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Essence Of Semir's Common "Buy House"

2012/6/5 10:05:00 22

MetersbonweSemir Apparel

At the height of the global economic crisis in 2009, Metersbonwe And its "light assets strategy" has become a model for the rapid development of domestic clothing brands in the face of adversity. However, after the listing of Smith Barney apparel, a series of long term leasing and buying of real estate made the company "heavy". Recently, Zhejiang Semir dress Limited by Share Ltd (Semir dress) also has the action of buying a house, its announcement announcements, will spend 156 million yuan to buy a shop in Hangzhou by the way of share purchase. A month ago, the United States also bought a huge property in Shanghai. Continue to choose light assets, spend capital on brand and R & D, or turn to "heavy", first ensure the access and solve the rental pressure? At this moment, more and more of the latter are chosen.


   Mori Mana rivals US bond landlord.


Recently, Semir (002563) the announcement said that the company intends to use the raised capital of 156 million yuan to acquire 100% equity interest of Zhejiang overseas Chinese Industrial Development Co., Ltd. (hereinafter referred to as Zhejiang Chinese). After the completion of the transaction, the company will acquire the ownership and land use right of the Yanan Road, Shangcheng, Hangzhou, Zhejiang, with a total floor number of 6 stories and a building area of 2637.77 square meters. 236


According to the evaluation report of the project, the net assets book value of Zhejiang Chinese is -8995.69 million, and the assessed value is 49 million 331 thousand and 800 yuan. According to this calculation, Semir clothing bought the property at a price equivalent to 3 times the premium. According to the Semir clothing announcement, "the Yanan road house owned by the Chinese industry is located in the core business district of Hangzhou City, Zhejiang province. The geographical location, the use area and the transaction price are all in line with the requirements of the Semir apparel marketing network construction project."


What is interesting is that this shop is now a store that Semir's costumes and costumes have been leased. According to the announcement of Semir's dress, the 1-4 floor of the property has been leased to "Hangzhou Bang Wei dress Co., Ltd." (a wholly owned subsidiary of American bond dress) as a storefront, with a rental area of 1758.51 square meters and the lease period up to February 28, 2013. It is understood that after the expiration of the lease, the United States and costumes will "leave", Semir clothing will establish its own network.


   The real estate is not coincidental.


Perhaps the real estate business of Semir costumes is a coincidence. However, it is no coincidence that this garment industry has changed its assets. Because the United States and costumes themselves have been moving the brain of real estate.


Last month, the Limited by Share Ltd of Chinese enterprises (hereinafter referred to as Chinese enterprises) issued a notice that the company and its controlling shareholder transferred the 100% stake in Huaying and 160 million yuan to Shanghai Huafu Investment Co., Ltd. (hereinafter referred to as Shanghai Hua suit), and the transfer price was 817 million yuan. According to public information, the actual controller of Shanghai's Chinese clothing is Zhou Chengjian, chairman of the US bond clothing company, which owns 80.6% of the American Apparel. The property of Hua Ying estate is the 2 building of Shanghai international passenger terminal.


Like Semir costumes, this is a costly way to get involved in commercial real estate.


According to the estimated price of 817 million yuan and the construction area of 16 thousand and 500 square meters, the average transaction price of the 2 building of Shanghai international passenger transport center is 49 thousand and 500 yuan / square meter, but since the sale of Fang Hua Ying real estate has used the 2 floor of Shanghai international passenger transport center as collateral, it has borrowed 259 million yuan from the Bank of communications, Shanghai branch. The maturity date of the loan is September 15, 2018. That is to say, when Shanghai's Chinese clothing "swallows" Hua Ying property, it still needs to pay for the loan, so the actual cost of the whole transaction will be close to 1 billion 100 million yuan. According to this calculation, the average price is about 65 thousand yuan / square meter.


   Soaring rental costs jeopardize light assets


Before the launch of the company, Smith Barney clothing and Lining and China trend (kappa brand holders) are representatives of the domestic apparel industry's light asset strategy. The strategy of light assets was first created by Nike in the 70s of last century. It will outsource most of its product manufacturing and retail distribution business, focusing on design, development and marketing business. Marketing promotion mainly adopts product endorsement and advertising, so that a higher return rate can be achieved with lower investment capital.


But soon, Zhou Chengjian's approach began to deviate from the tenet of light assets. For example, in the first 8 months of 2009, the United States made 39 commercial real estate, with a total investment of more than 1 billion yuan, which led to a decline in corporate profits.


Regardless of the United States or Semir, this way to launch commercial real estate is also understandable. According to Hua Jie consulting clothing industry analyst Liang Venlo, under normal circumstances, retail leasing costs are generally around 17% of the cost, but the cost of leasing in the past 3 years has soared, which is likely to break through the value. On the other hand, the growth of sales may not keep pace. After experiencing the rapid expansion of the domestic demand market in the past 2009-2011 years, many apparel enterprises are also facing a stock crisis. In 2012, a quarterly show showed that its stock was 2 billion 300 million yuan, while its operating income was 2 billion 600 million yuan during the same period.


In the meantime, Liang Venlo believes that clothing brand enterprises with cash flow will become very common in real estate. On the other hand, YOUNGOR, the oldest clothing company that first set foot in equity investment and real estate, called it "investment + industry". Even at present, YOUNGOR has a tendency to return to the garment industry, but it seems to the outside world that this is only a proportion adjustment of business modules.

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