If there is a word, it is long, and if there is no word, it is short.

At the banquet, Gu Kun's in-depth interpretation of the pride of Chinese culture left a very deep impression on Ma Feng, and also left a seed in Ma Feng's three views, so that when he cracked down on fakes and guided public opinion in the future, he would always think of it and imperceptibly affect his decision-making.

Maybe this will make Ma Feng go a little slower, but it will definitely have a better conscience and be more stable.

After sending Ma Feng away, Gu Kun's share replacement investment work of French and Italian luxury goods companies progressed in an orderly manner under the operation of Liang Jinsong.

Of course, in the process, it must be in strict accordance with Gu Kun's layout instructions, and the brands that bought Gu Kun and his women were carefully selected and felt that the future was relatively more promising.

Two weeks passed in a flash, and one day in mid-December, Liang Jinsong finally had the results and came to report as soon as possible:

"Finally, fortunately, the shares of the luxury companies you asked to replace are here. These three columns are the valuation of the company, the proportion of shares exchanged this time, and the mortgage price when it was originally used as a convertible bond financing - I mean those who have done the conversion bond operation, and the empty ones are the shares that have not been done and have been directly traded in private placement. ”

Proni, valued at $4.2 billion, with a 17.5% replacement share ratio and a cost of $76 million;

Giorgio Armani, valued at $580 million, with a replacement share ratio of 4.2% and a cost of 24 million;

Gucci, with a market capitalization of 5.5 billion, a replacement ratio of 2.3%, and a cost of 104 million;

Lanzi, with a market value of 1.6 billion, a replacement ratio of 11%, and a cost of 176 million;

Cartier, with a market value of 4.3 billion, a replacement ratio of 7%, and a cost of 310 million;

Tiffany, with a market value of 3.5 billion, a replacement ratio of 20%, and a cost of 700 million;

Fendi 14% ...... Girard-Perregaux 13.5% ...... This time, a total of 11 companies were invested, and the highest single cost 700 million US dollars, and on average, each spent 230 million million, and a total of about 2.6 billion US dollars to replace the positions of financial stocks, completely clearing out the remaining financial stocks in the Hong Kong stock market."

At the same time, in the process of selling the financial stocks of Hong Kong stocks, Gu Kun also lost $2 billion less than the original plan. After all, the last big and difficult shares were not forced to be liquidated, but shares were exchanged for shares, which avoided the discount loss caused by the forced liquidation of the tail position.

"Sure enough, I still have to specialize in the art industry, and I'm doing a good job. Gu Kun is very satisfied with the results of this asset allocation.

Liang Jinsong: "Is there anything else I want to pay attention to? Are you ready to hold it for a long time? If you don't need to operate, I will re-invest all my energy in the shipment of real estate stocks in the near future - you know the plan, and it will take at least half a year to throw away all the chips of Hong Kong real estate stocks." ”

Gu Kun thought for a while: "Then I can only bother you to work harder, the shares of these more than a dozen luxury companies, I will divide them into three batches of different treatments to operate."

Some of them are real high-performance stocks, or I think they are high-performing brands, and I will do my best to expand my holdings in the future, or even acquire them.

The second batch is just a financial investment, pinch it for a few years, wait for the operator to pay dividends, and at the same time you can help me watch the market, there is really a good opportunity to cash out and make money, and you can sell it in a few years.

The third tranche is, in principle, the same financial investment as the second tranche, but it is currently the target of other potential competitors Luxury Group that they want to acquire. After we hold it, we even put on some aggressive position to disgust our opponents in exchange for some other chips - you know what I mean?"

Liang Jinsong shrugged indifferently: "I know, the so-called third batch, on behalf of the brand Lanzi? You know that Richemont is in Lanzi, so disgusting Richemont, but you don't really want to get it, as long as Richemont is willing to exchange other suitable brand equity with you, you will let it go, right?"

Gu Kun: "It's easy to talk to smart people. ”

Both Gu Kun and Liang Jinsong know that as Gu Kun, if they want to enter the ranks of acquirers in the circle of luxury brands in France and Italy, they will have one more obstacle than Arnault or the bosses of Richemont and Kering.

That is, Gu Kun can only buy those tradable shares more conveniently through normal channels.

For those independent brands in non-listed companies that have a strong qualification, it is impossible for Gu Kun to run to the door and want to throw money at the barbarian at the door, because the other party's equity is not in circulation, and it is not played with people who are not in this circle.

Therefore, Gu Kun spent more than 20 billion US dollars to replace chips, and only got shares in what seems to be as many as a dozen luxury brand companies, but the shareholding ratio of each one does not exceed 20%, and many are still hovering around 5%.

With Gu Kun's current status in this circle, he can only start as a small shareholder first.

But being a minority shareholder is also an art, and if you don't have the ability to enter the market, you may make trouble for other bigwigs who have the ability to enter the market.

Richemont wanted to buy Lanzi, Kering wanted to buy Yves Saint Laurent.

Gu Kun has a little bit of Lanzi and Yves Saint Laurent shares on hand, so he can exchange for some of the Gucci, Armani, and Cartier he wants more at the critical moment of the merger and acquisition.

