The Last Step Of Shoe King Is The Retreat Of BELLE International.

The last step of shoe king is delisting.

The total price of privatization is HK $53 billion 100 million, which sets a record price for Hong Kong stock trading, but it is far from BELLE at its peak.

10 years ago, her market value hit 1 400 billion Hong Kong dollars.

But this price is indeed a premium for her performance over the past year.

BELLE international offered HK $5.27 / share before the suspension, with a market value of only HK $44 billion 400 million.

Behind this is: 13 consecutive quarters of negative growth in the same store sales; in the 12 months ended February 28th, net profit fell by 18%, the core.

Sales fell by 10%, and 700 stores in a year - averaging 2 stores a day.

But BELLE does not think this is the last step.

After privatization, she will continue to pform and intensify her efforts.

It is worth noting that BELLE founder Deng Yao and CEO Sheng Bai pepper will no longer hold shares in the company.

After 26 years of "Deng Sheng match" departure, BELLE still has the next step? Today's BELLE is no longer BELLE, 10 years ago, and 53 billion 100 million Hong Kong dollars is already high valuation for her.

BELLE's last performance conference, Sheng Bai Jiao said: "10 years ago, BELLE went public and had frozen more than 4 000 billion yuan, which surpassed the ICBC.

Fortunately, at that time, I didn't get carried away and talked about success, otherwise I would be more ashamed today. "

But the CEO, who rarely appeared, once declared that "wherever there are women, there are BELLE".

Now, it's just a hundred peppers with double temples.

In those days, Deng Yao made shoes and the whole industry chain model for BELLE from shoemaking to retail, and then aimed at the mainland market.

Sheng Bajiao served as general manager of Shenzhen BELLE. He also focused on the occupation of shopping malls and street stores, laying a comprehensive channel.

From 2010 to 2012, BELLE had more than 1 new 500 stores every year. At the peak of 2013, the total number of stores was over 1.9, and all of them were direct battalions.

After the listing of Hongkong in 2007, BELLE not only accelerated the integration of the retail network, but also opened the way of brand expansion: 380 million yuan acquisition of Fila, 600 million yuan acquisition of Millies, and 1 billion 600 million yuan acquisition of cedar...

Combined with the brands such as Teenmix before it acquired, BELLE has gradually formed a super brand matrix: BELLE, BELLE, real beauty, and so on. Its brand includes Bata, CAT and Clarks.

Basically, we have achieved the full age and full price coverage for users.

To make large-scale and strong takeover, the barbaric growth of early stage laid the absolute right to speak on BELLE's brand, capacity and channel. At that time, the mainstream department stores could monopolize business.

More than half of all the shopping malls and all the footwear areas are covered by BELLE.

As a result, BELLE has the pricing power, and the price is often 30% higher than that of its peers.

This also enabled BELLE to increase its net profit by more than 20% a year before 2012 (except 2008).

Now, BELLE's advantages are in several ways: first, "

The first advantage of the mainland market is the formation of the "mainland production"; the two is the occupation of the commanding heights of the mainstream channels, and the subduction advantage of the market; the three is the multi brand omni-directional coverage, forming an exclusive monopoly advantage.

But now, the three advantages are weak.

Sheng Bai Jiao first laid street shops, laying a comprehensive channel.

In 1999, the other woman's shoes, Daphne, went to the street store 8 years later. In that year, Daphne faced the biggest clearance in history.

The loss of first dividend (from supply and demand to supply exceeds demand), channel diversion and brand individuation trend are all displayed, and BELLE is pforming in the rush of the trend.

With the advantage of channel, it has become the biggest agency dealer of sports brand in China.

In 2014, BELLE group's net interest rate rebounded to 15.5%, that is, the increase in net profit from sports and apparel business.

The acquisition of new products.

In 2013, BELLE acquired Japanese clothing retailer Barok, Italy brand leno and domestic high-end men's shoes brand Long Hao Tian, hoping for epitaxial growth.

