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La Chapelle's performance continues to decline

Posté le 10/5/2019 à 08:34 - poster un commentaire

The domestic women's brand Shanghai La Chapelle Clothing Co., Ltd. (hereinafter referred to as "La Chapelle") released its Zaful Coupons first quarter earnings report for 2019. According to financial report data, La Chapelle's net profit for the reporting period was only 9.751 million yuan, down 94.4% year-on-year. However, in the state of losing money for years, La Chapelle is still arbitrarily acquiring a loss-making French clothing brand, which is really puzzling.

The performance continued to fall and was inquired

It is understood that La Chapelle landed on the Hong Kong Stock Exchange in September 2014, and issued A shares in September 2017 to achieve A+H simultaneous listing. The company currently has several brands such as LaChapelle, Puella, Candie's, 7m and LaBabité. Although the company has a large number of brands, from the data disclosed in the financial report, the company's performance has been retrogressing in the past two years. It is reported that from the second quarter of 2018 to the first quarter of 2019, La Chapelle's net profit fell sharply for four consecutive quarters, even in the fourth quarter of 2018.

As of May 8, La Chapelle's share price closed at 7.26 yuan, has fallen below the issue price of 8.41 yuan, down 76.89% from the highest point of 31.42 yuan. Its total market capitalization is only 3.175 billion yuan, which has shrunk by 73.31% from the high point of 11.987 billion yuan. From 2016 to 2018, the net profit attributable to shareholders of listed companies was 532 million yuan, 489 million yuan, and -160 million yuan.

After La Chapelle disclosed the 2018 annual report, the decline in performance also caught the attention of the relevant departments. On April 10, the Shanghai Stock Exchange issued a letter of inquiry to La Chapelle, involving more than 20 questions, asking La Chapelle to further disclose whether the company's operating performance is consistent with the development of the industry and similar products, and specifically analyze the company's operating income, gross. The reasons for the significant decline in interest rates and net profits. However, after two applications were postponed, La Chapelle was able to respond to this morning.

Closing the store while closing the house

According to the annual report, as of the end of 2018, La Chapelle had a total of 9,269 direct sales cabinets. However, in just three months, La Chapelle closed more than 1,600 stores to reduce the "inefficient investment of resources."

It is worth noting that La Chapelle has not stopped acquiring other brands in the state of losing money for years. In 2018, the company issued a statement saying that it plans to invest 20 million euros to acquire a 40% stake in France's Naf Naf SAS, and the delivery was completed in June of the same year. In November, La Chapelle said it will continue to plan to acquire a 100% stake in Naf Naf SAS for a total of 35.34 million euros. In March of this year, the company said that the transaction delivery conditions have not been met, and the final date of the delivery is postponed to July 1, 2019.

However, this French brand with nearly 500 stores around the world is not as powerful as it seems. According to the announcement, Naf Naf SAS's revenue in the first half of 2018 was approximately 89.89 million euros, with a net loss of 3.42 million euros; the full year 2017 loss also reached 6.5 million euros. Whether La Chapelle’s shot was a good card or a bad card, wait and see.

Plans to sell 200 million yuan of equity in the company

On the evening of May 7, La Chapelle issued three related announcements in succession to the sale of equity and related party transactions of the holding subsidiaries. According to the disclosure, the company will sell 54.05% of the equity of Hangzhou Yishang E-Commerce Co., Ltd., and the equity transfer price of the transaction is 200 million yuan.

La Chapelle said in the announcement that the sale is a decision made by the company based on accelerating transformation and making business adjustments. At present, La Chapelle is in the key stage of combining the company's development strategy to sort out the existing brand matrix and concentrating the superior resources to play the competitive advantage of the core brand.

Market investors believe that this adjustment is related to the company's recent large-scale performance.


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