Has The Net Red Business Seen The Top Of "Zhang Da Yi"?

Four days ago, known as "net red first share", successfully hatched Zhang Dayi, bugs, Daikin and other net red electric business, such as Han holdings, was officially listed on the Nasdaq stock market in the United States. After opening, it fell below the issue price. The closing price dropped to 37.2% at $7.85 per share and the market value shrank by 1/3 to $649 million. Despite the rebound in the following day, such as Han Holdings Friday closed down 1.16%, investors questioned surging.

Such as Han holdings chairman Feng Min responded that the old shareholders have no sell-off, which is some hedge funds mechanism, it is not clear why the specific decline, can not control and affect the two tier market, the only thing to do is to do a good job, and that the company's fundamentals have not changed, and with the national tax cuts and other favorable releases, the company's performance is deterministic. Ascension space.

Over the past 3 years, such as Han Holdings has been losing money. According to the prospectus, the net loss in the 2017 fiscal year, such as Han holdings, was 40 million 100 thousand yuan, the net loss in fiscal year 2018 was 90 million yuan (about 13 million 100 thousand U.S. dollars); the net loss in the first three quarter of the 2019 fiscal year was RMB 57 million 500 thousand yuan (about 8 million 400 thousand dollars), and the net loss in the previous year was RMB 26 million 100 thousand yuan. In the first 9 months of December 31st last year, such as Han holdings revenue grew 14% to 856 million yuan, the net loss increased 120% to 57 million 500 thousand yuan.

Wang Sicong's evaluation of such topics as Han holdings was followed by micro-blog hot search, which sparked widespread controversy. He pointed out that if the issue of Han holdings is the first deficit. According to the data of Han IPO, in 2018, the gross profit of Han Han company was 300 million yuan, including 100 million yuan in performance costs, 146 million yuan in marketing costs, 130 million yuan in comprehensive management fees, 710 thousand yuan in other revenues, and a total loss of 72 million 350 thousand yuan. "The income is there, but the money is also inexplicable, especially the nearly 150 million of the marketing cost is puzzling. So much marketing cost, what is the meaning of KOL?"

Second is not duplicability, such as Han holdings signed more than 100 net red, but the dependence on Zhang Dayi is very high. In the 2017 fiscal year and the fiscal year 2018 and the three quarter of the 2019 fiscal year, they accounted for 50.8%, 52.4% and 53.5% of the income respectively. This is a very unhealthy proportion. Third, such as the net red hatching of Han holdings, the net red business, and the net red marketing mode have not been verified successfully, nor have they proved that they can train the new KOL.

The aura of "net red first share", such as Han holdings listed on Nasdaq, marks the new stage of capitalization of China's net red economy. However, its internal business situation has also made people reflect on whether the business logic of "net red + Incubator + supply chain" is true.

Just like Wang Sicong's comments, such as Han holdings did not hatch more net red KOL, which could rival Chang Da Yi, and became a "hard job" of the company. This is related to the increasingly fierce market competition and the early luck factor of net red. The famous net red and the blogger belong to the "head economy". With the market competition becoming more intense, the net bonus period is gradually disappearing. It is more difficult for ordinary net red to get traffic and jump to head net red.

To enter the capital market, China net red must also solve the problem of structural content. The founder of new consumption insider, Wang Jingjing, was the first thousand people in FINS2018 last year. fashion The bloggers' conference pointed out that everything with scale attributes, such as large volume business opportunities, must be structured. Even though each net red is squeezed to the most extreme state, their time and experience are very limited, which can not satisfy users' endless demand. So now the challenge of Internet and bloggers is how to structure and machine the content.

Similar to Zhang Dayi's "my happy Wardrobe", most of China's net red shop just opened shop, but did not form a distinct individual. brand Style, original ability is weak, no moat has been built. Most of them imitate luxury brands. Popular The trend of launching products is very similar to fast fashion, but this also makes the competition threshold between net red very low.

Last month, Li Jiaqi, a popular lipstick pop star, sold ten thousand facial cleanser for Zhang Dayi's beauty shop in ten seconds, which also meant the rise of new goods. Trembling, the new generation of net red on the little red book is drawing support from the new platform bonus, which has overshadowed the early growth of the Internet red micro-blog and Taobao ecosystem.

In a 36 krypton interview, net red Sydney also said that she looked forward to being like the luxury fashion industry, even if the founder was relegated to the second line, leaving only the name left behind to make the brand continue. "You can't be a red man all the time." Said Sydney.

But the choice of a personal brand of red or bloggers needs to break the homogeneity of the net red style, set up a distinct personal style, and the difficulty of this path can not be underestimated. For example, in foreign markets, the most successful of commercialization of influence is Italy blogger Chiara Ferragni, who upgraded the net cash liquidity of the network through a personal brand.

The brand name of Chiara Ferragni was launched in 2013 as a shoe brand. Its iconic eye pattern design has become a signature design. Since then, its products have gradually expanded to clothing and accessories. At present, there are more than 11 stores in the world.

Recently, Chiara Ferragni announced that it will become the chief executive of the same brand, and will continue to be the creative director. At the same time, she is also the president and chief executive officer of TBS Crew Srl, the brand parent company. Chiara Ferragni said that after years of expansion, she thought it necessary to take a more direct part in the business management of the brand. The role of market positioning, product design and distribution in brand development is becoming more and more important.

In 2017, Chiara Ferragni took over Riccardo Pozzoli as its president and chief executive officer of TBS Crew Srl (TBS Crew group), and reorganized the company in order to make herself at the center of all the projects in the company. Riccardo Pozzoli played an important role in the commercialization of the company.

