Even so, institutional investors have not given up It is reported that Sequoia invested in Shanghai in 2008, Costa M cosmetics chain, and Costa has served as Mary's manager, general manager of Gome, was Huang Guangyu men. In a sense, Sequoia on the investment real personal investment.
In addition, Feng Jianjun also In addition, today's capital is also invested in a company called cosmetics as women, the competition channel has unusual enough. So, men, children and other segments have the potential.
behind the acquisition wave
2003,2004, the little nurse, Yue-Sai Adams Randolph; 2008, Tai Po and the United States Johnson & Johnson Thus, the local brands have caught on foreign investment of the bag, started a new round of
Up to now, Japan industry only five listed companies, Jahwa, Softto, Guangzhou King, two needles and beauty that is. Why Ding fall into foreign pockets, and Jahwa the face of these circumstances can not do anything? Feng Jianjun of the correspondents of, first, Jahwa not take so much money, if the acquisition Jahwa Ding, it is certainly best of both worlds is a good thing; second, Jahwa its brand in Herborist positioning in the first channel, six God, Qing Fei located in the second channel, if the Ding to take over the second channel to complement each other, strong strong union, the two brands should be able to add up to over 40 million. In China, only the formation of three, four billion of the scale, can the foreign brands constitute a fatal blow. In foreign capital, to do the most is the French L'Oreal cosmetics, followed by Germany, Nivea, Shiseido, Japan, South Korea Dream makeup, Shiseido's influence in the country is relatively large, as a whole, known as the cosmetics benchmark is L'Oreal and Shiseido.
brand in the local running low on, time to break the occasion of the third round of the day the acquisition wave has spread. It is said that Softto, Shanghai Huayin, Shantou LAF so doomed. As early as 2004, the Estee Lauder Global CEO Langhammer had predicted:
then, wave after tidal wave of what lies behind the acquisition? how to treat
Investment Advisor in the chemical industry researcher Yi-Chi Chang pointed out to the correspondents present at the competitive landscape of the market for foreign brands occupy the first-line market, while local brands, mainly in Japan of two, three, four-line market to survive . Under normal circumstances, the acquisition of local brands, foreign brands are mainly Chinese and Japanese brand's local marketing channels in order to speed up its own products into two, three, four-line market, not to the further development of local brands.
two three four wire line market to market penetration. This is the local daily chemical brands, local brands being acquired will face the possibility of being frozen, while the other has not been on the acquisition of the brand's market share would be as foreign brands quick access to two three four line market continued to shrink. Therefore, the face of strong foreign brands into the future, local daily chemical brands not only need to maximize its comparative advantage, while in corporate strategic planning, product quality and safety, brand building, sales channels, service system, improve the internal management mechanism should also be doubly so seriously.
settle
present, the cosmetics market to one billion as a benchmark and a threshold, skin care products to do business, to reach one billion scale is very difficult to do. Rough calculation, over billions of only two companies - NICE and Guangzhou Liby. While over 20 billion cosmetics industry companies, start from the number of the Yangtze River Delta, only Jahwa; PRD King, Guangdong Chaozhou-Shantou area is the LAF. In addition, no more than 20 million business. Even if more than 1 billion company is also very small. Today, more than 4000 most of the company are 100 million less, 80% of the company in 3000 million.
Feng Jianjun was accompanied by an inspection tour of the Pearl River Delta, an investment firm well-known cosmetics company, these companies are in the 45% gross margin, net profit at 40%, this figure in the cosmetics industry is already a miracle. Jahwa culture and brand as the foundation, ad spending is relatively small. you know, most of the investment is the advertising of cosmetics.
the other hand, the pharmaceutical industry in more than 50 billion scale enterprises (at least four or five home) compared to the current market cosmetics industry capacity and disk are too small. In 2010, the entire cosmetics market capacity is 1200 million, 2009 is 100 billion, which means that concept? 2009, Gree air-conditioning and performance of Wahaha were 53 billion, 510 million, the two companies is the cosmetics industry half of the country. At present, the cosmetics industry in the country has more than 4,000 companies, the combined results indirectly verify twenty-eight law, that 80% of the market capacity is occupied 20% of the brand. is Mao Geping.
on At present, the cosmetics industry attraction and influence of the media are film and television media, and surprisingly, at the end of last year at the tender CCTV and Hunan Satellite TV, cosmetics enterprises to participate in the tender number and the amount of CCTV for the first time lost Hunan Satellite TV. November 9, 2010, Hunan Satellite TV spot advertising the tender, one prospective customer will go to tender more than 900, Hunan Satellite TV has a requirement, if the enterprises do not participate in the tender, to be after New Year's Day 2011, let's use the cash to run ads to no time section of the. Therefore, if Therefore, Hunan TV's rise last year, certainly the price is much greater than the CCTV.
tender the venue, more than 900 companies, cosmetics companies to account for only 1 / 3. In the afternoon, in go the way the venue, always giving the impression that is not a lot of money? year how much revenue do? the number of ads to vote? more, if the budget constant, equal to the frequency of secondary reduction of advertising, so that uneconomical.
