IPO Pending &Nbsp; Can Fans Stay At Home?

Before November 30th, VANCL showed people in the way of "Internet marketing myth" and "B2C of Chinese clothing".

But after that day, its senior entrepreneurs, the "popular" throughout the country.

Mcglaughlin's latest earnings report also showed a net loss of US $14 million 400 thousand in the third quarter.

Clothing electric business, who can "H O LD" live? Fan guest CEO jumped out to fight back, "hold on, mean everything."

And drying out on 3 December.

At the same time, an anonymous veteran customer immediately published a series of blog titles entitled "how long can customers stay", which kicked off the fact that there are six rounds of $420 million financing for all customers, but the accumulated deficit may exceed 2 billion yuan in four years.

In addition, more than ten billion yuan of inventory backlog and hundreds of millions of yuan.

Although fan responded by saying that anonymous Bowen was not true.

But the publication of these comments has stimulated people's nerves again and again.

Who will repeat the mistakes of PPG?

Van guest expects 2011 sales to "skyrocket" to 10 billion

Drawing on P P G for basic shirts such as shirts and T-shirts, customers have embarked on the road of rapid expansion.

According to publicly disclosed data, its sales volume was 100 million in 2008, 500 million in 2009 and 2 billion in 2010.

Next, the C E O annual sales forecast 2011 sales will be "soaring" to 10 billion yuan, sales in 2015 surged to 150 billion yuan.

10 billion what kind of clothing company is it? What is the concept of "150 billion"?

China's largest clothing company is Metersbonwe, which is expected to grow by 40% to 10 billion 500 million yuan in 2011, CEO told reporters in Nandu.

By analogy, customers are already the biggest clothing brands in China.

The difference is that Metersbonwe's billions of sales are made up of 1000 SK U (inventory units), while van guest claims that its SK U is up to 10 thousand.

In addition, the total retail sales of clothing in China is about 1 trillion / year, and the total wholesale clothing is about 150 billion / year.

If the customer really achieves 150 billion scale, it means that every four Chinese people have a dress that wears a guest.

Outside questioned, too many SK U actually represents a large number of products unsalable, for example, customers will classify jeans into hot jeans, decoloring jeans and so on, many SK U, but with the change of fashion trend, many kinds of SK U is difficult to create sales volume, almost equivalent to no effect.

And Chen's response was very crisp, "if it was four years ago, I had to figure out if I had too much class.

The customer is the brand that the shopping experience makes, we only see whether the user accepts the customer.

"The traditional clothing brand is issued according to the" 20/80 "rule, so long as the target consumers who lock in 20% can create 80% performance.

And like PPG, customers are pursuing the "long tail effect", which can reduce marginal costs by meeting all the needs of all people.

Liu Hui, chief economist at Zhao Yi retail business consulting, explains this.

Calculate the crisis of burning money

Since everyone is the "PPG version" clothing brand that connects the preceding and the following, it is natural for us to earn scale and reputation by advertising bombing.

Bowen wrote "how much longer can customers stay?"

In recent years, Li Yuchun and other four spokesmen endorsement fees and outdoor billboard advertising, as well as this year's short-time television advertising, has also accumulated more than 1 billion yuan, in 2011 put at least 400 million.

If the actual sales volume of fan in 2011 is 7 billion yuan, sales will be 7 billion - Internet advertising 1 billion 500 million - spokesperson input 400 million - Logistics 210 million - clothing cost 5 billion =-1.1 billion.

However, the customer said that Bowen's statement is not true, and the exact number of companies is not convenient to disclose.

According to the old age of this year, the sales volume of the customers who had been disclosed to the media earlier this year will reach 10 billion in 2011, and the scale of advertising will reach 1 billion yuan. The proportion of advertising accounts for at least 10% of the turnover. Compared to that, the general advertising expenditure of Chinese men's wear or sports brand will account for 1.5% of the business revenue.

