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Editor’s note: This article is from WeChat public account “bullet finance” (ID :wwwhygc), author Yin Taibai, responsible for the egg.
Ladies’ fascia La Chapelle is in deep troubles
La Chapelle was listed in the scenery and fell into a quagmire. It took less than two years.
The release of H-share 2019 semi-annual report once again promoted La Chapelle to the center of the quagmire.
According to the semi-annual report data, La Chapelle’s total revenue in the first half of 2019 was RMB 3.951 billion, down 23.2% year-on-year, and net profit was RMB -565 million, down 333.9% year-on-year, even After adjustment, the net profit attributable to shareholders of listed companies remained at -49.98 million yuan, a decrease of 311.2% over the same period last year.
Operational data is ugly, and stock market performance is also unsatisfactory. At the beginning of the listing, La Chapelle’s share price was 8.41 yuan, and the market value of the peak period reached 12 billion yuan, but as of October 9 closing, the closing price was only 4.91 yuan, the market value fell to 2.689 billion yuan, less than the A-share listing. A quarter of the time, obviously, the word “waist” can no longer be applied to the market value of La Chapelle.
However, La Chapelle has also been infinitely beautiful. After listing in Hong Kong in 2014, it was listed on the Shanghai Stock Exchange in September 2017, becoming the first clothing company listed in the “A+H” region in China.
This is not the case. The second year after the A-share listing, La Chapelle began to increase the speed on the road to loss.
Comparing the previous data, you can clearly feel the decline of La Chapelle. In 2014 and 2015, when La Chapelle just went public in Hong Kong, the net profit was RMB 500 million and RMB 615 million, respectively, with growth rates of 21.36% and 28.7% respectively.
In 2016 and 2017, La Chapelle’s net profit growth rate has maintained steady growth, and finally reached its peak in the first quarter of 2018. In this quarter, La Chapelle’s net profit growth rate reached 26.17%, but then began to slide all the way.
According to the 2018 semi-annual report data, La Chapelle’s net profit fell by 20.20%, and in the third quarter, it continued to decline to 36.10%. According to the 2018 annual report, La Chapelle’s in 2018 Net profit was RMB -160 million, a year-on-year decrease of 132%.
First in 2019The quarter continued the sluggishness of the previous year, La Chapelle’s losses continued to expand, and net profit fell again by 99.63%.
The house leaks in the rain, and La Chapelle, who has fallen into a quagmire, has not had time to catch his breath, and he has encountered new troubles.
On the evening of August 6, La Chapelle issued a notice saying that he recently received a notice from Xing Jiaxing, the controlling shareholder and actual controller, and was informed that he had pledgeed 141.6 million shares (all A shares) to Haitong Securities. It has fallen below the minimum performance guarantee ratio, and failure to repurchase in advance and failure to adopt performance guarantee measures has constituted a breach of contract.
In fact, Xing Jiaxing has pledgeed shares several times. Since November 2017, Xing Jiaxing has carried out six equity pledges. Up to now, Xing Jiaxing directly holds 142 million shares of La Chapelle, accounting for 25.91% of the company’s total share capital. However, its accumulated pledge company shares 141.6 million shares, accounting for 99.81% of the proportion of directly held company shares.
The disaster is not alone. On the evening of August 17, La Chapelle re-issued the announcement, saying that he received the decision of the Shanghai Securities Regulatory Commission of the China Securities Regulatory Commission on the measures taken to issue warning signs to Shanghai La Chapelle Clothing Co., Ltd.
The warning letter indicates that La Chapelle’s net profit disclosed in the performance forecast on January 31, 2019 is quite different from the actual performance, and there is no sufficient risk warning for the performance from profit to loss. The information disclosure is not accurate. Insufficient and incomplete, the act violated relevant regulations. The Shanghai Securities Regulatory Commission of the China Securities Regulatory Commission decided to adopt an administrative supervision measure for issuing a warning letter to La Chapelle.
From the hot pursuit of the capital market, to a loss of 500 million yuan in half a year, and then to the pledge of equity default, the exchange issued a warning letter, what is the women’s leading company La Chapelle?
All are the disasters caused by crazy expansion?
In May 1998, Fujian businessman Xing Jiaxing founded “La Chapelle”, focusing on the mass consumer market, and determined to make La Chapelle the “Chinese version of Zara.”
“Developing companies can’t stop, the domestic consumer market is growing more than 20% every year. If you don’t open a new store, it means going backwards.” Xing Jiaxing, who was born in clothing sales, was founded at the beginning of La Chapelle. We have always adhered to the concept of “scale expansion” and advocated the formation of a multi-brand matrix based on the direct mode.
At the beginning of 2011, La Chapelle had only three women’s wear brands, and then gradually expanded the brand. Today, La Chapelle’s sub-brands are nearly 20, covering women’s wear, men’s wear, and children’s wear.
Also, in 2011, the number of offline stores in La Chapelle was 1,841, and it continued to expand at a high speed and reached its peak in 2017. A total of 9448 stores were opened, almost all over the country. the mall.
In the first half of 2018, this number has shrunk slightly, turning into 9,269, but the speed of expansion is still staggering. In contrast, Zara, the international fast-moving clothing giant in the same period, has more than 7,000 offline stores worldwide.
The number of stores in La Chapelle not only surpassed Zara, but among the competing companies in the country, La Chapelle has the largest number of stores. According to public data, the number of stores in Haishu and Senma in 2017 was 5,792 and 8,000, respectively, which were lower than La Chapelle’s 9448.
For La Chapelle, who specializes in the mass consumer market, the number of offline stores largely means that life is tenacious.
In 2014, La Chapelle went public in Hong Kong and successfully landed on the Shanghai Stock Exchange three years later. La Chapelle used almost all of the proceeds from the two listings to expand the retail network to maintain the rapid expansion of offline stores. .
Despite having an unparalleled number of stores, this does not seem to be proportional to La Chapelle’s total revenue.
According to the 2018 annual report data, La Chapelle’s total operating income for the full year of 2018 was RMB 10.176 billion, a decrease of 269 million yuan from the same period of the previous year, down 2.58% year-on-year, net profit attributable to shareholders of listed companies. It was a loss of 160 million yuan, a decrease of 654 million yuan from the same period of the previous year and a year-on-year decrease of 132%.
La Chapelle’s revenue channel has three main segments, namely counters, specialty stores and online e-commerce platforms.
According to the 2019 semi-annual report data, the counter created revenue of 1.684 billion yuan for La Chapelle, down 32.8% year-on-year, accounting for 42.6% of total revenue; specialty stores created revenue of 1.645 billion yuan, down 12.9% year-on-year. Accounted for 41.6% of total revenue; online e-commerce platform has the worst income-generating capacity, only 527 million yuan, an increase of 0.5%, accounting for 13.4% of total revenue.
After the data is listed, it is still clear that one problem is that La Chapelle’s offline stores are opening more and more, but the total revenue is declining.
The crazy opening of the store gradually made La Chapelle taste the pain, and the desperate expansion eventually led to a surge in inventory.