Split Silk: Online Shopping Bonus Period Below The Regression Line

The wave of online shopping has created many "

"In the post electricity supplier era of online shopping dividends," Amoy brands "had to find another way out. Listing and financing became the way for them to seek further development.

Recently, Beijing's heart and soul broke up.

Limited by Share Ltd (hereinafter referred to as "

") submitted a IPO application in the Shenzhen Stock Exchange.

As the beneficiaries of the first batch of Tmall dividends, they enjoyed a good development.

But under the double pressure of increasing the cost of flow acquisition and the large-scale entry of traditional brands, the dividend space is being compressed constantly.

During the reporting period, its operating income decreased by 20.6% in three years, and its gross profit margin also dropped by 7 percentage points.

At the same time, as a typical family business, the founder of Tang family's sister company owns 77% of the company's shares, while the remaining shares are owned by two institutional investors.

In addition, the Tang sisters also occupy the board seat with absolute superiority, which can have a significant impact on the resolutions of the board of directors and shareholders' meeting.

To this end, the reporter called on the director of the office of cracking down on silk and silk, but no one answered the phone.

Founder family holds 77%

It is reported that the quantity of the issue is not more than 41 million shares, and it needs to raise 400 million yuan.

Unlike Internet Co, there has been no large-scale external financing and family color.

The introduction of two external investment institutions, Jingwei Hongkong and Sequoia Hongkong, holds 13.51% and 9.01% respectively.

The founder Tang Xianfeng, Tang Xiaofeng sisters, and Ceng Huayong (Tang Xianfeng husband), Xiang Feng (Tang Xiao Feng husband), four people directly and indirectly holding 77.48%.

Before this issue, the personal shareholders of the company were Tang Xianfeng, Tang Xiaofeng, Ceng Huayong and Xiang Feng, and the four shareholders were directly holding 13.96%.

Institutional shareholders include: Hongkong shares 13.51%; Hongkong Sequoia shares 9.01%; Tianjin's heart and material share 9.61%; Tianjin's stock holdings 7.13%; Tianjin angel city holding 4.89%.

Meanwhile, Tang Xianfeng has a 61.86% stake in Tianjin's heart and material, and Tang Xiao Feng holds 71.07% stake in Tianjin's heart. Zeng Hua Yong holds 94.60% of Tianjin's angel city.

In the reduction of 13.51% of Hongkong and 9.01% of the Sequoia Hongkong held by Jingwei, the 77.48% stake of Tang Xianfeng, Tang Xiaofeng, Ceng Huayong and Xiang Feng directly or indirectly controls the share of the silk and silks is the controlling shareholder and the actual controller.

In addition, four owners of natural persons, such as Tang Xianfeng, Tang Xiaofeng, Ceng Huayong and Xiang Feng, have signed a concerted action agreement with the city of Tianjin, Tianjin and Tianjin Angel City, in order to firmly control the company's control.

According to the information disclosed in the prospectus, Tang Xianfeng is the chairman and general manager of the company. Tang Xiao Feng is vice chairman of the company. Hua Yong and Feng Feng are directors of the company.

The above four persons have 4 seats in the board of directors and control 77.48% of the shares of the company, which can have a significant impact on the resolutions of the board of directors and shareholders' meetings.

Among the 9 seats in the board, 5 were occupied by the management of split up and silk (except for the 4 seats above), and vice president of the company, Wu Ping Ping, the investor was one of Qian Kun (Jingwei venture capital director) and 3 independent directors.

Revenue decline bottlenecks

The prospectus published on the split and silk showed that the registered capital of the company was 123 million yuan. As of December 31, 2015, the company achieved operating income of 546 million yuan, with a total profit of 40 million 850 thousand yuan and a net profit of 31 million 640 thousand yuan.

However, the operation of the company is not ideal.

In 2013 -2015, the revenue of rink and silk clothing was 688 million yuan, 579 million yuan and 546 million yuan respectively, and the cumulative decline in 20.6% years was 20.6%. Net profit was 70 million 469 thousand yuan, -421.45 yuan and 37 million 733 thousand and 800 yuan respectively, and the performance was like roller coaster.

In addition, the gross margin level also declined year by year, from 57.13% in 2013 to 50.26% in 2015.

According to reports, Lu Zhenwang, a senior business observer, believes that the Amoy brand, as the beneficiary of the first batch of Tmall dividends, has made good progress.

However, under the dual pressure of increasing the cost of flow acquisition and the large-scale entry of traditional brands, only a few can find their own space, and the future industry concentration will also increase.

The first batch of Amoy brands is the split silk and Han Du Yi house and Yin man.

It includes more than ten sub brands including silk and bamboo strips, location, Angel City, Lady Angel and so on, covering men's wear, women's wear, children's wear, bags and so on.

If the listing is successful, it will become the first brand in the Amoy brand.

In the prospectus, it has admitted that since 2014, the traditional clothing brands under the national 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 clothing have increased significantly, and the flow of women's clothing consumers has been continuously diverted from the e-commerce platform.

Online shopping bonus period low tide regression line

As an "Amoy brand", the online shopping bonus brought by Tmall and other e-commerce platforms is very important for breaking the silk.

But the data of the rip and silk indirectly reflect the operation status of the mainstream e-commerce platform.

It is mainly sold through more than ten platforms such as Tmall, Taobao, vip.com, Jingdong mall and so on.

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

At present, the electricity supplier channel is still the main way of selling goods.

However, the traffic bonus period of the electronic commerce platform has gradually disappeared.

Last year, "double eleven", Tmall clothing sales topped the list from Han Du Yi house, the top five brands were only Han dresses, and the rest were replaced by traditional clothing brands.

It is reported that with the flow of Tmall Taobao, such as UNIQLO, ZARA and other international famous brands, and the ebb tide of online shopping bonuses, the Amoy brand began to hit the traffic ceiling of Ali platform.

The Amoy brand with strong operational capability began to separate from Ali's mother body and find new traffic supplies such as vip.com and Jingdong, but most of the brands still rely on Tmall Taobao's traffic to feed.

In 2013, Taobao accounted for 83.17% of revenue, 7.37% from vip.com and 4.1% from Jingdong.

By 2015, Taobao accounted for 58.49% of its income, accounting for 36.36% of its revenue from vip.com and 2.58% of its revenue from Jingdong.

Similarly, from the channel of Yin man, we can see that the sales volume from Tmall Taobao has declined in recent years, while the sales volume from vip.com has increased year after year.

At the end of April, Ali held a new retail platform business conference to encourage Amoy brands to open stores.

Tmall plans to allow the Amoy brand to own 100 separate counters store in one year.

It is understood that each experience shop's investment is about 4 million yuan.

Wool always comes out on sheep, so the cost of opening stores under these lines needs to be digested by the brand.