Taobao Women'S Clothing, IPO, Financing

The two party competition is expanding from online sales to capital competition. At present, more than 50 enterprises on Tmall platform have launched IPO plans internally.

The fierce competition on online brands, the decline in online shopping dividends and the slowdown in economic growth are making IPO financing another way to survive.

Recently, the two famous brands of Taobao, which have become famous brands in Taobao, have submitted the gem IPO prospectus and launched a sprint to the Shanghai Stock Exchange respectively.

Due to the close proximity of the two applications for listing, the industry believes that the first brand of Amoy brands will be generated between Yin man and the cracks.

The original costume of "Yin man and broken silk"

Competition has also expanded from online sales to capital competition.

An analysis of the electricity supplier industry believes that the identity of the "first brand" is conducive to the valuation of the capital market. Therefore, as the two companies with the same strength, the contention for this position should be "determined to win".

The two brands are coming from behind.

Boost.

In April this year, Alibaba group's Tmall platform set up an office to assist businesses in listing. The function is to help build a communication bridge between merchants on the platform and brokers, exchanges and other brand electric business enterprises that are already on the market or will be listed soon.

According to Alibaba staff, the listing office is similar to a project team, which is composed of staff in law, finance, data and so on.

The most important of these is Alibaba's endorsement of sales data for Taobao store.

For Taobao sellers, there are many difficulties in the process of listing, one of which is the confirmation of sales data.

Alibaba's "assisting business listing office" can help broker to confirm the business data and coordinate the contract agreement between merchants and merchants.

According to incomplete statistics, more than 50 enterprises in Tmall platform have launched the IPO plan internally, including three squirrels, Hui Mei, Han dresses, rink, camel dress, Royal mud square, Han Hou, October Mommy, AFU, and puppy electric appliances.

And many brokerages are also competing to launch the underwriting competition for this group of electronic business listings.

Broken silk: revenue decline has been "young minds of literature and art"

In June 27th, the "brand name" cracked up and submitted the IPO application, becoming the first company to rush to the capital market in many Amoy brands.

According to the prospectus, the stock market is expected to issue 41 million shares and raise about 400 million yuan.

In the environment of increasing electricity supplier dividends and increasing market competition, there has been a trend of declining performance in women's clothing brands, once a "very popular" brand.

Now, it is seeking to raise funds and conduct multi branding experiments.

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Wen Qing sister starts her business, and now she plans to go public again.

In June 27th, the "brand name" cracked up and submitted the IPO application.

Tang Dafeng, Tang Xiaofeng and Tang Xiaofeng, two of the sisters, have been appearing in media reports with the image of "Wen Qing entrepreneurship". In the past, they even reported their sister Feng Tang as "bone ash grade Wen Qing".

The description is "disgusted with the various titles and roles labelled by modern commercial nature". "If you call the boss of Tang Feng Feng, it will make her unhappy and crazy."

The success of breaking the silk has highlighted the commercial mind of the Wen Qing sisters, and the family will also appreciate its wealth after listing.

It is not hard to see in the prospectus that the shareholding structure of the split Silk family has obvious family characteristics: the founder Tang Xianfeng and Tang Xiaofeng sisters, together with Tang Xianfeng's husband Ceng Huayong and Tang Xiao Feng's husband to Feng, the two couples share 77.48% of the company's shares and have an absolute controlling position.

Assuming that the price earnings ratio of the apparel industry is 30 times, the value of the stock market is about 960 million yuan after the listing, and the total share of the Tang family is about 730 million yuan.

Since its establishment in 2006, it has introduced only two investment institutions, Jingwei Hongkong and Sequoia Hongkong, with a total shareholding of about 22%.

Gross profit margin exceeds 50%

If it is not the news that hits the market, the first batch of fans who split up the silk will almost forget the brand Jess Zhang.

She feels that in recent years, the original brand of Taobao, which once burst red, seems to have entered a dull period of development.

According to the prospectus disclosed in June 27th, in recent three years, the revenue of rip and silk clothing is declining year by year.

The revenues from 2013 to 2015 were 688 million yuan, 579 million yuan and 546 million yuan respectively, and the cumulative decline was 20.6% in three years. Besides the revenue, the gross margin level also decreased year by year, from 57.13% in 2013 to 50.26% in 2015.

From 2013 to 2015, the number of independent visitors in Tmall flagship store increased from 87 million 150 thousand to 150 million, and the number of page views increased from 500 million to 620 million times.

But at the same time, the number of users has declined year by year, from 3 million 250 thousand in 2013 to 1 million 730 thousand, and the conversion rate dropped from 3.7% to 1.1%.

In the annual turnover ranking of Tmall women's clothing category, the position of split silk is also declining year by year: in 2013, Alipay turnover ranked second in Tmall's women's clothing; in 2014, it fell to sixth place; in 2015, the ranking dropped to eighth place.

Jess Zhang himself runs a Taobao clothing store.

She told reporters that in her pursuit of innovation, she had been a loyal fan of rip off.

