Women's shoes electricity supplier of the road is imperative.
March
19, Belle International (01880.HK) issued a performance profit warning,
said Belle 2016/2017 fiscal fourth quarter, footwear business
same-store sales are expected to decline 6.2%, equity holders should be
profitable Reduced by 15% to 25%. This announcement caused the industry uproar, you know, this is since
the listing of Belle for the first time since the performance of a
continuous collapse of the situation.
In fact, in fiscal year 2015, Belle's net profit appeared a cliff-like decline, or even reached 38.4%. Then, Belle has ushered in the first "customs shop tide." In the 2015/2016 fiscal year, the number of Belle stores reached 366.
Belle
Group, 66-year-old chairman Sheng Pepper in last year's performance
conference, put away a consistent humorous style, solemnly told the
media that in recent years under the line sales environment is very
grim, most department store business has been back , And, "the more cold winter shoes have not yet come."
Electric business transformation
In fact, Belle has become a "shoe king", in addition to its sales for
13 consecutive years champion, but also its control of the channel.
Belle
now has Teenmix, Tata, Staccato, more than a dozen own brands, as well
as Bata, CAT, Clarks and other agent brands, usually, half of a shopping
mall More than the footwear counters are selling Belle shoes. In addition to footwear business, Belle or Nike, Adidas largest agent
in China, this layout for the Belle has brought a huge channel
advantage.
But
the former staff of Li Li Li Nan (a pseudonym) It seems that the
subversion of the Internet to Belle long-term accumulation of advantages
instantly become meaningless. He told the Times Weekly reporter, the impact of the Internet on Belle is almost subversive. "The Internet has changed the habits of consumers too much, people's
consumption habits from the line to the line, Belle before the success
of these successful experience, all the means of marketing have been
subversive." He said.
The original channel advantage is becoming a burden. In
last year's annual report, Belle recalled that the evolution of retail
channels for the footwear business caused a huge impact. In the past 20 years, Belle's department store channel there is a certain degree of over-coverage. On
the one hand the functions of shopping malls more and more away from
its original intention to attract consumers is no longer the previous
goods, and into a restaurant and entertainment services. On the other hand, the rapid development of electricity business, diversion of a part of the focus on convenient customers.
As Sheng Baijian said, the mainland line under the sales environment is indeed very serious. According
to Euromonitor International, China's footwear and apparel market grew
by 41 percent in 2015, corresponding to a sharp drop in physical stores. Belle is in 2012 business began to decline, with the corresponding is the days of cat and other electric business growth.
In fact, Belle in the development of electricity business is not no action. 2009
Belle created his own business platform "Amoy show", at the time the
trend of independent sites, Amoy show network operation is pretty good. 2010, Amoy show almost no advertising investment, but its sales have done 10 million yuan. In 2011, Belle has set up a superior purchase network, and Taobao
network resources to a comprehensive transplant to the excellent
purchase network.
For the excellent purchase network, Belle's appeal is no longer just to increase a sales channel so simple. When
the excellent purchase network CEO Zhang Xuejun interview with the
media, had hoped that this site can be made with the music network to
compete with the vertical power giant. But soon after the acquisition of music Amoy news, to the excellent purchase of a pot of cold water poured cold water. In
2014, Le Amoy network was sold to Guangdong Guan Peng shoes and a Hong
Kong investment institutions, the purchase price of only tens of
millions of dollars. As the benchmark of the music Amoy cheap, the entire footwear B2C vertical electricity business website also fell into trouble.
In the outside world, the development of gifted purchase is mainly Bailey's pre-sentence mistakes. "At
that time Belle's model with the cross-border electric business is
almost, is the inventory, the end of the money put up and selling, the
traditional business assessment of the electricity business is not so
serious." An insider told the Times reporter, and this assessment bias
to Belle missed The
laying of the days of cat, Jingdong and other large platform of the
golden period, its own platform for the sale of the end of the money,
questioned. In a shareholders meeting in 2015, Sheng Baijiao respect, excellent purchase network sales accounted for only 3% -4%.
