Lathamber’s predicament is the epitome of many domestic clothing brands. Under the impact of e -commerce, some brands have been stunned and disappeared in the public view;
Text ｜ “Finance” reporter Wang Ying and Feng Yiying
Edit ｜ Lu Ling
Due to the application for bankruptcy liquidation, La Xiabeel, a domestic clothing brand that has been forgotten by many consumers, has once again become a topic center. Many netizens regretted it. They left a message saying that “La Xiabeel was one of his favorite brands in his student days, carrying full memories” “The clothes are not cheap, but the design style is a bit out of date.”
On November 22, La Xiabeel (*ST Latha, 603157.SH) announced that the three creditors applied to the court for bankruptcy and liquidation on Rhaxbe, because La Xiabeel could not settle the debt due, and the assets were not enough to be enough Clear all debts or obvious lack of capability.
Although La Xiabeel believes that the three creditors’ requests “do not meet the relevant legal procedures”, the company’s bankruptcy liquidation has very uncertainty. But in fact, Lathar Bell has indeed trapped in debt quagmire. The third quarterly report of La Xiabeel shows that the company’s net assets are currently-896 million yuan, which has not debt.
In this regard, Caijing reporters have called Lathabel Securities Department many times, but no one has answered the phone.
As a former domestic women’s clothing giant, Lathar Bel also had a high time. In 2014 and 2017, the company was listed in Hong Kong stocks and A shares in 2014, becoming the first domestic “A+H” clothing company to be listed in the two places. In 2017, Lathar Bell’s national stores reached the peak of nearly 10,000.
Under the surface prosperity, the crisis also came quietly. In 2018, Latharbeel suffered a loss for the first time with the growth of operating income, with a net loss of 160 million yuan. In 2019, the company’s revenue fell 25%, and its net loss was as high as 2.166 billion yuan.
Since then, La Xiabeel has opened a long way to survive, closing shops, layoffs, selling assets, and processing inventory. Only the president’s position was changed to five people within a year.
The number of companies in the company’s stores has decreased sharply from 9,448 at the end of 2017 to 427 at the end of June this year. In the first three quarters of this year, La Xiabeel realized that the net profit attributable to shareholders of listed companies was about -289 million yuan, a year-on-year loss, and a net loss of 800 million yuan in the first three quarters of last year.
As of the closing of November 26, La Xiabeel A shares and Hong Kong stocks received 2.24 yuan/share, 0.6 Hong Kong dollars/share, and the total market value was 860 million yuan, down more than 90%from the peak in October 2017.
Lathamber’s predicament is the epitome of many domestic clothing brands. Under the impact of e -commerce, some brands have been stunned and disappeared in the public vision. Some brands have successfully counterattacked by the style of the national tide, such as Li Ning and Anta.
There is not much time left for La Xiabeel.
There is still uncertainty for bankruptcy and liquidation
On November 22, Latharbeel issued the “Announcement on the Credit’s Application for Bankruptcy and Cleansing”.
The announcement shows that the creditors Jiaxing Chengxin Delivery Co., Ltd. (hereinafter referred to as Jiaxing Chengxin), Haining Mangrove Forest Clothing Co., Ltd. (hereinafter referred to as Mangroves), Zhejiang Zhongda New Jiaxin Trading Co., Ltd. (hereinafter referred to as Zhongda Xinjia) Apply to the People’s Court of the New City District of Urumqi to make bankruptcy and liquidation of La Xiabeel.
The aforementioned three companies are the suppliers of La Xiabeel. Except that Jiaxing Chengxin did not disclose the extra money, La Xiabeel owed about 7.2216 million yuan and 4.9749 million yuan in Range Forest and CUHK, respectively. Unscretionalized property.
In response to the bankruptcy liquidation application proposed by the creditor, Latham Bell stated that he did not recognize it and emphasized that he would submit an application for objections in jurisdiction. At the same time, La Xiabeel said that the court had not received any rulings in the bankruptcy liquidation, and the creditors applying for the company’s bankruptcy and liquidation had very uncertainty.
Some suppliers told the media that La Xiabeel’s owed payment made them out of their homes. According to the International Financial News, in July 2020, a hundred suppliers rushed to the Shanghai headquarters of La Xiabeel to discuss nearly 1.6 billion yuan of supplier debt solutions.
Some investment banks told the reporter of “Finance” that the best choice for Latharbeel is bankruptcy and reorganization, not bankruptcy and liquidation. The shell resources of the listing still have a certain value and must find investors who take over as soon as possible.
Behind Ratharbeel’s application for bankruptcy liquidation is the dilemma of unable to pay debt.
