Goldman Sachs Has Suffered 200 Million Loss Of Blood. La Natsu Bell Hussein Is Not Allowed To Be Criticized For Disclosing Information.

In this world, there are not many enterprises that are able to make Goldman Sachs invest in the world.

However, such a Chinese enterprise has done it. It not only made Goldman Sachs "blood loss" but also suffered a lot of misfortune, and this enterprise is La Natsu Bell (06116), known as the "China Version ZARA" by the media. From the rise, the peak to the present half a year, more than 2400 stores have broken arm to survive. Everything is coming fast and moving fast.

In 2013, broad street Bohua (formerly known as "Goldman Sachs investment center (limited partnership") invested 300 million yuan to increase La Natsu Bell 5% of the stock. As of June 30, 2019, there were about 18 million 236 thousand and 842 shares in broad street. In September 29th, La Natsu Bell's opening price was 4.97 yuan / share, and the market value of broad street La Natsu Bell was only about 90 million 637 thousand and 100 yuan.

What is interesting is that this is not the final outcome at present. Apart from La Natsu Bell's "loss of blood", the more than 2400 factors such as the continuous closing of stores and the sharp drop in share prices, the real reason for La Natsu Bell's dilemma is technological innovation.

　 01 the performance notice was criticized, and more than 2400 stores were still losing blood.

This can be seen from the criticism of this Monday's announcement.

In September 24th (last Tuesday), La Natsu Bell issued a notice that the information disclosure of the company's performance announcement was inaccurate and unprudent, and the announcement of the company's performance announcement was not timely enough, which affected the investors' right to know and reasonable expectations. The Stock Exchange decided to inform the 6 related personnel of the company's main body and chairman and President Xing Jiaxing.

At the same time, the Stock Exchange decided to notify the CSRC of the disciplinary actions mentioned above and record it into the trustworthiness archives of the listed companies. In addition, the announcement mentioned that La Natsu Bell was criticized for this time, and many responsible persons were punished with the announcement of the 2018 performance of the company and related other announcements.

This is probably the case. In January 2019, La Natsu Bell released the annual performance forecast for 2018. It is estimated that the net profit in 2018 will be reduced by about 459 million compared with 2017. According to the 2017 business bulletin, La Natsu Bell realized a net profit of about 499 million yuan in 2017. If net profit is reduced by 459 million yuan, La Natsu Bell expects to make a profit of 40 million yuan in 2018.

However, in March 29, 2019, La Natsu Bell disclosed the annual report in 2018, and the company achieved a net loss of 160 million yuan throughout the year. From the earnings of earnings forecasts to the loss of billions of dollars in performance announcements, the difference is 2 hundred million. Such a big gap caused a uproar in the capital market, and finally let the stock exchange be involved in the investigation.

A few months later, the Shanghai Stock Exchange completed the investigation and issued a criticism of La Natsu Bell. However, what is troubling La Natsu Bell is not only the "big deal" that the Shanghai Stock Exchange has criticized, but also the loss of performance and the ineffectiveness of stopping bleeding.

At the beginning of La Natsu Bell's A share listing in 2017, La Natsu Bell emphasized in the prospectus that the IPO raised funds will be used for the expansion of the retail network and the construction of the new retail information system, and it is expected that there will be more than 1 stores under the line in 2020. In 2017, the number of outlets under the La Natsu Bell line was 9448, and 1 stores under the line in 2020 were close.

However, because of the excessive cost and the decrease of brand income, La Natsu Bell appeared "reverse" after the rapid expansion in 2017. By the end of December 2018, there were 9269 stores under the line of La Xia Bei line. By June 2019, the number of online stores dropped to 6799. In the first half of 2019, La Natsu Bell closed 2470 stores and closed 13.72 stores a day.

Even so, La Natsu Bell achieved only 3 billion 952 million yuan in the first half of 2019, and a net loss of 498 million yuan, down 311.2% from the same period last year. The decline in corporate net profit has not been alleviated, but has been further intensified.

　 02 product innovation, brand differentiation is not high or the root cause.

With the gradual expansion of corporate losses, La Natsu Bell, the real controller Xing Jiaxing, has repeatedly pledged shares. According to relevant statistics, xingjiaxing's total Pledged Shares have accounted for 99.81% of its direct holdings. In this regard, senior industry insiders said that La Natsu Bell's current situation, either to withdraw from the market, or restructuring, there is no other way.

