Nine Mu Wang Pformation And Upgrading In The Next Three Years, Revenue Growth Is Expected To Maintain Double-Digit.

Last year, the adjustment has come to an end. This year, nine herd kings will enter a new round of growth.

Recently, nine herd king Limited by Share Ltd announced the Internet fashion industry fund to change the investment deadline announcement.

In June 1, 2015, the nine Sheng investment limited liability company (hereinafter referred to as "nine Sheng Investment") in Tibet, the Limited by Share Ltd full capital subsidiary, and Shanghai Jing Hui Investment Management Center (limited partnership) (hereinafter referred to as "Jing Hui investment") signed the "Jing Lin nine Sheng Internet fashion industry fund investment intention book", launched the establishment of the Internet

Industrial Fund Shanghai Jing Lin nine Sheng Xin Lian equity investment center (limited partnership) (hereinafter referred to as "nine Sheng Xin Lian" or "partnership"), investing in Internet lifestyle related projects.

The size of the partnership is RMB 1 billion yuan, with a term of 6 years.

Nine Sheng investment, as a limited partner of a partnership, has an authorized amount of 990 million yuan, accounting for 99% of the total subscribed capital. Jing Hui, as a general partner, has an authorized amount of 10 million yuan, accounting for 1% of the capital contribution.

In June 28, 2018, nine Sheng investment, Jing Hui investment and nine Sheng Xin Union signed the supplementary agreement on partnership agreement of Shanghai Jing Lin nine Sheng Xin equity investment center (limited partnership) (hereinafter referred to as the "supplementary agreement").

The supplementary agreement stipulate that in accordance with the actual operation of the partnership, the duration of the partnership shall be revised from "the first 3 years for the investment period and the last 3 years for the withdrawal period" to "the first 5 years for the investment period, and the last 1 years for the withdrawal period", with a total duration of 6 years unchanged.

According to the insiders, the quality of men's clothing is built by the king of nine herdmen, and the growth of the main brand is solid. With the channel upgrading and retail pformation, the resumption of growth has emerged. At the same time, the three major garment platforms cater for all kinds of consumer preferences, covering a wide range of ages, bringing new impetus to the growth of the company.

The company has ample cash in its account, and actively layout its investment and financing strategy.

Ju Xinghai, an analyst with Guosheng securities, said that the investment cooperation between nine King Mu and Jing Hui set up the 1 billion internet fashion industry fund, which accumulated 7.82% stake in Korea's clothes house. In 2014, it invested nine of its wholly-owned subsidiary in nine yuan and held a 1.73% stake in CAITONG securities at 2.98 yuan / share price. According to the closing price in May 11, 2018, it was about 676 million yuan.

According to the analysis, nine Mu Wang actively set up industrial platform, taking "strategic mergers and acquisitions as the first priority, professional focus oriented and opportunistic investment as subsidiary" as the investment and financing strategy, while paying attention to educational investment, financial securities and other financial investment opportunities while laying the upper and lower reaches of clothing brands.

Founded in 1998, "nine herd king" was established in the production of trousers, with its unique production technology and abundant human data samples.

It has become the leader of China's men's trousers Market since 2000. It has ranked first in the domestic men's trousers Market for eighteen consecutive years.

Since 2000, the first strategic pformation has taken place from the single trousers manufacturer to the comprehensive business casual wear category. The company has already covered jackets, shirts, and so on.

And Western style clothes.

It is believed that with the obvious trend of individualization of domestic consumers, the development of single brand of clothing enterprises will inevitably encounter bottlenecks.

In 2016, nine Mu Wang carried out the second strategic pformation, incubating and acquiring multiple brands, creating a "concentric diversity" fashion.

Matrix.

By the end of 2017, the money spent by nine Mu Wang was 377 million yuan, 1 billion 268 million yuan in financial products, and no long-term loans and short-term loans.

Moreover, the cash flow of the company was stable. In 2015, 2016, and 2017, it was 540 million yuan, 447 million yuan and 496 million yuan respectively. The turnover days of accounts receivable decreased, and the turnover of inventory was relatively stable.

Overall, the operation is robust enough to support the company's strategic extension.

As of 2017, the main brand of nine Mu Wang owns 2463 outlets, covering 31 major cities and autonomous regions in the country's key cities.

Among them, 712 direct battalions joined 1750, and direct battalion accounted for nearly 40%.

Compared with other companies in the industry, the characteristics of the channel are: direct marketing mode goes deep into one or two key cities in China and three cities with great market potential, and cooperation with shopping malls and department stores to set up shopping malls and brand stores.

In addition, the three party platforms such as Tmall, Jingdong and vip.com cooperate with online sales, and independently develop E shopping mall, and actively improve the new media marketing mode.

Ju Xinghai introduced, nine Mu Wang adopted the business vertical integration mode.

Demand for quick response.

At present, King Mu implements the market oriented supply chain management and membership management system big data, through the distribution of terminal stores in the country to understand the local market trend and the preferences of different regional consumer groups, and timely control the main links such as design, research and development, production and sales to cater to the latest fashion trends and meet the market demand.

According to the results of the report, in 2017, the main business brand of the nine Mu Wang realized business income of 2 billion 380 million yuan, an increase of 10.58% over the same period last year. In the first quarter of 2018, the growth rate was 2017, and the income increased by 8.82% to 670 million yuan.

In addition, after several years of retail pformation and channel upgrading, nine Mu Wang has closed hundreds of stores. The 2017 adjustment is coming to an end. It is estimated that the shop opening cycle will begin in 2018. The main brand (JOEONE) is expected to open 100, 70 and 40 stores in 2018, 2019 and 2020 respectively.

Taking into account the original shops are efficient shops, the same store is expected to maintain double-digit growth, while the new store landing first year sales slightly worse, according to the old store revenue 30%, initially forecast JOEONE2018, 2019, 2020 revenue growth is expected to maintain double-digit.