Where is the "unusual way" of Metus Bangwei's "unusual way"?

Radar finance produce | Li Yihui edited | Deep Sea

On the afternoon of August 5, the topic of "Metusbon Wei was exposed to a large amount of wages" appeared on the hot search list. According to the interface report, Meetsbonway employees in Shanghai, Liaoning, Tianjin and other places recently broke the news, saying that it has been arrears for 4 months since March this year.

Radar Finance noticed that in mid -June this year, some netizens uploaded videos showing that some US -style clothing employees pulled up banners to ask for salary. Some netizens commented that "the salary in March has not been paid yet, and it has been in July immediately. "The problem" "The salary has not been paid for three months, and the company is not bad."

As a brand that once invited Jay Chou to endorse, with the slogan of "unusual roads" as a brand that was well known by many post -80s and post -90s, Meibang Clothing has not been good in recent years. The financial report shows that the company's operating income in the past three years has fallen by nearly 50%, and the net profit and deduction of non -net profit attributable to mothers have also lost money in succession. In the first half of this year, the loss of more than 600 million yuan, the amount further expanded.

Faced with the decline in performance for many years, Meibang Clothing has also tried to sell assets to return blood, but the situation he is facing is still difficult. As of August 5, the stock price of Meibang Clothing was 1.68 yuan/share, with a total market value of 4.2 billion yuan, and the highest market value of 38.9 billion yuan evaporated nearly 90 %.

It has been exposed to the arrears of wages for 4 months

Judging from the news released by employees suspected of Meibang's clothing on social platforms, Meibang Clothing has arrears in arrears in April this year, involving molecular companies and related agencies in many places such as Shanghai, Liaoning, Tianjin. It was once unable to operate normally.

There are also documents uploaded by netizens that since March of this year, the Ministry of Human Resources of the Meetsbonwei has begun to issue "notice on delaying salary", which is said to be affected by the epidemic. The salary time is delayed backward, and the specific time will be notified separately.

A recent notice stated that since the new crown epidemic, the company's operations have been very seriously affected and cash flow is tense.

"After negotiating with the union and the union, the salary originally issued on July 15, 2022 was delayed. The company is trying to do everything to restore operations, raise funds, and strive to restore the normal salary in September, and gradually make up for the slow issue of the monthly month. The salary. "The notice stated that each branch and subsidiaries will also be implemented with reference to the execution.

However, because the notification has not seen the official seal of the United States and the official seal, and the official has not yet responded, it is difficult to distinguish the authenticity.

According to the above report, netizens who suspected of being the employee of the company claimed to be misusted by the company, causing their home office hours to be counted as "air diligence", and some of the employees' economic compensation and compensation were arrears.

On Weibo, a video released by netizens showed that some employees took a banner to the US -headed Shanghai headquarters in mid -June to ask for salary.

According to the "Pudong Release", the Taxation Department of the Pudong New Area on June 29 this year and the Shanghai Zhejiang Chamber of Commerce in Shanghai conducted a preaching. After listening to the preaching, Zhang Li, secretary and financial person in charge of the board of directors of Meibang Clothing, said that the introduction of the bailout policy "relieved our company's cash flow pressure and ensured the timely issuance of employees' wages."

But at present, the company has not solved the issue of employee salary issuance.

Falling in a loss, closing the store

Behind the rumor of "arrears of salary", Meibang Clothing has continued to decline in operating performance in recent years.

On the evening of July 14, Meibang Clothing issued a performance forecast that the company's expected loss of 620 million to 680 million yuan was expected in the first half of 2022, and the loss amount further expanded from the previous year's loss of 38.93 million yuan.

According to the company, about 2 months in the first half of the year could not be shipped normally from the national offline stores and online online purchases, which caused the company's operating income and operating profits to decline; some franchisees were poorly achieved, and the repayment of overdue and receivables of accounts receivables occurred. The accounting age has become longer, and the company will regulate the loss of credit impairment; the company continues to close the unreasonable business district's direct -operated stores during the reporting period, resulting in the high cost of some stores.

Prior to this, the performance of Meibang's clothing had begun to decline. According to Flush iFind data, from 2019 to 2021, Meibang Clothing achieved operating income of 5.463 billion yuan, 3.819 billion yuan, and 2.639 billion yuan, a year-on-year decrease of 28.84%, 30.10%, and 30.91%. Yuan, -866 billion yuan and -781 billion yuan, a total loss of 2.47 billion yuan in three years.

In the face of the Shenzhen Stock Exchange's inquiry of the company's continued operation capabilities, Meibang Clothing said that the company's operating income continued to decline significantly in 2021, mainly due to the company's historical peak of the street business district stores in the market. While the Face -to -Commercial Circle Store, while forming a household influence and the benchmarking performance of the industry, it also brings a trap of channel development.

Meibang Clothing admits that the traditional channel store developed by the company at its peak, affected by urban development and the transfer of commercial districts, no longer adapt to changes in consumer consumption habits of generations Z, so the company continues to adjust stores. Reduced 785, 683 and 403, so the company's income scale continued to decline from 2019.

And affected by the new crown epidemic in the past three years, the business environment and the consumption habits of young people have accelerated the era of great changes. However, in the process, the company's response measures have lag. Not in time. In 2019, the company has gradually increased its efforts to adjust the brand strategy and channel strategies. However, the adjustment of the early channels is not resolute and rapid, which has caused some unreasonable business district stores to be basically resolved until now. Therefore, the company has been burdening the cost of unreasonable channels in the past three years.

