Daphne, BELLE... Have You Ever Worn These "Shoes Kings"?

Daphne, BELLE, red dragonfly, and rich birds...

They all once labeled "shoes king", but nowadays, they have rarely been on top of the mountain.

Daphne, the popular shoe king, has closed 3000 stores in the past 3 years, and its market value has shrunk from HK $19 billion 500 million to less than HK $600 million.

BELLE, who dominated the world for a time, became legendary in an average of less than two days when it opened a new store.

And the generation

Giant fortune birds are now heavily indebted. In the past 27 years, only 4 billion 200 million huge debts have been exchanged.

Shopping malls are battlefields, and the "king of shoes" have been pformed into dynastic changes.

Once upon a time, putting on Daphne was more common than anyone else.

In 2005, the Taiwan women's group new song "laurel goddess" has 1326 comments on "shrimp music". One of the popular comments has won 340 praise: "this song always feels like"

An advertisement song.

Daphne's English name Daphne is also the name of laurel goddess in Greek mythology.

Many young girls know Daphne through this song, and they begin to fantasize about putting Daphne on the inside.

Many people have noticed from this time that all streets and alleys are shops of Daphne.

In fact, the expansion of Daphne has started since 2002, and since 2005, the speed of expansion has been visible to the naked eye.

Query historical data can be seen, in 2002, Daphne's sales outlets of about 500, in 2014, the explosion increased to 5748! It has expanded nearly 10 times!

At the same time, as the market exposure rate increased, Daphne's share price began to enter the rapid pull up stage, from HK $0.5 to HK $11.84 in 2012.

It was even sold at that time: sold at the peak of Daphne sales.

Almost 1 out of every 5 pairs come from Daphne.

The reputation of "the king of Volkswagen shoes" has also spread.

In the twinkling of an eye, Zhu Lou Bi tile is already a broken wall.

In April 2012, Daphne International (HK0210) reached a record high of HK $11.84, and its market value exceeded HK $19 billion 500 million.

This is the last time Daphne stands on the top of the mountain.

Subsequently,

Despite a brief recovery, it has not been able to stop the flow of water.

Since then, the "shoe king" stock has been going on and off for 6 years.

In September 7, 2018, Daphne international closed at HK $0.355 and its market value was HK $585 million.

Compared to 6 years ago, it shrank by 97%!

Just a week ago, the first half performance report released by Daphne International showed that turnover fell by 15.6% to HK $2 billion 80 million 500 thousand.

As of half a year, Daphne has been losing money for 3 consecutive years.

"He looked at Zhu Lou, seeing him feast guests, and saw that he collapsed."

This sentence probably generalizes a lot of girls who have followed Daphne.

Statistics show that in 2015 -2017, the number of stores closed by Daphne was 827, 1030 and 1009.

By the end of June 2018, there were 3386 stores in the group, with 450 outlets closed in the first half.

The decline of shoe Kings

Daphne, BELLE, AOKANG, rich birds...

Unfortunately, history does not simply "favor" Daphne, but "rain and dew".

The answer to the market has already been clear: once the shoe king declined.

Chen Yingjie, the former head of Daphne, once said: if BELLE is the Mercedes Benz of the shoe industry, Daphne will be "TOYOTA".

Now, "TOYOTA" has passed away. What is the "Mercedes Benz" situation?

Teenmix (Teenmix), Tata (HERS), Staccato (Staccato), BASTO (bath), MILLIES (Miao Li)...

I heard that there are at least one pair of shoes of these brands in each woman's shoe cabinet.

And they are all products of BELLE.

According to statistics, the most brilliant time, BELLE group has more than 2000 stores nationwide, has 6 brands in the top 10 of the domestic women's shoes market, and has won the China Women's shoes sales list for 13 consecutive years.

Its CEO Sheng 100 pepper has issued a bold saying: "where there are women, there are BELLE!", "as long as there is a department store, there is a BELLE figure!"

The situation has changed. At 16 o'clock in July 27, 2017, BELLE international formally announced that it was delisting from the HKEx. The privatization price was HK $6.3 / share, with a total valuation of HK $53 billion 100 million. Compared with HK $150 billion at the peak of the market value, the market value was reduced by 65%, and nearly 100 billion Hong Kong dollars evaporated.

Professor Chen, a professor at Capital University of Economics and Business, said that the rapid expansion of irrational growth and the inability to adapt to changes in the consumption structure have become fatal injuries to Daphne and other shoe kings.

Take Daphne as an example. Since 2002, Daphne has expanded at a speed of more than 100 per year, and this expansion has lasted for more than 10 years.

At the same time, in 2003, Taobao was born, and the pure offline store sales mode appeared to be inadequate when competing with Taobao stores.

Although Daphne became the first brand to embrace e-commerce in 2006, it only took the online as a platform to clean up the tail cargo. Its operation efficiency and product attractiveness were less than that of the new fast fashion brand and the net red brand focusing on online operation channels.

In 2012, Daphne's stock began to rise. In 2013, its sales income was HK $10 billion 447 million, stock reached HK $2 billion 643 million, plus 218 days of turnover. Daphne's performance pressure was obvious.

In addition, Chen said that the consumption structure in China has changed during this time, and that casual shoes have become the main force in the footwear market. Daphne, an old brand shoe king, is also weakening in the market at the same time.

The original Daphne, who won the starting line, was short of attention to the electricity supplier channel, lack of sufficient investment and layout, and slower reaction speed.

The last struggle

Transformation can not be fashionable, but not attractive to fans.

In May 7, 2017, Daphne International announced that Chen Yingjie, the non-executive director, resigned as chairman of the board and was no longer an authorized representative of the company.

In addition, Zhang Zhikai, executive director and chief executive officer, has been appointed chairman of the board, authorized representatives of the company and members of the Remuneration Committee.

After taking over Chen Yingjie's group, Zhang Zhikai immediately set the first goal of the new leadership team to attract the post-90s group with the most potential consumption potential.

They closed down the loss and poor image of the store and laid out the shopping center.

In August of the same year, Daphne launched a joint venture with the brand Opening Ceremony of New York buyer's shop, which made the brand look younger and fashionable in terms of image, product and channel.

"To be honest, it is not attracted."

Liu Yihan, a 29 year old executive of a financial company, was once a big fan of Daphne. Her first pair of high heels came from here.

But she believes that Daphne's so-called pformation is not successful, "at least, my friends around the same age will hardly choose their home when they buy shoes."

She said that whether it is shopping malls or online, cost-effective choice of more fashionable.

Zhang Zhikai, executive director of Daphne, once said: "Daphne can not become a fashion brand completely. Its historical brand value is still a cost-effective public shoe, and the market can not completely overturn it."

The implication is that Daphne can not do the fashion, but still has to continue the low price route.

AOKANG and Daphne listed in 2012 have similar psychological experiences.

After encountering online shop encirclement and suppression, just a year after listing, AOKANG's performance fell sharply, and its revenue and net profit in 2013 decreased by 19.07% and 46.57% respectively.

Although analysts call this a typical "listing syndrome", management is convinced that the year of this great challenge must be painful.

Professor Chen, a professor at Capital University of Economics and Business, said that whether it is to decorate the shop or to make shoes look more fashionable is secondary.

The fundamental problem of this group of shoe companies is to expand rapidly and hurt their strength when the economic environment is depressed.

Chen and frankly, Daphne wants to strive for vitality. We must adjust the industrial structure to meet the needs of the market and the needs of consumers.