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    XTEP 2 Billion 40 Million Has Acquired Five High-End Sports Brands Such As Palin, The World'S Leading Brand Of Military Boots.

    2019/5/5 13:01:00 11164

    XTEPAcquisitionSports BrandPaladin

    In May 2nd, XTEP International announced through its wholly-owned Affiliated Companies and E-LandWorldCompany, Ltd and E-LandUSAHoldingsInc. (collectively known as "love and love group") to conclude a share purchase agreement. XTEP will make a cash price of 260 million US dollars (about 1 billion 750 million yuan) to acquire all the issued shares of E-LandFootwearUSAHoldingsInc., with the ultimate holders of K-Swiss (Gai Shiwei), Palladium (palatine) and Supra.

    The acquisition will be funded by internal funds and is expected to be completed by the end of July 2019.




    XTEP International believes that the acquisition is an excellent opportunity to invest in a series of world-renowned sports and leisure brands for the high-end market.

    In particular, K-Swiss (Gai Shiwei), a traditional sports shoes brand founded in California in 1966, is committed to providing high-performance tennis shoes, leisure and fitness footwear products to meet the high performance needs of world-class athletes and trend setters.

    Palladium, founded in France in 1947, is now one of the world's most famous military boots brands.

    These brands are now in more than 80 countries and regions around the world.




    These brands have unique brand positioning and target consumer groups, which are highly complementary to XTEP's brand portfolio.

    So the acquisition will push XTEP into a global sporting goods company that can meet the needs of different consumers.

    These brands can benefit from XTEP's huge sales network, leading R & D technology and supply chain resources, enabling them to make full use of potential in the fast growing sports market of Greater China.




    Ding Shuibo, chairman and chief executive officer of XTEP, said: "with the success of the strategic reform in the past three years, the development of XTEP has entered a new era.

    Today, we are delighted to announce the acquisition of the acquisition with the clothing and love group, which will complement our product mix and further enhance XTEP to become one of the world's leading multi brand sporting goods companies.

    The acquisition not only strengthens XTEP's leadership in the rapidly growing Chinese sporting goods market, but also opens up opportunities for XTEP international to open up overseas markets, such as Southeast Asia.

    In other words, XTEP international is ready to accelerate the business expansion of local and overseas markets for the long term future. "




    Data show that in 2018, XTEP international business income increased 24.8% to 6 billion 383 million yuan, and net profit increased 60.9% to 657 million yuan, corresponding to earnings per share of 0.29 yuan.




    Channels: the number of stores under the XTEP international line has reached 6230, and double-digit growth has been achieved in the same store sales throughout the year.

    In 2018, electricity providers accounted for more than 20% of revenue.

    The full coverage of XTEP international O2O system for exclusive distributors and ERP systems helps to relieve inventory pressure: channel inventory remains at a healthy level for nearly 4 months under fluctuating consumer sentiment.




    Financial aspect: gross profit margin growth (0.4 percentage point increase) is mainly driven by the increase of cost and the average selling price of functional products.

    The ratio of operating expenses decreased by 1.8 percentage points to 31%, and the provision for receivables was more than the increase in the cost of sales (15.2%, 12.9% in 2017), and the operating profit margin was increased by 2.2 percentage points.

    Operating cash flow fell by 72% over the same period last year, partly due to the reversal in 2018 and the provision for accounts receivable in 2017.




    According to the first textile net reporter, XTEP international plans to increase the number of stores by 200 to 300 in 2019.

    The sales growth trend of Spring Festival in 2019 is similar to that in 2018, and the order growth rate in the 1 quarter of 2019 will be resilient.

    The company's cooperation with Wolverine is aimed at enriching the brand structure and improving the coverage of the high-end market, and is expected to make profit in the third years of operation.

    XTEP's supply chain resources and regional retail capabilities will help Saucony and Merrell enter the Chinese market.




    Zhou Xiang, an analyst at Everbright Securities, believes that XTEP's recent acquisition of overseas brands will broaden XTEP's international industrial resources at the channel end and the supply chain side, and will also give them more opportunities to learn from multi brand operations and develop their own team strength. XTEP international will also provide profound local market experience, leading channels, marketing and supply chain resources.




    In the view of Zhou Xiang, XTEP international has undergone 3 years of pformation pains. In the 2018 fiscal year, it began to show the effect of pformation. Especially in the three quarter and the four quarter of 2018, the number of double sales in the same store grew year by year, and the retail discount maintained 7.5-8.0 fold. Channel inventory remained healthy (about 4 months).

    At the same time, according to the data of Tmall platform monitored, the retail sales of flagship stores in XTEP showed a rapid growth since the fourth quarter of 2018, and recorded a year-on-year growth of 52% in 2019, 1-2.

    In addition, the internationalization and children's clothing business is also progressing smoothly, and the continued acquisition of overseas brands will also enhance the confidence of retailers and consumers. XTEP international is expected to maintain a rapid recovery trend.

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