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    【宋老師研商學之三十七】市值崩塌,銷售業績慘淡,繁華“都市”中的她,是否還是當年的“麗人”?
    2019-08-12 15:42:08 作者:宋屹東 瀏覽次數:235

    01

    摘文

    憑借“萬家門店”,成為內衣行業領軍者

    都市麗人是國內首家快時尚的內衣品牌。該品牌誕生于1998年,從廣東的一家小內衣制造廠到如今的內衣行業的頂級上市公司,都市麗人走過了二十多年。2013年,都市麗人銷售額達到了29.16億元,以2.8%的市場份額成為我國貼身衣物品牌的領軍者。而究其成功的一大原因,就是其獨到的“萬家門店”模式,也就是大量開設線下門店。與愛慕、黛安芬等內衣品牌走KA賣場不同,都市麗人以連鎖、加盟專賣店的形式拓展著自己的渠道。自2002年起,都市麗人著重在二三線城市開店,粉紅色招牌,店面不大,但是貨品繁多,店員高聲招攬。截至2014年都市麗人在線下已經擁有了5790家門店,成為了國內最大的內衣銷售品牌。同年6月26日,都市麗人(中國)控股有限公司在香港主板上市,發行股票4.06億股,每股發行價3.60港元,共募集資金金額14.63億。

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    O2O模式瘋狂來襲,線下擴張“神話”難以延續

    O2O即Online To Offline,是指將線下的商務機會與互聯網結合,讓互聯網成為線下交易的前臺,這個概念最早來源于美國。2013年6月8日,蘇寧線上線下同價,揭開了O2O模式的序幕。O2O的優勢在于把網上和網下的優勢完美結合,在當下的互聯網時代,這個模式對于商業的發展顯然最適合不過,但是一直瘋狂進行線下門店擴張的都市麗人卻忽略了020模式的巨大前景,量變引起質變,隨之時間的推移,都市麗人的短板愈加明顯。2016年前6個月,都市麗人營業收入22.11 億元,同比微幅增長0.2%,實現凈利潤1.74億元,同比暴跌將近40%,經營毛利率也從去年同期的15.8% 下滑至 10.1%。對比來看,這是2011年以來都市麗人首次出現的凈利潤下滑。通過門店的快速擴張,都市麗人在眾多內衣品牌中脫穎而出,但是上市后的急速擴張,也從一定程度上造成了現在的尷尬業績。目前都市麗人正面臨著自2014年在港交所上市以來最大的業績危機。對于業績的大幅下滑,都市麗人表示,一方面是因為中國經濟發展放緩使得零售行業總體受到負面影響,導致消費者購物欲望不強;另一方面,今年上半年無痕無鋼圈文胸需求大增,微商能于供銷層面快速反應并把握此機遇,而都市麗人卻因為缺乏具備生產無痕無鋼圈文胸的技術供貨商,加上代工商的產品供應也受到微商影響,導致嚴重缺乏此類產品,大大影響了銷售。

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    02

    宋老師研商學啟示

    一、企業擴張早期應注重打造產品技術壁壘  

    作為一家定位在中低端消費人群的企業,在創立之初,其創始人首先想到的便是擴大門店的數量,一方面三四線城市的地價普遍較低,人員工資等各方面成本自然不會給公司造成太大的威脅。另一方面,當時正是內衣產業興起之時,都市麗人幾乎一家獨大,因此其早期的銷售業績是十分可觀。

    然而,上市之后的都市麗人依然不改原先的商業模式,在產品供應方面忽視了原材料成本在不斷上漲、廠商研發和制造費用居高不下等諸多因素。并且由于內衣產品的生產研發技術本身不高,隨著微商的嶄露頭角,生產廠商們也如雨后春筍般不斷興起,來配合這些商家。在內衣銷售這一細分領域的商家們紛紛采用多渠道進貨、精準銷售的商業模式。都市麗人在擴張期顯然沒有考慮打造屬于自己的產品研發和生產壁壘,導致進貨渠道單一,進貨成本卻不斷上升。隨著時間的推移,都市麗人原先的市場份額被逐漸蠶食,甚至瓜分,銷售業績自然不斷下降。

    盈利預警和凈利潤預期跌幅超過80%的信號給都市麗人敲響了警鐘:是時候做出些改變了。2019年6月都市麗人發布公告,稱已與集團的十六家現有供應商的各自控股股東訂立十六份合資公司合作協議,成立合資公司進行業務合作活動。據了解,這些供應商為集團的長期供應商,擁有較先進的生產設備和充足的產能,在產品設計和新材料開發等方面擁有較多的專利技術,具備從產品設計、生產制造和品質控制等全流程的管控能力。