Market change
But in addition to the impact of electricity providers, so that Sheng Baijiao more distress is the change in consumer grade. In
Belle 2015/2016 annual performance meeting, Sheng Baijiao said he took
the elevator in Shanghai, 20 people only two people wearing shoes, he is
one of them. And his son's shoe, the same kind of sports shoes, only a pair of dress shoes. He said, it is clear that the demand for fresh shoes is declining.
Euros
International clothing and footwear analyst Bernadette Kissane also
said that sportswear in 2016, the market value of about 78 billion US
dollars, is the future growth of the key factors. From Belle mid-term coverage can also be seen, Belle sports, apparel
business income increased by 14.9%, income accounted for 56.0%, with the
corresponding, footwear business income accounted for down to 44.0%.
And
a worrying problem is that Belle sports, apparel business is currently
dominated by dealers, including Adidas, Nike and other brands in the
first line accounted for 48.2% of the income, so some analysts believe
that Belle is fully reduced to agents Business.
Li Nan in view, Belle agents to do the biggest disadvantage lies in the loss of the right to speak. It is reported that since 2008 Adidas and Nike two major brands have thrown a self-retail development plan. Insiders
to the Times Weekly reporter analysis, the two big brands to flee, and
their development in the electricity business, Belle's agency business
may constitute a direct competitive pressure, more serious is that Belle
in the sports products are not too Big development, therefore, this situation may give Belle the whole business caused a certain risk.
In
last year's annual report, Belle officials also reflect on the past 20
years, Belle in fashion shoes, dress shoes are over-covered areas of the
situation. But the movement, casual wind accounted for less than.
But in fact, Belle in 2007, also involved in the field of sports, but the so-called involved, just a tinkering attempt. In
2007, Belle acquired the world's top three sports brand FILA, ready to
open up its market in the sports field, but less than a year Belle will
FILA brand business to not more than 600 million yuan price "cheap" to
the Anta The
The reason, Belle official did not comment, but there are analysts that is due to FILA operating results in China is not ideal. According
to the annual report, in 2007 and 2008, FILA brand in China's business
has lost 10.96 million yuan and 39.178 million yuan, so Belle eager to
let go of the loss of business, will focus on the existing brand. But did not expect a few years after the sports brand ushered in the explosive growth, Belle once again missed the opportunity.
Collective deviation
In
fact, in last year's annual report, Belle has elaborated on the causes
of its net profit plummets for various reasons, but also points out the
transformation of the action plan: to create a consumer-oriented
efficient retail platform, increase the shopping center channel Business configuration, promote online and offline interaction, one to one customer exchange and so on.
In
the interim report, Sheng Baijiao said that in the next three to five
years, Belle will actively increase business transformation efforts to
digital change as the main line, to build the core competitiveness. But how to change the specific, the report did not mention. In this regard, the Times newspaper reporter call Belle Group, Belle
refused to reporters interview, said the specific needs of the
transition to be published until the annual report can be announced.
For the transition, Belle's determination may also be derived from the CEO Sheng Baijian's determination. According
to media reports, in the previous year's annual performance meeting,
Sheng Baijiao talked about the transition, it is very hesitant. He said, "they are 65 years old, but also how much toss it?" Then, he asked the reporter: "In the end do not want to transition?
In fact, the old women's shoes giant Daphne (00210.HK) and Saturday (002291.SZ) the same day is also better than. Although
the three giants are trying to transform in various fields, but from
the recent performance can be seen, try not optimistic. Daphne
2016 annual net loss of 790 million -8.4 billion Hong Kong dollars,
operating losses of 786 million -8.45 billion Hong Kong dollars, a loss
increase of 58% -70%. 2015, Saturday net profit also fell more than three percent.
In
an insider view, these companies have some advantages in technology and
capital, if you seize the private market and commercialization, there
are many opportunities.
2017 04/13