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Fortune Bird Released The Global Sale Announcement To Break Through The Channel Dilemma In Hong Kong

2013/12/11 16:05:00 26

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> a href= "http://www.91se91.com/news/index_c.asp" > "rich bird" /a > Limited by Share Ltd (hereinafter referred to as "bird of fortune") issued the global sale announcement. It expects to offer 133 million 340 thousand shares for the first time at a price not exceeding HK $10.04, not less than HK $7.17, and the maximum amount of fund-raising can reach HK $1 billion 340 million. Of these, 10% will be used for public sale in Hongkong, and another 90% for international placement. If we do not consider any H shares that may be allocated and issued for exercising excess allotment rights, the controlling shareholders of rich birds will jointly hold 65.85% directly or indirectly. 
Since the beginning of this year, mainland men's clothing brand CABBEEN clothing and birds of fortune have been listed in Hong Kong, and a small upsurge of men's clothing brands has been launched in P. 
 according to frost Sullivan, from 2007 to 2012, the composite annual growth rate of China's shoe market is 13.7%, and the annual growth rate of China's men's wear market is 15.3%. In the next five years, the compound annual growth rate of men's clothing market will reach 17.7%. Among them, business men's clothing is the fastest growing part. By 2017, its market share will increase from 31.1% in 2012 to 37%. 
 "relatively speaking, < a href=" http://www.91se91.com/news/index_c.asp "> men's clothing brand < /a > standardization is higher and easier to sell. A well-known retail brand official in China said that compared with the women's clothing brand, the total number of men's clothing brands is relatively small, and the comprehensive anti risk ability is stronger. When shopping mall inviting business, men's clothing is generally favored than women's clothing. 
Although P occupies a dominant position, men's brand still needs to face a lot of "post market" risks in the traditional retail environment. 
 fundraising focuses on expanding channels /p >
 fortune bird is mainly engaged in the manufacture and sale of footwear and business casual men's wear. As of the first half of this year, the company has three famous brands: rich birds, FGN and Anywalk. Among them, three private brand sales accounted for more than 80% of the company's total performance, and 15.2% of the foundry business. 
 through product diversification strategy, the product line of rich bird brand has expanded to business casual men's suit (such as suits, trousers, jackets and shirts), and leather accessories (such as leather belts, leather bags, suitcases and wallets, etc.). 
 2010, the "a href=" http://www.91se91.com/news/index_c.asp "shoes" business "/a" accounted for 99.8% of the total business, and in the first half of 2013, the business of fortune's shoes accounted for 80.7% of the total business and 19.1% of men's clothing. Although the proportion of men's clothing business is increasing year by year, footwear business is still the main source of revenue. 
 according to the financial data disclosed in the prospectus, the gross profit margin of the birds is between 32.1% and 39%. In the first three months of 2013, the turnover of fortune birds was 473 million yuan, with a gross profit margin of 188 million yuan and a gross profit margin of 39.6% during the same period. It is predicted that by the end of 2013, the rights and interests of fortune birds should account for a total profit of not less than 403 million yuan. 
 in the terminal channel, the rich birds sell products mainly through the dealer network and some direct selling channels. As of the first half of 2013, there are 3195 retail outlets in the country. Among them, 1259 retail stores are owned and operated by distributors, and 1702 retail outlets are owned and operated by third party retailers, while the remaining 234 stores are directly owned by the company. 
 for the sale of the proceeds, the management of fortune birds said that 638 million of Hong Kong dollars (60%) were used to maintain and expand existing sales channels; 266 million (25%) were used for overseas expansion, including the establishment and development of overseas sales channels, global sourcing raw materials, potential strategic acquisitions and promotion and advertising in the international market; 106 million Hong Kong dollars (10%) were used to purchase relevant electronic equipment and software to improve and upgrade our information system; the remaining 53 million Hong Kong dollars (5%) were used for operational capital and other general corporate purposes. 
 over reliance on single brand 
 although rich birds have diversified their product portfolio and cover the national retail network as the future development advantage, the listed birds will still face a series of potential risks, which is also the common risk faced by most domestic garment enterprises. 
 at present, most clothing enterprises in China adopt the mode of distributor operation. The main channel of the brand is controlled by the distributors. Once the dealer team is unstable, it will directly affect the terminal channel construction of the brand. 
 over the past three years (2010 ~2012), the sales performance of dealers has accounted for 57.3%, 73.2% and 72.1% of the total performance respectively. The sales performance of the largest dealers in the past three years can account for 26.1%, 25.8% and 18% of the total turnover of the company. 
 although the distributor mode can allow dealers to shoulder certain operational risks, it seems that the operation is not very good in the current environment. 
 under the environment of general downturn of retail environment and continuous weakening of terminal consumption, many listed garment enterprises are carrying out meticulous management and improving terminal retail capability. Taking seven wolves as an example, the channel is accelerating the strategic spanformation from "wholesale" to "retail". 
 in addition, dealers will bring the control channel to enterprises, which can not control the service quality of terminal stores, can not accurately understand the inventory situation of dealers, and can not predict the changes of consumer preferences and trends in time. 
 financial statements show that in 2012, the turnover of the rich bird brand was 1 billion 395 million yuan, accounting for 72.2% of the total turnover. 
 besides the situation of enterprises themselves, the rise of labor costs and operating costs will also affect the steady development of performance. Footwear industry and men's wear manufacturing industry are labor-intensive industries. According to statistics, in recent three years, the direct labor cost and the subcontracting cost of rich birds are on the rise. In 2011, the direct labor cost of rich birds accounted for 14.9% of the cost of production and sales. In 2012, the data rose by 15.3%. 
 in addition, from the overall environment of the clothing industry, the industry downturn is still continuing. In the first half of 2013, the seven wolves achieved a business income of 1 billion 423 million yuan, down 4.27% from the same period last year, and the basic earnings per share declined by 12.82% compared with the same period last year. In the first half of the year, another listed company's revenue fell 2.29%, and its net profit attributable to shareholders of listed companies fell 14.03%.