Analysis of wholesale and retail trade related matters in the near future
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Three appliances common investor Sequoia Capital was considered a series of acts by the media behind and big winners, we believe Sequoia, as financial investors, its business practices beyond reproach, Dance Shoes wholesaler behind which more attention should be given to the home appliance business and industry may change:
1. the cosmetics industry: two are expected to promote the expansion and improve industry concentration.
Before the iResearch expects for cosmetics in China online shopping market scale to 2012-2015 57.7 billion yuan, 76.3 billion yuan, 98.8 billion yuan and 123.7 billion yuan, up each of 54.8%, 32.2%, and 25.2%; by 2013 forecast in terms of 4% share of total online retail sales of cosmetics, which is expected to remain stable in the future. Currently the cosmetics shopping Web site many, including Taobao, Pat network, cat, Jingdong, a comprehensive website, and Ju mei, Le Bee Network and every day and other vertical sites, traditional businesses also opened cosmetics Centre.
We believe that the steady growth as a leader in cosmetic market provide room for growth, including quality supplier resources of enterprises can better avoid fake risk, increase repeat purchase rate is the only Le Bee Network stakes also are poly-us listed, will promote its expansion, improve industry concentration.
And cosmetics online sales has been for security, and fakes, reasons was criticized, so its industry concentrated degrees of upgrade more urgent, and O2O aspects of needs may also more urgent (are is for solution products authenticity and security "endorsement" of problem), like poly beauty excellent products first entity shop September 2013 settled in Beijing front door Street, as experience shop to enhanced consumers on line Shang cosmetics of trust, aimed at show brand image and is not profit.
2. vipshop and Le Bee Network: 14 0.3 times PS purchase cheaper valuations, adding only cosmetics industry chain resources; Le Bee Network sale agents brand and retain its own brand, pack light.
This times trading total on price 132.5 million dollars (containing cash and debt bear of related financing), measuring Le Bee Network valuation 180 million dollars, by its 2013 3 billion, and 2014 4 billion income meter, measuring acquisition 2013 and 2014 PS the about 0.4 and 0.3 times times, far below only products will (13 4 times times, and 14 twice times more), and Dang Dang (13 0.8 times times, and 14 0.6 times times). While the two sides agree: Oriental fashion will only provide its own brand of cosmetics, clothing and consumer products, vipshop promised 2014 annual sales of at least 900 million Yuan, and charge a sales Commission based on sales.
Only 2012 cosmetics sales of about 470 million Yuan, accounted for revenue of about 11% (12% per cent in 2011), costumes (43%) and shoe bag (12%), with 2013 year 10 billion sales plan, measuring cosmetics sales may be about 1.1 billion yuan, assuming that business 2014 50%, combined sales of around 1.65 billion yuan. Le bee network, plus the commitment to at least 900 million yuan of sales, estimated only in 2014, cosmetics revenue is expected to exceed 2.5 billion yuan, which acquired an incremental contribution to Super 1/3.
At the end of September 2013, only carrying $ 279 million in cash, about 2.1 times the acquisition consideration times.
In addition, Sequoia Capital, first half of 2013 to reduce some of the only stock shares from 19.8% to 15.2%; 2013 shares not exceeding 38 dollars in the first half, and currently has over 110 dollars, USD 70 post estimates its reduction by 2013 corresponds to the more than 3 million shares since the second half of the added value of US $ 230 million.
Le Bee Network launched in August 2008, Sequoia Capital, millions of dollar a round, gold and broadband $ 40 million series b financing in April 2012, mainly used to create static JPLUS brand cosmetics research and development center company to "have a brand people + economic + social shopping guide" for operating mode, in 2009 the first implementation of "brand direct" strategy, has access to more than 300 companies authorized under the domestic cosmetics.
(A,) owned brand: static better from website founded of early on continued development promotion Leather Shoes wholesaler, currently sales accounted for than about 40%; (b) 's got talent mode: Le Bee Network has signed small p, and Li Siyu, dozens of name entertainment artists, and beauty skin care up people, future will gradually for's got talent development various beauty, and skin care products, formed full of's got talent industry economic chain; (c) socialization shopping guide: static better products has in days cat, and Beijing East, and suning easy purchased, and Dang Dang, and Amazon, main website online, and full category settled suning easy purchased and Bowser, Plus their cat's flagship store and form a network layout of sales and advance the field of social networking and mobile Internet, enhanced user sharing.
