How Long Can The Sale Of Chardonnay Still Rely On The Brand

Close stores, sell assets, join in A series of self-help actions have not yet brought rachabel out of the quagmire. The company had to drink the last pot of Medicine - selling hangtag.

However, I don't know whether this is the "antidote" or "poison" to the dying rachabel.

The last "powerful medicine"

Selling hang tag - * ST lashia (603157. SH) made an unexpected move.

On September 1, the board of directors of the company deliberated and passed the proposal on adjusting the online business model, and agreed to adjust the online business to the mode of "brand authorization + operation service".

The company said that with the rapid development of the Internet and e-commerce, online shopping penetration of the clothing industry is increasing. At present, the company adopts the full self support mode on the Internet, and needs to participate in all aspects of the industrial chain, with high cost and weak profitability.

In recent years, the company's business has been deteriorating, and the continuous online investment has been inadequate.

The company plans to adjust to the asset light mode of "brand authorization + operation service", and authorize its brand series trademarks to suppliers, distributors and agent operators respectively, and hand them over to professional companies for operation.

The scope of authorization covers all brands and all Internet platforms. In the early stage, women's wear was mainly used, and then it was expanded to men's wear, children's clothing and even home furnishings.

That is to say, in the future, consumers can buy not only the clothes of La chapel, but also the household goods. These were not designed, produced and sold by La charbelle himself.

Selling hangtag is not a mysterious business. In A-share, there is a company that specializes in selling Tags - Antarctic e-commerce. They sell products of "Antarctica" and "Cartier" on the Internet, and none of them are made by themselves. But it doesn't stop the company from making a lot of money.

Can rachabel do well in the business that Antarctic e-commerce can make money?

Xialabel is still the main source of offline revenue. Online and offline brands are shared, with different modes and similar categories. Will online business under the authorization mode bring fatal impact to stores?

The proposal also needs to be deliberated by the general meeting of shareholders.

La chapel used to focus on offline stores, but e-commerce started late, but ambitious. In 2015, the company invested 200 million yuan to acquire part of the equity of Hangzhou yingshe, a clothing e-commerce company, and entrusted the online business to this holding subsidiary.

Professionals do professional things. In the year of acquisition, the online business of La chapel doubled 9 times, and the sales of "double 11" single store exceeded 100 million, ranking among the top three of tmall women's wear. A year later, the proportion of online revenue of the company jumped from less than 1% in the past to more than 10%.

In August 2018, the self-employed agency of xiabeier was terminated. It was not expected that the agency agreement between Xiabei and the outside world would be terminated. A year later, in the face of deteriorating business conditions, the company sold Hangzhou dark involved shares to drink poison to quench thirst.

Self help failed

For the last two years, lashabel has been saving herself.

It used to be the "king of stores" in the domestic clothing industry. At its peak, it had nearly 10000 stores (in 2017), and its annual revenue exceeded 10 billion. Once the trend of consumption growth slows down, these stores become a drag on the company.

Closing the store is the first way for the company to save itself. In 2018, the number of stores showed negative growth for the first time, and more than 3800 stores were closed the next year. In the first half of this year, shop closures continued, with 3667 outlets operating at the end of the year, 1797 less than at the beginning of the year.

Closing stores can not solve the pressure of performance in a short period of time. In 2019, the company's loss will increase to 2.17 billion yuan. In the first half of this year, the company suffered a sudden epidemic, and the company's operating revenue fell by more than 60%, recording a loss of 708 million yuan.

In 2019, La chapel will change the mode of direct operation that has been adhered to in the past, accelerate the promotion of joint venture and franchise, so as to transfer the operation risk, and hope to realize the balanced development of direct marketing and franchise within two or three years. In the same year, the net number of franchise outlets increased by 726 to 757, and the franchise revenue was 510 million yuan, and the contribution to the company's revenue increased from 0.07% in the previous year to 6.65%.

However, the rapid expansion of franchise stores has not been sustained. In the first six months of this year, the number of franchise / associated stores decreased by 533, from 757 at the beginning of the year to 224. The contribution of wholesale / franchise to the company's revenue has dropped to less than 1% again.

Continuous contraction

In 2018, the losses of xiabaoke have become the top priority of this year and 2019.

The company said it would further implement the "contraction" strategy, close stores and focus on brands, and further dispose of assets to solve the urgent need.

In the first half of this year, the company has reached the intention of selling Taicang property assets for 725 million yuan, and the transaction is expected to generate assets disposal income of 337 million yuan. At present, we are working on the mortgage and pledge solution of the cooperative trademark.

In July this year, more than 100 suppliers gathered at the headquarters of La chapel in Shanghai due to the arrears of more than 1 billion yuan of upstream loans. The company said that after negotiation, some progress has been made on the debt issue with suppliers.

Rachabel is still very short of money. In the first half of this year, the company's asset liability ratio has reached 90.56%. At the end of the period, the company's monetary capital was only 240 million yuan, including 189 million yuan of restricted monetary capital, with very little money available, while short-term loans amounted to 1.478 billion yuan. The company said it was maintaining and seeking external financing resources to ease liquidity pressure.

As the actual controller of the company, Xing Jiaxing's life is more difficult.

All 187 million A-shares held by him and Shanghai Hexia, the person acting in concert, were pledged. Due to the debt dispute, all the shares held by him and Shanghai Hexia have been frozen or waiting to be frozen.