Ke Eli Till 76 Million 700 Thousand Acquisition Of Shenzhen High-End Women'S Clothing CADIDL

Ke Eli Till 76 million 700 thousand acquisition of Shenzhen

CADIDL, is it worth it?

Koradior

In June 24th, the domestic high-end women's wear circle broke out a merger case.

Ke Eli Till, a high-end women's clothing company listed on the Hong Kong stock market, bought a 65% stake in Shenzhen's Industrial Co., Ltd., another high-end women's clothing company in Shenzhen, for 76 million 700 thousand yuan.

Founded in 2000, Mondel has been focusing on high-end women's clothing business for 15 years. Its brand is "CADIDL" (Cady Dale), with 30 to 45 year old women with economic strength as the target customers.

Ke Eli Till believes that the business of Mr.

Customer orientation and channel resources are very similar to those of Ke Eli Till.

Therefore, through this acquisition, he can further achieve brand diversification, and integrate resources through the group to expand sales channels, thereby enhancing the profitability and profitability of the group.

For this acquisition, I personally think that he is really making money.

Because by the year December 31, 2015, the net assets of the company were about 59 million, and the premium of the acquisition was 118 million, only 2 times that of net assets.

Let's take a look at the main financial indicators.

In 2014 and 2015, the business revenue of Monte DAL was about 129 million 600 thousand and 141 million 100 thousand yuan, corresponding to the gross profit margin of more than 70%, and the positioning of high-end women's clothing was worthy of the name.

Third, in terms of channels, there are 84 stores (50 direct battalions), and online channels have a layout in Tmall, Jingdong and vip.com.

Fourth, in production and processing, Mondel also has good strength.

The company has 5600 square meters of factory buildings, the workshop supporting equipment is perfect, the annual production capacity of 200 thousand sets, the most critical is that these assets are in Shenzhen.

In addition, there are several things worth mentioning in the development of Monte.

First, in March 2009, the Vc firms of song's song's Vc firms invested 2 million 500 thousand yuan in 20% stake.

In May 2011, he moved out the share.

Since then, some companies have invested in Mondel.

At the time, Mondel was a very good high-end female dress label.

As for the subsequent exit, it should have a lot to do with IPO's process.

The second is that at the end of last year, the company had applied for a new three board listing at the end of 12, but it has not yet been approved.

Before applying for the new three boards, the company only completed the share reform in more than a month.

It shows that the organization and internal governance of the company have a clearer structure, which means that the management cost after the acquisition is not too great.

As for the company's new three boards failed, I think it may be related to the company's operating conditions.

From the perspective of Mondel's operation, the brand structure is single, and in the increasingly fierce competition of market segmentation, Mondel's financial strength and operation sustainability have been greatly tested, and the company has met the ceiling.

Therefore, Ke Eli Till's acquisition is also facing some risks.

Apart from the general design talents, market and channel factors, the most important thing is that the inventory of the company is relatively high and the cash flow is under great pressure.

Here I want to insert a common sense: in the circle, people often hear people talk about the high inventory of domestic clothing listed companies, add up tens of billions of dollars, and sell them in a few years.

In fact, "inventory" is just an accounting concept, and really matters.

The "stock" of survival can not be equated.

Because when accounting accounts, when accounting is done, all the fabrics, accessories, consumables that are not processed into clothes, and semi finished products in processing are counted as "inventory".

In addition, the high inventory can not be recklessly determined by a company.

Because every company has different ways of doing "inventory" accounts, and different seasons have different stock values.

In a word, it is really amateur with the "stock" stalk to come to the black clothing company.

This also shows that our clothing industry, the financial crisis in the field of public relations, is really scarce.

The topic is far away. Let's go back to the topic and take a look at the stock data of Monte.

At the end of 2013, at the end of 2014 and at the end of 8 2015, the stock of the company was 75 million 820 thousand and 500 yuan, 90 million 590 thousand and 700 yuan and 104 million 862 thousand and 800 yuan respectively.

The proportion of total assets is 54%, 59% and 58% respectively.

In the inventory, the stock was 69 million 402 thousand and 800 yuan, 82 million 539 thousand and 800 yuan and 88 million 346 thousand and 100 yuan, and the raw materials were 4 million 493 thousand and 700 yuan, 5 million 643 thousand and 400 yuan and 14 million 45 thousand and 600 yuan.

It can be seen that the proportion of stocks in inventories is 84.25%, 91.11% and 91.54% respectively.

Although 7 and August are the peak period of production and stocking in autumn and winter, the proportion of raw materials will be relatively high. But compared with the high-end women's clothing companies in the industry, the stock of the company is still relatively high.

However, it can not be killed by a single pole. It is concluded that inventory is a major risk for Ke Eli Till's acquisition.

In the clothing industry, I always think that the company's stock is not important, as long as there are channels and methods to sell, it is not a problem.

On the one hand, the proportion of battalion stores is very high, and sales capacity is very strong. On the other hand, after Ke Eli Till's acquisition, there will be a way to sell.

You know, Ke Eli Till's own inventory turnover days are very advantageous in the industry.

After the completion of the acquisition, the overall inventory risk in the future is also controllable.

So the real problem is not the book number, but how to face it in Future Ltd.

Ke Eli Till's deal really made it.