It is a bit difficult to operate pain points on Saturday, the road to the blessing IPO

China Business Daily (Reporter Chen Qing) Recently, Saturday Fook Jewelry Co., Ltd. (hereinafter referred to as Saturday Fu) submitted an IPO material to the Shenzhen Stock Exchange, and the first application has been accepted by the Shenzhen Stock Exchange's main board. However, this is not the first time that Blessing IPO was on Saturday — the first submitted a shareholder of Blessing on Saturday, 2019, and later was involved in the "Kangmei Case" due to the sponsor and the audit institute. After the institution, the IPO on the start of the start is still not. In this regard, people in the industry have analyzed that the listing is frequently blocked. In addition to the lack of so -called good luck, some operating pain points of Saturday Fu cannot be ignored.

Products and services are dissatisfied

Compared with Zhou Dafu and Zhou Dasheng, such as the jewelry brand that has been galloping in the capital market for many years, Saturday, which belongs to the Jewelry Army of the "Zhou family", is not only ups and downs, but consumers also love and hate.

Recently, some media reports that the sophomore boy Yang wanted to buy pure gold jewelry on Saturday. After paying, he found that it was 18K gold, and the return was unsuccessful. The shopping guide said that during the purchase process, Yang introduced the product material as AU750, and the industry referred to 18K gold. And Yang did not know that "AU750" represents a 75%alloy with pure gold. Because of the asymmetry of information, the relevant personnel of the Fu store on Saturday refused to refund.

The video of Yang and Saturday's purchase dispute caused many netizens to forward and discuss

If the return is unsuccessful, Yang dialed the 12345 hotline and coordinated by the Dongguan Dalang Market Supervision Bureau. Yang agreed to buy a ring. The rest of the goods returned and refunded.

The incident of Yang caused heated discussions on the Internet, and some netizens talked about the embarrassing experience encountered when buying on Saturdays and Saturday. On the black cat complaint platform, a netizen named "A Qinbao" initiated a complaint that the price of a price purchased at the Fook Jewelry Authorized Store was not told, and the shopping list was randomly increased at will.

In addition to the black cat complaint platform, the reporter also found on many platforms that many netizens are dissatisfied with the price of one -bobby products purchased on Saturday.

On the Xiaohong Book Platform, a blogger said that in the store on Saturday, the shopping guide would recommend a price of gold jewelry to it. After the purchase of the goods, the shopping guide would not inform Ke Zhong. He asked the salesperson, and the sales staff said that "the price does not look at the weight." After the purchase, the netizen calculated a account with a total of 4.45 grams of necklaces and a price of 4265 yuan, which was more than 900 yuan per gram. The price of pure gold in the current market is only more than 400 yuan.

It is reported that the price of one -bobbing product is K gold (alloys made of pure gold and other metals). Compared with K gold, the jewelry that is called by grams is generally a pure gold product. The price per gram is linked to the gold price of the international market. Because of this, this product is more likely to circulate and replace.

Some people in the industry said that compared with the pure gold jewelry sold by gram, the price of K -gold such as K gold is not weighed and non -pure, and the gross profit is higher. Price product.

Judging from the performance data of Saturday Fu, the profit of plain products sold according to the items is really higher than that of sales. Its prospectus shows that in the sale of Sujin products sold by Fu on Saturday 2021, it achieved revenue of 209 million yuan, an increase of 5.15 times year -on -year; gross profit margin was 17.03%, a year -on -year decrease of 12.18 percentage points. At the same time, Saturday Fook's sale achieved revenue of 101 million yuan, an increase of 1.1 times year -on -year. Although the gross profit margin decreased by 5.81 percentage points year -on -year, it was still much higher than 42.44%.

However, Saturday is also increasing the sales of pure gold products. The prospectus shows that, in the context of the epidemic, consumers have made a new consumption trend for the consumer's long -term value of gold. In 2021, Saturday's self -operated store increased the sales efforts of traffic gold products at a price of gram.

Relying on joining Xiyuan Half

China Business Daily reporters found from some netizens uploaded shopping bills that many shopping orders have seals authorized on Saturday. In other words, most of the commodities complained from consumers come from their franchise stores. However, it should be noted that charging franchisees and brand use fees to franchisees are indeed the main source of business income on Saturday.

Data show that as of December 31, 2021, Saturday Fook had 3,764 offline terminal stores, of which 3694 were joined. On Saturday's prospectus, Saturday Fu will charge about 200 million yuan of brand usage fees from franchisees on Saturday. By 2021, the brand's use fee reached nearly 400 million yuan.

Li Yingtao, a senior analyst of the brand retail industry, said that the jewelry industry has a high cost and high risk, and a large amount of funds require a lot of funds. Brands can save capital costs, accelerate market expansion, and reduce management costs and risks.

Although in the franchise model, the company can quickly occupy the market in the early stage of development in a lower cost and more flexible manner, but in the prospectus on Saturday, the leadership of the operation and management is controlled by the franchisee. Consider the risk of illegal operations due to their own interests.

The franchise model allows franchisees to have greater business autonomy, and the lack of management capabilities of the brand party will lead to problems such as chaos and consumer disputes in some stores, which will have a negative impact on the overall value of the brand.

The reporter noticed that many of the lawsuits involved in the blessing of Saturday were "misfortunes" caused by franchise stores. From March 2017 to July 2018, Chanel took a total of 13 cases of litigation cases filed by the defendant for the defendant's trademark infringement disputes on Saturday. Cartier International also sued his trademark infringement and involved six franchisees. In fact, when the IPO was declared for the first time, the Securities and Futures Commission issued an inquiry to it due to the issue of "more than 80%of the revenue of the franchise model" on Saturday. Due to the many uncertainty in the franchise model, Saturday Fook began to accelerate the opening of self -operated stores in recent years. In 2020, Saturday Fook added 18 self -operated stores, and 30 newly added in 2021.

"Crisis" and "machine" coexist

Whether this IPO is successful on Saturday is still unknown. But no matter whether it is successful or not, the road of development on Saturday may not be easy to go. According to the prospectus on Saturday, there are a large number of market competitors. Not only are there many mainland brands competing with each other, but Hong Kong and foreign brands have also increased the degree of industry competition.

There are not only "external problems", but also "internal worry". In addition to the general word of mouth and the franchise model, there are many uncertainties, the lack of R & D capabilities on Saturday also makes it weak in product innovation. It is reported that the product production and design of Fook Fook at present is mainly completed by cooperating with external professional jewelry suppliers.

People in the industry believe that the overall growth rate of the jewelry market has slowed down, and the development time is relatively short, and Saturday, which is often trapped in the "cottage" controversy. Buy.

However, some people in the industry have said that although the overall growth rate of the jewelry market has slowed down, there is still room for incrementing the market. Although consumers will favor those well -known brands in history, they will also pay for creative products. If Saturdays Blessing will have a good base and continuous innovation, there will be quite a lot of market opportunities.

The "2021 China Jewelry Industry Development Report" released by the China Jewelry Jewelry Industry Association shows that according to sales, the total scale of the Chinese jewelry market in 2021 jumped to a new level of 720 billion yuan in one fell swoop. improve.

Faced with market opportunities, Saturday Fu also started changes at the level of product innovation. On Saturday, it said that it has successively launched the "One -heart and One Love" series that focuses on the emotional direction, the "new national style" series, the "tide gold laboratory" that focuses on the concept of tide play, and the Z forces series focusing on young fashion trends.

Whether the Saturday Fu, who is seeking to change the IPO is successful, whether it can occupy a more important position in the jewelry market in the future, China Business Daily reporters will continue to pay attention.

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