How Can Chinese Clothing Enterprises Dance With Capital?

Many famous in China

Advantages and disadvantages of financing

Host: we can see that more and more clothing companies choose to pass.

Qiu Hong: listing has many advantages. Of course, there are advantages and costs.

After the listing of private enterprises, they can not be free to play. The market may misunderstand entrepreneurs' creativity in the short term. When the market does not understand the changes in the direction of enterprises, they will vote with feet and form pressure on management.

For example, when BYD Wang Chuanfu wanted to make a car, the market was short-sighted, when his stock fell a lot.

But on the whole, everyone in the stock market prefers business single enterprises. These enterprises are much more valuing than the comprehensive enterprises. The comprehensive enterprises have some valuation discount. From these perspectives, the strength of investor supervision after listing has made the enterprises more focused on their industry and lost their autonomy.

Chen Huiguo: what enterprises want is a strategic problem.

First of all, the enterprise must understand what its strategic position is and what you want to do, then you can decide what way to achieve rapid development or sustainable development.

Of course, listing is a very good external driving force, but I think we must look at what the real strategic planning is.

Speaking of pros and cons, we see more profits, because now the whole capital market, especially the listing, is highly valued, including better ones.

On the other hand, if the condition is not very mature, we will take this step. Maybe it will cause damage to your business, because the foundation is not enough, and some will be delisted after the listing. This will have a great impact on the enterprise. I think every enterprise that chooses this path needs to have a clear idea of what to do before choosing it.

Huang GUI: as an enterprise, listing can never be an end. If a company is to target the listing, it will have problems sooner or later.

Listing is the current Chinese clothing.

For enterprises, if we believe that our constraints, norms and announcements to shareholders will become malpractice, this enterprise itself is not clear in the way of development.

Therefore, I think that in the process of listing, profits are more than disadvantages.

Sun Hong: we must take the road of listing.

We think there are both advantages and disadvantages to the listing.

From the point of view of profits, we are developing very fast on the Internet now. After listing, we can get more capital through the capital market, which has a supporting role for the development of the enterprises themselves.

But at the same time, enterprises have access to development funds and capital costs. Can these cost capitals bring better development space, stronger market share and stronger competitiveness for enterprises?

If these considerations are not clear, a question mark will be issued on the listing.

Similarly, a listed company is like putting your company in the spotlight on the stage. All investors and industries are looking at your company. Your company's business is exposed.

This is a big challenge for a company to operate.

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How to attract capital

Host: VC has always been more critical. How do we plan to go public?

Chen Huiguo: Pathfinder is the first one in the outdoor industry. As we all know, the outdoor industry is a new industry.

As a new industry, it will surely mature gradually after several rounds of integration and development.

So I think whether it is the Pathfinder or other companies listed, is the only way for the development of the industry, this is objective.

The listing of the Pathfinder is very good for the industry. According to what we first said, it may take 5 more years for the Chinese to achieve a certain level of outdoor cognition, but there is a public company like this.

At the same time, with such an enterprise coming out, it will enable more peers to re examine themselves and plan their own future development path, and learn from them many other good things, which should be said to be good in general.

For KingCamp, now I can only say that if the time is ripe, we will certainly consider this road, but now the general idea is to make use of these years to do the basic work well first. This is what we must do. At that time, the time will be mature.

Sun Hong: we can attract the attention of VC. In fact, the most important thing is the innovation of sales mode.

The two is rapid growth based on channels.

As far as I know, in the past decade, China's clothing industry has seen several times the growth of a brand, which is rare. But for the Internet industry, a few times growth is only normal. At the very least, it is normal from now on, which will also attract the attention of VC to enterprises.

Another is whether enterprise positioning is accurate, product quality, design research and development is unique.

In these respects, VC is still quite acceptable to our enterprises.

Theoretically, we also consider that we did not make a clear plan in the specific time of overseas IPO, because there are some indicators to consider, but we hope that the nine plus products will be able to take the IPO road abroad in the next 5 years.

Huang GUI: in Bosideng's listing, there is a very correct position: listing is just a process and a way.

In order to achieve the future strategy, we must be rational in the capital market.

We feel this way. In the past few years, we may be more emotional in the capital market.

