Lei Jianping reported on July 6
Amoy brand Inman and Huimei Group, the parent company of Chuyu, have recently applied to the Csrc to publicly issue shares and list them on the Growth Enterprise Market .D.C. This is another Tao brand submitted a listing application after the crack. Previously, another Tao brand, Handu Clothing House, has submitted an application for listing on the New Third Board.
Crack, Inman, and Handu Clothing House have always been the top few of Taobao women's clothing, also known as Taobao brands. As the rift, Inman, and Handu yishe compete for capital operations, the financial data of all parties have also been disclosed, reflecting several problems:
1, Crack, Inman, Handu Clothing House have enjoyed the dividends of online shopping, however, with the establishment of e-commerce sales channels such as Milbank and Semir, Uniqlo, Zara stores have grown rapidly, and at the same time established e-commerce channels, the pressure on the Tao brand has increased greatly.
2, whether it is cracked, Inman, Handu clothing house, in recent years in the inventory pressure is increasing. As sales growth from the Taobao platform stopped or even decreased, the dependence of companies on Vipshop increased significantly, showing signs of clearing inventory.
3, crack, Inman, Handu clothing house profit space is being compressed, in addition to Handu clothing house, crack, Inman 2015 net profit compared with 2014 declined, especially Inman net profit fell from 31.9 million yuan in 2014 to 15.81 million yuan in 2015.
Handu's largest volume in 2015 The size of the crack continues to shrink
From the data point of view, in 2015, handu Clothing House's revenue was the largest, reaching 1.259 billion yuan and a net profit of 33 million yuan, followed by Inman, in 2015 revenue of 1.14 billion yuan and net profit of 15 million yuan, a net profit of half compared with the same period last year.
In 2015, the revenue of crack was 546 million yuan and the net profit was 32 million yuan, and the revenue of crack has been declining for two consecutive years, but the net profit of crack has doubled from 16 million yuan in 2014.
Handu Clothing House said that the company's sales revenue in 2015 increased by 51.54% compared with 2014, mainly due to:
1, the user's recognition of the brand and product quality of Handu e-commerce remains stable and further improved; 2, the company's large advertising and promotion costs have produced a certain market effect;
3, with the product group system as the core of the whole process of operation system of a single product, to the maximum extent of the subjective initiative of employees, so that the company's employees better invest in the company's product sales, brand promotion, the effect is obvious.
Inman pointed out that the net profit fell by 50% year-on-year mainly due to the impact of the company's shareholding system transformation during the reporting period, the increase of investors' capital and the expansion of shares, and the landing of the company's multi-brand strategy (such as vigorously incubating new brands and investing huge resources).
Crack said that the decline in revenue is mainly due to the intensification of competition in the online clothing sales market and the fragmentation trend of online traffic, while the slowdown in China's macroeconomic growth in recent years has also had a certain negative impact on the overall consumption willingness and consumption capacity of society.
The glorious era of the Taobao brand has passed since the shrinking sales volume of Taobao
In March 2016, Alibaba announced in a high-profile manner that at 14:58:37 on March 21, Alibaba Group's e-commerce transaction volume (gmv) in fiscal 2016 officially exceeded 3 trillion yuan, surpassing Walmart to become the world's largest retail platform.
What is this concept? That is, Alibaba's transaction volume continues to grow rapidly, Alibaba broke through the trillion transaction volume (gmv) for the first time in 2012, and achieved a transaction volume of 2 trillion yuan in 2014, from 1 trillion to 2 trillion yuan in 2 years.
The announcement of transactions exceeding $3 trillion was announced in March 2016, and it took only a year and a half to go from $2 trillion to $3 trillion. Jack Ma, chairman of alibaba group board, said that by 2020, Alibaba group will achieve 6 trillion yuan of gmv.
However, compared with Alibaba Group's beautiful gmv, the rift, Inman, and Handu clothing houses have come out of different arcs. In fact, the rapid growth of Alibaba gmfv in recent years is precisely the bitter years of Tao brands such as Crack, Inman, and Handu Yishe.
Inman data from various platforms (from Inman prospectus)
From the perspective of channel composition, Inman's sales from Taobao and Tmall were 475 million yuan, 650 million yuan and 645 million yuan from 2013 to 2015, accounting for 80.65%, 68.77% and 56.59% respectively, accounting for a continuous decrease in the proportion, and sales also declined in 2015.