Jess Zhang recalled that around 2009, the design and pricing of split and silk appeared to be "unusual" compared with the large number of cheap and highly repetitive styles of women's wear on Taobao.

"In those days, splitting the silk is an alternative representation, and the young minds of literature and art are good at heart."

Jess Zhang laughs.

In a few short years, the rip and silk gained popularity in the mass market as a "small group" and soon became a Taobao sales star.

In the prospectus, the image of the brand clothing is specially attached to the silks and silks, and the women's clothing on the photo is still in the past style of heavy color.

But in Jess Zhang's "old powder" look, because of the emergence of a large number of original brand women's clothes, today's rip and silk is not so conspicuous as it was then.

Coupled with the "reference" and imitation of many shops, the design of split silk style has become ubiquitous on the Internet.

For the reasons for the downside, there are big environmental factors: "since 2014, clothing brands under the traditional domestic line, as well as internationally renowned clothing brands (such as UNIQLO, ZARA, etc.) have been stationed in the major domestic e-commerce platforms, and have continuously increased the sales strength of online channels. Meanwhile, the new brands of online apparel have increased significantly, and the flow of women's clothing consumer streams has been continuously diverted from the e-commerce platform."

Vip.com is the biggest customer.

Up to now, Tmall, Taobao, vip.com, Jingdong mall and other electricity providers are their main platform.

On the other hand, Taobao is still the most important source of traffic flow.

In 2015, sales accounted for 58.49%, 36.36% and 2.58% on Taobao, vip.com and Jingdong platforms.

In 2013, the income of Taobao came from 571 million, and it dropped to 319 million yuan by 2015, a 44.1% decline.

The same situation also appeared on the Jingdong platform: in 2013, revenue from Jingdong was 28 million 150 thousand yuan, and by 2015, it had dropped to 14 million 80 thousand yuan, a drop of 50%.

The only way to increase sales volume is

。

In 2013, sales from vip.com platform amounted to 50 million 680 thousand yuan, and in 2015, this figure rose to 198 million yuan.

In the past three years, vip.com has been the first major customer to crack up.

From 2013 to 2015, 7.37% of vip.com's sales revenue accounted for 7.37% of the current business income, and 36.36% of its sales revenue.

In the prospectus, it said that vip.com's main online selling platform was vip.com, which sold the company's products to the terminal consumers in the form of Internet sale in the form of a network sale.

Sub brand "ambition": listing will expand the brand name matrix.

According to the prospectus, the 400 million yuan will be used for R & D design center construction, sub brand building, offline brand channel construction and supplementary main business Liquidity Fund.

The listed companies are not satisfied with the operation of single brand ladies' clothing yet.

Public information shows that in the past few years, the construction of "sub brands" has already invested a lot of energy in the construction of "sub brands".

Up to now, apart from the main brand "crack up and silk", there are more than 10 sub brands in the matrix of the company, including Lady, Angel and lotus, which include men's wear, women's wear, underwear, children's wear and even luggage.

Some of these sub brands continue to play the main role of "national wind", like the main brands of silk and bamboo, some of them are located in the "European and American Wind", some are committed to improving cheongsam, others are walking on a small and refreshing route.

By constantly expanding the sub brands and cracking the silk, the fashionable concept of fashion is now all taken.

In the process of expanding the brand, Fang Jianhua also broke out a "interlude": the original brand of "Amoy brand" and the different styles of women's brand, Yin man, whose boss, in a circle of friends, accused a certain brand of cracking off silk from plagiarizing its own brand. Then, the chairman of the company cracked down and denied the plagiarism, and asked Fang Jianhua to apologize.

Up to now, apart from the main brand cracking, the other brands of the sub brands Lady Angel and angel city have low contribution to the cracking and silking. Data show that in 2015, the contribution ratio of the brand to the brand was 62.72%, and the second place was Lady Angel, accounting for 12.53%.

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If the listing is successful, it will expand the brand name matrix.

According to the arrangement of fund-raising investment, the 62 million yuan of proceeds will be used for further construction and expansion of the brand.

On the 7 day, the Beijing News reporters wanted to interview the company on the IPO related issues, and they responded by saying that they were in a period of silence. "After the substantive progress has been made, the media will be interviewed again."

Yemann: expansion of the former online crown sales line

After splitting the silk, the "female schoolmate" of the "female student" also launched his own listing plan.

As the date of disclosure of the prospectus is less than a week, the industry believes that "the first stock of the brand" will be produced in the two once - tat - tat peers.

"What kind of company is it?" someone in an Investor Forum concluded, "if you are a 20-30 year old woman, if you are keen on Taobao shopping, you must have heard of its name even if you don't have a" Yin man "dress."

As a "network red shop" and a former online sales champion, he seems to have a sense of crisis in pure online business: the prospectus shows that he will push forward his offline plan with the help of capital market.

Shadow stocks searched for "latent" for more than a year.

According to the news released by the securities and Futures Commission, the parent company of the famous Amoy brand "Yin man" has formally applied for public offerings and listed on the growth enterprise market.

