Women'S Shoes Enter The Chinese Shoe Industry On Saturday.
在那些追趕時尚的“潮人”眼中，“星期六”是什么并不陌生。和百麗、達芙妮等知名品牌一樣，佛山星期六鞋業有限公司(下稱“星期六”)是一家女鞋制造及零售商，它自創的“ST&SAT”品牌，在中國內地已經建立起來1205個品牌連鎖店，2007年營收6億多元，凈利8571萬元。
A few days ago, the application for IPO on Saturday passed smoothly through the SFC. Among the brands listed in Chinese women's footwear enterprises, BELLE International (1880.HK, hereinafter referred to as BELLE) was listed in Hongkong in May 2007. Daphne International (0210.HK, hereinafter referred to as "Daphne") was listed in Hongkong on the name of Yong en international and listed in Singapore. Then it became the first women's shoe brand to enter the A share market on Saturday.
"ST&SAT" (Saturday) brand explains the meaning of its brand: "ST" is sacred and holy, and "SAT" is the abbreviation of "SATURDAY", that is, Saturday.
According to Biblical genesis, on Saturday, God created man, and man created history, developed history, influenced history and changed history. On Saturday, he also wished to represent himself in creating fashion and changing fashions, and its profound meaning can be seen here.
Dogfight
Footwear production has typical labor intensive characteristics. From a global perspective, the capacity of this industry is always moving toward countries and regions where labor costs are low.
Historically, the focus of the world footwear industry has shifted from Italy and Spain to Japan, Korea and Taiwan, China. With the deepening of China's reform and opening up, the international shoe manufacturing center gradually shifted to mainland China after 1990s. Since 1996, China has become the world's largest producer and export of footwear products, and shoes account for more than 60% of the world's total output.
Because the shoe making industry is a mature traditional industry in China, the entry threshold is relatively low, and the competition is fierce. Data statistics, after more than 10 years of melee, as of the end of 2005, China has a certain scale of shoe-making enterprises to more than 18000, of which the annual sales income of 5 million yuan or more of the shoe-making enterprises 3880.
Heroes
BELLE, Daphne, Saturday and 1000 are the best players in the competition of nearly 2 competitors.
BELLE international was founded in 1992 and listed on the Hongkong stock exchange in 2007. Its brands include BELLE (BELLE), STACCATO (Staccato), TEENMIX (Teenmix) and so on. At the same time, it also acts as a proxy for JOY&PEACE (real beauty), NIKE (Nike), ADIDAS (Adidas) and other brands.
According to the data released by BELLE international 2007 annual report, BELLE has built 6100 chain stores nationwide, with a sales volume of 11 billion 672 million yuan and a net profit of 1 billion 979 million yuan.
Looking at Daphne, its Yongen group was founded in Hongkong in 1987. It was listed on the Hongkong stock exchange in 1995. It was the first Chinese shoe brand to be listed in Hongkong, but it has been traded in the name of Yongen group, and has just changed its name to Daphne in August.
Besides the two brands of DAPHNE (Daphne) and SHOEBOX (shoe cabinet), Daphne also operates Adidas Performance and Adidas Originals., which has more than 2800 chain stores nationwide.
Daphne's 2007 annual report shows that its turnover amounted to HK $3 billion 854 million, net profit of HK $389 million, although it was first established and the time to market was the earliest. However, in pursuit of full profits, Daphne, which persists in opening its own store, is now far behind the leader BELLE international, both in scale and efficiency.
The Hong Kong International, which owns the brand of 100 billion, was established in 1995 and listed on the main board of Singapore Stock Exchange in 2003. Its main brands are C.BANNER. and more than 700 chain stores. The shoes produced by the company also provide OEM business in addition to their own sales. According to the Hong Kong International annual report, in 2007, the volume of Hong Kong's turnover was 739 million yuan, and its net profit was 110 million 200 thousand yuan.
At present, there are 5 private brands "ST&SAT" (Saturday), "FONDBERYL" (Febe Lil), "SAFIYA" (Sophia), "MOOFFY" and "RIZZO" on Saturday, and represent two international brands such as Baldinini and Killah.
On other figures, in 2007, the marketing network on Saturday has covered the whole country, and more than 1177 chain stores have formed a more perfect marketing network. In 2007, its operating income was 604 million yuan on Saturday, and its net profit was 86 million yuan.
Purely from the data point of view, there is a certain gap between the three brands mentioned above on Saturday, but the BELLE International's big hand after listing, but let Saturday see the secret of contending for hegemony.
