Chuan PPG Founder Li Liang Absconded With Money

Li Liang of PPG disappeared. Li Liang disappeared.

The development of the shirt online direct sale mode, calling the founder of YOUNGOR, is now becoming the "wanted" target of investors and suppliers.

"Li Liang fled with the money, probably at the end of September, estimated to take about 20000000 dollars."

People familiar with the matter said.

Li Liang, the reporter of the Shanghai branch (PPG), said that "we do not have a name for Li Liang". At the same time, Miss Tang, who was received by the switchboard, revealed that the company had not worked for several days in the marketing department of the company, and the other senior management had left the company in succession. "CEO"

In May this year, the management of the PPG "capital chain breakage and trademark seizure" incident has also changed, and cultural dissemination has also halted the publicity campaign for PPG.

Zhao Yisong CMO heard that the news of "escape from the company and company failure" was not surprising. She told reporters, "I have left PPG and am on vacation now."

People who knew her said that Zhao Yisong, who was responsible for marketing, was very satisfied with Li Liang in the early days of PPG. Later, because of various incidents, they gradually became more and more upset and eventually left.

During the same period, the company COO Li Yong Jin turned to Tudou network, vice president of operations Huang Langyang pferred to Vancl, and CFO Wang Yanfeng also left.

In addition to the call center, Li Liang's original operation team was only about 30.

Miss PPG's shopping guide still has a sweet voice, and the website is still holding Thanksgiving activities. When the reporter expressed concern about ordering, Miss shopping guide said, "our company is in good condition. It's absolutely no problem."

And PPG headquarters staff not only strictly confidentiality of the company address, for journalists who are looking for, is not called no, that is, no such person.

"They have serious problems in the capital chain. After Li Liang left, he found a few other people to maintain the situation, hoping to sell the inventory and return some of the funds to repay the debt."

PPG's rival Carris founder Quan Lei said that it was not surprising to hear the news at first. "Li Liang is not suitable for starting a business. He is better at playing capital."

PPG jumped from the TV advertising bombarding strategy. In 2007, its annual advertising volume was 230 million yuan, but suddenly disappeared after November.

Immediately, Jiangsu tiger leopard garment and excellent weaving and other suppliers and advertising agency's debt collection business came in and out, and the news of the PPG trademark was seized.

Previously, Zhao Yisong explained to reporters that "tiger leopard clothing and excellent weaving are not related to quality problems such as fabric. We refuse to pay and initiate lawsuits." and Jiangsu tiger leopard clothing said, "PPG owed about 4000000. They just didn't have the money to pay. The fabric was supplied by PPG. We only took charge of sewing. We filed a lawsuit for more than a year."

According to the financial disputes gathered from the data, "PPG has a financial dispute with a number of advertising companies such as Shanghai Jiefang liberation media, East Jie media, Tang Shen advertisement, open vision advertising and Yuan Tai advertising, while the delinquent accounts of suppliers such as Jiangsu tiger leopard and garment manufacturers are unresolved."

At present, the information disclosed is that the dispute with the excellent weaving Shanghai branch contract is 23 million 810 thousand yuan, and the arrears account for 930 thousand yuan in Shanghai Tang Shen advertisement.

The unbalance of the operation is that "suppliers can still sue for debt collection, and investment institutions can only afford to lose their money."

An investment insider said that in such a situation, investment institutions fear to influence the reputation of the circle, and most of them are reluctant to make a noise. Especially in the economic downturn, they are also worried about their credit reputation.

"Overly despising the product chain, attaching too much importance to the advertising chain, resulting in an unbalanced operation."

The investor evaluated.

No shops, no factories, no distribution system, products rely on OEM foundry, sales depend on call centers.

Li Liang, 33, created the PPG model at the end of 2005.

The addition of VC, such as Huaying venture capital and Ji Fu Asia, has made it strong and huge advertising investment, making PPG's shirts brand known in Shanghai, Beijing and other cities.

PPG said in March that it would launch the NASDAQ listing at the end of this year. In September, when the management left one after another, Li Liang said again that the company had once again introduced the strategic investment of US $100 million in famous department stores.

Within the circle, it is unlikely to get such a high financing from the United States during the financial turmoil.

Unlike previous times, this time, PPG did not want to disclose the background of this round of financiers.

According to people familiar with the matter, VC's last round of investment ended in late 2007, with a total commitment of $50 million, but not after 30 million dollars.

"Because no one has read PPG's report, its sales, input and output are not pparent."

People familiar with the matter said.

It is said that this is also related to the "betting agreement" between Li Liang and investors. The sales volume of PPG in 2007 must reach 700 million yuan, otherwise, it will affect the subsequent capital entry, or the two sides will redefine equity.

Li Liang always denied such an agreement, but when the time was due, it stopped a lot of advertisements and the arrears were also on the surface.

"This is our initiative to adjust the strategy, the company has begun to make profits, a large number of cash in the bank."

PPG explains this.

During his first interview with Li Liang in the first half of the year, he consulted the progress of PPG's account and usage, and at that time, he expressed "extreme confidence" in terms of the adequacy of the company's book capital, and even said, "the unused funds can invest in stocks."

After selling from selling mode to selling products, over the past year, PPG has attracted many accusations such as "capital chain breaking, trademark sealing up, company failure" and so on.

In the face of increased criticism, Li Liang once complained to reporters: "why can't be more tolerant to others and be tolerant to a new thing and a new brand?"

On the contrary, all are critical eyes, some even malicious.

Li Liang often drives Rolls-Royce and Ferrari to meet clients, but also buys luxury private yachts to show the strength of the company and individual, and is very good at playing and personality. He has no practical, low-key, hardworking and thrifty entrepreneurs.

Quan Lei thinks so.

In May of this year, Li Liang declared that "in the next few months, we need to achieve sales of US $10 million, which accounts for about 10% of the California market."

A promotional fee of $6 million has been prepared for this purpose.

After a few short months, not only did the executives split up, but Li Liang himself disappeared.