The TBS Crew group consists of three businesses, one is the agency agency that signs Chiara Ferragni and sister Valentina Ferragni, and the other is the entire operation of the Blonde Salad website. The website is a personal blog created by Chiara Ferragni in 2009, and now its position is lifestyle online magazine and limited series of e-commerce providers. The third is the digital creative production company, supporting the creative content of the media platforms such as the two sisters, personal blog and so on, such as the promotional video of the cooperation series of shooting Chiara Ferragni and Tod 's.

The income of the Chiara Ferragni brand is independent of the TBS Crew group. It is reported that Chiara Ferragni's commodity business income is estimated at about $7 million, which is three times that of 2015, 83% higher than that of 2016, and most of its income still comes from her shoe brand.

As far as Han holdings is concerned, TBS Crew has not yet signed more high-quality bloggers so far. And although Chiara Ferragni has led to the realisation of the influence of fashion bloggers. Trend But until now, few bloggers have done better than Chiara Ferragni.

It is worth mentioning that the Kardashian family's Kylie Jenner can be regarded as a new star to rewrite business rules. After all, which enterprise won the next generation of young people will grow for a long time, and no one knows the Z generation better than Z generation itself.

In March this year, according to the latest statistics of Forbes, Kylie Jenner has officially surpassed the founder of Facebook as the youngest self-made billionaire in history and officially joined the 1 billion richest club. In the past year, the income of its personal makeup brand Kylie Cosmetics has increased by 9% to 360 million US dollars. Forbes estimates that the market value of Kylie Jenner is at least 900 million dollars, which has not yet calculated the profits she has previously taken.

Since 2016, when Kylie Cosmetics launched a $29 lipstick suit to test its beauty, the brand has sold more than $630 million cosmetics, with sales of about $330 million in 2017. In terms of all 20 percent off of the commodity, Forbes's valuation of Kylie Cosmetics is $800 million, and the company's equity is Kylie Jenner.

Kylie Jenner has 131 million fans on Instagram, and she has been active in Snapchat, a more social media audience. This group of fans has become the most direct audience of Kylie Cosmetics. Most of the time, the reason they buy beauty products is not the beauty brand itself, but the Kylie Jenner.

In the age of traffic, mastering traffic means having influence and discourse power. Unlike a brand that normally seeks to expand and expand, Kylie Jenner personal beauty brand hardly needs any professional digital marketing efforts, such as search engine optimization and advertising, which are usually conducted by big brands, and the flow that she controls on social media is free.

The rapid success of Kylie Jenner's beauty business has provided a new business model for the market, marking the beginning of a new era of consumption based on social media, celebrity effects and Z generation psychology.

However, it can not be ignored that the special family background of Kylie Jenner determines its influence can not be duplicated. The influence of the Kardashian family has formed a scale effect among several family members, but it does not have the capacity to scale up the net red.

Celebrity celebrities such as Kylie Jenner have joined the battleground to seize more market share. The acquisition and Realization of traffic is becoming more and more difficult. They have more congenital advantages than the truly self-made fashion beauty bloggers, so that bloggers need more capital input to carry out primitive accumulation. For example, when more and more stars begin to share beauty and skin care experiences in social media, ordinary beauty bloggers may lose some fans, because consumers' attention is limited.

If Chiara Ferragni's commercial scale and valuation are not as good as Han holdings, then Kylie Jenner's brand business has reached a stage of scale, but they do not seem to have any intention of entering the capital market.

The foreign market has obvious discrimination for the path of the red brand and the net red brand. What is more similar to such holdings is the success of KOL strategy, the Losangeles fashion business platform Revolve group. Earlier, the company was considering IPO. Last year's sales increased by 25%. In 2017, it recorded $400 million in revenue and net profit of $5 million. In the report, Revolve listed retailers like Messi general store, Gap group, Victoria's parent company L Brands and Urban Outfitters as competitors.

It is noteworthy that the biggest difference between Revolve and Han Han holdings is that it has positioned the electronic business platform from the very beginning. It is not a red start of the head network, and it only regards the Internet Hongbo owners as a marketing tool, which is different from the Chinese Internet red business model.

Analysis shows that, in the final analysis, the core competitiveness of a network of Hong Kong Electric Company is the personal influence of the head net red, or the overall planning ability of the electronic business platform and the strength of the supply chain.

If we make risk hints in the prospectus, whether we can make profits depends on increasing the number of fans, diversifying products and optimizing the cost structure.

In the three major business segments, such as Han holdings, the largest proportion of e-commerce business is "selling". Taking 2018 as an example, its sales revenue accounted for 88% of the total revenue. And its electricity business has strong correlation with Alibaba, and production is also outsourced to factories. The independence and stability of business are not enough to convince investors.

More importantly, the emergence of red head has great opportunistic nature. It is almost impossible to rely on hatching. Therefore, at first glance, the logic of "net red + Incubator + supply chain" business model, in fact, there are many loopholes.

Because of similar customers, the taste of net red selection is often strikingly similar. It is thought-provoking that net red or Xu Ben is a business that can not be scaled up. If we want to keep the influence going on and let the traffic flow at the peak stage, and since we can not rely on others, then the most obvious way is to build our own brand. The net red economy represented by Zhang Dayi is a typical representative of this path. But even for the most successful fashion bloggers and Internet Celebrities, the current volume of cash flow is far from easy.

4 years ago, Zhang Da Yi could sweep everything. Micro-blog fans were less than 300 thousand. With the help of traffic dividends, it now soared 36 times to 11 million, and the next 4 years? This is probably the answer, like Han holdings.