From 2013 to 2015, the sales volume from Vipshop was 57.81 million yuan, 217 million yuan and 360 million yuan, accounting for 9.81%, 22.99% and 32.03% respectively.
In 2013, the revenue from Taobao accounted for 83.17%, the revenue from Vipshop accounted for 7.37%, and the revenue from JD.com accounted for 4.1%. By 2015, 58.49% of the revenue from Taobao, 36.36% from Vipshop, and 2.58% from JD.com.
The decline in the proportion of revenue from Taobao and Jingdong platforms is not caused by the significant increase in the revenue of cracked, in fact, the revenue from Taobao in 2013 was 571 million, which fell to 319 million yuan in 2015, a decline of 44.1%.
Crack data from various platforms (from crack prospectus)
In 2013, the revenue from JD.com was 28.15 million yuan, and by 2015, it was 14.08 million yuan, a decline of as much as 50%. The only increase in revenue from the platform was Vipshop, which rose from 50.68 million yuan in 2013 to 198 million yuan.
Handu Clothing House did not disclose sales from Taobao and Tmall, but Handu Clothing House's sales from Vipshop reached 345 million yuan in 2015, accounting for 27.37% of total sales.
Inventory pressure increases Significantly Inman inventory book value exceeds 50%
Crack, Inman from Taobao and Tmall sales declined, but from Vipshop sales increased significantly, a significant reason is inventory.
In the prospectus, the company said that at the end of 2013, 2014 and 2015, the book value of the company's inventory was 115.7532 million yuan, 110.8970 million yuan and 90.9865 million yuan, accounting for 44.83%, 38.83% and 33.66% of the total assets of the current period, respectively.
If there are changes in consumer preferences, fashion trends and other factors, it may lead to unsalable inventory, resulting in the occupation of working capital, reduced operational efficiency and increased risk of inventory price decline provisions, which will have a greater adverse impact on the company's financial position and operating results.
Inman's parent company Huimei Group produced 5.39 million pieces in 2013, but the sales volume was 4.79 million pieces; Huimei Group produced 9.46 million pieces in 2014 and sold 8.02 million pieces, which can be clearly seen that Huimei Group generated a large amount of inventory in 2015.
At the end of each reporting period, the carrying amount of Huimei Group's inventory was RMB173.9452 million, RMB279.9879 million and RMB371.0639 million, accounting for 50.48%, 61.10% and 55.25% of the total assets of the same period, respectively, and inventory accounted for a large proportion of assets.
Huimei Group said that the growth of the company's inventory stemmed from two factors:
First, the sales growth of the main brand ("Inman" and "Chuyu") led to an increase in stock; second, the company's brand incubation strategy was fully launched, and the number of brands of the company expanded from the two brands of "Inman" and "Chuyu" in 2013 to thirteen brands at the end of 2015.
Inventory will adversely affect the company: on the one hand, the increase in the company's provision for inventory decline will lead to a decrease in the company's profit; on the other hand, the increase in the balance of inventory will occupy the company's working capital, affect the company's operating cash flow, and reduce the quality of the company's profitability.
Handu Clothing House information also revealed that at the end of 2014 and 2015, the book value of the company's inventory was 156.0438 million yuan and 173.9920 million yuan, accounting for 32.68% and 33.75% of the total assets, respectively.
What causes the Tao brand to have so much inventory? Important reasons are:
Since 2014, traditional offline clothing brands and UNIQLO, zara, etc. have settled in major domestic e-commerce platforms, and increased sales efforts in online channels, while new online clothing brands have increased significantly, diverting the flow of women's clothing consumer traffic on e-commerce platforms.
Inman said that fierce competition from online brands, declining online shopping dividends and slowing economic growth have weakened consumer spending power, and sales growth of new and old brands have not been as smooth as expected, which may lead to a slow or even backlog of inventory weeks.
Handu Clothing House said that the use of "small, fast, multiple" product management model, inventory turnover rate is significantly higher than the same industry level, although the number of products of each model is not much, but under the influence of multiple styles and seasonality, the overall product inventory is still large.
A person in the e-commerce industry pointed out that this time, the crack, Inman, and Handu Yishe are seeking to sprint to the ChiNext board or the new third board, because the growth prospects have been very limited, and investors have exit pressure, and landing in the capital market as early as possible can keep the current results as much as possible.
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