On October 28, Lathar Bell announced that the company involved 58 cases of uncompromising/uncompromising lawsuit cases, and the amount involved in the case was as high as 530 million yuan. Due to more litigation cases, a total of 144 bank accounts of the company and subordinate subsidiaries were frozen and the frozen amount was about 126 million yuan. The impact of the 31 cases of lawsuits caused the company’s 4 real estate (as of September 30, 2021, the total book value of approximately 1.701 billion yuan) was seized.
Faced with so many debt and litigation disputes, Latharbeel’s book “has no more than food.”
As of September 30, 2021, La Xiabeel’s net assets were about -896 million yuan, asset-liability ratio reached 133.63%, and the company’s mobile liabilities were 3.469 billion yuan, of which the short-term borrowing was 1.161 billion yuan, but the currency funds on the book were only only on the book. The remaining 175 million yuan. In the first three quarters of this year, Lathamber’s revenue was 365 million yuan, a year -on -year decrease of 78.16%, and the net loss was 289 million yuan.
Under this situation, La Xiabeel is also facing the risk of delisting in the capital market.
On July 1, 2020, due to the negative value of the net profit audited by two consecutive accounting years, La Xiabeel was “wearing a hat”, and the stock abbreviated from “Latharbeel” to “*ST Laxia”.
Ruraxbe was declared bankruptcy by the court, and the company’s A -share stocks will face the risk of being terminated. Take a step back, even if La Xiabeel can solve the debt problem and avoid bankruptcy and liquidation, as the company’s A -share stock has been warned by delisting risk, Ruoraxber’s net assets in 2021 are still negative, and the company’s A shares will be directly. It was terminated.
Fall from the peak
The meaning of “La Chapelle” in French is “Little Church”, which is the name of a French style street. It is rumored that La Xiabeel founder Xing Jiaxing lived on this street when he conceived women’s clothing brands, so he named the brand “Lathabel”.
Established in 2001, Lambeel, positioned as a fashion brand, is mainly aimed at the 20-year-old urban women, and was called the “Chinese version of ZARA” by the outside world.
But Xing Jiaxing himself didn’t think so. In an interview, he said, “In fact, we have not been marked with ZARA ourselves, and our operating model is completely different. If we ask us what we have learned from ZARA, it is Fast Fashion’.”
The success of La Xiabeel originated from a “gambling” in 2003. During the SARS, in the case of other clothing brands selected the contraction front, La Xiabeel did the opposite and produced against the trend. Facts have proved that La Xiabeel is gambling. The consumer demand after the epidemic has digested excess capacity.
Since then, La Xiabeel has been singing and expanding crazy. The prospectus shows that La Xiabeel has achieved the second place in the industry’s market share in the domestic popular female leisure clothing market in 2014.
Prior to 2011, the number of La Xiabeel stores was 1,841. By the end of 2017, the number of company stores climbed to the peak of 9,448, and all of them were direct -operated stores. In 2017, La Xiabeel’s revenue was as high as 9 billion yuan, and its net profit was about 500 million yuan.
However, from 2017 to 2018, the clothing retail industry began to adjust, the sales growth rate slowed, the competition in the industry intensified, La Xiabeel’s design sense gradually could not keep up with the trend, and the cost-effectiveness could not compete with many small brands. The company began to start. From Sheng to decline.
In 2018, Lathar Bell’s revenue exceeded 10 billion yuan, but the net profit had lost money to -160 million yuan. The reason is that the sales of gross profit decreased by 427 million yuan year -on -year, and the sales cost increased by 230 million yuan.
In the 2018 report of the Shanghai Stock Exchange report, La Xiabeel stated that Lathar Bell, mainly based on the direct -operated model, also faced the adverse effects of rigid costs such as labor and rent.
Xing Jiaxing also found a problem at this time. He said that in October 2018, the overall sales of Laxiabel’s stores decreased by 20%. “In November, we pulled out the data from all stores in the country and found that the problem was serious, so we hurried to make adjustments “,”
Lathamel began to implement a comprehensive strategic contraction and actively closed the store to survive. At the end of 2018, the number of Lamabel stores decreased for the first time, but there were still 9,269. In 2019, La Xiabeel closed 5,170 stores, which was equivalent to the average of 14 stores closed every day. It also changed the past direct business model and began to implement the joint venture franchise model. By the end of 2020, there were only 959 physical stores in La Xiabeel.
Beginning in 2020, La Xiabeel’s online business began to adopt a “light assets” business operation model -brand authorization+operation service, commonly known as “selling tags”, that is, to authorize its brand series of trademarks to suppliers, dealers and dealers and dealers Agent operators and so on.
However, closing the store and changing the operation model did not reverse the performance of La Xiabeel’s decline. In 2019 and 2020, Lathamber’s losses expanded, and the net losses were 2.166 billion yuan and 1.84 billion yuan, respectively. , 119.7%. The impact of cash flow tightly and superimposed, and some subsidiaries of Latharbeel announced bankruptcy.
