Behind the acquisition of huge amounts of money is zhe Mu Semir in2013-07-05

Semir clothing (002563) June 19th announcement, intends to its ownfunds of 1981000000 yuan to 2260000000 yuan to buy Ningbo zhe Mu is holding limited company the equity of 71%. After the completion of the transaction, in zhe Mu is will become Semir dress holding subsidiaries. This means, Semir clothing will GXG and gxg.jeans the two brands into the flag. In in in has been seeking to exploit in the high-end brand business, active layout of multi-brand strategy Semirclothing (hereinafter referred to as Semir), has finally taken asubstantial step.

In zhe Mu still has more than 1200 stores in in in in 2012 on the basis of zhe Mu is unaudited financial data for the consolidated financial statements, as of the end of 2012 the total assets of 1327000000 yuan, total liabilities 1055000000 yuan, net assets of 272000000 yuan; sales of 1398000000 yuan, operating profit 260000000 yuan, net profit of 206000000 yuan. In Ningbo in Chinese Philosophy in Mu is Holdings Limited (hereinafter referred to as the Chinese philosophy of mousse) is located in Ningbo Yinzhou Wang Shanshan Lu Chun Industrial Park, No. 111, Yang Herong is the legal representative, registered capital of 150000000 yuan, is a main positioning in the high-end leisure men's own clothing Brand Company. In zhe group holds 12% stake in zhe Mu is, Yang Herong holds 53% of its equity, the holds 19.57% of its equity, Zhu Zhaoguo holds 10% of its equity, Tu Guangjun holds 4% of its equity, Mao Chunhua holds 1.43% of its equity. With GXG, gxg.jeans brands in Chinese Philosophy in in Shangqi under mu. The main customers of GXG group is 25-35 years old receive fashion culture urban fashion for men, created the urban youth fashion, delicate, simple in style, is the urban young men's casual wear brand leadership. Gxg.jeans's customer base is mainly urban youth 22-28 years old with love, make up. In 2007 March, operation GXG Ningbo and her dress Co. Ltd. was established. In 2007 August, GXG opened its first store. In in in GXG can be described as the fashion leisure men's clothing market "a dark horse". In just 6 years, in zhe Mu is in mainstream stores nationwide and shopping center opened more than 1200 retail stores. GXG in Wanda, Yintai, ocean, new world department store chain's main brands sales are ranked in the top three, in the platform of Taobao e-commerce sales has ranked the forefront of men. According to the 2012 tmall mall "double 11" data, GXG sales ranked sixth, the sales of 82930000 yuan. Among them, the shopping center stores accounted for about 50%, accounting for about 30% of the mall shop, shop online sales accounted for about 20%, the proportion of the total revenue of about 18%, straight battalion ratio of about 20%, 48%-50% gross margin, net interest rate of about 15%. In addition, gxg.jeans has nearly 300 stores in the country; gxg.kids only do straight battalion, already has 21 stores. In the transaction in in, the transferor and commitment: in zhe Mu is 2013 year net profit of not less than 265000000 yuan; the 2014 year and 2015 year net profit on a year-on-year growth rate is less than 20%. Such as zhe Mu is 2013, 2014, in 2015 the performance of lower than the above-mentioned commitment, the transferor shall make corresponding compensation to the company. In in in according to the announcement, the transfer of shares of the parties will pledge the remainder of this transaction in zhe Mu is a stake to Semir garments, to provide security for the compensation obligation of each of them, the pledge for a period of three years after the completion of the transaction. But if Semir clothing and the transferor fails to sign on or before December 31, 2013 about this transaction equity transfer agreement, this agreement is lifted (end). In in in the purchase price, Guotai Junan researcher Zhang Ang said, 14 times the purchase price corresponds to 2012 PE, belongs to a reasonable level. In in in but from two levels of the market reaction to see, the investor is not so optimistic. To the acquisition, Semir suspended since May 29th June 19th, the resumption of trading. The stock to resume trading after two trading days the stock price fell nearly 15%. A mechanism analysis, the purchase price is too high is caused due to falling stock prices, if 2000000000 yuan price calculation, the acquisition of PE factor up to 14 times, and in fact the 8-10 times PE is enough. In addition, questioned whether the market for GXG brand false "of" foreign brand identity is also an important reason for. In in in according to attend Semir and GXG strategic cooperation conference CICC researcher Guo Haiyan said, this acquisition will retain the original of all GXG team, the future for the remaining shares continue to buy may. In in in in high-end development in new growth point in in in Semir dress said, companies create Semir, Balabala brand in the success, after forming the leading position of the Chinese young casual wear and children's clothing market, are actively developing high-end clothing brand business, the target is the company for the development of the domestic leading brand apparel group. In zhe Mu is in the product, channel, customer groups in areas such as effective to fill the company in the high-end casual apparel business, while providing a channel for the development of the company, the other in the high-end brand business talent, supply chain and other aspects of the resources, the transaction will effectively promote the implementation of brand strategy. In in in in Semir, the need to enter the high-end apparel market, to cover a wider range of consumer groups, to its brand camp more rich and multi-level, to find new growth point. In in in revenue and profit from the point of view, Semir profit decline. In 2010 2011, Semir net profit of 1000000000 yuan, 1223000000 yuan. But by 2012, with the comprehensive factors of the weak market, industry competition, channel costs and rising influence, the company net profit dropped to 760000000 yuan, a drop of 37.81%. In 2012, its business income is 7063000000 yuan, drop compared to the same period 8.98%; operating profit 989332600 yuan, drop compared to the same period 38.85%. Especially the inventory pressure increase, 2012 Semir inventory up to a maximum 1500000000 yuan. Therefore, to take decisive measures to inventory, closing unprofitable stores. In in in the first quarter of 2013, Semir revenue 1401800000 yuan, an increase of 6.26%; realize attributable to shareholders of the listing Corporation's net profit of 132900000 yuan, down 16.79% year-on-year, this is mainly affected by the impact of rising rate of decline in gross margin and cost; and in 2011 one quarter of their income is 1570000000 yuan, net profit of 261000000 yuan. In a series of measures to inventory,