However, the closure of stores, equity financing or mortgage financing, La Natsu Bell's immediate situation has not been resolved, but has become increasingly fierce trend. From the development process of La Natsu Bell in recent years, we can see that the weak ability of product innovation, the low degree of brand differentiation, or the fundamental reason for the current dilemma of enterprise development.

In the early days of enterprise development, Xing Jiaxing believed that there were two "winning skills" that La Natsu Bell could win in the competition with Zara. One was to pay attention to the texture of clothes, the other was to emphasize the value-added services in the shopping process. However, these two "Nirvana" has also become an important reason for La Natsu Bell's "rapid decline in performance".

In 2013, La Natsu Bell almost closed down all franchisees and vigorously promoted the brand direct shop. In this way, with the increase of nearly 10000 stores, the operation cost of enterprises has increased dramatically. The most worrying thing is the decline in store service and quality.

"Clothes are too ugly and too popular. They are all goods in stock." "Once I wore it, I started to play." In recent years, complaints about La Natsu Bell's product quality have appeared many times. According to the information disclosed by the enterprise, 147 legal cases involving La Natsu Bell have been involved, of which 49 cases have been completed by the enterprise as a defendant.

While the product quality is being complained, La Natsu Bell's multi brand strategy has gradually become weak. The problem of homogenization between brands has become more and more prominent, and even the awkward situation of competition among different brands has emerged.

For example, the brand positioning of La Chapelle locates the white-collar workers from 24 to 30 years old, taking the elegant route; Candie 's's brand positioning is 16 to 24 years old girl, the brand style is sweet; and another main brand, La Chapelle SPORT is positioned as leisure sports. The homogenization of these brands is too serious, lacking new ideas and aging easily.

It is not difficult to see that the biggest problem facing La Natsu Bell is not equity pledge financing, nor can it be solved frequently. In contrast, the operation mode of enterprises is too single and the brands are numerous, but the problem of homogenization between them is too serious. The frequent problem of product quality is the fundamental problem.

　　 03 securities agencies and analysis platforms are not optimistic about La Natsu Bell's development.

In view of the development of La Natsu Bell, the company's average cost is 5.03 yuan, and the share price is running below the cost. However, the current stock market, the stock price of the company still has accelerated downward trend. To this end, the calf referral unit suggested that investors should be cautious in investing in the La Natsu Bell stock market.

In addition, in September 3rd, CITIC Securities announced a special inspection report on the loss of La Natsu Bell 1-6 in 2019.

According to the information disclosed in this report, in 2019 1-6, La Natsu Bell's income growth was lower than that of comparable industry. At the same time, CITIC Securities mentioned in its report that since 2019, macroeconomic uncertainty and consumer market volatility have put pressure on the development of the apparel industry.

Under such circumstances, La Natsu Bell implemented contraction strategy on the one hand and closed 2470 stores in half a year. In addition to the shrinking strategy, the company made a larger discount sale to strengthen the inventory, resulting in a decline in gross margin.

Of particular note is that the report stressed that the 1-6 month of 2019 women's clothing industry as a whole was under pressure. In the first half of 2019, the gross margin of women's clothing industry decreased significantly. Compared with the same period in 2018, the gross margin of women's clothing industry in the first half of 2019 was -13.33%~+1.29%.

The rise of 1.29% is the only Taiping bird to make profits in the first half of 2019. Besides the Pacific bird, there is no obvious increase in gross margin of other companies in the same industry. In 2019, La Natsu Bell's gross profit margin in 1-6 months was 7.58 percentage points lower than that in the same period in 2018.

At the end of this report, CITIC Securities indicated that La Natsu Bell should focus on core businesses and major brands from the angles of products, channels and brands, so as to enhance operational efficiency and enhance competitiveness and enhance profitability.

Conclusion:

Industrial upgrading has become the main melody of the current economic development, and it can not be avoided for La Natsu Bell's clothing enterprises. Especially in the case of consumption upgrading, consumers' taste for daily life consumer goods such as clothing is gradually rising, if we can not realize the upgrading of the enterprise's own brand, the competitiveness of the product will only make the market competitiveness of the enterprise decline.

On the current situation, if La Natsu Bell can not upgrade the brand, improve the quality, and improve the service ability of the offline stores, simply closing down the stores and reducing the cost will only delay the process of weakening the enterprises and cure them.