Luxury electricity business to the forks

luxury e-commerce dilemma: who is the next one down

Whether luxury goods and e-commerce are in sync? Will the vertical e-commerce be the sunset? This is a topic that many insiders explore.

A few days ago,, which focuses on the luxury goods field, suddenly announced “closed Zhang”. Many media began to notice the pre-existing privilege network, the product network, the Jiapin network, and the temple network that is still under low-key operation. The industry began to explore where the e-commerce giants such as Ali and began to get involved in the luxury goods sector, and where the vertical (luxury) e-commerce platform will go.

At least for now, both the user and the capital market have become more cautious about niche luxury e-commerce.

The cold wind blows from the door and the listing is not good

Luxury e-commerce dilemma: Who is the next one?

According to foreign media Fashion Network, on August 9, Farfetch, the UK’s leading luxury e-commerce platform, announced the acquisition of Off-White’s parent company, the Italian luxury goods company New Guards Group, for $675 million. However, as a listed company, the capital market is not optimistic about this acquisition of Farfetch. After Farfetch announced the acquisition news, its stock once raged more than 40%.

Almost at the same time, the domestic luxury goods e-commerce platform was burst out due to unfair financing and has entered the bankruptcy liquidation process. Just before the “nowhere to go”, also held two promotions in May and June this year, which attracted many customers to place orders to purchase various luxury items.

For the fall of, some media called it “sudden death.” Indeed, one month after the two consecutive promotions, “accidentally” announced the suspension, there are some sudden. However, analyzing the development history of the domestic luxury goods e-commerce industry, you can find that any business in this niche area is suddenly not surprising.

Lei Jun, as an early investor in, analyzed the four challenges facing the luxury e-commerce industry, including online payment restrictions; the trust mechanism of high-end online shopping consumers; brand licensing and high-end customer acquisition. . In the operation of in the past two years,Just in the trust, authorization and high-end customer acquisition suffered Waterloo: In 2017, due to the sale of some of its BURBERRY was identified as a fake, compensated the brand for 1.8 million yuan, resulting in serious damage to the website reputation. Since then, the business status of has been swaying.

Luxury e-commerce dilemma: Who is the next one to fall down

At the same time, even the only listed company in the domestic luxury e-commerce field, Temple Network, the days are not good.

As a listed company, stock price is one of the criteria for measuring the company’s development. On September 22, 2017, Temple Library landed on Nasdaq for $13. Although it was the first domestic luxury e-commerce company, its share price fell by 23.08% on the day of listing, and finally closed at $10.

The market value of the temple library online market was about 667 million US dollars. Two years later, as of August 12, the stock price of the temple library has dropped to 7.42 US dollars, with a market value of only 373 million US dollars.

According to the unaudited financial report for the first quarter of fiscal year 2019 announced by the temple library, according to the US General Accounting Standards (GAAP), the total revenue of the temple library in the first quarter was 1.175 billion yuan (about 175.1 million yuan). US dollar), up 46.5% from 802.5 million yuan in the same period of last year; net profit was 15.8 million yuan (about 2.4 million US dollars), down 39.0% from 25.9 million yuan in the same period of last year.

Obviously, whether it is Shangpin or Temple Library, it can be seen from its development situation that the luxury e-commerce model has not been widely recognized in China. However, this situation is exactly the opposite of the overall performance of the luxury market in China.

Cultivation time is too short, industry characteristics deviate

Luxury E-commerce Dilemma: Who is the next one to fall

As of 2019, the pursuit of LV and Prada by Chinese people is still not inferior to users in any market in the world. According to Bain Consulting’s 2018 China Luxury Report, 2018 is the second consecutive year that China’s luxury goods market has maintained a high growth rate of 20%. Currently, China has accounted for 32% of global luxury consumption.

Unfortunately, this group of figures has little to do with luxury e-commerce.

Under such market growth, luxury e-commerce has not ushered in the expected yellow