Cheng Weixiong, general manager of Shanghai Liangqi Brand Management Co., Ltd., once said that there are many brands of Latharbeel, but products are similar to the same quality. At the end of the ZARA season, the discounts will not be cut off, but partial discounts, while the discounts similar to La Xiabeel women’s clothing are relatively fierce. It can be seen that the goods planning, listing rhythm arrangement, marketing activities, and price planning of La Xiabeel are still being improved.
The company is in danger, but the executives have changed frequently.
In February 2020, Xing Jiaxing, the company’s actual controller, retired from the chairman. In May 2020, Xing Jiaxing nominated Duan Xuefeng, who had the background of financial institutions, took over as chairman, and then proposed to dismiss. Duan Xuefeng resigned as chairman in January this year. The vice president Zhang Ying was replaced by Duan Xuefeng. She was originally a designer of Lathamberg. Later, she was in charge of the brand department. She worked for one month and Zhang Ying proposed to resign. After that, Wu Jin, the director responsible for the company’s information technology, took over and worked for only three months. Wu Jinying also resigned. At present, the chairman is Zhang Xin, who has the background of the securities firm.
It is worth mentioning that the founder Xing Jiaxing has lost its control over La Xiabeel. According to the 2021 semi -annual report, Xing Jiaxing and his consistent active actor Shanghai Hexia Investment Co., Ltd. (hereinafter referred to as Shanghai Hexia), a total of 186 million A -share stocks held in La Xiabeel, which were held, had been auctioned. But the problem has not been resolved with the auction of the shares.
In September this year, Lathar Bell found that the company’s original controlling shareholder and actual controller Xing Jiaxing’s unanimous actor Shanghai Hexia had the same situation of occupying the funds of listed companies. On November 16, Ratham Bell disclosed a Xinjiang Regulatory Bureau ordered correction measures to decide. The content shows that Xing Jiaxing has misappropriated Rathar’s 9.5 million yuan to repay Shanghai Hexia’s foreign borrowing.
The dilemma and breakout of traditional clothing brands
In recent years, clothing companies that have been in crisis are not Lathabell’s family, including ST nobles (603555.SH) (there are “noble birds” brands), Meibang Clothing (002269.SZ), Daphne International (00210.HK) and other brands. Due to the hot search of business dilemma, isn’t it possible for brands carrying the post -80s and post -90s and post -90s and post -90s and post -90s and post -90s and post -90s.
However, at the same time, many traditional clothing companies have responded rapidly and successfully in the fierce competition. They have strengthened e -commerce strategy and product research and development by the rise of the national tide, and used the brand’s reputation to consolidate a group of loyal fans. In recent years, in the clothing market, Anta Sports (2020.HK), Li Ning (2331.HK), and Tubu International (1368.HK) sports brand clothing companies have continued to increase in revenue and profits. In addition, in traditional clothing brands, brands such as Hailan House (600398.SH), Senma Clothing (002563.SZ), and Taipingbird (603877.SH) still retain their market share.
In a sense, La Xiabeel’s delisting is not entirely because of the market environment. The operating conditions of the listed company of clothing brands are not completely synchronized with the prosperity of their subdivisions.
For example, in China’s very prosperous sports and clothing tracks in recent years, there are also brands in crisis. Noble birds are domestic brands of sports clothing. Lin Tianfu, the founder of noble birds, established a foundry for brands such as Nike and Adidas in Jinjiang in the 1980s. After more than ten years, the noble bird brand was created, and there were more than 5,000 stores nationwide. However, from 2018 to 2020, the operating income of noble birds fell from 2.812 billion yuan to 1.188 billion yuan, with continuous losses of 627 million yuan, 10.71 yuan, and 366 million yuan, respectively.
Meibang Clothing, Laxibell and Senma Clothing are all considered by ZARA’s fast -selling clothing model in China. They are also different at present. Nowadays, in addition to Morima’s relatively stable in recent years, the other two have fallen into crisis.
The Mats Bangwei brand’s parent company Meibang Clothing 2017 to 2020, only 2018 profit of 49 million yuan in four years, losing money in the rest of the year, losing 3 billion yuan in 2017, a loss of 820 million yuan in 2019, 2020 in 2020, in 2020 Losses 8.6 yuan.
The situation of Senma is relatively good. In the past ten years, the revenue has risen steadily, and the annual net profit amount is basically stable.
The peacebirds that also take the fast fashion brand route have taken the rise in recent years. Although it was founded in 1995, the Taipingbird was actually taken to the front -line brand in less than ten years in less than ten years (the Taiping Bird Women’s clothing, Taipingbird men’s clothing, Lechang, and Taipingbird children’s clothing Minipeace). On this basis, in the past ten years, the operating income of enterprises has increased by more than five times, and net profit has continued to rise.