The Fashion Is To Be Listed On The Main Board Of Shanghai Stock Exchange.

Another

Brand sprint IPO!

In April 28th, the first public prospectus of Limited by Share Ltd is listed on the main board of the Shanghai stock exchange.

This issue will issue 60 million shares, accounting for 15% of the total share capital issued.

According to the world clothing shoes and hats net,

Mainly "DAZZLE", "DIAMOND DAZZLE" and "d" zzit "three core brands, mainly for the high-end women's clothing market, including Yang Mi, Ni Ni and other celebrities and fashion personages.

On the other hand, the financial data of the earth's fashion are also optimistic.

According to the prospectus, from 2014 to 2016, the scale of operating income in the year is maintained at around 1 billion 800 million yuan, the annual compound growth rate is 1.16%, the annual net profit scale is maintained at about 500 million yuan, and the annual compound growth rate is 6.27%.

It is worth mentioning that in 2016, its net profit margin exceeded 28%, and gross profit margin exceeded 75%, much higher than that in other industries.

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Although from the perspective of ownership structure, there is a strong family color and a risk of related pactions, but a star fund is among them, and it will undoubtedly endorse it.

Yunfeng fund is currently the third largest shareholder of Di Su fashion. The fund was co founded by Ma Yun, chairman of Alibaba group and Yu Feng, founder of mass media, and has launched many listed companies.

Middle and high-end positioning, gross profit margin of more than 7

Founded in 2002, it has 7 wholly owned subsidiaries and 1 subsidiaries.

Around the positioning of high-end brand women's clothing, di Su fashion launched the "DAZZLE" brand in 2005, and launched the "DIAMOND DAZZLE" and "d" zzit brand in 2010 and 2011. In 2016, it also launched the NA BY DAZZLE brand with the famous singer Na Ying, which further enriched the brand connotation of the company and expanded the coverage of the crowd.

The first three are the main core brands. The product is located in the 18-45 year old consumer group with the strongest clothing consumption ability, and covers the high-end, high-end and mid end brand women's clothing market respectively, forming a multi-dimensional and deep penetration of the women's wear market.

In the first three months of this year, the average selling price of the three were 577.89 yuan / piece, 1871.81 yuan / piece and 369.73 yuan / piece respectively.

Among them, the market share of "DAZZLE" is 1.54%, accounting for more than 6 of the company's main business income. In 2012~2014, the annual compound sales growth rate is 29.62%.

In 2015, the sales of young D zzit brand reached 573 million yuan, an increase of 17.02% over the same period of 2014.

In view of the three brands, they set up an independent designer team and set up professional R & D personnel, including accessories, fabric development and pattern design.

At present, the R & D center has 153 members, including 20 designers, and the chief designer has more than 15 years of fashion design experience.

In marketing, fashion show + star + crossover is still one of the most popular styles of high-end women's clothing.

In August 15, 2016, the brand of Beijing's "It 's Show Time" launched a brand fashion show. In 2015, when the first flagship store opened in the Oriental New Horizons of East Asia, Yue Minjun invited the artist Mr. and Mr. star to attend.

In general, it includes its E.P, Marisfrolg, Ports, MoCA MO&Co., Amasi AMASS, nine posture JZ, lady posture, ELLASSAY and Zhuo ya JORYA.

Many of them have been listed or are sprinting IPO.

The Prospectus has disclosed the financial data for nearly three years since 2014, and the total revenue of the fashion business has not changed significantly. Although the number of 2016 years has declined slightly, compared to 2015, it has been reduced to 1 billion 816 million yuan. However, surprisingly, the net profit of the fashion industry has gradually increased slightly, reaching 522 million yuan in 2016.

This means that the net profit margin of local fashion is about 28.77%.

In addition, according to the prospectus, the overall gross profit margin of 2016 is 75.17%, far higher than the average level of the same industry by 67.19%.

According to the Euromonitor Research Report, from 2011 to 2015, the retail sales of the high-end women's clothing market increased from 89 billion 989 million yuan to 1256.11 billion yuan, the annual compound growth rate was 8.70%, which was 1.30% higher than that of the overall women's clothing market.

The upgrading of clothing consumption, the improvement of women's brand awareness and aesthetic ability means that there is still much room for development.

Raise 2 billion 400 million yuan overweight layout

The purpose of this fundraising fund mainly lies in: 1. marketing network and brand building project, total planned investment is 1 billion 777 million yuan; 2. information system upgrade project; 3. research and development center construction project; 4. supplementary other main business related working capital, total about to raise more than 2 billion 400 million yuan.

As of December 31, 2016, there were 992 sales outlets in di Su fashion, a slight decrease compared with the previous ones.

Among them, there are up to 620 distributors, and distribution mode has become one of the main selling modes.

From the point of view of revenue, distribution revenue accounted for 50.90%, 53.37% and 48.51% of the company's main business income in 2014, 2015 and 2016 respectively.