A complete, step by step he asked the veterans:
people are very shocked after listening to this conversation, FMCG industry, the advertising budget should be around 8-10% of revenue, including sales and marketing and other expenses is included, but cosmetics companies are taking operating income 20-25% to the investment ad is that now all the companies billions of dollars, or billions of dollars companies are ready to follow,mac makeup, as long as you hit Hunan TV ads, the amount of advertising investment in place, you can come back to money, consumers will recognized you. in fact large part of the brand are tied on the advertising vehicles, have to go on, get down.
national brand of War
general, cosmetic industry are four channels, department stores, supermarkets, cosmetic stores and online shopping.
reality is that the department store channel is basically the first full fall, the first floor of almost all foreign brands of cosmetics counters, only two local brands out on the first floor of department store area, and Mao Geping Herborist. As a result, its also known as the national brand of At present, eight per cent, ninety parasitic enterprises in the third channel. The first channel is foreign controlled, and the second channel is selling super shampoo, detergent, soap, detergent, and the third channel, the incomplete statistics, the cosmetics store in the country, 165,000, in fact, the Chinese in the feeding 4000 cosmetics company's survival. In fact, it can not enter the domestic cosmetics market, can get into the supermarkets, shops selling cosmetics basically, cosmetics stores as the cradle of national brands. History is very shallow, very short, this is a sad national industry.
It is understood that the reason why many brands can not enter the second channel of the supermarkets, because, into the super, we must consider advertising, slotting allowances, slotting fees, slotting allowances, bar charges, sales management fees, sales charges were employees, discounted fee, gift fees, rebates and other names the New Year. In other words, what if 30 yuan retail, business costs over the more than 50% point deduction. Operating supermarkets, pre-investment costs are very high.
Feng Jianjun steeped cosmetics industry for many years that do adhere to the quality of cosmetics in addition to, the sale of two of the most core values are: history and culture. Today, 80% in the domestic cosmetics companies are sword easy road, the industry trend of deteriorating circumstances, such as Mao Geping Herborist and adhere to such enterprises has been a dream to build Chinese elements, shouted Made in china. It is reported that after 2008, Herborist counters open to the fashion capital - France's top department stores, which prove to the world, China still has something oriental charm and the value of herbs.
this, often Yi Chi that in the cosmetics industry, the existence of most of the local manufacturers is relatively small production scale, the lack of long-term strategic planning, product of varying quality, marketing, backward, lack of awareness of service , issues such as brand awareness is relatively poor, and foreign capital is relatively strong brand, product quality is better, and marketing of advanced, more perfect service system, coupled with its sophisticated brand marketing strategy, in the domestic Japanese market share of the absolute advantage. Therefore, in the forefront of the domestic cosmetics market, the big international brands are. In recent years, herbal medicine, as appropriate, Herborist the concept of herbal cosmetics and some have the appearance, making the domestic cosmetics brand in the high-end cosmetics market place, which also explains the concept of herbal medicine in the country standing in the eyes of consumers.
contemporary society, the definition of national brands have not formed a unified view. Under normal circumstances, the strict sense of the national brand should be unique with its own characteristics, to convey to the outside of the national spirit and traditions of their culture and the creator of the brand should be the local enterprises, the company is the actual controlling party of their own people. Local brands to be truly worthy of the name of the national brand, on the one hand want to continue tradition of this nation and carry forward the traditional culture, we must also strengthen their brand's ability to prevent the acquisition of foreign brands.
where investment opportunities?
cosmetics companies how to market? how to close contact with the capital? This is a lot of CEOs think about.
three years, directly or indirectly to find referrals Feng Jianjun more than 40 investment companies, from the earliest IDG, to today's Capital, Legend Capital, Jiuding investment, Sequoia, SAIF, Temasek and so on. In Feng Jianjun view, in the cosmetics industry, the size of 1 billion company has no money, and nothing more need counseling prior to listing. Companies will hire a professional financial institutions to do the whole diagnosis, referral dilution do not want to exchange equity investment.