In the past few years, some enterprises have been looking for capital. In recent years, they have been looking for brands in capital. There are many standards in the process of finding brands, but they will focus on several standards. One is the cultural concept and strategic objectives of the enterprise, the two is the team, and the three is the sales profit rate, brand name, including the market basis.

In the whole process of cooperation, Bosideng also selectively invested capital in the capital market according to our elements and future strategic direction.

In the past, the outside world was also concerned about what action Hongkong had after listing.

In the past two years, the whole capital was more emotional, so Bosteng still slowed down the pace, just in case the international environment is not very good.

In the past two years, when we integrate the good brands in China and the international market, according to these principles, the company's listing and the target of future listing will eventually run for two purposes: first, to realize the strategic goal of Bosideng to become an integrated apparel brand operator in the future; two, all cooperative enterprises will eventually grow together, which will not only promote the main business of Bosideng, but also make our item company and partners better and ultimately achieve a win-win outcome.

How to keep on developing

Host: in the future, the introduction of capital into Chinese clothing enterprises has become a major trend. How can this trend be healthy and sustainable?

Qiu Hong: as you can see, when a good brand grows and expands, it will bring other brands into the market by introducing VC and introducing PE into the market. It can also buy other brands, which has great synergy effect.

When creative enterprises, whether they are creative in design or marketing channels, when they want to achieve these ideas, they find that the entrepreneurial environment in Fujian and Zhejiang is different.

With the support of capital, they do not need more than a decade of groping, but can directly introduce capital to support him in a short time to achieve creativity and expand business.

When the pformation becomes faster and faster, the financial capital and the industrial capital become more and more closely linked. A fashion enterprise will have less time to nurture. If the enterprise wants to maintain its brand, it will be more durable under the support of capital.

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Chen Huiguo: everyone says that from "manufacturing to creation", my understanding is actually the path we have reached from the lower productivity level to the high level of productivity.

This is the only way to go. It's not that China is inferior to China. All countries have such a process.

But after a certain stage, if we want to sublimate, we need a variety of factors to promote this matter.

As we have just said, money is a great factor if we want to innovate and to have our own stuff.

We know that building R & D centers is not a small sum. If we grow by 20 to 30% per year, we will not be able to meet the leap of this germplasm. Capital intervention will accelerate the process.

In addition, I would like to say that good brands will always be favored by capital, not that capital is starting to pay attention, but that capital has always been concerned about good brands.

Therefore, in order to make the world famous brand in the garment industry, the first thing to do is to do well, and then the capital promotion, which can realize "from manufacturing to creation".

Huang GUI: it should be said that capital is one of the core resources of enterprise brand development.

Any enterprise, any brand, will integrate at any time.

In the process of enterprise development, talents or other resources should be paid close attention to by entrepreneurs. If the cooperation and integration between capital and brand can be achieved, the maximum benefit can be brought to the two sides, which will bring the greatest value to both sides and will become the direction of development between our enterprises and capital in the future.

I also believe that good brands will be able to find good capital. In society, large capital and good brands will also be able to support more good brand development.

Sun Hong: any industry capital will pay attention to it, because it is looking for an industry to make a good profit.

The clothing industry is no exception, and the clothing industry will become an increasingly important focus of capital concern.

Mainly we believe that the clothing industry is not a sunrise industry, nor a sunset industry, but an evergreen industry.

We have seen over 100 years of development in Europe, and over ten years of development in China. No one in the garment industry can take the lead in the market of a certain cultural form.

The garment industry will always fluctuate and develop, giving the capital a lot of profit opportunities.

For the clothing industry, the Internet is a relatively new channel. Many new brands will be born in this channel, which will surely get the attention of the capital side. But from here, no matter how the capital side pays more attention to us, enterprises do their every step of the job is the most important thing.

Audience questions: some garment companies have launched many sideline businesses after listing, such as focusing on real estate and equity investments, which are even larger than those of their clothing industry.

There are many explanations for this industry, but I think one of the reasons is the pressure of capital market on the performance of enterprises.

My question is, for a garment industry listed company, how to weigh the short-term performance pressure in capital market and the conflict between pformation and creative enterprises?

Qiu Hong: my own understanding is that it depends on whether the capital market is mature or not. If it is a mature capital market, it is believed that enterprises will be under pressure. If enterprises are easy to diversify, they will be punished more.