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Wangfujing And The Story Of "Spring" Are Becoming The Industry'S Third Generation.

2013/6/30 21:02:00 36

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Under the background of the slow growth of retail trade, P's large-scale acquisition has become the focus of investors in the industry.

a few days ago, the Wangfujing department store (Group) Limited by Share Ltd (hereinafter referred to as "Wangfujing department store") announced that its controlling shareholder, Wangfujing international, had acquired the nearly 40% stake in China Spring Department store by HK $1 billion 997 million through its overseas subsidiary Belmont Hong Kong Ltd. (hereinafter referred to as "Baer Mont"), which has been approved by the relevant government departments.

While P was expanding rapidly in Wangfujing department store, it encountered investors' abandonment. In just 4 months, the share price has dropped by nearly 10 yuan per share.

How to integrate spring and general merchandise with fashion and high-end line is a must for the department store of Wangfujing, a traditional department store.

m > /strong > .

in the current situation of the development of the retail industry fatigue, Wangfujing department store tries to rely on M & A.

a few days ago, the Wangfujing bulletin showed that Baer Montel agreed to grant a 39.53% stake in Spring Department Store from 1 billion 997 million HK dollars from the Spring Department Store parent company Bluestone.

At present, the paction has been approved and approved by the Ministry of Commerce, the antimonopoly Bureau of the Ministry of Commerce, the State Development and Reform Commission, the state assets supervision and management department and the foreign exchange management department.

according to the previous takeover agreement, the acquisition amounted to HK $1.2 / share, a premium of about 10.09% compared to the previous closing price of 1.09 yuan.

After that, Wangfujing international will issue a mandatory takeover offer with the target of all Chinese shares in accordance with the Hongkong purchase rules.

public information shows that spring department store, which officially listed on the stock exchange of Hongkong stock exchange in December 2009, now has 21 stores, 17 department stores, 3 Oteri J and 1 Seth shopping centers.

spring, the major shareholder of the department store is baozi international. Its actual controller is the two brothers of Kenneth Chan and Chen Hanjie in Hongkong.

In 1998, Baozi and Gucci parent company PPR group jointly established Paris Spring Department Store (China) Co., Ltd.

But in 2006, when PPR sold the spring department store business in Paris to Italy Borletti group, Kenneth Chan got some of the remaining ownership and the right to use the brand in China's business, while the Paris spring department store in Shanghai belonged to the new world department store of Hongkong tycoon Zheng Yutong.

after the acquisition of spring department stores in Wangfujing, the number of Wangfujing holding stores will increase rapidly from 30 to 51, and the number of stores will nearly double, so that Wangfujing department stores will have third of the total number of stores in the country after Wanda Department store and Parkson.

for the price of the international purchase of the Wangfujing in spring, Liu Hui, chief consultant of Beijing Zhao Yi Retail Management Consulting Co., told our reporter: "the purchase of spring department stores of HK $2 billion is now equivalent to more than ten billion RMB, which is actually not expensive."

Ding Liguo, a senior retail expert in China, told reporters that Wangfujing bought spring department stores. What's more important is that the industry has been praised as the resources of orter's format and Seth brand with better prospects for development.

Oteri J and team Wangfujing can draw lessons from the high-end boutique department stores, and like sate and Yansha, it is one of the first two high-end department stores in Beijing to have rich brand resources and products.

in addition, according to the press, as of January 2013, 30 Wangfujing stores were mainly located in the northern market, while the spring department stores were distributed in 11 cities such as Xiamen, Guiyang, Qingdao, Beijing, Liupanshui, Zunyi, Xi'an, Nanning, Taiyuan, Changchun and Changchun, of which 7 cities were not yet stationed in Wangfujing department stores.

"the main shop layout in Wangfujing is in the north, while most department stores in spring are in the southern part of the country. The department stores in spring and Wangfujing can form a good complementary role in the layout of the network, playing a key role in Wangfujing's development."

Du Yanhong, a retail researcher at CIC, explained to reporters that only a single department store platform was available in Wangfujing. In the case of large fluctuations in the retail industry environment, the single operation mode was not conducive to risk prevention. In spring, the department stores owned 3 major formats of spring department stores, Oteri J and Sai te shopping center to supplement the new business format.

