The Saturday shoe industry has been in a state of loss for the past two years. From the perspective of the monomer, the Saturday shoe industry in 2020 will achieve a revenue of 48.1478 million yuan and a net loss of 7.1094 million yuan; in 2021, it will achieve a revenue of 115 million yuan and a net loss of 47.9828 million yuan.
From the perspective of consolidation, the company's net loss from 2020 to 2021 will reach 77.4878 million yuan.
Our reporter He Jun
Trainee reporter Li Jing
The women's shoe company Saturday Co., Ltd. (hereinafter referred to as "Saturday"), founded nearly 30 years ago, is giving up the shoe business.
Following the sale of the production department of the footwear business two years ago, on the evening of June 27, an announcement was issued on Saturday, saying that in order to further promote the company's business strategy and finally realize the transformation to a "light" asset operation model focusing on brand management and supply chain management, It is planned to transfer 100% equity of its subsidiary Foshan Saturday Shoes Co., Ltd. (hereinafter referred to as "Saturday Shoes") in Guangdong Equity Exchange Co., Ltd. by way of listing, and the reserve price for the first listing transfer is not less than 602 million yuan.
Xu Xiongjun, a strategic positioning expert and founder of Jiude Positioning Consulting Company, said in an interview with a reporter from "Securities Daily": "In recent years, the women's shoe industry has fallen into a state of serious homogenization competition. Competing in price, traffic, and promotions has caused the profit of the company to decline. At the same time, the rise of e-commerce has impacted the traditional retail shoe industry, making the traditional industry face a greater crisis. It is in line with the company's strategy to choose to divest the shoe business on Saturday. position."
The first "take off shoes" for women's shoes
It was listed on the stock market in 2009 on Saturday, becoming the first domestic women's shoe company to be listed on the A-share market, and was also dubbed "the first share of women's shoes".
In the year of listing, the revenue on Saturday was 880 million yuan, and the net profit attributable to the parent was 114 million yuan.
In the following years, the net profit attributable to the parent on Saturday continued to decline.
In 2021, a loss of 699 million yuan on Saturday, a year-on-year decrease of 2980.9%, is the largest loss since the company went public.
Responding to the steep losses, Saturday attributed part of the reason to a decline in the footwear business.
In an announcement on Saturday, it said that the repeated outbreak of the epidemic had a great impact on offline commercial sales, which had a great impact on the digestion of the company's footwear inventory. In addition, the company's additional expenses incurred due to business transformation led to the footwear business's average annual average. operating at a loss.
Industry insiders said that in recent years, Saturday's footwear business has suffered serious losses, and this divestiture is also to get rid of the performance burden and go into battle lightly.
It is worth mentioning that, in recent years, the operation mode of Saturday's footwear business has gradually changed from heavy to light, and it has begun to shrink its business.
It is understood that on Saturday, Foshan Zhongqi Commerce and Trade Co., Ltd. was established through equity participation, which integrated a single brand dealer channel; Hangzhou Hongzhen Commercial Co., Ltd., Hangzhou Honghua Commercial Co., Ltd. and Hangzhou Xinyi Commercial Co., Ltd. were established through equity participation, respectively. ST&SAT, FONDBERYL, D:FUSE, SAFIYA's single-brand self-operated counter channels.
In addition, at the end of 2019, Saturday announced that it would sell its wholly-owned subsidiary Foshan Saturday Technology R&D Co., Ltd., whose main business is shoe production, at a price of 13.58 million yuan, and no longer retain production functions.
Regarding the sale of shares, a reporter from "Securities Daily" conducted an interview on Saturday, but has not received a reply as of press time.
According to the announcement information, the Saturday shoe industry has been in a state of loss in the past two years. From the perspective of the individual, the Saturday shoe industry will achieve a revenue of 48.1478 million yuan in 2020 and a net loss of 7.1094 million yuan; in 2021, it will achieve a revenue of 115 million yuan and a net loss. 47.9828 million yuan.
From the perspective of consolidation, the company's net loss from 2020 to 2021 will reach 77.4878 million yuan.
Focus on "light" asset operations
According to the announcement, after the divestiture of the footwear business, Saturday will focus on the development of the Internet marketing business, focusing on the "light" asset operation mode of brand authorization, brand management, and supply chain services.
The reporter noticed that for Internet business, Saturday has been deployed for many years.
In order to build a fashion IP ecosystem, Saturday, in early 2017, acquired an 83% stake in Beijing Fashion Fengxun Information Technology Co., Ltd. (hereinafter referred to as "Fashion Fengxun") at a price of 353 million yuan, and Beijing Shixin Information Technology Co. Company (hereinafter referred to as "Beijing Shixin") 80% equity.
In 2018, on Saturday, it purchased Hangzhou Yaowang Network Co., Ltd. (hereinafter referred to as "Yaowang Network") with a total valuation of 2 billion yuan by issuing shares and paying cash.
Frequent mergers and acquisitions brought rapid growth in new main businesses on Saturday.
Data shows that the proportion of Internet advertising business revenue on Saturday has risen from 9.2% in 2017 to 80.62% in 2021.
In contrast, the proportion of traditional clothing and footwear has gradually declined, from 90.48% in 2017 to 19.12% in 2021.
It is worth noting that the acquisition of Yuanwang Network has become an important business support for Saturday.
Yuanwang Network also lived up to its expectations after being acquired. Net profit in 2019 and 2020 was 211 million yuan and 267 million yuan respectively. However, due to the impact of the epidemic, the traffic cost increased, and the net profit in 2021 fell to 65.2944 million yuan.
In addition, according to the financial report, in 2021, the annual transaction order volume of Yuanwang Network will exceed 100 million orders, and the GMV of live broadcast e-commerce will exceed 10 billion yuan, which is about 2.5 times that of the same period in 2020.
In this regard, Saturday said that the business scale and operating income of Yuanwang's network business will grow rapidly in 2021, and the gross profit margin will decline due to market competition, the company's business strategy and income structure. The increase in expenses resulted in a decrease in net profit margin.
"Saturday changed from a heavy asset to a light asset model, focusing on Internet entrepreneurship. At present, the transformation is relatively successful. But the key is whether the company can continue to grow bigger and stronger in the future, and transform it into its own unique competitiveness, we will continue to observe. "Xu Xiongjun said.
(Securities Daily)