The Biggest Takeover Of Domestic Garment Industry Results In The Failure Of Semir'S Acquisition Plan.

Semir clothing January 2nd evening announcement, the acquisition of Ningbo zhe Mu sang Holdings Limited 71% stake failed, the latter has a high-end Menswear GXG brand. The acquisition is the first acquisition of Semir apparel after its listing, and also marks the 2013 acquisition of the industry.

Analysis pointed out that this news is a bad news for Semir costumes, the first reason is that GXG Previously, there was a growth pledge in the bottom line, that is, the net profit growth rate in 2013 ~2015 was no less than 28.6%, 20%, 20%, so the profit forecast was added to the GXG part; second when the PE was fixed, it also contained part of GXG, "before giving Semir 17~18 times PE, the brand clothing is about 14~15 times", and it is expected that the short-term stock price of the company will be under pressure.

　　 The reason for failure is unknown.

The issue began in mid 2013. In May 30th last year, Semir began brewing merger and reorganization. During the period, both green box and zhe zhe Shang were all gossip, but both sides denied it for the first time.

In June 19, 2013, Semir issued a notice that the board of directors adopted the motion on the framework agreement of the company to buy shares in Ningbo zhe Mu sang Holding Co., Ltd., and bought 71% of the shares in zhe Zai Shang management Yang Herong, Yu Yong, Zhu Zhaoguo, Tu Guangjun and Mao Chunhua. The transaction volume is expected to be between 1 billion 980 million yuan and 2 billion 260 million yuan. But six months later, this industry's biggest concern in the domestic garment industry failed.

Securities Dealers estimate that the reasons for the failure of the acquisition are, on the one hand, that Semir wants to lower the price. On the other hand, Semir wants the GXG management to "bind" for a longer time, resulting in no talks between the two sides. There are also brokerage analysts pointed out that GXG and Semir apparel brands, channels, management and other differences are too large, there is a greater risk of integration. Semir costumes want to borrow GXG's shopping mall channels, learn their management experience, and pave the way for other brands of the company to enter shopping mall channels, but two totally different brand sharing channels are not easy. And Semir's own capital problems have been speculated as the main reason for the failure of the deal.

The current 10 times premium trading triggered a discussion of Semir's "high purchase price". Semir shares fell more than 6% on the day of the announcement. After that, Guo Jin securities issued a research report that Semir's prospect of acquiring GXG is hard to judge.

According to the analysis of state securities in the first half of 2011, the consumption of textile and clothing began to slow down, reaching the bottom in the first half of 2013, and will remain depressed for a long time in the future. Market downturn is the time to test the strength of a brand management team. The only need is time. After a year or even longer, cruel market baptism is the best way to understand the strength of the team and the financial situation of the acquirer. For the industry's brand synergy effect, the State Securities believes that considering the acquisition and integration is a project that needs to be calculated annually, it can not give the prediction conclusion.

　　 Semir Posterior approach

It is worth noting that this is known as "domestic". Clothing industry The largest merger transaction has been seen as an important move for Semir to improve its performance.

Semir apparel was launched in March 2011, when the initial price was up to 67 yuan / share, corresponding to the price earnings ratio of 44.97 times. According to the total share capital of 670 million shares, the market value is as high as 44 billion 890 million yuan, exceeding the market capitalization of the United States at that time 30 billion 482 million, and the market value of YOUNGOR 25 billion 93 million.

However, after the listing, Semir's performance growth slowed sharply compared with before. In the first three years from 2008 to 2010, the total operating revenue of the company was 3 billion 323 million yuan, 4 billion 250 million yuan and 6 billion 287 million yuan, up 82.34%, 27.92% and 47.92%, respectively. The total operating income of the listed companies in the same year and 2012 was 7 billion 761 million yuan and 7 billion 63 million yuan, respectively, which increased by 23.44% in 2011 and 2012 in 2012.

Meanwhile, Semir has launched a multi brand development route, which has issued two announcements in succession, including the Sarabanda and Minbanda agents of Italy's high-end children's clothing brands, the European high-end brand Marc OPolo agency, and the joint venture with Korean fashion enterprises. According to other news, in March 2014, Semir also planned to introduce high-end high-end brand names in Denmark, Germany and South Korea.

However, it is noteworthy that the failure of the biggest acquisition in the domestic garment industry indicates the shift of Semir's performance focus, and what will this impact on Semir's next layout?