You Still Haven'T Gone Out Of The "Folk Custom" Of IPO.

Still did not go out of the clothing business IPO to raise funds to open shop "conventions".

It is disclosed that the company adopts a distributor based sales mode, that is, the company sells products wholesale to dealers, and distributors sell products to consumers through self retailing terminals or retail outlets of their subordinate retail operators; the marketing network of the company includes retail outlets of direct retailers, distributors and distributors.

This means that the company's fund-raising will focus on expanding the business of distributor mode rather than the company's direct outlets.

In fact, from 2009 to 2011,

However, the risk of its dealer mode also highlights.

According to the company's disclosure, the sales revenue of the five major customers (dealers' actual controllers) of the company in the year 2011 accounted for 51.47% of the total sales revenue. Among them, the sales revenue of the regional distributors controlled by the company to the first big customer Chen Chun and Yin Xiaojun and his wife accounted for 22.40% of the total sales revenue.

In 2010, sales of regional distributors controlled by Chen Chun and Yin Xiaojun and its first largest customers accounted for 16.52% of total sales revenue, and 11.51% in 2009, showing an increasing trend year by year.

This can not help but remind people of the Shanghai Li Rui dress Limited by Share Ltd.

In April 22, 2011, the company failed to pass the first application. In the examination, the trial committee was concerned that the company's sales revenue and sales share of a single customer, Marubeni, rose sharply.

The prospectus of the company's prospectus also shows that every year there are many new stores in the company's franchised stores, but the number of closures is growing every year: 1190 stores opened in 2011, 202 were closed, 17% were closed, 2070 new in 2010, 161 were closed, 8% were newly closed, 2009 was 969, 80 were closed, and the number of new accounts was 8%.

According to the company's declaration, the company's dealer mode is: all retail terminals are brand store of "noble bird" brand, and store space decoration and product display according to the unified standards of the company.

It also reminds us of the fact that in 2011, the judge was concerned about the situation of Vigna S's closing shop.

Fortunately, the income and sales volume of the birds in recent three years has been increasing year by year, the net profit scale has reached 400 million yuan, and its inventory turnover rate has been better.

However, even with Anta, 31st, XTEP, PEAK sports shoes and clothing enterprises at this level, the size of the birds is still very small. The data show that the main revenue in 2010 is Anta 7 billion 408 million yuan, XTEP is 4 billion 457 million yuan; the 360 degree is 4 billion 331 million yuan; PEAK is 4 billion 249 million yuan.

Therefore, it is clear that "the sports leisure" is the focus of product development, so as to avoid direct competition with professional sports brands, and emphasizes that the sports shoes and clothing market in the two or three and four lines has obvious advantages of marketing network layout.