Most of these stores rely on high-end commercial terminals, including middle and high-end department stores, shopping centers, etc., and have realized the national marketing network with "one tier city as the core and three or four line cities simultaneously".

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Despite the obvious advantages of the distribution mode, such as effective control of its own funds, filling the blank market and rapid expansion of the terminal terminal, it has higher requirements for the channel management and brand image management ability of the company.

This is why many clothing brands began to increase their direct sales ratio after a period of expansion, so as to enhance their ability to control the terminal.

From the point of view of the electricity supplier business, the proportion of e-commerce revenue in 2016 is only 6.67%, indicating that the future electricity supplier will be an important strategic measure for development.

According to the world clothing shoes and hats net, Tmall has more than 1 million 870 thousand fans in its flagship store.

However, in the case of Di Su fashion, for the domestic high-end women's clothing, although the annual growth rate of the electricity supplier is higher than that of the department stores, the latter is still the mainstream. Secondly, the O2O sales mode also needs to be groped.

"In fact, the emerging channel represented by the electricity supplier is rising strongly, especially clothing, which has reached 30% or even more of the entire garment industry," said Ma Gang, an apparel industry observer.

For example, he said, "the investment department of Wanda Plaza reduced the clothing class from 60% to 30%, because the online impact was too obvious.

How to develop the full channel marketing is the development strategy that every garment enterprise should consider.

In addition, there is still a large stock pressure on land.

At the end of 2014, the end of 2015 and the end of 2016, the book value of land inventory was 195 million yuan, 229 million yuan and 233 million yuan respectively, and the book value of stock accounted for 17.67%, 17.40% and 17.55% of the total assets in the same period.

Inventory takes up working capital. If the inventory is too large, it will reduce the operation efficiency of the company.

If the company fails to grasp the fashion trend accurately, leading to the unsalable product and the risk of falling price, it will have a greater negative impact on the company's business performance.

Yunfeng fund is the third largest shareholder.

Diego, formerly known as Shanghai Dai Ruo, was co founded by Ye Danxue and Li Saijun in 2002, when the registered capital was only 1 million 680 thousand yuan, and in June 2006 it was renamed as limited.

Since then, the new shareholder Ma Limin has increased capital to subscribe shares to 86.21%. In 2011, the first two shareholders pferred all the shares to Ma Yi core, and a year later, Ma Ruimin pferred a small amount of equity to Ma Limin and Ma Shu min.

After 2013, Shanghai billion Ma and Yunfeng fund entered.

Shanghai billion horse is mainly responsible for investment management. One of the partners is Jiang Ying and Ma Shu min's relationship. The Yunfeng fund has invested about 180 million yuan to subscribe for about 17 million 780 thousand shares of the company at a price of 10.125 yuan per share.

With the disclosure of the prospectus, the low-key Yunfeng fund has also surfaced.

The fund was founded in 2010 by Ma Yun, chairman of Alibaba group and Yu Feng, the founder of mass media, and the two word "Yunfeng" was taken from it. It is reported that the first phase is 10 billion yuan.

At present, partners also include giant investment, Tencent business, seabed fishing and other institutions and individuals. Among them, Shanghai Yunfeng Enterprise Management Co., Ltd. shareholders are Wang Yulian (Yu Feng's mother) and Ma Yun, with a contribution ratio of 60% and 40% respectively.

It is worth noting that the Yunfeng fund has focused on the financial, Internet, logistics and medical fields, such as music sports, Hang Seng electronics, Tantong, word-of-mouth network and so on.

In addition, the Yunfeng fund has invested in the list of casual wear brands, the American Apparel and the seven wolves.

From the perspective of the current shareholding structure, apart from Shanghai's billion horse and Yunfeng funds, these two institutions account for 5.32% and 10% of the shares respectively, and the rest are individual shareholders.

Yunfeng fund is the third largest shareholder of Di Su fashion, and Yu Feng, founder, is a representative of Ren Di Su fashion director.

Ma Ruimin directly held 216 million shares of issuers before the issue, accounting for 63.52% of the total share capital.

After issuing 60 million shares this time, Ma Ruimin will directly hold 54% of the company's shares and still have actual control.

In addition, shareholders and Ma Yi Xin (formerly known as Qian Qinxin), Ma Limin and Ma Shu min will hold 11.77%, 8% and 1.39% respectively.

Ma Ruimin once served as the brand director, executive director, executive director and general manager, chairman and general manager, and its related party Ma Li Min is vice chairman and deputy general manager of the company, Ma Shumin is director of the company, director of supply chain management center, three sisters relationship; second largest shareholder Ma Yi Xin is director of commodity department, and Ma Ruimin for mother daughter relationship, born in 1991; Jiang Ying indirectly held 4.01% through Shanghai billion horse.

It is worth noting that Ma Ruimin and its related parties controlled 84.68% of the shares of the company through direct or indirect shareholding, and 71.98% remained after the issue.

The "overbearing" female president and family are very colorful, which may have a negative impact on attracting other new shareholders.

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