In addition, the media revealed that the fan Kong prospectus shows that "customer logistics costs accounted for 20% of the total revenue, procurement costs accounted for 67% of the total income", such a calculation, 10 billion sales - advertising 1 billion - spokesperson 400 million - Logistics 2 billion - 6 billion 700 million =-1 billion.

Of course, companies in the field of electronic commerce are in a state of loss. Mcglaughlin's latest earnings report also shows a net loss of $14 million 400 thousand in the third quarter.

Even if everyone is still losing money, the old age is used to compare, "excellence has spent six years in excess of billions of dollars, and customers have only spent a year."

Chen said, holding on means everything.

Can you hold on?

Holding on means that everyone has enough money to burn.

IPO is the best way to win the financing and the last chance.

Recently, there were four rumours that van ciclor went to IPO in the United States. There are reports that five investment banks in the IPO paction are CICC, Citigroup, Credit Suisse, Goldman Sachs and Morgan Stanley, with a maximum financing of $1 billion.

Even intime network C E O Liao Bin broke the news that everyone had submitted the listing application in November 5th.

At this juncture, Wu Sheng, a veteran entrepreneur, resigned and pushed all customers to the cusp of IPO.

In December 3rd, Chen displayed the collection of the bottom of the pressure box, claiming that customers had completed the F round of financing 230 million months ago 5 months ago.

The problem is, "the inventory of customers is at least one billion, and the salaries of personnel are at least 500 million per year. According to statistics, the outstanding accounts of all suppliers have reached hundreds of millions of yuan."

"Blog can be very long," the blog said, "despite six rounds of $420 million in financing, the accumulated deficit in four years may exceed 2 billion yuan."

The Internet fan pin prospectus also shows that "at the end of September 2011, van worth's inventory value reached US $230 million."

But it is worth noting that "the general practice of the retail industry is to store goods before the national day. If the end of the season is cleared, even the most demanding suppliers will be able to return more than 10%, and inventory is not necessarily dead stock.

What is more critical is that all customers use the "consignment system covering the brand of a small customer brand". Most SK U are purchased from the processing factory which has no capacity to do the channel, and the inventory can also be refunded.

Liu Hui said.

In fact, this year, in July this year, any customer reduced the Commission to cooperate with the network alliance, the ratio reduced from 16% to 10%., but the hidden danger was floating from another place. "In those days, the last straw that crushed PPG was in fact" product quality ". Because the capital chain was tightened, PPG was in arrears with the factory's money, and the factory was bound to cut corners. Once the brand was abandoned by consumers, it would be sooner or later.

Han Yong, who has been engaged in the garment industry for nearly ten years, told the Nandu reporter, "whether the customers will repeat the mistakes of PPG, the key is to see the performance of the first quarter after the Spring Festival in 2012. If everyone went crazy to promote the clearance, they would be very ill."

Back to the origin of product quality and fashion design style, perhaps this is what Chen really worried about.

Industry perspective

Jingdong mall CEO Liu Qiangdong

In recent years, they are more determined that rumors about them are rumors.

Because his eyes narrower, only the spirit of good eyes will become smaller and smaller. In China, only in the clothing industry or the electricity supplier industry has created outstanding achievements that no one can achieve.

Hansen century supply chain management consulting vice president Huang Gang

In the interview, Chen said, "hold on, it means everything." what exactly should we hold on? Analysis: the road to IPO needs to be held tight. The Chinese concept stocks are very bad. Talent needs to be held up. The flow of talents has been frequent since the establishment of customers. Investor confidence needs to be maintained. The six round of financing is about 420 million dollars. The supply chain should be held tight. SK U is under great pressure. Sales expectations must be maintained, 10 years sales 2 billion, 12 years 30 billion, five years plan 150 billion.

Zhang Peng, senior investment manager of Analysys capital

Van guest is a company that has the opportunity to list, but from now on, the listing is not very smooth, it is planning a new timetable.

There are not many good companies in the field of electricity supplier, but also two or three, Alibaba, Jingdong, and everyone.

High investment costs a lot, and I hope the company will survive this.