Hinur Pformation Difficult To Find Growth Point, Maintain Performance By Selling Floor

Clothing sector continued to decline in performance

The brand has been seeking restructuring and restructuring, but has failed many times.

Limited by Share Ltd (male)

The announcement of the resumption of major matters on the termination of the plan showed that the pfer of shares planned by the company was forced to terminate because of differences in paction prices.

This is a setback that he had tried to spend 10 billion yuan on the acquisition of Xinghe interconnection last year.

In the face of the long sluggish downward trend in the garment industry, he has faced enormous pressure to survive.

Since its heavy losses in 2014, Hinur's operating income has always been dependent on the sale of private shops and other measures, but the industry does not think this way is sustainable.

Data show that Hinur's direct store has been reduced from 178 in 2013 to 49 in 2015.

It is worth noting that, in the case of

In the Beijing market, except for several franchises in the suburbs, Hinur has already evacuated the shops in the city.

Repeated setbacks frustrated

A few days ago, he issued a notice that he received a notice from the Limited by Share Ltd, the controlling shareholder groom, that he was planning to pfer the shares held by the company, which may involve changes in the company's control rights and thus stop the business.

However, just 10 days later, he issued a notice again that he had finally agreed to terminate the plan because of the agreement between the controlling shareholder, the bridegroom and the other side of the paction.

This is not the first attempt of Mr.

In September 8, 2015, Hinur announced the suspension of the 100% stake in Beijing Xinghe Venture Capital Co., Ltd., which is held by Huoerguosi micro star venture investment limited and Kashi Xinghe Venture Capital Co., Ltd. through issuing shares and paying cash.

3 months after the suspension, Hinur's acquisition plan has made substantial progress. The company said in a notice released on the evening of December 27, 2015 that it would pay 7 billion 90 million yuan for shares and 3 billion 910 million yuan in cash at the same time, totaling 11 billion yuan for the acquisition of Xinghe interconnection.

Among them, he wants to raise the matching funds to 10 specific objects, not more than 6 billion 910 million yuan.

However, the takeover plan ended in 2016.

Hinur issued a notice on the evening of April 22nd, saying that due to changes in the market environment, the two sides did not reach agreement on the company's future development strategy and so on, and decided to terminate the reorganization with Xinghe interconnection.

At the end of April 2015, he also carried out a reorganization, but at the beginning of June 2015, he announced that the two sides could not reach agreement on the terms of cooperation and quickly terminated the reorganization.

In planning for restructuring, Hinur is also actively adjusting the development strategy of the clothing sector.

In 2014, Hinur signed a contract with Patrick noble company in Italy to develop the high-end custom market in China. In 2015, he joined MIDA Italy to create a brand name for the senior men's clothing.

Chen Yujian, chairman of the company, said in a previous media interview, "this is one of the ways to cope with the overall decline of the traditional men's wear industry."

However, this did not save the performance curve.

In 2014, he worked 1 billion 29 million yuan, down 18.28% compared with the same period last year, and in 2015, his operating income was 1 billion 13 million yuan, and his performance continued to decline.

For the high end custom brand of the brand, he said, "this is different from the traditional clothing route of the company."

Although the two are relatively close, one is mass and industrialized, the other is small batch, manual, resource allocation and professional mode are very different, and there is not enough resources to convert, and there is no possibility of duplication.

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Maintaining performance depends on selling buildings.

Hinur, who went public in 2010, has been brilliant.

In 2011, the business revenue reached 1 billion 148 million yuan, an increase of 14.47% over the same period last year, and net profit increased by 38.54% to 199 million yuan.

It didn't last long. In 2012, Hinur's operating income increased slightly to 1 billion 179 million yuan, but net profit shrank by 29.67% to 140 million yuan. Hinur's operating income in 2013 was 1 billion 259 million yuan, and net profit fell 49.23% to 71 million yuan.

In 2014, Hinur's operating income and net profit both fell.

Revenue was only 1 billion 29 million yuan, net profit plunged 165.83%, loss 46 million 590 thousand and 600 yuan, down 165.26% compared with the same period last year.

Meanwhile, the number of shops in Hinur has been shrinking every year since 2014.

2013 annual report shows that shinur has 178 Direct stores, 519 franchise stores, a total of 697 stores; in 2014, the total number of shops has been reduced to 614; by 2015, the total number of shops is only 556, of which direct stores have shrunk considerably, with only 49 remaining, and franchised stores reduced to 507.

The director of Beijing branch told reporters: "in Beijing, the number of shops in shill has never been reduced to 20, and the city has basically withdrawn the shop. There are 6 or 7 shops in the surrounding suburbs of Beijing. These shops are mainly franchising."

