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Semir Replenish The Advantage Of High-End Product Line Asset Advantages No Longer?

2013/6/19 21:06:00 29

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< main young casual wear and children's wear Semir < a target= "_blank" href= "http://www.91se91.com/" > dress < /a > (hereinafter referred to as "Semir") has been hoping to improve performance by expanding product lines and upgrading brand grades.

Since last year, under the plagued by high inventories, Semir has been trying to "de" in various channels, while brewing merger and acquisition matters.

Semir looks at men's casual brand GXG parent company, Ningbo zhe Mu sang Holdings Limited (hereinafter referred to as "zhe Mu Shang"). Yesterday, Semir clothing announced its agreement to buy 71% of the five natural persons in Zhejiang zhe Holdings Group Limited (hereinafter referred to as "zhe zhe") and Yang Herong, Yu Yong, Zhu Zhaoguo, Tu Guangjun, Mao Chunhua and so on.

After the completion of the paction, zhe Mu Shang will become a controlling subsidiary of Semir apparel.

It is estimated that the paction amount will be between 1 billion 980 million yuan and 2 billion 260 million yuan.

supplement middle and high end product line /p >

in fact, in the second half of last year, Semir chairman Qiu Guang and the media said publicly: "we have enough cash flow to consider cooperation with other brands. In the future Semir will stick to the way of multi brand development strategy."

In P, Semir's capital flow is not a problem.

By the end of last year, Semir's Monetary Fund amounted to 4 billion 833 million yuan, with net cash flow of 1 billion 34 million yuan, exceeding the current net profit of about 270 million yuan, and asset liability ratio of 15.35%. In the first quarter of this year, Semir's net cash flow was 349 million yuan.

there is speculation that Semir will increase the intensity of children's clothing business. Therefore, the object of the acquisition is likely to be a green box children's clothing for the electric business. However, this speculation is denied by the green box.

a person close to Semir told the first financial daily that Semir had established Semir investment in Shanghai and Semir investment in Hongkong. All of them were making strategic plans for the development of multi brand businesses. The acquisition targets will complement the existing businesses, and therefore focus on shopping malls and high-end brands.

analysis of the above personages, Semir's acquisition object jumped out of the field of casual wear and children's clothing, and another important reason is that Semir, as a low-end casual dress, is facing a higher sensitivity of consumers to product prices. In the context of rising costs, considering the retention of customers, its terminal products are difficult to raise prices, which limits the gross profit margin. Only when they go to the middle and high-end, can they have room for improvement.

and the main position of zhe Mu Shang is the a target= "_blank" href= "http://www.91se91.com/" of high-end high-end leisure men's clothing. The clothing is /a, Brand Company owns GXG, gxg.jeans, gxg.kids and other brands.

people in the clothing industry told reporters that zhe Mu Mu's rapid growth in recent years is definitely a dark horse in the industry.

At present, GXG has opened about more than 1200 retail stores in mainstream stores and shopping centers throughout the country, ranking the top three in men's similar brand sales in Wanda, Yintai, ocean department stores, new world department stores and other major chain stores, and ranked the top in the Taobao platform for men's clothing E-commerce sales.

Gxg.jeans has nearly 300 stores nationwide, and gxg.kids has only been established as a direct battalion. There are 21 stores nationwide, and three brands constitute the scale effect of the GXG brand series.

"P" this year, zhe Mu Shang began to develop AND G. joint flagship store, and is expected in the coming year, AND G. fashion joint flagship store will expand to all major cities in the country.

Semir apparel said in the announcement that zhe Mu still effectively filled the company's high-end leisure apparel business in products, channels, customer groups and other aspects, and provided resources for the company to develop other high-end brand businesses such as channels, talents and supply chain. This paction will strongly promote the implementation of the company's multi brand strategy.

however, Zheng Hongwei, Semir's secretaries general, has said that Semir will not consider involvement in the garment manufacturing industry. In the future, it will still adopt the mode of production outsourcing to develop multi brand strategy.

the advantage of light assets no longer?

for Semir, in fact, last year, both performance and extension have both slowed down.

The total number of stores increased by more than 500 to 7728, and the expansion rate was less than 10% (and in 2011 it increased by more than 1400). Among them, Semir brand grew by more than 200 and 4420 to 300, with a net increase of 300 to 3308.

In the first quarter of this year, Semir apparel realized its first positive growth in revenue in the last 6 quarters. Its revenue grew by 6.26% compared with the same period last year, and its inventory also dropped by 13.7% to 936 million compared with the beginning of the year.

However, the decline in gross margins and the rise in the cost rate have resulted in a drop of nearly 17% net profit.

and zhe zunshang's unaudited total assets in 2012 were 1 billion 327 million yuan, total liabilities 1 billion 55 million yuan, net assets 272 million yuan, operating income 1 billion 398 million yuan, operating profit 260 million yuan, net profit 206 million yuan.

"P >" Semir's acquisition of zhe Mu is mainly able to enter the MALL channel, but the future development trend of business and leisure is not necessarily good.

Semir will face a lot of integration problems next. "

An industry analyst told reporters this way.

however, the pferor predicted and promised that the net profit of China zhe Mu Shang in 2013 should be no less than 265 million yuan, and the net profit of zhe Zai Shang in 2014 and 2015 would be no less than 20% over the previous year.

Semir expects net profit growth of -15%~15% in the first half of this year.

although it is a good target for acquiring M & A, but in the early years, Semir clothing, which had its strong assets and strong agency mode, was also getting heavier and heavier because of frequent mergers and acquisitions.

last year, Semir costumes raised 100% equity interest in Zhejiang Chinese industry by raising 156 million yuan of funds, hoping to enhance the brand image and sales performance of Semir brand and Barbara brand in Hangzhou.

Semir paid a premium of three times for the property in the core business district of Hangzhou.

In the same way, in order to make full progress towards e-commerce, Semir changed Zhejiang van Diya Garments Co., Ltd. to Zhejiang Semir Agel Ecommerce Ltd in May last year. Its registered capital increased from 30 million yuan to 130 million yuan.

Xiong Xiaokun, a light industry researcher at CIC, told reporters that for Semir, high inventory is the biggest predicament that it is facing at present. Going stock is still its main objective this year, which has a very important impact on its main business, supply and marketing system, cash flow and market position.

In addition, Semir's strong channel network and capital strength are its main advantages, which plays an important role in its acquisition and expansion of market segments.