Meibang Clothing believes that with the basic shutdown of unreasonable stores in the direct business and franchise channels, although the company's sales scale has shrunk rapidly, it has achieved the goal of unreasonable store shutdown.

As of the end of 2021, Meibang Clothing had 130 direct stores and 1470 franchise stores. Tianyancha shows that of the 19 branches of Shanghai Metus Bangwei Clothing Co., Ltd., 18 have been canceled, leaving only Dongguan Branch in the industry.

From explosion to sale to assets

In the 1980s, Zhou Chengjian, from Lishui, Zhejiang, failed for the first time. He came to Wenzhou and set up a small clothing processing plant.

By chance, Zhou Chengjian's "unscrupulous" suit made by "will be wrong" has become a best -selling product in the market, which gives Zhou Chengjian's thoughts in his mind to make "casual clothing".

In 1993, the Metters clothing company was born to produce the clothing of the "Bangwei's" brand, which means the prestige of Yang Guobang. Two years later, the first Meetsbonwei store opened in Wuma Street, Wenzhou.

In 2003, Meibang officially moved his headquarters to Shanghai and signed Jay Chou at a high price to become his spokesperson.

In August 2008, Meibang Clothing was traded on the small and medium -sized board in Shenzhen. In the Forbes Rich List, Zhou Chengjian and his family ranked fifth in the Chinese Rich List with $ 2 billion in assets.

With the help of the capital market, the performance of the U.S. stock market clothing after listing has developed rapidly. In the following three years, Meibang's performance rose with a double -digit trend every year, becoming the leading boss of the domestic leisure clothing field.

In Zhou Chengjian's view, there is no core technology at all at all, so Meibang's clothing outsourcing outsourcing the upstream clothing and downstream sales links, and only responsible for the product design and planning link. This is also the first case in the clothing industry. Later, it was also operated in this way.

According to media reports at that time, considering the huge investment in store rents, decoration, personnel wages, taxes, etc., the US State adopted a franchise chain business strategy. Depending on the region, the region charged the franchisees of 50,000 to 350,000 yuan. Franchisees shall share risks and achieve win -win. "

This has brought geometric growth to the size of Meibang's stores. From 1995 to 2003, the number of specialty stores in various places soared from dozens to more than 1,100. In the peak period in 2012, the number of stores in Meibang was as high as 5,220.

In 2012, it was also the turning point of Meibang's clothing. After being listed, the first Waterloo, the net profit decreased by 30%year -on -year.

Some analysts said that at that time, Metus Bangwei, who was a physical retail, was impacted by e -commerce. The entry of international clothing brands such as H & M and Zara, and the original products and marketing advantages of the United States were lost.

Taking 2012 as an example, Taobao and Tmall's annual sales of that year exceeded 1. trillion, and a large number of e -commerce platforms rose. By 2014, Jumei Youpin, JD Group, and Alibaba were listed.

During this period, Meibang's clothing was also actively seeking changes, but the effect was not obvious.

For example, Zhou Chengjian proposed to learn from ZARA at that time, launching ME & City, a 22-25-year-old clothing brand, and a large number of direct-operated stores with a large number of hundreds of square meters. This brand was upgraded in 2021 and turned to light luxury track.

In terms of channels, in order to pass online and offline integration, in December 2010, Meibang Clothing launched its own e -commerce platform Bang Shiwang. Unfortunately, the platform was stripped away by the US -dollar clothing after one year.

In October 2013, Meibang announced the launch of the O2O strategy. In order to build an offline experience store, Meibang closed some franchise stores and opened more than 1,000 direct stores.

In 2015, Meibang Clothing once again sought breakthroughs in online channels, and e -commerce apps on the concept of community concepts "have a fan". In the year of launch, the advertising costs in the USbirth costume report doubled more than the previous year, soaring to hundreds of millions of yuan. But in the end, the existence of Fan APP was less than three years.

These "trials and error" and the laying of direct stores not only did not restore the performance of US -Bang's clothing, the rise in costs has led to the company's losses in succession.

According to the financial report, between the five years of 2012 and 2016, the non-net profit growth rate of U.S. clothing buckle was negative. In 2015, its non-net profit fell 573.36%year-on-year. In the year, income declines.

In the risk analysis of the 2019 semi -annual report, Meibang's clothing frankly said that "with the development of e -commerce and the popularization of network terminals, people's costume consumption habits are gradually changing."

In order to rescue himself, in addition to a large number of stores, Meibang also "returned blood" by selling assets.

In March 2021, Meibang Clothing Announcement disclosed that the company sold 100%of the "Shanghai Model Industrial" owned by 448 million yuan for 448 million yuan.Affected by this, the company's performance in the first quarter of 2021 turned a profit.In April 2021, Meibang Clothing released a major asset sales plan, which plans to sell 10.10%of the "Huarui Bank" to the "Kaiquan Pump" for 424 million yuan.As of now, the relevant plans have not been permitted by the CIA.

Judging from the rumors of liabilities and wages that have been rising year by year, the cash flow pressure of Meibang clothing is greater.According to disclosure, as of the first quarter of 2022, the liability scale of Meibang's clothing was 3.893 billion yuan, and the asset -liability ratio reached 87.52%.

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