“The traditional wedding market is brewing huge opportunities for change.”
It is learned that recently, the chain wedding hall brand “Gloria” completed tens of millions of dollars in Series B financing , Led by Yuansheng Capital, followed by SAIC Hengxu Capital, and Index Capital as the exclusive financial advisor. Funds from this round of financing will be used to obtain online traffic, expand offline stores, and expand brand endorsements. In February of this year, Galleria received tens of millions of dollars in Series A financing from Jiayu Fund.
Gloria was founded in 2014 and has previously reported on it. Galeria has deployed one-stop wedding halls in first- and second-tier cities across the country through direct and joint operation. From the end of last year to the present, the banquet hall has expanded from 40 to nearly 200. There are more than 20 stores and a total of 13,000 services. Many couples.
The founder Shi Jiahao told that, traditional wedding industry has a single business,the one-time consumption ceiling is low, the asset-heavy operation model limits the speed of replication, and the wedding banquet profit, which accounts for the largest proportion of revenue, is diluted by the hotel. With the help of its brand effect, Galleria uses the franchise model to quickly replicate, extends the upstream and downstream industry chain, increases the customer unit price and consumption frequency, and achieves high profitability by diluting fixed costs such as rental fees and decoration fees. Galeria has standardized its customer acquisition and operation models, with a customer unit price of around RMB 160,000 to RMB 200,000. As of press time, its turnover in 2020 has reached RMB 550 million.
Exterior view of Galleria Wedding Hall
Galeria focuses on high-end tones and builds “resorts” in various cities. On average, there are 5-9 banquet halls in each “resort”. There are many scenes such as yacht wedding, castle wedding, and island wedding. Galleria will strengthen the association between parks, islands, and Internet celebrity check-in and branding,invite actors to endorse and become best friends of the brand to undertake Actor weddings, performing arts activities, enterOne step to enhance brand tonality. Shi Jiahao believes that the wedding is a party ceremony where the guests enjoy themselves. When planning the team, the party will be the starting point to strengthen the social attributes of the wedding.
Galeria adopts an online and Internet customer acquisition model. Before entering a city, it will conduct a saturated launch. Taking a single city as the dimension, the e-commerce team uses user portraits and other data to conduct fine placement on Weibo, WeChat, Xiaohongshu, Douyin and other channels. The results of online placement tests have a great impact on decision-making. At present, the conversion rate of Galleria’s in-store sales is over 30%, and the organic traffic accounted for approximately 31%.
Operational capability is the key capability of Glarelia to achieve standardization. Galeria adopts the owner’s responsibility system. From the length of the fish in the menu to the execution of the wedding, there is a set of standardized SOPs. The quality control department evaluates the execution of the wedding every week in order to check for omissions. In terms of supplier control, Galleria requires suppliers to use the ERP system connected with the headquarters to ensure that all sales and capital flows pass through the company.
Shi Jiahao told that due to the impact of the epidemic this year, property costs have been reduced. Galeria took advantage of the “land acquisition window period” to quickly expand the store. Because the wedding scenes are built using foam and other building materials, the actual decoration cost is lower. In the next 2-3 years, Galleria will continue to expand its stores. In addition to weddings, it is also expanding services such as full moon banquets, business banquets, anniversary banquets, and concerts to extend the demand for scenes and lengthen user LTV.
Gloria Wedding Hall
Shi Jiahao believes that the wedding industry is a trillion-dollar market, and the post-90s generation has become a mainstream wedding consumer group. Wedding service decisions are driven by effects far more than price-driven, and price sensitivity is low. One-stop weddings are in line with consumption upgrades. The trend is about to usher in an explosive period. With the advantages of products, services and operations, Galleria hopes to grow into a company with a market value of 100 billion in the future.
As for the team, the founder Shi Jiahao is a serial entrepreneur. He has more than 10 years of independent entrepreneurial experience and has founded many wedding industry chain companies such as Korean artisan.
Peng Zhijian, founding partner of Yuansheng Capital, said: “Under the dual drive of consumption upgrading and supply transformation, the traditional wedding market is brewing huge opportunities for change. One-stop service due to its convenience and high-quality experience , Reasonable prices, will become more and more consumers a new choice for weddings. Galleria is a leader in the Chinese wedding club industry. The founder Shi Jiahao has successful entrepreneurial experience in the wedding industry and is forward-looking With an industry perspective and outstanding management capabilities, we believe that Galleria will surely become the leading brand in the Chinese wedding industry.”
Lu Yongtao, Chairman of SAIC Hengxu Capital, said: “The Chinese wedding market has reached trillions in size and is still in a highly fragmented state. The rise of one-stop wedding halls is expected to break the traditional market. Quiet, convenient, stylish and good experience-the one-stop wedding hall quickly seizes the wedding market with its significant advantages. Galleria is the leading brand of one-stop wedding clubs. The company has industry-leading product design capabilities and chain service capabilities With its brand-building capabilities, it has become a popular wedding brand for consumers. At present, Galleria has achieved significant breakthroughs in its remote expansion and model exploration. We believe Galleria will surely bring the Chinese wedding market into a new era.”