On the frequent closure of shops and rental shops, the reason given in the annual report is that the existing marketing channels should be further integrated, and the shops that are not up to standard will be closed in time, so as to enhance the profitability of existing stores.

But the head of the above Beijing branch said in an interview with reporters that there were reasons for poor performance and related to strategy.

Hinur is currently adjusting the layout of the product, and will be the main player in the future.

However, a reporter's survey found that the brand of the high-end brand in Fengtai was only in Beijing.

At the same time, reporters visited the shop in the Miyun store. The shop assistant said that the shop had been open for over ten years, and had a high degree of awareness in the surrounding community. Many people would go to the store to buy it.

However, only three customers entered the shop in the half hour of the stay, and no shopping was done.

In addition, landing Hinur Tmall flagship store can find that the number of shops concerned is only 22 thousand, compared with 496 thousand of the 496 thousand of the real estate companies and 394 thousand of Tmall's.

The best men's suit sold in the month of June is a business professional dress worth 669 yuan, with a turnover of only 84. While YOUNGOR has a similar price for men's business suit, the monthly turnover is 779.

Sales volume is quite different.

In order to maintain his performance, he began to sell his own stores.

In 2015, he sold his own shops and successfully reversed the previous year's losses.

In 2015, Hinur realized operating income of 1 billion 13 million yuan, down 1.62% from the same period last year, but the total profit increased by 154.62% yuan to 33 million 860 thousand and 800 yuan. The net profit of the shareholders belonging to the listed company increased by 22 million 586 thousand and 100 yuan, up 148.48% over the same period last year. The reason given in the annual report is the sale of Beijing shops.

This year, Hinur's old trick was repeated.

Hinur's semi annual report released in 2016 showed that the boom in traditional men's clothing industry continued to decline and the terminal retail industry was weak due to the external environment.

During the reporting period, he continued to adjust the product mix, optimize marketing channels, save energy and reduce costs, and sell private businesses, and so on. The operating income was 351 million yuan, a decrease of 30.68% compared with the same period last year. However, the total profit of the company increased by 415.02% over the same period last year, to 36 million yuan, and the net profit attributable to shareholders of listed companies was 27 million yuan, up 421.94% over the same period last year.

According to the world clothing and shoe net, he sold a building and corresponding land in Fengtai District, Beijing, for 96 million 267 thousand and 800 yuan, contributing 47 million 25 thousand yuan net profit to the company, accounting for 172.42% of the total net profit.

In addition, in the semi annual report, Hinur will, according to the economic development and the business situation of different cities, will not sell more than 29 shops that have been purchased. The total cost of the original purchase will not be more than 850 million yuan, and will be sold or leased at the fair price or valuation price of the market.

Transformation is hard to find growth

Reporters sent an outline of interview to the future planning and other issues, but before the press release, he did not reply.

However, the latest two years' annual report shows that he has focused on restructuring and restructuring, hoping to get a new profit growth point.

In the 2015 annual report, he pointed out that he would actively take advantage of the capital market and seek opportunities for mergers and acquisitions. Among them, the acquisition of Xinghe interconnection Holdings (Beijing) Co., Ltd. is the 100% stake in the company's entry into the Internet venture industry, building experience through the Internet platform of Xinghe Internet, exploring O2O mode and mobile terminal marketing tools, shaping the "Internet +" brand and creating new opportunities and key steps for profit growth.

But after 8 months of planning negotiations, the takeover plan failed.

This led Hinur to enter the Internet industry and encounter Waterloo.

After the bankruptcy of the acquisition plan, Hinur held an investor meeting on the termination of the major asset restructuring in April 26th. Hinur, chairman Chen Yujian, deputy general manager and Secretary of the board of directors, Wang Runtian, at the briefing meeting, said in reply to the next reorganization plan that the development strategy will continue to follow the combination of endogenous growth and epitaxial expansion. It will actively seek new ways of profit growth through mergers and acquisitions and enhance the overall competitiveness of the company.

For Hinur's layout, Ma Gang analysis revealed that there were two signals. First of all, Hinur was not very optimistic about clothing as the main business, followed by Hinur's shrinking front and reducing losses.

"If we want to continue to pform, we need to combine the current resource allocation of our enterprises to see whether they are suitable for the future development.

Even if we want to change direction completely, we must have a matching team. Otherwise, pformation can only be utopian.

If he sticks to the "Internet +" industry, he will probably take the road of Busen men's clothing and eventually "abandon men's business."

Ma Gang said.

For Hinur to rely on the sale of private stores to maintain their livelihood, the industry generally agreed that this way is not sustainable, there are only 49 Hinur outlets, Hinur's future needs to be ascertained as soon as possible.

More interesting reports, please pay attention to the world clothing shoes and hats net.