La Natsu Bell'S Investment Plan Remains Unchanged.

According to the world clothing shoes and hats net, in June this year, third degrees hit IPO.

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Finally, the company's first application was approved by the SFC.

La Natsu Bell, who is ambitious, has thrown out a $1 billion 600 million investment plan to prepare 3000 new stores in the next three years.

However, comparing La Natsu Bell's two prospectus in 2015 and 2017, we can see that although the time has passed two years ago, its investment and investment plan has not changed at all. It is more like finding a name for money.

The investment and investment plan remains unchanged.

According to the prospectus updated by La Natsu Bell in May 2017, the company intends to issue no more than 54 million 770 thousand shares at the Shanghai Stock Exchange, raising about 1 billion 640 million yuan for the expansion of the retail network and the new retail information system project.

Among them, the investment amount of the expansion project of the retail network is 1 billion 557 million yuan, of which the investment amount for the site and related decoration costs is 685 million 309 thousand and 200 yuan, the investment for equipment purchase is 61 million 513 thousand and 700 yuan, the basic reserve fee is 37 million 541 thousand and 100 yuan, the project circulating fund is 772 million 613 thousand yuan, and the project construction period is 3 years.

La Natsu Bell said that in the next three years, 2094 new outlets will be opened up with investment funds, and 906 new outlets will be set up, with a total of 3000 outlets.

The 3000 outlets are in the first tier cities, second tier cities, three line cities and other cities, including 228 tier cities, 891 second tier cities, 666 cities in three cities, and 1215 cities in other cities.

According to La Natsu Bell's disclosure, as of December 31, 2016, the company has established 8907 offline sales outlets throughout the country. If the company plans, three years later, La Natsu Bell's sales network will be close to 12 thousand.

This looks like a very ambitious goal, but compared with the prospectus issued by the company in November 2015, it can be found that La Natsu Bell was planning to raise investment projects.

The same is to use 1 billion 557 million yuan to invest in the expansion project of the retail network, the same is to build 3000 outlets, the same number of those cities, the same venue and related decoration cost investment is 685 million 309 thousand and 200 yuan, the same equipment purchase investment is 61 million 513 thousand and 700 yuan, the same basic reserve fee is 37 million 541 thousand and 100 yuan, the same project liquidity is 772 million 613 thousand yuan.

But the difference is that the whole market has changed.

In June 2015, La Natsu Bell's offline retail outlets were 7147, less than 2000 at the end of 2016.

Similarly, in 2015, the rent, expenses and the rent and expenses in 2017 can not be the same. The economic situation in different places has changed dramatically in the past two years. The plan made in 2015 will not be able to achieve the desired result by 2017.

However, La Natsu Bell did not make any adjustments and changes to the use of the investment projects on the basis of the changes in the actual situation. On the one hand, it made people wonder whether the investment projects could achieve the expected goals. On the other hand, it even raised doubts about the rigour of the investment projects, whether it really needed to invest so much, or merely to find a name for the purpose of collecting money.

An unavoidable industry in the winter

While La Natsu Bell is eager to raise funds, the entire garment industry is in a bleak winter.

Successful listing at the beginning of this year

The same is to raise funds in large quantities for opening new stores.

But at the beginning of the listing, the company's performance changed.

In 2016, Taiping bird achieved a business income of 6 billion 320 million yuan, an increase of 7.06% over the same period, and a net profit attributable to the owner of the parent company was 428 million yuan, down 20.22% from the same period last year.

In the first quarter of this year, the net profit of Taiping bird fell by 4.6% compared with the same period last year.

La Natsu Bell seems to be experiencing the same labor pains.

As the retail outlets continued to grow, La Natsu Bell's operating income continued to increase. In 2016, the company achieved operating income of 10 billion 234 million yuan, an increase of 12.5% over the same period last year.

However, La Natsu Bell's net profit fell by 13.54% compared with the same period last year, but only 532 million yuan.

In addition to the decline in overall financial data, La Natsu Bell's indicators are not very optimistic.

For a company that plans to open 3000 new sales outlets, the business revenue of new stores is showing a declining trend every year.

Take the counter as an example, the new store opened in 2014, when the business income was 51 thousand yuan / month, until 2015, the business income that the new store could achieve was only 4.8 years / month, and by 2016, the sales revenue of the newly opened store had dropped to 46 thousand yuan / year, and correspondingly, the sales expense rate increased from 48.14% to 56.90%. That is to say, for La Natsu Bell, opening new stores is becoming more and more not earning money. This also explains to a certain extent why the company's operating income growth in 2016 and the net profit has declined sharply, which not only made people sweat the company's investment projects.

From the data of Internet sales, La Natsu Bell's consumers are gradually languid.

In terms of the sales volume of the 200 yuan -500 yuan with the largest network sales, the overall data showed a downward trend, no matter the average purchase time or the average purchase interval.

In 2014, the average purchase frequency of the product was 1.46 times, and the average purchase interval was 247 days. By 2016, the two indexes had changed to 1.33 and 270 days respectively.

From the perspective of La Natsu Bell's development process, the company is implementing a multi brand strategy with more than ten clothing brands, which cover almost all styles of women's clothing, men's wear, children's wear and brand of electric business.

However, from the actual situation, the multi brand strategy sounds very good, the actual effect is not satisfactory.

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Founded in 2010, Le ou, Shanghai, is responsible for R & D, design and sales of Candie's women's clothing brand.

From 2014 to 2016, the company's revenue increased slightly, but net profit fell from 23 million to 1 million 670 thousand.

Guangzhou Xi Chen, responsible for the research, design and sales of high-end and high-end ladies' brand Siastellad, lost 21 million 250 thousand yuan in 2016.

In 2015, Chong an, Shanghai, was responsible for the design and development of menswear brand Marc Ecko, and lost 11 million 580 thousand yuan in 2016.

The US excellent brand for Shanghai's operation is 2016, with a net loss of 48 million.

Even Puella, the main brand of its revenue contribution, has managed to maintain its revenue in Shanghai for nearly three years, but its net profit dropped from 158 million in 2014 to 35 million in 2016.

For investors, it must be clear that most of the newly opened sales outlets of La Natsu Bell's investment and investment projects are those sub brand counters or stores that do not make money or lose more seriously. This undoubtedly adds a bit of risk to La Natsu Bell's future performance.

What is worth further questioning is that these brands are falling into losses. The newly opened stores in the last two years are not the stores that are planned to be opened before the company's investment and investment projects. If so, it is clear that the risk of the company's investment projects is greater than that disclosed before. If not, it will also cast doubt on the prospects of the investment projects.

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