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Is the beauty of the artisan costumes missing from the craftsmanship? "Dislocation" and "derailment" point wake up Zhou Chengjian
Due to the rise of e-commerce, the impact of international clothing brands such as H&M and Zara, the US-based positioning of casual apparel has failed to respond, resulting in a surge in the cost of direct-operated stores, which inevitably began to decline. Zhou Chengjian also realized the reasons for the mistakes. Can the transformation be successful?
"Investor News" reporter Pan Yichun
Zhou Chengjian, the former chairman of the China's garment industry's richest man, is going down the altar. It was founded in 2008 and headed by Smith Barney (002269.SZ), which was once popular in the past.
In fact, from 2012, the state of the United States and the United States will be in a state of loss. According to the company's latest financial report, in the first three quarters, Smith Barney lost another 154 million yuan. Although it has reduced losses year-on-year, it still has a world of difference from the net profit of 1.2 billion yuan in 2011.
Faced with the above difficulties, Zhou Chengjian made various efforts to do e-commerce, imitate Zara's entry into fast fashion, and implement the so-called "double-brand" development strategy. Recently, it has to increase several billion yuan to develop O2O, but the effect is minimal.
In response to problems in the company's business conditions, development direction, personnel changes, etc., the "Investor News" reporter recently contacted the relevant personnel of the company, and sent an interview letter, the United States and the United States apparel recently responded to some of the issues and explained.
The first venture debt was 300,000
As a leader in the apparel industry, Zhou Chengjian did not evade the media. Especially after the company went public, he participated in some interviews with TV media from time to time, and the exposure rate was greatly improved.
Zhou Chengjian’s growth and entrepreneurial experience is constantly being mentioned in interviews. According to public information, Zhou Chengjian was born in a village called Shikengling in Qingtian County, Lishui, Zhejiang Province in 1965. He has six brothers at home and Zhou Chengjian ranks fourth.
At that time, the land in Shikengling was poor. After many children graduated from junior high school, they would be sent to learn a craft to stand on their own feet. The same is true of Zhou Chengjian, who was only able to learn in the countryside, only masons, carpenters and tailors. At the beginning, Zhou Chengjian tried to be a mason and carpenter, but he felt that he was not suitable for doing this, so he decided to learn the tailor. "The cloth is always much more comfortable to touch than the muddy mud and the hard wood." Therefore, Zhou Chengjian began to contact the clothing industry, and then inextricably linked.
In 1982, Zhou Chengjian, who was only 17 years old, started his first garment factory, the Qingtian clothing button field, and the cost came from the mortgage of the old home. After the establishment of the garment factory, Zhou Chengjian received a garment order of 300,000 yuan from a foreign trade company in Jingdezhen, Jiangxi. After the day and night, the other party returned the goods on the grounds that the fabric was unqualified. The garment factory collapsed and Zhou Chengjian’s debt was 300,000 yuan.
In order to pay off the debts, Zhou Chengjian took advantage of the remaining 9000 yuan to go to Wenzhou, where the clothing wholesale business was extremely prosperous.
Mistakenly hit the transformation of casual wear
The Wonder Fruit Temple Market is the most prestigious clothing wholesale market in Wenzhou in the 1980s and 1990s. This is the base for Zhou Chengjian's second venture.
At that time, Wenzhou's clothing market mainly focused on the production of suits, but Zhou Chengjian later operated casual wear. It is understood that he is associated with casual wear because it is "wrong will be wrong."
At that time, due to the long hours of work, the workers were too tired and overloaded, and the mistakes were completely cut off the sleeves of a batch of suits. In order to reduce the loss, Zhou Chengjian attached the short sleeves to other fabrics, and matched the corresponding colors. Then he cut off the hem of the clothes and attached another fabric. "I didn't expect this batch of clothes to be made very much." It’s popular and it’s sold out in an hour.†Zhou Chengjian recalled to the media.
At that time, the casual wear market was still blank, and Zhou Chengjian transformed into casual wear. In 1993, Meters Garment Co., Ltd. was formally established. At that time, Zhou Chengjian also registered the trademark “Bangweiâ€. The name of the company plus the trademark name is the reason for the current “Meters Bangwei†brand. In 1995, Zhou Chengjian opened the first Meters Bonwe store in Wuma Street, Wenzhou.