Channels sink.

The competition in the three or four tier market has long been intense. The latecomer of BELLE does not have any advantages.

The pformation of traditional enterprises is a bloodshed revolution. The pformation of BELLE is not painful, but it still adds strength to past advantages.

In fact, without breaking the bones, BELLE can still achieve the first step by telling the brand story.

Nowadays, users' perception of a brand image is stereoscopic, no longer based on the number of shops, but from the social network, e-commerce platform to find the evaluation of the brand, or even directly interact with the brand to build awareness.

UNIQLO is actively interacting with users, opening a special area in the flagship store, allowing users to design their own T-shirts.

Distinguishing the brand tonality and combing the long tail demand is a good entry point for BELLE.

She only revolves around the degenerated advantages, allowing the brand aging and product homogenization to become the "no story female schoolmate" today.

By 2015, BELLE's international net profit was only 2 billion 934 million yuan, down 38.4% compared with the same period last year.

With its interaction with users, UNIQLO has become a super IP of emotional sustenance and value expression.

While BELLE brand relies on specific products and sees BeLLE, people will only think of high-heeled shoes.

In the 2016 interim results conference, Sheng Bai pepper sighed the electricity supplier, which posed a great threat to the group. The group performance could not be reversed in the foreseeable 1~2 years.

Obviously, Sheng Bai Jiao believes that the electricity supplier is the enemy, which is a common problem of thinking among many traditional entities.

As early as 2008, BELLE gradually established the electricity supplier mode of the whole network marketing according to the development steps of Taobao distribution - Tmall flagship store B2C distribution - independent B2C website Taoxiu network.

The product also developed a special contribution from BELLE brand.

This has been seen as a successful case of traditional business pformation.

But with the rise of the B2C platform such as Holle, Le Tao and other vertical footwear, BELLE began to reintegrate resources in 2011, and concentrated the entire business of the electricity supplier to the new B2C vertical e-commerce purchase online.

BELLE strives to buy excellent products and strive to make profits in 3 years.

In 2012, Xie Yunli, the then director of the electricity supplier, announced that BELLE would invest 2 billion yuan to develop excellent purchase, and was once "monopolized BELLE's own brand online, cutting off the supply of other electricity suppliers".

In addition, excellent purchase can also serve as a large area to participate in the order meeting, sharing the replenishment mechanism of BELLE supply chain.

BELLE regards the electricity supplier as the eleventh big areas (there are 10 large areas under the BELLE line). It also gives them the mission of developing new channels and establishing new monopolistic advantages: the excellent purchase network not only sells BELLE's series brands, but also sells any brand of shoes and clothing other than the BELLE system, and its direct competitor is Le Tao and Hao Le, etc. it may compete with Jingdong and all customers in the future.

The development logic of BELLE's purchase network is the same as that of BELLE, and its scale oriented makes it the largest footwear business platform in China.

But in the same year, the entire vertical electricity supplier also ushered in the decline period.

This centralized and monopolized development thinking has not yet divorced from the practice of BELLE in the age of industrialization.

But in fact, it is different from the consumer scenario, user experience to sales logic.

The excellent purchase network belongs to the pformation of the traditional entity enterprises. The advantage lies in its strong financial strength and strong brand support. The disadvantages are equally obvious, which is often limited to the overall layout of the enterprise and the bondage of the business under the line.

For a long time,

Just like the captives captured from the electricity supplier, they kept clear the stock.

BELLE is worried about the impact of online channels on the offline, so it strictly distinguishes between online and offline goods, making it an awkward position not to serve BELLE customers, nor to sell BELLE's hot money.

This makes it difficult for BELLE to purchase customer data.

Traditional business pformation of electricity providers, Haier mall is a good reference, the goal is very clear, that is, to do services.

Online orders are completed by offline stores, online as an entry, and through data links throughout the company, and every aspect of product design, production, sale and after sale can be benefited.

