Smith Barney: No Investment In Profitable Projects.

At the same time, can Metersbonwe really implement its investment philosophy: do not invest in unprofitable projects; do not invest in projects that can make money but have no money; do not invest in profitable projects without people?

"Not taking the unusual road" was once one of the secrets of Metersbonwe's rapid rise in the casual wear market.

However, now, the United States has begun to turn from the unusual road to the "ordinary road": the gradual pformation from light assets to heavy industries, from the casual dress industry to the "industrial and investment" compound business mode; meanwhile, in the choice of brand benchmarking, the United States turned from the original Baleno and JEANSWEST to the world class a clothing brand of ZARA and H&M.

Behind the ordinary road is perhaps the maturity of the United States and Zhou Chengjian.

However, the key is to avoid making common mistakes.

In December 9, 2009, Metersbonwe officially announced the announcement of the Xi'an fund together with the military finance and the Changan trust. This also indicates that the United States formally began to take part in the capital investment business. As the predecessors YOUNGOR and Shan Shan did, they began to take a path of "industry + investment", but only the United States chose to partner with others and start from a robust fund investment.

Also in December, Metersbonwe issued a notice, but this announcement is not a glorious thing.

Li Jindai, vice president of the former Metersbonwe, was arrested by the Pudong public security organ for taking bribes. The reason for his involvement was that he had bribed in the opening up of the Baron shop and led to the loss of the company's interests.

Li Jindai's story may reflect the risk of an important thing Metersbonwe focused on in 2009 from another angle, that is, to run around the country and buy rented stores.

In the US planning in 2009, it is a very important job to open up new stores, and it is also the biggest investment in 2009, because its net profit has dropped by about 14% from its third quarter earnings report, and the important reason is the store's investment.

According to the plan, 68 stores should be opened throughout the year, including 31 Direct stores and 37 franchised stores. In the first 8 months, the United States has already set 39 commercial real estate revenues to more than half of the target 68.

Such a large scale shop expansion, huge capital investment, coupled with the current strong brand of American state, the temptation of huge profits can be imagined.

In the action of the United States today, it is easy to see that 33 million of the funds involved are more trying, and they choose other professional teams to operate, and they are only shareholders.

Compared with YOUNGOR Li Rucheng personally set up investment companies to carry out capital operation, although the proceeds will be greatly reduced, but the risk has dropped to enough low.

However, China's capital market is always easy to make people crazy, even the veteran business veterans are tempted.

As Li Rucheng said in the past, "when we see that the money earned in the capital market is worth a lifetime of dry clothes", who will not be tempted or even mad?

In addition to financial capital investment, the real estate industry is also an industry that makes industrialists heartbeat. The United States has begun to set foot in commercial real estate with the advantage of capital in the expansion of shops.

According to the judgment of the United States and the United States to buy the rent, the United States has nearly 40 properties in the bag, for example, in 2009, 370 million bought the "Kyoto building" in Chengdu.

These commercial real estate are making the assets of the US bond lighter and lighter. Moreover, according to the commitment made by the US government in the prospectus, the average area of the Baron store will reach 1400 square meters, which is at a horizontal line with ZARA (average store 1128.9 square meters) and H&M (1201 square meters). It is foreseeable that the expansion speed of the commercial real estate will only continue or even accelerate.

For the United States, its brand and ME&CITY are now targeting ZARA and H&M. Apart from shops, the design concept, clothing design and the lead time of the shelves are all in line with the two "fast fashion" brands.

However, when the United States and the United States are raising high prices, whether they can restrain the investment impulse and temptation of non main businesses can truly implement their investment philosophy: they do not invest in unprofitable projects; they do not invest in projects that can make money but have no money; they are not the key to making money without any investment.