before Feng Jianjun to the recommendations of an investment company, if the investment in a six to seven million, the disk is very small enterprises, to help it achieve growth of 10 times, how to vote? first investment direction, choose a target company, its market leading position in a category, the future will certainly be bigger, is hidden champions of market segments; the second direction of investment, its current profit model and business models are in place, including the company's management, team management very sound in all aspects, is that there is cash flow constraints, it is difficult to enlarge, as such enterprises may also be the object of concern; the third kind of enterprise, the disk is not large, but the profitability is very normal.
optimize the management structure and training of professionals, and listed companies to prepare for the future.
local brand can not be said on the secret
Jahwa disk access by whom?
2010 年 12 6, home of the Group's listed holding company Jahwa (600315.SH) suddenly suspended because of important matters, notice that the higher spiritual home of the Group in accordance with the reform of state assets is planning matters.
2011 年 2 15, new year, said the suspension notice in Jahwa, home of the direction of the Group restructuring has been approved by the Shanghai Municipal Government, the specific program being considered by the relevant departments developed. According to reports, including CITIC, CDH, Sequoia, Hony, Ping and other investment funds and financial groups who are expected to become a disk access. After the suspension, there are some new, emerging parties intent. But who gets, also after arduous negotiations.
known as
which Herborist subsidiary known as the benchmark to go abroad. Four years ago, the home of the group had planned to spin off a separate Herborist overseas listing. But the current situation is difficult to assess, because Jahwa want to sell shares, understand. home of the Group's R & D team of more than a hundred, a few percent per year with sales team to support this, which other companies can not do. on out and stick to the people are good. by the people who have halo will be very high social status, leaving the dream and who will adhere to keep to the dawn.
for Jahwa, it is very difficult to rise up high, grass-roots staff turnover rate is very large. As the old state-owned enterprise, the mechanism is not dead? But at least not with the times.
listed homes do not worry the U.S. Department of
media have such a fade out of sight, hiding in the high-end cosmetics store in the mall. It has more than 2 million of the disk, about 25% net profit margin level, no advertising, do not you advocate, access costs are very small. It has more than 100 cities in the country more than 1,000 counters, but also category winner. To attract investment company that is its biggest profit model, U.S. Department of
homes are separate store outlets, the feeling of home decor in accordance with the polished, a store will cost at least four or five million. In general, the home of women buy fragrance and the like would go there. Exposure to exchange homes for each store in the United States, will feel the atmosphere of experiential marketing, the store put a lot of wooden benches, candles, crafts and the like. It is reported that the company had turnover in 2008 after 2 million.
Feng Jianjun of the correspondents said, home care investment company and the Department of Ins and Outs of the United States about five times, in the end, like in love, enthusiasm investment company, but the heat sink is not the United States Sheque up. higher and higher, you can access with the investment company, but without result.
Based on this, the Department of U.S. homes with at least more than 30 investment institutions contacted. Feng Jianjun that this certainly listed companies is only a matter of time. The reason is not the introduction of capital, for three reasons, first of all, the Department of the United States the owner is very self-care, not money on hand; second, the investment company can give me what value; Secondly, there must be not the same as with other investment companies place, not just talk about the human resources strategy, planning, and relationships. Di man
not about color
items in a single field of color in the brand rankings Di local first. The profit model, scale, including the category of placeholder advantage, now ranked first in the field of anti-dried. Now, the supermarkets are equipped with color experience Di House, her hair free for consumers, value-added services such as hair diagnosis. In the future, Di color will not be P & G acquisition, it is still too early to conclude, but it certainly is now the benchmark for the field of hair products. In 2008, Di Cai revenue of 400 million.
, however, placed in the investment company before the problem is that di color only a meager 5% of net income, or rather, too little money. If the Department of the United States invested 20 million U.S. homes can return 20-25% equity interest in Di color may bring 50 million dollars, the enterprise was likely to start to talk to you.
It is reported that last year, Di Jiuding working with color contacts. not so, this is where a lot of boss insisted.