In the era of big data, data is the right to speak.

The struggle between Shun Feng and rookie is to win this initiative.

But BELLE still ignores user experience and data precipitation and moves toward scale.

In 2013, the excellent purchase reached 1 billion 100 million yuan sales volume, rushing to the largest footwear business platform in China.

In the same year, the entire vertical electricity supplier also ushered in the decline period.

The high cost of traffic acquisition and the limited competitiveness of platform providers are always the shackles of vertical electricity providers.

Excellent purchase began to expand from footwear to clothing and other categories, trying to pform the fashion business.

Just unexpected changes in the internal environment, the top executives of the electricity industry have left one after another. Unfortunately, the purchase of poor children has not been able to survive the big wave.

In 2016, Sheng Bai Jiao said the company launched an experiment at three levels, including offline consumers' online service and consumption experience, and establishing a customer management system to enable customers to spend more on the physical store.

However, it is too late, all attempts will stop at BELLE's delisting or founder's exit.

Sheng Bai Jiao is responsible for the failure of pformation, saying that every meeting will be sad and afraid.

The decline of BELLE is clearly not in its own right, but as a leader, finding a balance between short-term profits and long-term development is ultimately more inclined to the former.

Sheng Bai Chai blamed BELLE's current situation on "not making good anticipation and response to market changes".

Investors do not know how to treat this simple and honest old man, sympathy or understanding.

In the face of a sharp fall in performance, Sheng Bai pepper was still hesitant in talking about the performance in 2015, and sighed, "how old are you when you are 65 years old?"

In the early days, BELLE's production mode had its advantages.

In the era of industrialization, the typical mode of shoe enterprises is mass production, which will be sold to franchisees or direct stores through orders, and will be new in the quarter or half a year.

And sales are tier one, two or three line, four or five tier tier tier cities, discounted layers of digestion and stock.

On the basis of this, BELLE has made innovations: its stores are all straight battalions, and through the buyers know the hot selling styles, and then design the next season type. First, the small batch trial sale is carried out on the production line. Each item will be put into the market 50% first, and then the market will be reused to modify the styles and make up the order.

In this way, BELLE inventory control has always been very good.

But in 2015, the mainland market was making full use of "Internet +".

Foreign fast fashion brands, but also to the offline competition to fast, accurate, fine C2M field.

BELLE innovation does not focus on speed up turnover, its products from drawings to finished products still need 3~6 months.

With orders, turnover lasts for months.

It is also a store run ZARA and a full industry chain, and its product from design to rack takes 10~15 days on average.

It can be said that on the whole industry chain building, BELLE serves scale, while ZARA serves speed.

By imitation

In the design, ZARA will launch 12 000 every year. There is not much quantity of each type in a single store. The same product will not be put in the store for more than 3 weeks.

Its single store orders directly to headquarters at weekly units, and products arrive in stores within 3 days. This rapid replacement ensures a continuous sense of freshness.

At the same time, fast fashion brands do not care how many people a product can cover.

What they care about is whether a product can accurately hit a certain group of people and achieve rapid sales.

In contrast, the proportion of BELLE's innovative shoes is only 40% of the total a year, and the rest are based on the first year's best selling.

In the eyes of consumers, this is outdated.

In addition, BELLE's "high price, low discount" is also beaten by ZARA's "first-class design, second class fabric and three price".

Today's shopping centers are all inclusive, and there are no more brands for BELLE. But ZARA often choose to shop in a place where the first line brands get together.

The pain of BELLE is that if we want to turn the whole industry chain model for scale service to speed service, we must take the lead in the whole body.

Liu Jing, 68, is still struggling. He plans to shorten the production period of the UNIQLO production to about 13 days, and strive to be equivalent to ZARA.

It is probably the basic condition for the old brand to survive in the new era.

For more information, please pay attention to the world clothing shoes and hats and Internet cafes.