Geely Fashion is going to be listed on the main board of the Shanghai Stock Exchange.

Another clothing brand sprints IPO!

On April 28, the first public offering prospectus of Disu Fashion Co., Ltd. is planned to be listed on the main board of the Shanghai Stock Exchange. The proposed release of 60 million shares, accounting for 15% of the total share capital after the issue.

According to the world clothing and footwear network, the three main brands of “DAZZLE”, “DIAMOND DAZZLE” and “d'zzit” are mainly for the high-end women's clothing market, including stars and fashion people including Yang Mi and Ni Ni. Love.

On the other hand, the financial data of the plains fashion is also quite optimistic. According to the prospectus, from 2014 to 2016, the annual operating income of the geography is maintained at around 1.8 billion yuan, with a compound annual growth rate of 1.16%. The annual net profit is maintained at around 500 million yuan, with a compound annual growth rate of 6.27%. . It is worth mentioning that in 2016, its net profit margin exceeded 28%, and the gross profit margin exceeded 75%, much higher than other brands in the same industry.

Although from the perspective of the shareholding structure, there is a strong family color in the fashion of the plains, there is a risk of related transactions, but a star fund is among them, which undoubtedly increases the endorsement. Yunfeng Fund is currently the third largest shareholder of Gemini Fashion. The fund was founded by Ma Yun, Chairman of Alibaba Group and Qi Feng, founder of Juzhong Media. He has invested in many listed companies.

Mid-to-high-end positioning, gross profit margin exceeds 70%

Founded in 2002, Gesu Fashion has 7 wholly-owned subsidiaries and 1 holding subsidiary. Focusing on the positioning of high-end brand women's wear, Weisu Fashion launched the “DAZZLE” brand in 2005. In 2010 and 2011, it launched the “DIAMOND DAZZLE” and “d'zzit” brands. In 2016, it launched the “Brazil” brand with the famous singer Na Ying. The NA BY DAZZLE brand further enriches the company's brand identity and expands the coverage of the crowd. The first three are the main core brands. The products are targeted at the 18-45-year-old women's consumer group with the strongest consumption power, and cover the mid-to-high-end, high-end and mid-end women's wear markets, forming a multi-dimensional and deep market for women's wear. Level penetration. In the first three months of this year, the average selling price of the three was 577.89 yuan / piece, 1871.81 yuan / piece and 369.73 yuan / piece.

Among them, “DAZZLE” has a market share of 1.54%, accounting for more than 60% of the company's main business income. From 2012 to 2014, its annual sales growth rate of sales revenue was 29.62%. The sales of the young “d'zzit” brand reached 573 million yuan in 2015, an increase of 17.02% compared with 2014.

For the three major brands, Geeji has set up an independent team of designers, and equipped with professional design and development personnel such as accessories, fabric development, pattern design, etc., to track the international fashion trend while promoting R & D and innovation capabilities. At present, the design and development center has a total of 153 members, including 20 designers, and the chief designer has more than 15 years of fashion design experience.

In marketing, fashion show stars cross-border is still one of the usual methods of high-end women's wear. On August 15th, 2016, the brands of the Geely brand launched the brand fashion show around the theme of “It's Show Time”. At the opening of the first flagship image store of Beijing Oriental Xintiandi in 2015, the artist invited Mr. Yue Minjun and the star. Yang Mi attended; "d'zzit" not only cooperated with major media magazines in China, but also launched brand magazines and tried to combine independent music.

In the meantime, including Yaying EP, Marsefir Marisfrolg, Portsports, Moan 珂 MO&Co., Ama Shi AMASS, Kneeling JZ, Langzi LANCY, Gloria ELLASSAY, Zhuoya JORYA are all direct competition opponent. Many of them have already been listed or are sprinting IPOs.

The prospectus disclosed the financial data for the past three years from 2014. The total revenue of the fashion business has not changed significantly. Although the 2016 year has slightly decreased from the 2015 year to 1.816 billion yuan, it is surprising that The net profit of the plains fashion has gradually increased slightly, reaching 522 million yuan in 2016.

This means that the net profit margin of the plains fashion is as high as 28.77%. In addition, according to the prospectus, the comprehensive gross profit margin of Geely Fashion in 2016 was 75.17%, which was much higher than the industry average of 67.19%.

According to the Euromonitor research report, the retail sales of China's mid-to-high-end women's wear market increased from 89.989 billion yuan to 125.61 billion yuan from 2011 to 2015, with a compound annual growth rate of 8.70%, which is 1.30% higher than the overall women's wear market. The upgrading of clothing consumption, the improvement of women's brand awareness and aesthetic ability means that there is still a large room for development.

Raise 2.4 billion yuan plus code layout

The purpose of the fundraising is mainly: 1. Marketing network and brand building projects, with a total planned investment of 1.777 billion yuan; 2. Information system upgrade project; 3. R&D center construction project; 4. Supplementary other related to the main business Working capital, a total of about 2.4 billion yuan is planned to be raised. As of December 31, 2016, Geely Fashion had a total of 992 outlet terminal stores, a slight decrease from the previous period. Among them, there are 620 dealers, and the distribution model has become one of the main sales models. In terms of revenue, in 2014, 2015 and 2016, the distribution revenue accounted for 50.90%, 53.37% and 48.51% of the company's main business income, respectively.