Although the investment company that is too thin profit Di color, but companies also do have their own advantages. First, the category leader, 1998 start, 2009 has been ranked number one home, before the United States ranked first Tao, genteel ranked second, third Di Cai, Tao was Beiersdorf since the United States after the acquisition Tao is BONS U.S. subsidiary of a foreign brand; second, channel edge, all of its products are in the business over the shelves, but Wal-Mart, Carrefour hypermarkets and other countries, as well as experience center, the local supermarket chain, not to mention, all music, Chinese Vanguard, RT-Mart, Auchan, etc. all have di color figure; third team advantage, the company's leadership team, talent that is very sound, very low staff turnover , the terminal's huge sales force, which in 4500 raised the country's promoters, the hair consultant, there are 500 production facilities, marketing headquarters, branch head, nearly seven or eight hundred people, these people are paid. Therefore, the salary costs of Di Choi, labor costs are too high.
affordable herbal Do not take us that thing
Although the introduction of venture capital industry's first case, the industry's broadest sense to promote a positive, however, the development has on today's capital and affordable herbal . The first sound, not today's capital, affordable herbal medicine can also be bigger and stronger; second voice, if not today, injection of capital funds, there can be affordable herbal medicine is today. Interestingly, these two voices are from the appropriate high-level herbs.
Jian-Jun Feng, and today the capital also had the At least now, today said the capital had been carrying herbal medicine affordable thing, saying this is its
affordable herbal medicine since 2007 and venture capital in hand, there have been one thing for sure is that gambling does not exist between the parties agreement, which is the result of closure, chairman of affordable herbal handsome himself confirmed.
affordable herbal margin of 10-12% per year, in 2007, when today's capital into the company's turnover time is 70 million yuan, today's capital is invested in accordance with 1:1. In 2010, rumors have two versions,vibram 5 fingers, which, it was said back section is 800 million, equivalent to 11 times doubled. increased, and finally squeezed into the 10 billion club.
Ding faces an uncertain future Ding
look at sales, 960 million in 2008, 2009, worse than in 2008,mac brushes, 2010, about 8 million. It is reported that Ding had intended to go to the Taiwan market in 2009, eventually in vain, because, Ding a very low price of the product, and sales in supermarkets, so there is not enough money to support so many people. Moreover, its net profit margin of less than 6%.
2010 年 12 6, Ding Coty Inc. acquired by the French pushed the issue to the cusp. In fact, early in August the same year, when the contact between the parties as disclosed by its strategic alliance, this is actually a feint shot.
time to back one month, July 2010 summer, Changchun, Ding, founder and chairman Zhuangwen Yang called a few trusted private will be open. People want to leave the chores that Zhuangwen Yang quite a headache for any reason to resign, it can be concluded that they do not see hope for the future. Why Ding bigger and difficult it? From the management is concerned, perhaps the incentive problems. Private meeting, Zhuangwen Yang boldly revealed two points, first, I hope brothers hold on for a while, certainly before the end give a satisfactory answer, that time is not satisfied for longer follow; second, Zhuangwen Yang himself said Ding Coty Inc. has been initialed with the acquisition agreement.
amount of negotiations with the Coty Group of 18 billion yuan. Among them, Zhuangwen Yang took 1.2 billion, there are 600 million as gambling chips, that is, the next 3 years (6 years, the acquisition of frame), then 600 million investment go, if 20% per year growth , then, these 6 million, Zhuang Wenyang away, on the contrary, 6 billion will be for 20% of the shares.
Feng Jianjun Ding future is not optimistic about the new in this industry, staged a miracle every day, no money will never do, money does not necessarily line.
von analysis, Taiwanese (Zhuangwen Yang from Taiwan, Miaoli) is very smart. The Coty Group and Ding cooperation is certainly the value of its second channel, that channel super growth. Companies announced the purchase price was $ 400,000,000, if the supplementary budget for the second input channel, that Ding's growth from less than 10 billion be 20 billion, is almost impossible. Pre-investment, advertising, personnel to overwhelming, human sea tactics, new products have to catch up, advocates also have to change, if so, Ding Di opponent is not a color, and keep up L'Oreal, Procter & Gamble, Unilever these Foreign Legion to counter. Although Ding is now a member of New foreign investment, but it is not their opponents, at best, but a newborn baby.
such a situation, Coty smoke and mirrors, but the door was child Zhuangwen Yang Qing. Unspoken, Zhuangwen Yang also would definitely not tell Coty, not because of language barriers, cultural differences and other factors, but Zhuangwen Yang is very clear what you want. He is now the most urgent task is to first funding can be secured, and can freely dispose of,blackhawks jerseys, more importantly, to ensure the continued survival of corporate team. Furthermore, should have the right to speak. It now appears that all Zhuangwen Yang have done it, at least, or
the other hand, Coty Inc. has not confused, although inseparable from the Ding, but do not simply go from the financial monitoring, and to cultivate their own forces to take over you. However, Coty also understand that the need for a timetable for a soft landing of the cycle.
