them in the subsequent consideration of product differences.
The “wardrobe + cabinet” fusion store may be adjusted later
On December 19, 2021, Suofeiya Home Collection Co.Ltd(002572) upgraded its brand positioning from “cabinet customization expert” to “wardrobe | whole family customization”. On that day, it officially released and launched the whole customization strategy, becoming the first enterprise in the industry to upgrade the whole customization to the strategic level.
On February 23, 2022, Suofeiya Home Collection Co.Ltd(002572) put forward the concept of “whole cabinet” and released Suofeiya Home Collection Co.Ltd(002572) cabinet. However, as Suofeiya Home Collection Co.Ltd(002572) born in wardrobe customization and accounting for more than 80% of the income of wardrobe business, it is somewhat surprising to decide to start with cabinets and implement the company’s whole customization strategy.
Why cabinets? Yang Xin said at the press conference that with the upgrading of kitchen and meal customization demand caused by the reform of kitchen and meal life, the kitchen, restaurant and living room are gradually evolving into an integrated space. Under this background, the limitations of cabinets that are difficult to unify with the whole family style and the lack of scientific and reasonable connection between kitchen and meal space design are gradually exposed, which can not meet the needs of consumers as a whole and systematically, “It is urgent to re-examine and define the kitchen and meal space from the perspective of whole family customization”.
In addition, Yang Xin also said that from the perspective of deepening the customization strategy of the whole family, cabinets are not only the rigid demand of the whole family’s consumption, but also the necessity of Suofeiya Home Collection Co.Ltd(002572) enterprise strategy. He believes that the whole decoration (integration of software and hardware) will be the ultimate stage of the evolution of the whole house customized home, but at present, only when the whole customization initiated from the cabinet is realized can the wardrobe be superimposed and the whole decoration be finally realized.
It should be noted that Suofeiya Home Collection Co.Ltd(002572) already has the brand of simi cabinet. The reporter found that the performance of simi cabinet has increased rapidly in recent years. According to the annual report, the revenue of simi cabinet in 2019 was 879 million yuan, an increase of 21.99%; In 2020, the revenue of simi cabinet was 1.211 billion yuan (operating revenue was), with a year-on-year increase of 42.26%.
After the meeting, Yang Xin also told the reporter of the daily economic news that Suofeiya Home Collection Co.Ltd(002572) cabinet does not conflict with Simi cabinet, ” Suofeiya Home Collection Co.Ltd(002572) cabinet does Suofeiya Home Collection Co.Ltd(002572) and Simi does Simi”. In addition, Suofeiya Home Collection Co.Ltd(002572) previously opened a fusion store with “wardrobe + cabinet” on the basis of independent wardrobe stores and independent cabinet stores. Yang Xin revealed on the spot that these fusion stores will also be adjusted in the future, or a special Suofeiya Home Collection Co.Ltd(002572) cabinet store will be launched.
Industry: kitchen was less integrated with big home before
In fact, looking back on the development of the customization industry to the whole customization, the kitchen is indeed an isolated field.
For example, customized cabinet enterprises start from the living room and then expand to the bedroom, gradually forming the whole house customization with cabinet customization as the core, and then add finished furniture (bed, sofa, etc.) to form a large home. The kitchen is always excluded from the large home as an independent business.
In addition, the business expansion of cabinet enterprises first aims at the cabinet products in the living room and bedroom, but it is not easy to expand in the direction of big home after realizing the “whole house cabinet customization”. For example, Goldenhome Living Co.Ltd(603180) (603180, SH), Guangdong Piano Customized Furniture Co.Ltd(002853) (002853, Sz), which started from cabinet, have put forward the “big home” strategy for many years. However, according to the 2020 annual report of the two enterprises, the business income still mainly comes from cabinets and wardrobe, plus a small part of wood door income, “big home” still needs to be further supplemented.
Of course, the water test in the industry is not without. In 2019, the industry leader Oppein Home Group Inc(603833) (603833, SH) put forward the concept of “integration of food and kitchen Yang”, that is, the joint construction of three spaces of restaurant, kitchen and balcony, but it is also limited to promoting the transformation of the overall kitchen cabinet to the overall functional kitchen covering kitchen cabinet, kitchen electricity and kitchen accessories.
The reporter of “daily economic news” noted that Yang Xin also mentioned at the scene that in the past, “some enterprises with both wardrobe and cabinet often have a cabinet that is an independent business line.”