Most of these stores rely on mid- to high-end commercial terminals, including medium and high-end department stores, shopping centers, etc., and have achieved a nationwide marketing network of “one-and-two-tier cities as the core and third- and fourth-tier cities simultaneously”.

Despite the obvious advantages of the distribution model, such as effective control of its own funds, filling the blank market of direct terminals, and rapid expansion, it puts higher requirements on the company's channel management and brand image management capabilities. This is also why many clothing brands have begun to increase the proportion of direct sales after a period of expansion, in order to strengthen their ability to control the terminal.

From the perspective of e-commerce business, the proportion of e-commerce revenue of Geely Fashion in 2016 was only 6.67%, indicating that e-commerce is still an important strategic measure for development in the future. According to the world clothing and footwear network, the fans of the Tesco Tmall flagship store have exceeded 1.87 million, which is the integrated store of several major brands.

However, in the view of the plains fashion, for the domestic high-end women's clothing, although the compound annual growth rate of e-commerce is higher than the department store channel, the latter is still the mainstream, and secondly, the O2O sales model also needs to be explored. Ma Gang, an observer in the apparel industry, said in an interview with reporters that “in fact, the emerging channels represented by e-commerce are rising strongly, especially in clothing, accounting for 30% or more of the entire apparel industry.” For example, he said, “The China Merchants Department of Wanda Plaza has reduced the proportion of apparel products from 60% to 30%, because this category is too obvious for online attacks. How to develop omni-channel marketing is the development of every apparel company. Strategy."

In addition, there is still a large inventory pressure on the geography. At the end of 2014, the end of 2015 and 2016, the book value of the land inventory was 195 million yuan, 229 million yuan and 233 million yuan respectively. The book value of inventory accounted for 17.67%, 17.40% and 17.55% of the total assets in the same period. Inventory occupies working capital. If the inventory size is too large, it will reduce the company's operational efficiency. If the company fails to accurately grasp the fashion trend, resulting in slow sales of products and risk of falling prices, it will have a large adverse impact on the company's operating results.

Yunfeng Fund is the third largest shareholder

Formerly known as Shanghai Ruo Ruo, the land was founded in 2002 by Ye Danxue and Li Saijun. At that time, the registered capital was only 1.68 million yuan. In June 2006, the name was limited. Since then, the new shareholder Ma Ruimin has successively increased the subscription of shares to 86.21%. In 2011, the first two shareholders transferred the entire equity to Ma Yixin. One year later, Ma Ruimin transferred a small amount of shares to Ma Limin and Ma Minmin.

After 2013, Shanghai Yima and Yunfeng Fund entered. Shanghai Yima is mainly responsible for investment management. One of the partners, Jiang Yan and Ma Minmin, is a husband and wife relationship; Yunfeng Fund has invested 180 million yuan to subscribe for approximately 17.78 million shares of the company at a price of 10.125 yuan per share.

With the disclosure of this prospectus, Yunfeng Fund, which has been low-key before, has further surfaced. The fund was founded in 2010 by Ma Yun, Chairman of Alibaba Group and Qi Feng, founder of Juzhong Media. The word “Yun Feng” was taken from this. It is reported that the first phase will reach 10 billion yuan. At present, the partners also include giant investment, Tencent Commercial, Haidilao and other institutions and individuals. The shareholders of Shanghai Yunfeng Enterprise Management Co., Ltd. are Wang Yulian (Mr. Qi Feng) and Ma Yun, with a contribution ratio of 60.00% and 40.00% respectively.

It is worth noting that Yunfeng Fund has focused on the financial, Internet, logistics and medical fields, such as LeTV Sports, Hang Seng Electronics, Yuantong, and Koujie. In addition, Yunfeng Fund has also invested in the listed casual clothing brand Meibang clothing and seven wolves, fashion women's clothing is currently only local fashion.

From the current shareholding structure, except for Shanghai Yima and Yunfeng Fund, which account for 5.32% and 10.00% respectively, the rest are individual shareholders. Yunfeng Fund is the third largest shareholder of Gemini Fashion, and the founder Qi Feng is the representative of the fashion director.

Ma Ruimin directly held 216 million shares of the issuer before the issuance, accounting for 63.52% of the total share capital. After the company issued 60 million shares this time, Ma Ruimin will directly hold 54% of the company's shares and still have actual control. In addition, shareholders also have Ma Yixin (formerly known as Qian Xinxin), Ma Limin and Ma Minmin, the shareholding ratio will be 11.77%, 8.00% and 1.39% respectively.

Ma Ruimin has served as brand director, executive director, executive director and general manager, chairman and general manager; its related party Ma Limin is the company's vice chairman and deputy general manager, Ma Minmin is the director of the company, director of the supply chain management center, three The relationship between the people and sisters; the second largest shareholder Ma Yixin is the director of the commodity department, and Ma Ruimin is the mother-daughter relationship, born in 1991; Jiang Yan indirectly through Shanghai Yima holding 4.01%.

It is worth noting that Ma Ruimin and its related parties controlled a total of 84.68% of the company's shares through direct or indirect shareholding, and still had 71.98% after the issuance. The “overbearing” female president and family color may have a negative impact on attracting other new shareholders.

For more exciting reports, please pay attention to the world clothing and footwear network.

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