Women'S Clothing Brand IPO Failed, Affected By Bad Assets?

According to the world clothing and shoe net reporter, Beijing luxury retail industry revealed that 10CorsoComo has withdrawn all its business from the 4 tier of SKP department store in Beijing in February 14th, retaining only 1 layers of coffee shop in the department store.

In 2014, 10CorsoComo stationed in Beijing SKP opened the expansion of its second store in China. 10CorsoComo Beijing shop has guerrilla shops, art galleries, Italian restaurants and bars displaying Chinese designer products, while selling cosmetics.

Gifts and premium jewelry, with an area of more than 1300 square meters.

According to sources, the main reason for the closure is 10CorsoComo, which is seriously losing business in China. Beijing SKP as the most high-end high-end shopping mall in China, the rent is very expensive. Once the business is blocked, the performance will be dragged down.

In 1990, sister CarlaSozzani of FrancaSozzani, the former editor in chief of foreign fashion magazines, set up 10CorsoComo in Milan, where the former died of cancer last year.

10CorsoComo once became the pioneer pronoun of global design, art, fashion and top restaurants. In Asia business, in 2002, it collaborated with CommedesGarcons to build a Tokyo branch. In 2008, it joined hands with SamSung group to build a Seoul branch.

A source familiar with the industry said that since the 10CorsoComo China business has become the burden of Heji International Group's performance, the latter has already planned to close the 10CorsoComo store in Beijing, and has stopped the purchase plan of the store earlier.

In addition, the purchase budget for goods purchased by 10CorsoComo shops in Shanghai has also declined.

By the end of the press release, hekek's commerce in Shanghai, Heji International Group, has not commented on the news.

In fact, over the past 5 years, the boutique industry in Europe and the United States has been gradually withering away.

The mode of a buyer's shop is to make a high price by virtue of the scarcity of its commodity, so as to earn the difference, though the profit is diversified, but it is very difficult.

The bankruptcy or sale of many independent buyer shops basically announced that the global independent buyer shop industry is facing severe challenges.

Browns, a London fashion boutique retailer created in 1970, failed to support it. In May 2015, Browns was bought by Farfetch, the UK's e-commerce platform.

In 2015, foreign media reported that 10CorsoComo was facing a financial crisis of 4 million 670 thousand euro debt.

Some industry analysts think luxury.

High speed development is challenging the old mode of retailing, and the traditional buyer shop mode is outdated.

It is noteworthy that 10CorsoComo has opened stores in the Chinese market for nearly 4 years. The top management of the company has been continuously volatile, with an average annual replacement of 1 to 2 times. Frequent exchange of blood has had a certain impact on the 10CorsoComo market in China, and the market strategy has been hindered, which is also one of the reasons for the loss of the brand's performance.

Domestic fashion group has recently launched a capital listing boom. The fashion headline has previously reported that Heji International Group, as the controlling shareholder of China's 10CorsoComo business, is seeking IPO, and the loss reduction business is imminent.

A source who refused to disclose his name told Bloomberg that Heji international group was the fastest in the domestic capital market IPO at the end of this year, and there was reliable information that Heji International Group valued at about 5 billion US dollars. If IPO is successful, Heji international will become the largest listed clothing group in China.

In 2011, LVMH's investment fund LCapitalAsia bought its 10% stake at $200 million, when Heji International Group announced that the company valued at $2 billion.

LCapitalAsia is an investment fund with a definite exit time. It is about 3 to 5 years. Now it is the stage that LCapitalAsia is seeking to withdraw from cash. If Heji international completes IPO smoothly, it will earn 2.5 dollars by LCapitalAsia at a valuation of 5 billion US dollars.

Hkei International Group, headquartered in Guangzhou, was founded in 1999. In addition to investing in the 10corsocomo business, it owns Ochirly, FivePlus, including women's clothing brands that have been in operation for many years.

TRENDIANO, women's clothing COVENGARDEN, tannin brand MISSSIXTY, and jointly with the British Superdry group in 2015 opened a shop in China, according to the latest data of fashion headlines, half of the 2017 half year fiscal year Superdry China market lost at least 10 million yuan.

Heji International Group has more than 3000 physical shops, and the industry speculated that its annual revenue has exceeded 10 billion yuan.

Up till now, Xu Yu and LCapitalAsia, chief executive of Hechi International Group, have not commented on the news of IPO.

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