, of course, can think of Coty Inc., Zhuangwen Yang absolutely can think of, he had an idea that he is a countdown timetable. He should do is, I want you still can not do without me after 3 years. Why confidently
Zhuangwen Yang? reason is that 3 years, the Coty looking for someone to take over Zhuangwen Yang, it must first Ding second channel business are familiar with the Central Plains, which should be a process. So, why now Zhuangwen Yang in boosting a project - Plant Pure? This is actually a drawing of a cake to Coty, is a drawing of a trap, gave himself a drawing of a bomb shelter. Supermarkets are not familiar with the second channel of Coty's business, it does not matter, the first introduction of capital, 3 years after the original channel may be 20 billion, and by then Zhuangwen Yang Yang master each of the offerings will certainly, however, after finishing He would say, , do plant pure, Ding any advantage.
as daily chemical industry veteran, Feng Jianjun Ding concern for a long time, and Zhuang Wenyang my way of doing things, ways of thinking well known. Feng Jianjun said Coty is weak, Coty play but Zhuangwen Yang, certainly throw good money after bad. Zhuang Wenyang people around all his cronies, leaving Zhuangwen Yang, to leave the team all over. In addition, if Zhuangwen Yang Ding seats from the new day stepped down, he will never again do business over the business, certainly do specialty stores, so he must channel resources to cultivate it. If Coty smart, should industry specializing in surgery, is optimistic about the business investment Ding sure advantage over the channel, it should be the ultimate advantages as long boards, injured his fingers off as one means, why the advantages of decentralized ? Coty Zhuangwen Yang may now also have no illusions about the future development plans. In fact, everyone's cards are still not bright out, it is the wolf with the fox's game. Schedule in the future years, Coty will lose more, Ding the platters, all of the center, not in the hands of the radius, by others to control.
All in all, Coty would like Ding who groan market capital and the right to speak, is rather difficult, unless the acquired Coty in China and then one or two days of the company.
two grass (Herborist, affordable herbal medicine) and two U.S. (United States Su, pills U.S.) there must be a war
local cosmetics brand in full swing, the two battle to become the largest grass Aspect.
affordable herbal medicine herbal medicine concept has been advertised, in the channel, which is the first channel, the third channel, the fourth channel of the three channels of the
Herborist years adhere to the In addition, Herborist behalf of the brand or the first channel is the single sales charts. Herbal obtain affordable compared to three small medals Herborist to get the most valuable piece of gold.
therefore dispute that the two grass channels, brand, strength, target the strategic competition. Olympic Games in the cosmetics industry, which is more interesting events.
two United States among the pill the United States was once a controversial brand. Pill the United States was founded in 2000, but until 2008, which did not dare to admit that China's brand, simply stamped As a result, the U.S. CEO Sun Huaiqing offended pill counterparts, after all, the hearts of the Chinese people deeply rooted anti-Japanese feeling, it was very resentful of their peers. Not only that, according to industry on the correspondents said, Sun is very conceited and arrogant, his pills to make others believe that the Sino-Japanese joint venture, the United States, China announced that they are Japanese in vain, and the name changed to the characteristics of a small bell with a celebration of Japan Kazuo also ordered the company up and down to him as president of a small bell Jun, everything prepared in accordance with Japanese companies, even the words must have the Japanese flavor. Pills caused the U.S. to upgrade the packaging too high a domestic media attention and the depth of excavation, lies once exposed, pill not only the United States almost collapsed, and the country return 50 million within one month, the dealer should have a say.
However, the pill accounted for in the industry in the United States despite a hostile side, isolated by peers, but today, sales were still considerable, the size has reached 1 billion. Even if the disaster had been subjected to, pills United States in the product positioning, product viability, marketing, planning and other aspects of capacity are good. Product brand advertising can solve the problem, but went to the store counter and retail terminals, the first feeling or vision of the destruction. Pill average retail price of U.S. products are in three or four hundred dollars, and the packaging beautiful delicate; In addition, the pill the United States is taking the high-end cosmetics line. Cosmetics from the fine chemicals, and fine chemicals in China in terms of an exotic, itself derived from the U.S. and Europe, the low-end cosmetics at a woman's face and hands to solve the physical changes of the skin, high-end cosmetics certainly have the physical changes in external chemical changes.
The U.S. element, it is the brand owned by Shanghai Buddhist Temple, before the U.S. prime supplier to the major multi-beauty salon, located in the high-end crowd, then change the market strategy, sales of all products to cosmetics shops .
Source: Financing of China: Li Ying Editor: Gazi
