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    BELLE'S Decline In Hopes Of Apparel Business

    2017/6/21 12:49:00 50

    BELLEElectricity SupplierFootwear

    Privatization is being promoted.

    BELLE

    International Holdings Limited (hereinafter referred to as "BELLE international") has experienced major business depression and is planning to pass ole in the next one or two years.

    Online retailers

    And other discount channels to ease high inventory of shoe products.

    According to the industry analysis, BELLE international can try to lay down shop inventory, so that the middle channel will tend to "zero".

    Clear inventory plus discount channels

    BELLE international has made many changes, which did not produce chemical effects on the main footwear business.

    According to the world clothing shoes and hats net, in June 20th, BELLE International released the 2016/17 annual report as of February 28, 2017, showing BELLE international.

    footwear

    Sales fell by 10% compared with the previous fiscal year. BELLE International believes that the decline in footwear sales results from double-digit decline in same store sales.

    At the same time, BELLE international has reduced 700 shoe self sales outlets in mainland China, making BELLE international footwear business revenue share of the group's total revenue decreased from 51.7% last year to 45.5%, down 6.2 percentage points, the decline is very obvious.

    In the chairman's report of BELLE international financial report, it is noted that the core footwear business of the group has many problems, such as the aging of the brand image, the long cycle of product renewal, the lack of design sense and the low cost performance.

    This also challenges BELLE's traditional international business model.

    In addition, BELLE International said in its earnings report that the same store sales will continue to grow negatively in the future, and the performance of footwear business will face downward pressure.

    Insiders analyzed that China's clothing and footwear market has been overcapacity in recent years.

    In the downturn of footwear sales, BELLE international is facing enormous inventory pressure.

    BELLE international 2016/17 annual report shows that the group's average inventory turnover days are 141.3 days, up 135.7 days from the previous year.

    The average turnover time of BELLE international footwear business is 215.8 days, which is 7.6 days longer than the 208.2 days of last year.

    According to relevant information, the number of days in stock turnover refers to the number of days that an enterprise has experienced from the beginning of inventory acquisition to consumption and sales.

    The more turnover days, the slower the realization of inventory.

    For the current situation of excessive inventory of footwear business, BELLE international plans to increase sales efforts and clean up over season products through discount channels such as Oteri J and electronic business platform.

    This plan will continue to advance in the next one or two years, while BELLE international will also adjust its pricing strategy and speed up the sales of new products.

    Falling profits are not life-saving clothing.

    The shoe business is hard to do, and BELLE International's performance pressure is increasing. Although the group's sports and clothing business share and sales increase day by day, in the long run, sports and apparel business is not necessarily able to save BELLE's international performance.

    BELLE international mentioned in 2016/17 annual report that the sales volume of sports and clothing business increased by 15.4% over the previous year.

    The proportion of total business revenue increased from 48.3% last year to 54.5%, exceeding the sales scale of footwear.

    During the reporting period, BELLE International's sports brand stores in the first tier cities increased by 252, while the second tier cities' sports brand stores increased by 251, and the clothing business shops increased by 40.

    In the face of sports and clothing performance growth, BELLE International hopes to reduce the risk of development and seize the development opportunities by configuring business in different fields.

    But the high growth business has not resisted the decline of footwear business.

    During the reporting period, BELLE international total operating profit decreased 15.4% from last year to 3 billion 555 million yuan, and the group's comprehensive interest rate also dropped by 1.8 percentage points over the previous year.

    Although sports and apparel business has led, BELLE international has also realized that "the profit margin of sports and apparel business has declined slightly".

    As for the growth of sports and clothing business, Yao Liming, director of the research center of China commercial and Economic Research Center, said that the domestic sportswear market has not yet been fully saturated, which gives BELLE international sports and apparel business room for growth.

    However, the product line of sports and clothing in China is not yet mature, and the varieties of products are few, so the design innovation needs to be improved.

    Whether sports and clothing business can become BELLE International's "dark horse" is unknown.

    Privatization should promote pformation factory stores

    BELLE international has been on the slide last year, so BELLE international has become the frequent headline of media headlines, and the news of privatization has also been reported.

    In April of this year, BELLE International announced that it would acquire all BELLE international shares issued by the high alpine capital group, CDH investment, and BELLE international executive director Yu Wu and the consortium, which will be held at HK $6.3 per share.

    If the offer is reached, BELLE international will withdraw from the HKEx at a valuation of HK $53 billion 135 million.

    Since May this year, BELLE international has launched dozens of disclosure announcements of shares in the HKEx to promote privatization.

    Liu Qi, director of investment in Cci Capital Ltd of Beijing Shi Shi Huixin, said that under normal circumstances, the reason why the listed companies in Hong Kong Stock Exchange chose to withdraw from the market should be the undervaluation of the stock value of the major shareholders of the company.

    Public information shows that after the listing of BELLE international in 2007, the market value reached a peak of about HK $150 billion, and the peak value was 3 times the expected value in the privatization process.

    Liu Qi further explained that privatization of listed companies would also lead to imbalance of interests among different shareholders.

    Yao Liming believes that privatization of listed companies shows that major shareholders are still optimistic about the development prospects of delisting companies.

    The delisting may be caused by the inconsistency of strategic decisions among major shareholders. After the delisting, the decision-making mechanism of the company will change.

    This helps to set up a long-term strategic plan without having to stick to short-term profitability.

    In addition, Yao Liming analysis, from the perspective of physical retail, the middle channel tends to "zero", BELLE international wants to achieve price adjustment and new product promotion, and can try to pform to "factory store" mode.

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

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