According to the prospectus disclosure, the company intends to issue 80 million shares to the community, after the issuance of the total share capital of 320 million shares.

The listing is not surprising.

As early as 2015, Yin man had been listed in the capital market and was listed by a listed company. He was considered to be a "FireWire" investor. According to the plan at that time, Hui Mei was considered to submit the listing application by 2015 at the latest.

In March 2015, the company signed a special agreement with the listed companies. According to the agreement, the company bought shares in the US $324 million stake by combining the original stock ownership with the subscription of new equity.

After the completion of the paction, the search will hold 25.20% stake in the Hui Mei garments.

The prospectus data show that the actual controller Fang Jianhua, Dan Yufang and its concerted action collects 42.58% of the shares of the company, 25.20% of which are still in search, and 13.20% of IDG capital management's harmonious growth shareholding.

In addition, Zhuhai Hui Cheng is a platform for Hui Mei to set up an incentive plan for employees, accounting for 9.17% of the total share capital of the company.

Prospectus shows that the Zhuhai stock exchange of employee stock ownership platform company was established in June 2013.

In 2015, Zhuhai's total assets amounted to 5 million 600 thousand and its net assets were 5 million 550 thousand. It was jointly funded by 40 natural persons and a company. Most of the 40 people were management or technical personnel of various brands of the Department.

Among them, founder Fang Jianhua contributed the highest proportion, contributing 2 million 50 thousand, accounting for 36.69% of the total investment of Zhuhai Hui Cheng company.

For various reasons, the United States failed to conduct IPO on schedule in 2015.

But listed companies have been searching for patience.

Public data show that in 2013, the Tmall flagship store, the main brand of Yin Mei, was 120 million 700 thousand in the "double eleven" period, ranking the first in the category of women's clothing, and another brand "initial phrase" under Hui Mei's banner also broke into the top 20 sales of Tmall women's clothing.

Taobao women's clothing net red will open 1 stores in 1 years.

Despite the fact that it has been "net red" in Taobao women's clothing for many years, the crisis of online business is beginning to emerge as the environment changes.

Cai Ying, vice president of Hui Mei Group, has publicly stated that according to the observation of Yin man, the cost of advertising and the cost of obtaining customers have been rising along with the excessive accumulation of traffic on the online part.

Cai Ying said, "I think the cost of online and offline will be getting close to each other. The cost is approaching, which means that online will no longer have the so-called" advantage ".

Beginning in 2015, the EMMAN group began to carry out offline exploration and launched its brand O2O project, which is known as "Yin man + thousand city million stores" project.

Judging from the absolute quantity, the expansion of the inn under the line of "Yan men" can be described as "radical": as of the end of 2015, "Yin man + thousand city stores" has signed 163 outlets in some 23 provinces.

According to the plan, there will be 1 stores in 2016.

Up to now, the contribution of offline stores to revenue is very limited.

Prospectus shows that in the year of 2015, only 2.01% of the business income of the group was below.

Fang Jianhua, founder of Yin man, is confident of this. At the beginning of the Group annual meeting, he has revealed that in 2016, the scale of pactions under the US dollar line is expected to exceed 300 million yuan.

Compete for the first share with the broken silk

With the disclosure of prospectus by Yin man and rip and silk, the competition for original clothing "peer" also expanded from online sales to capital competition.

The results show that, in the past three years, the income of Sini group has shown a continuous growth trend: from 2013 to 2015, the revenues of the group were 589 million yuan, 949 million yuan and 1 billion 141 million yuan respectively.

At the same time, during the reporting period, the net profit of Hui Mei Group was 33 million 300 thousand yuan, 31 million 900 thousand yuan and 15 million 810 thousand yuan respectively.

For the reasons for the decline in net profit, the company stated in the prospectus that it came from shareholding system reform, investors' capital increase and stock expansion and the impact of the multi brand strategy of the company (such as vigorously hatching new brands and investing huge resources).

Prospectus shows that during the reporting period, Taobao platform is still the largest sales platform of the group, followed by vip.com, Jingdong and other platforms.

The group's dependence on Taobao platform is decreasing year by year, and the revenue from Taobao platform has decreased from 80.65% in 2013 to 56.59% in 2015. The proportion of revenue from vip.com has increased year by year, from 9.8% in 2013 to 32% in 2015.

As a competitor, it has similar money to the amount of money to be used to raise funds for launching projects: according to the arrangement, the funds raised after the listing of the United States will be invested in three major projects, totaling 450 million yuan, while the split will be invested in 400 million yuan.

It is not known who will win the first share of the two brands.

An analysis of the electricity supplier industry believes that the identity of "Amoy brand first share" will be conducive to the valuation of the capital market.

For the future development, Yin man also revealed worries in the prospectus.

The company said that the fierce competition on online brands, the decline in online shopping dividends and the slowdown in economic growth, and the weakening of consumer spending power posed a challenge to the company. "The growth of sales of new or old brands is not as smooth as expected, which may lead to slow or even backlog of stock cycles."