"Take an unusual step"
Zhou Chengjian has his own "routine" in marketing. After the establishment of the company, Zhou Chengjian began to find ways to attract business. At that time, he launched a big move that shocked the industry. The cost price of the clothing was made public, and then the price was set by the consumer. As long as the total cost was more than 1 yuan, the transaction could be completed. With the sales boom, the Smith Barney brand is also screaming, and the businessmen who want to join are in constant stream.
Zhou Chengjian also innovatively introduced the so-called “virtual management†model, in which the company only undertakes product design and planning, and the upstream production links and downstream store sales are outsourced. This is also the first case in the apparel industry. Operate in this way. Then, the United States quickly developed and expanded. In 2000, Zhou Chengjian moved the company headquarters to Shanghai. In 2003, Zhou Chengjian hired the popular singer Jay Chou as the spokesperson of Smith Barney and released the advertisement “No Way Outâ€, which was regarded as a successful commercial operation by the industry. In 2008, the company officially listed on the Shenzhen Stock Exchange, Zhou Chengjian's worth soared to 16.1 billion yuan.
Trial and error from prosperity to decline
It was precisely because of Zhou Chengjian’s “confidence†that the first performance of the company after the listing was gratifying. The net profit of the company’s return to the mother reached 588 million yuan, a year-on-year increase of 61%. In the following three years, net profit has been growing, and gross profit margin has remained stable at over 40%.
Until 2012, the United States began to decline, according to Wind information data, from 2012 to 2015, the company's net profit was 850 million yuan, 410 million yuan, 150 million yuan and -430 million yuan, at least 30% year-on-year decline .
Some analysts believe that the decline of Smith Barney is related to fierce competition and e-commerce shocks. The entry of international clothing brands such as H&M and Zara has lost the original products and marketing advantages of Smith Barney. In addition, because the price of the US state clothing is about 300 yuan, which coincides with the highest price range of e-commerce sales, Zhou Chengjian is "pressureful."
But in fact, external factors are only a part of the factors, and more are caused by the leaders' mistakes in decision-making. The first was the establishment of the 22- to 25-year-old clothing brand Me&City. At that time, Zhou Chengjian proposed to learn from Zara and laid a large number of direct-sale stores of several hundred square meters. This directly caused the increase in the cost of the United States. In 2008, the operating cost of the United States reached 24 100 million yuan, up 26% year-on-year.
However, the new brand is not as Zhou Chengjian hopes, but the sales are not improving. In 2009, Me&City's operating income was only 350 million yuan, accounting for only 7% of the total operating revenue. The sales volume will not increase, and the inventory will surge. In 2010, the US state inventory The book balance of finished products and commodities was 2.5 billion yuan, a nearly double year-on-year increase.
Until this year, the inventory pressure of Smith Barney is still heavy. In the first half of this year, the loss of inventory of Smith Barney reached 100 million yuan, a year-on-year increase of 68%. The inventory turnover days also rose from 149 days in the same period last year to 185 days in the first half of this year.
Since the company's listing, Zhou Chengjian has gradually abandoned the previous light asset model, and implemented direct-operated stores and franchise stores. By 2011, it has more than 1,000 directly-operated stores, and has now become the main source of revenue for the company. It is 61%.
In general, “trial and error†and the laying of direct-operated stores have led to rising costs and rising stocks, but operating income has been declining year by year due to fierce market competition. This may be the main reason why Zhou Chengjian is currently facing a loss.
O2O can't reverse the trend
In the face of the dilemma of performance decline, Zhou Chengjian has also made various efforts, but the results have been minimal.
In 2010, the first e-commerce platform of “Bangbang†was officially established. However, due to poor sales, the company was stripped out of the listed company in 2011, and was reclaimed in 2013, and its interface upgrades were upgraded. In addition, in 2015, Zhou Chengjian also launched its own e-commerce platform "Yang Fan" APP, and spent millions of dollars to sponsor the famous debate program "Qi Yu said", but "Qi Wei said" hundreds of millions of hits, but Failed to convert to sales volume.
