Text | Huashang Taoluo Xinyuan
It once sold 600 million yuan a year, asked Quan Jixian to be the endorsement, and drove side by side with Belle and Daphne, which is a veritable "women's shoe first stock".
However, after falling into the tide of store closures, the revenue of Saturday women's shoes plummeted year by year, and after a direct huge loss of 430 million yuan last year, an announcement was issued on the 18th of last month: it is proposed to transfer 100% of the equity of Foshan Saturday Shoes.
In 2019, Saturday actually bought an MCN company, many well-known artists, and last year's sales have exceeded 10 billion.
Why did the former shoe king turn around and become an Internet celebrity now?
In 1994, the first store opened in Shenyang on Saturday, and in just four years, annual sales have exceeded 600 million yuan. As sales continued to rise, Saturday was listed on the Shenzhen Stock Exchange in 2009, becoming a veritable "women's shoe first stock".
At its peak, founder Zhang Zemin and his wife were worth as much as 2.3 billion yuan, and in the first half of 2010 alone, 179 self-operated stores were opened on Saturdays, with an average of one per day, and their brand chain stores were as many as 1524.
And walking off the altar, Saturday also took only 4 years.
With the rapid development of e-commerce, clothing, shoes and hats, as one of the largest categories of e-commerce, can be imagined as the impact on the real industry.
And Saturday, as a high-end brand with thousands of people at every turn, it is just necessary to do research and development and keep quality, rather than crazy store expansion, so that the brand is gradually popularized.
So in 2013, Saturday's net interest rate was just 1.96%, more than 10 times higher than 12.94% in 2009.
At that time, Saturday fell into a wave of store closures, and over the next eight years, as many as 1375 stores were closed, and even more than 200 stores were reduced in a year.
Until the end of 2011, the inventory amount for the first year of Saturday was 651 million yuan, compared with 99.43 million yuan for more than two years, and the most serious time was more than 800 days of inventory turnover.
As a result, Saturday, which was accurately hit by the concept of e-commerce consumption, began the road of transformation.
First, in 2007, it spent 370 million yuan to buy two Internet platforms, "Onlylady Woman" and "Kimiss Girlfriend Network", and it is reported that the two platforms contributed 138 million yuan in advertising revenue in the first year.
Later, on Saturday, it spent nearly 1.8 billion yuan to acquire 90% of the equity of Yuanwang Network, which began to involve live streaming with goods.
As the head of Kuaishou MCN, Yuanwang has many stars with goods such as Wang Zulan and Jia Nailiang, as well as hundreds of celebrities with goods, with a total of more than 400 million fans.
At that time, Saturday had made a lot of money, and the net profit increased by 1581.96%.
But did not expect that affected by the epidemic, the net profit on Saturday 2020 began to decline again, according to the relevant financial reports, the net profit on Saturday in 2020 fell by 83.85% year-on-year, and in the 2021 performance forecast, Saturday is expected to lose 430 million yuan to 645 million yuan for the whole year.
Behind the rush to achieve the transformation road, there is a high degree of disregard for risk assessment.
For the women's shoe business, Saturday has long been out of place, according to relevant data, Saturday shoes in the first three quarters of 20 years and 21 lost 7.11 million yuan and 30.22 million yuan respectively, while the total assets and liabilities at the end of the period were 126 million yuan and 175 million yuan, respectively.
As early as the end of 2019, Saturday transferred Foshan Saturday Technology, a subsidiary mainly engaged in leather shoe manufacturing, for 13.85 million yuan, leaving only the right to operate the brand.
In other words, the Saturday shoe industry, which originally had a full supply chain, was desperate and began to "sell hangtags".
However, "selling hangtags" seems to be able to make a lot of money, but due to lax supervision, the inherent hidden dangers are difficult to predict.
For example, the "king of hangtags" Antarctic King began to decline in 2020 after continuous high sales growth in previous years, and the net profit in the first three quarters of 2021 fell by 44.15% year-on-year, a decrease of nearly half% compared with the same period in 20 years.
When the quality and price do not match, it is difficult to gain the hearts of consumers.
In this way, after Saturday's transformation, although the short-term income is considerable, the road ahead is full of dangers.
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