Holding more than a dozen luxury brands is still too much for Gu Kun. In particular, he did not really enter the global luxury market competition, and his original intention was only to compete for the future interests of some leading luxury brands in China.

Therefore, it is more appropriate to reduce the shares on hand to the range of seven or eight brands within a year by replacing the shares of some tool companies that have been used for blockage.

Then, it will slowly lie dormant and survive the "credit period" for a few years.

At the same time, it is necessary to vigorously build a high-end brand retail industry in Lanfang, and at the same time build the Burj Al Arab Hotel and Lanfang Tower, and push those top-level and large-scale boutique shopping center projects to the ground.

Once completed, the brands in which Gu Kun has some shares can be concentrated in those boutique SHOPPING-MALL in Lanfang, giving them the most conspicuous and luxurious store shops, the best publicity facilities, and the strongest tourist exposure and traffic drainage. (Of course, Gu Kun will never engage in compulsory shopping for tourism in Lanfang, that is too low.) Especially Lan Fang is basically his family, so there is no need to be so ugly)

As long as there is a period of two or three years, so that the French and Italian brands that are still very disdainful of the Chinese market and feel that the Chinese people are still generally too poor to use luxury goods will realize the importance of the Chinese market and realize that Gu Kun has great hidden power to influence the advantages and disadvantages of luxury brands in the Chinese market.

Then, when the time comes, it is not hopeless to talk about expanding shareholdings or even holdings.

As for those brands that "have a stable upside in revenue and brand market value in the next few years, but there are no three major groups that want to acquire them and cannot be used as replacement chips, and will definitely decline in the long run in the next ten or eight years", Gu Kun is not busy throwing them away.

He told Liang Jinsong that he could maintain some "financial investment" ratio.

In his own mind, these financial investments can be pinched for at least three to five years, and it is not too late to sell them again in about 2004/2005.

Because in the long run, the luxury industry will have a certain "winner-take-all" situation in the future, and the Matthew effect will be very serious.

This is closely related to the media attachment of luxury brands' intangible assets.

To put it mildly, the Internet is an amplifier that amplifies the fame of something famous.

In the era without the Internet, there can be more variety of famous luxury brands, and the most famous brands are not so big than the less famous brands.

After the Internet came, from the upper class to the bottom, it was actually more unified for which brands were famous, and even the vegetable seller knew that the donkey brand bag was famous. In the era when there is no Internet, the vegetable seller aunt does not know the donkey brand.

Therefore, the Internet winter is from 01 to 04, and these years are also the years when second-tier luxury brands can nourish and survive.

After the full recovery of the Internet in 05 years, the death period of the "non-first" in these virtual economies has arrived.

Gu Kun will definitely abandon these second-tier luxury brands before 04/05, leaving only the most front-line.

It's not that second-tier luxury goods won't be able to sell sales or will go out of business in the future, but that they are no longer worthy of the positioning of "luxury", and at most they will fall to the second-level positioning of "classical fashion fashion brands". The capital market also has to lower the multiple estimation model of its price-to-earnings ratio and price-to-business ratio by one level.

Maintaining the proportion of these "financial investments" before 05 years has another use for Gu Kun, that is, "the bones of the golden market", which proves that Gu Kun is not a "barbarian at the door", but purely for dividends, and will never interfere with the company's founder's business decision-making power and product design ideas and positioning.

This is very important for him to enter Gucci and Armani in the future.

The most direct reason for why Armani, a company founded in the 70s and always under the control of the founder, resists going public and resisting equity financing? The most direct reason is that Giorgio Armani, a quirky designer, does not like to have a major shareholder boss dictate him while he is working.

Later, Gucci desperately resisted Arnott's takeover, and the logic was the same.

These guys, who pretend to be genius designers, all want absolute discretion, design whatever style they want to design shocking style, when they want to release new styles, if there is no inspiration in a certain year and a certain quarter, and they don't want to come out with new models, then they will continue to sell old goods, and major shareholders are not allowed to force him to work.

Not only Armani, but even the second- and third-generation designers of those big brands, LVMH's Galeazzo, and Kering's McQueen, also hate being forced by their bosses.

There's a famous quote in the circle: "For people like Galeazzo, McQueen and Armani, creation is nothing more than vomit after they go to a nightclub and experience life."

That's the embodiment of their magical impression of life, who wants to go to a bar in the first place, can stand the boss after drinking and vomiting?

Therefore, it will take time for Gu Kun to prove that he does not interfere with the rhythm of the designer and the founder. He has to pinch the stocks of other companies, pinch the last three or five years, and he doesn't squeak no matter how passive and slacking off people is, in order to win the reputation of generosity and kindness in the industry, and to slowly try to let those companies relax their guard and be eaten away by him.

Don't feel aggrieved, Arnott, who was the richest man in the world in later generations, was also after founding Dior in 84, he pretended to be harmless to humans and animals for many years, and after buying the shares of the donkey brand, he did not criticize the operation and design of the donkey brand for ten years, so that insiders relaxed their vigilance against him. Then, when he retired in 95, he sold all the shares of Givenchy to Arnault without exclusion.

If Gu Kun only worked in this field for three or five years to achieve the endorsement of his personality's credit, it would have been twice as fast as Arnott.