In 2012, Zhou Chengjian began to transform the O2O business. He built the Smith Barney Experience Store and opened special stores such as “Kuanzhai Alley†and “Central Station†in different cities, introducing the operation of “One City, One Culture, One Store, One Storyâ€. Idea, he hopes to promote the growth of performance through different styles of store culture, but in the following years, the revenue of Smith Barney still shows a downward trend.
It did not improve until the first half of this year, and operating income increased by 11% year-on-year. According to the introduction of the US state, the company's direct business this year increased by 13.24% year-on-year, reaching 1.8 billion yuan. Internet business grew by 123% year-on-year. In the first three quarters of this year, the company experienced a trend of a year-on-year decrease in losses.
The truth about the continuous departure of company executives
For business leaders, a decision-making mistake can put the company at risk. Zhou Chengjian is facing the current situation. In 2015, the loss was still a loss in the first three quarters of 2016. It seems that Smith Barney is very likely. After a continuous loss, "wearing a star to wear a hat."
In order to solve the dilemma, the US state announced in October that it would sell 100% of the equity of its wholly-owned subsidiary, Winbond. It is understood that Winbond is the best operating company among the major subsidiaries of Smith Barney. The company's 2015 net profit reached 32 million yuan, with total assets of 148 million yuan. Although the current selling price has not been disclosed, the industry has judged. This will make Meibang profit free from the plight of ST. This move was also considered by the outside world as "selling the child to solve the thirst." Zhou Chengjian himself did not explain the sale of the company.
In addition to the operational difficulties, Zhou Chengjian also faced the embarrassment of executives to leave. On September 30, Smith Barney issued a notice saying that Lin Haizhou and Liu Yi resigned as vice presidents for personal reasons. Meibang apparel told reporters that the departure of the above-mentioned persons is a normal personnel change and will not adversely affect the daily operation and management activities of the company. At present, Li Guang and Zhou Wenwu have been hired to hold corresponding positions.
In fact, since the establishment of the United States in the past 20 years, executives have become a company's ills. Before the listing, Zhou Chengjian experienced the simultaneous "rebellion" of the five managements in 1997. In 2002, 19 managers left, and in 2004, two vice presidents left the company and other six personnel changes.
Of the seven executives who received equity incentives announced in April 2010, only Zhou Wenwu remained in Smith Barney. Since the departure of Cheng Weixiong, the vice president of 2012, the other vice presidents of Smith Barney have also resigned. Yin Jianxia, ​​who also worked in Smith Barney for more than a decade, left in 2015. There are many important executives like the financial director who have left the company.
Zhou Chengjian pursues “suspects to use and use people to be suspiciousâ€, which makes it impossible for employees who have worked in Smith Barney for more than 10 years to fully gain his trust. This may be one of the reasons for the emergence of the departure tide.
In addition, almost everyone who left Smith Barney talked about Zhou Chengjian’s time and expressed similar views: the past successful experience made it difficult for him to accept the opinions of his subordinates. “As an entrepreneur, Zhou Chengjian has his keen market sense, but it is An impatient person."
Zhou Chengjian said in an interview with the media that the departure may be due to conflicts of values. “My values ​​are how to concentrate, focus, and endure loneliness, thus making Meibang a world-famous brand.†Zhou Chengjian said.
How to fill the talent gap brought by the executives, how to adjust their own style to avoid frequent out-of-season incidents, is now a major problem facing Zhou Chengjian.
20 years ago, the United States can develop to this day, Zhou Chengjian is undoubtedly successful, but with the growing of the enterprise, the changes in the external environment and market conditions, Zhou Chengjian must face more industry competition and transformation pain.
How to deal with these problems? Perhaps Zhou Chengjian can see his attitude in a speech at a forum earlier this year. Zhou Chengjian said: "I feel that I have made myself misplaced in the past 10 years, letting myself 'derailed', and not focusing on this industry and profession. I really used a craftsmanship to make a tailor, so I was abandoned by the market. But I firmly believe that this abandonment is a phased one, which makes me more sober and serious thinking, and strives to be a tailor, let me and MTS. The company of Bonwe has won the society and consumers a better competitive edge." â–
Enter [Sina Finance and Economics Unit] Discussion
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