    合資公司的成立有利于整合供應商的新產品、新材料開發能力,縮短新材料、新產品的開發和生產周期,對加強都市麗人集團對優質供應商的管控能力、提升優質產品的自給率也有一定的作用。優化供應鏈對企業來說,可以發揮更大的產品競爭力和優勢,極大地提升品牌服務消費者的能力,打通供應鏈源頭到終端門店,快速反應。如此一來,都市麗人的產品渠道相比其他廠家而言就更加具有專業性和不可打破性,打造渠道壁壘在未來或許就會成為可能。

    的圖片


    二、重度垂直運營抗衡互聯網依舊難解渠道之困

    重度垂直運營是移動互聯網時代較為新穎的名詞。所謂的重度垂直運營在互聯網時代,是指企業瞄準一個細分垂直領域,在線上運用IT系統形成O2O閉環。

    顯然,都市麗人在重度垂直運營方面所瞄準的細分垂直領域市場是線下中低端市場的產品用戶。在細分領域內深度運營的一大顯著優勢就是在定位方面明確清晰,能夠有效積累黏性用戶,甚至做到標桿型的存在,深度越大,價值也就越大。成立之初的都市麗人運用的就是這種運營模式,其在中低端市場的深耕無疑為她創造了巨大的營收。

    但是,隨著互聯網的發展以及物流供應鏈的快速進步,線上產品的銷售渠道被打通的難度系數也在不斷降低。況且近幾年自媒體發展呈指數級爆發,運用粉絲引流、轉化再進行變現,在新媒體行業進行內容轉化變現早已不再是什么新鮮事。都市麗人在忙于重度垂直運營之時顯然忽略了互聯網營銷的巨大可發掘性。在線上之戰的伊始,都市麗人并沒有打算擁抱淘寶、京東等第三方銷售平臺,而是模仿蘇寧易購的銷售模式,打造自己的銷售平臺,然而情況并不樂觀。因為從長時間來看,品牌自建電商,都市麗人落后了很多,其形式只是對零售渠道進行了擴充,從利潤上來看并無多大貢獻。

    從不斷攀升的營銷費用和不改初衷的“萬店計劃”來看,都市麗人還是在沿用“線上打廣告,線下鋪渠道”的傳統方法。因此在未來,都市麗人的主攻方向應該是在線上打通銷售渠道,盡可能借助第三方綜合銷售平臺的資源優勢,對自身的銷售模式進行轉型升級,以互聯網思維對抗互聯網思維,才是制勝之道。

    的圖片


    三、實現企業的并購重組以完成新一輪擴張

    一個好的商業模式應該具備獨特的價值主張、盈利模式可以復制與擴張、有效的產品壁壘這三個關鍵要素。在面臨著這次大潰敗之時,都市麗人對自身也進行了較為深刻的反省,在產品研發與供應方面通過實際行動將目光轉向了打造產品壁壘上,同時也一改原先“萬家門店”的價值主張,更加注重與互聯網時代的融合發展。對于一個連鎖品牌而言,都市麗人未來的盈利模式想要得到進一步擴張,對資產進行并購重組無疑才是最好的選擇。

    在企業并購重組方面,都市麗人的戰略目標應該放在五個具體的方面上。第一就是要實現資本的低成本擴張,這一點主要體現在協同效應的規模效應方面。由于都市麗人的凈利潤率在持續下跌,企業內部資金周轉困難,此時想要依靠強大的資本運轉來實現新一輪的擴張就顯得不太現實。

    另一方面,都市麗人早期所形成的規模效應不會一時消去,此時借助規模效應來實現資本擴張就會更加簡單。其次的目標就是要提高投資速度和效率,進一步降低投資風險、調整業務發展方向以及改善資產結構、資本結構。都市麗人在并購重組階段應充分考慮到其市場勢力和壟斷利潤,警惕產品的市場競爭對其現金流波動性的影響,進一步降低風險。從戰略性并購方面而言,都市麗人的方向無疑是擴大企業的生產經營規模和生產經營范圍從而達到并購重組的第四大目標,也就是最大化獲取企業發展所需要的資源,來和同行業的其他企業進行有力的競爭。最后,都市麗人應重新塑造其品牌價值觀,真正體現企業的社會化價值,這樣才會有更多的用戶愿意買賬,從而持續性獲取資本收益。

    的圖片


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