Secret
After BELLE international raised HK $8 billion 600 million in Hongkong capital market, it did three main things: expanding capacity, expanding channels and mergers and acquisitions. Among them, the main reason why BELLE's business income can be rapidly increased to tens of billions is mergers and acquisitions.
After the launch, BELLE International launched large-scale mergers and acquisitions in China. It first acquired the assets of Jiangsu's group, which is the main brand of domestic men's shoes, through its wholly owned Affiliated Companies, new Belle, at the cost of 1 billion 600 million yuan.
This not only made BELLE harvest the capacity and receivables of BELLE, but also further improved the product line of BELLE and stepped into the field of men's shoes. But BELLE's original channel layout just made up for sprint's short board.
Since then, BELLE has bought all the rights and interests of Shanghai Yong Xu at the cost of 563 million yuan. Shanghai Yong Xu is mainly engaged in the production of men's and women's shoes products in the way of original equipment, most of which are exported to overseas customers.
BELLE then took the capital rod to acquire all the shares of OSS (Hongkong) and OSS International (Hongkong) at HK $600 million. The two companies operate more than 150 footwear distribution and retail outlets in Hongkong, Macao and the mainland with Millie s brand.
In 2008, BELLE continued to continue the great deal of mergers and acquisitions. In February 28th, BELLE international and Mei Bao issued a joint announcement that BELLE intends to fully acquire and privatize the beautiful treasure in cash plus option, with a total cost of HK $1 billion 574 million.
Now BELLE has nearly 25 brands in hand, and does not include a famous Italy casual shoe brand that is rumored to be negotiating with China. It is foreseeable that in the next one to two years, BELLE will have more than 30 brands. disparity
Even if there are ready-made cases to learn from, the M & a war is not easy to move on Saturday. In the prospectus on Saturday, we can see that in the total 560 million yuan of funds raised, Saturday will bring out nearly 80% (430 million yuan) to expand the storefront. After all, it is now Saturday that we should occupy more markets by opening up shop.
From the analysis of financial data, there is still a considerable gap between Saturday and the listed companies in the same industry.
First is the asset liability ratio. The asset liability ratio of Saturday is 49.5%, which is a poor position in all listed footwear companies. The higher debt ratio means that the space for enterprises to obtain financial support from their banks through their own assets is relatively small. When the enterprises compete to the stage of capital competition, Saturday can only use equity financing, which will inevitably affect the interests of the actual controllers.
Next is the accounts receivable turnover rate. Saturday's turnover rate is 5.2, while the industry average is 12.86., which means that the accounts receivable recovery period on Saturday is more than twice as fast as that in the same industry, which is still quite different from the 9.89 of BELLE international.
Finally, profit margins. According to the data comparison, the gross profit of 41.8% on Saturday is not low, but compared with the whole industry 52.4%, Saturday also needs to increase its efforts in cost control.
Saturday: a long-awaited listing
In the market hopelessness admission, like in the cheers of the rapids to retreat, opportunities will always be for those who are prepared. Saturday's debut in the stock market is also the result of two years of painstaking efforts and careful preparation by Zhang Zeming and Liang Huaining, the main controlling shareholder of the stock market.
Since 2002, we have set up brand design, sales and after-sales service, brand operation, product development, logistics support and marketing network on Saturday.
But Saturday is always an independent management system and an independent business asset. It adopts OEM mode or commissioned processing mode to entrust Li Yuan shoes industry (another shoemaking manufacturer under the name of Zhang Zemin and Liang Huaining) or other external manufacturers for processing and production.
If not listed, such a business model is also very good, after all, Li Yuan shoes industry is Zhang Zeming and Liang Huaining husband and wife own shoe factory, profits will turn to a circle and will return to their own hands. But the shoe factory that painstakingly worked is probably just for the day of listing. Before the listing, on October 31, 2006, Saturday, it absorbed and merged Li Yuan shoes industry, which made Saturday a great benefit.
Recalling Li Yuan shoes industry, its predecessor was Fushan shoe factory, which was founded in 1993 in Nanhai city. In order to control the shoe factory, the couple also set up Diana Nanhai Branch, after several capital increase and pfer, and finally controlled a small shoe factory as a foreign investment enterprise of both husband and wife.
The development and growth of Li Yuan shoes industry is basically complementary to Saturday. 5 years after the birth of Li Yuan shoes, Zhang Zeming and Liang Huaining began their week.
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