> strong > spring department stores will be privatized /p >

spring department store as a company with 3 industry outlets as the top outlets in the shopping center and 1 Beijing Seth, why was it abandoned by old shareholders?

our reporter has counted the financial statements of Spring Department Stores for nearly five years. Although the annual sales volume of spring department stores has been increasing year by year, profits are running counter to them, and all the way down, the development has entered the awkward situation of "applause not to win".

according to the spring department store's 2012 earnings report, the total revenue of spring department stores was 5 billion 419 million yuan, an increase of 12.7% compared with the previous year, while the single store sales profit dropped from 18.8% in 2011 to 4.5%.

"the acquisition of spring department stores in Wangfujing is more like a leak picking process. I am not optimistic about it. In fact, spring stores are more like chicken ribs and less valuable stuff."

Liu Hui spoke frankly to reporters.

, however, how will the Wangfujing department store handle the performance of this spring department store after its continuous decline?

a person close to the department store of Wangfujing told reporters that after the acquisition of spring in the department store of Wangfujing, the spring department store or the "big operation" will enable the spring department store to integrate into the integration, draw out the quality assets of spring department stores, and finally inject into the listed companies, and further strengthen Wangfujing department stores.

this person told reporters that after the acquisition of spring department stores in Wangfujing, it is possible to first divest good quality assets such as: Seth and outlets, and then acquire them through Wangfujing department store and merge them into listed companies to make a comprehensive re creation.

it is understood that under the Hongkong purchase rules, the paction will trigger a mandatory full tender offer with the target of all the shares of listed companies. Within 4 months after receipt of the offer document by China Spring Department store, the Wangfujing international subsidiary of the offeror, Belmont Jo, has acquired not less than 90% of the shares that are involved in the offer. However, according to the Cayman Islands Company law of its registered place, the remaining shares can be compulsive to withdraw the listing status of spring department stores.

Du Yanhong told reporters that Wangfujing did not need to buy spring department stores all at once, but from the acquisition behavior of Wangfujing, its subsequent comprehensive acquisition is a big probability event.

how to digest /p >

in the acquisition of spring department stores, Wangfujing department store's share price is also experiencing roller coaster.

reporter statistics found that since January 24th this year announced the acquisition of spring department stores, only 4 months, Wangfujing department store prices fell by nearly 10 yuan per share.

In January 24th, the opening price of Wangfujing department store was 24.19 yuan / share, closing price was 23.19 yuan / share, the decline was as high as 4.5%. As of June 27th, the price continued to decline, the opening price was only 15.7 yuan / share on that day, closing price was 15.45 yuan / share, or 1.47%.

in fact, by the overall depression of the retail industry, Wangfujing department store is also experiencing a climbing problem.

Related announcements showed that in 2012, the net profit attributable to shareholders of listed companies was 673 million yuan, an increase of about 15.5% over the same period last year.

But in the first quarter of 2013, the net profit of Wangfujing department store belonging to shareholders of listed companies was 221 million yuan, an increase of only 3.74% over the same period last year.

how to improve our performance and digest the department stores in spring has become the focus of investors' attention.

In this regard, in June 28th, the reporter called the Wangfujing external publicity office responsible for the relevant people, the person told reporters that at present the company will not comment on this matter, all the announcement issued by the company shall prevail.

"although Wangfujing department stores acquired spring department stores just to form a complementary situation, but for the state-run Wangfujing department store, the most difficult thing is how to achieve the integration of spring department stores with fashion and high-end consumption routes as soon as possible."

Ding Liguo told reporters frankly, "maybe during the time of purchase, many employees of department stores in spring were looking for jobs.

The Wangfujing department store looks at the whole team and management mode of spring department stores, and the key to these teams and management modes is how to keep the brain drain away from people.

Ding Liguo told reporters that the biggest difference between the two companies is that one is state-owned and the other is private. This is a problem that must be considered.

Take the Wangfujing department store more optimistic Seth and otlis, private treatment is generally higher than the state-owned enterprises, after the acquisition of spring department stores, how to ensure that the salary adjustment at the same time, high-end technology and talent resources are not lost, is undoubtedly the challenge faced by the acquisition of spring department stores.