"Yes, THE TOP SHOP was built for this day. In addition, with the increase in the number of THE TOP SHOP stores, the support of a production base is also needed. Together, it's a matter of mutual benefit. ”

After listening to Wang Ye's explanation, Li Qinghuan still didn't understand a little, thinking that THE TOP SHOP needs a production base, you can build it yourself, or buy a few factories, why should it be acquired by Huashang.

In Li Qinghuan's eyes, THE TOP SHOP OBVIOUSLY HAS MORE DEVELOPMENT POTENTIAL THAN HUASHANG INTERNATIONAL.

However, she did not question Wang Ye's words again, because she believed that since Wang Ye had made such a decision, he must have his own considerations.

Moreover, Wang Ye's consideration must be more comprehensive and long-term than his own, and he just needs to do it.

Back in his office, Li Qinghuan began to sort out the data.

Thinking of those colleagues in the past, there is a knowing smile on his face, since he followed Wang Ye to create a new company, Weiye Jiahua began, to Meigou.com, to a cosmetics company, and then to THE TOP SHOP.

Li Qinghuan is very busy, where he needs to go, it can be regarded as a great contribution to the development and growth of the royal industry.

However, she has been busy enough this year, and she has not been together for a long time with several old colleagues, so I don't know how everyone is doing.

At the earliest, Wang Ye had only four employees, Li Qinghuan, Liu Jian, Chen Qifan, and Chen Huahua.

The relationship between everyone is very good, and during the first two business trips, they walked together for more than two months, and they can be regarded as Wang Ye's old subordinates.

Now Li Qinghuan is the one who has gone to the top, serving as the general manager of THE TOP SHOP. Although THE TOP SHOP IS NOT YET A LARGE COMPANY, THERE ARE EVEN ONLY TWO STORES OPEN, AND THE REMAINING 30 STORES ARE STILL UNDER RENOVATION.

But the company's valuation is not low, and its unique designer-led model, and it is currently the only designer collection store brand in the mainland, which has won the popularity of major shopping malls and consumers.

The intangible value is very high.

Since its opening in October 2011, the two stores in Xiangjiang have been open for more than two months, but the total sales have reached 210 million!

The monthly sales of a single store are 40 million!

It sounds a bit outrageous, but if you analyze it carefully, you can understand that this is indeed reasonable, and there should be such a high sales!

The choice of the two stores is the most golden business district in Xiangjiang, and it is the core location of the golden business district. Next to it are all top luxury brands such as LV, Hermes, and Chanel, and the stores are all big stores of more than 1,000 square meters.

In a store, there are more than 30 clerks alone, divided into three shifts.

Moreover, the clothes in THE TOP SHOP ARE NOT CHEAP, WITH AN AVERAGE PRICE OF ABOUT 2,000 YUAN PER PIECE.

With the foot traffic of The Landmark Plaza and Harbour City in Central, and the current popularity of THE TOP SHOP, is it difficult to sell five or six hundred pieces of clothing a day?

To be honest, it's not difficult at all! If it weren't for the sales model, it would never be restocked after it ran out of stock. Sales are estimated to be a bit higher.

Of course, the current sales boom may depend on this model of never replenishing stocks after the sale, and it is not certain.

THE TOP SHOP IS NOW STARTING TO ENTER THE MAINLAND MARKET IN A BIG WAY, AND BY THE TIME THE CHINESE NEW YEAR, IT IS ESTIMATED THAT 38 STORES WILL BE OPEN ONE AFTER ANOTHER.

ALTHOUGH IT IS NOT YET KNOWN WHAT THE SALES WILL BE IN THE MAINLAND, JUDGING FROM THE CURRENT LEVEL OF ACTIVITY OF MAINLAND CONSUMERS ON THE OFFICIAL WEBSITE AND OFFICIAL WEIBO OF THE TOP SHOP, THE SALES ARE ABOUT THE SAME.

Of course, this kind of store, because the style is relatively niche, the price is also high, it is destined to be impossible to open a large-scale store, according to Wang Ye's estimates, the country can open a hundred or so to reach the top.

But that's it, it's terrible, because the single-store sales are too terrifying. Shops in the mainland, not to mention more than 40 million per month like Xiangjiang, of course, it is impossible to reach it.

If the monthly sales of each store can reach 10 million, 100 stores will be 1 billion per month! 12 billion in a year! This is higher than the sales of 8,000 stores of Huashang International.

This is the advantage of high-end brand positioning, with a high unit price.

A piece of clothing in Huashang International is only three or four hundred yuan, and one piece of THE TOP SHOP IS TWO OR THREE THOUSAND, HOW CAN THIS BE COMPARED.

Because of this, Li Qinghuan always feels that THE TOP SHOP HAS MUCH MORE POTENTIAL THAN HUASHANG INTERNATIONAL.

However, how to calculate the valuation of this company, Li Qinghuan is very worried. She didn't know much about this aspect of things in the first place, and now she is catching ducks on the shelves.

After walking around the office twice, Li Qinghuan remembered a person, he didn't understand, he could ask others!

What she is looking for is LISA, in fact, Li Xin is also very proficient in this, but now Li Xin is on a business trip all day long, and he can't see people every day.

LI QINGHUAN PULLED LISA TO HIS OFFICE, TOLD HER ABOUT THE MATTER, AND THEN HUMBLY ASKED HOW TO VALUE THE TOP SHOP.

AFTER LISTENING TO LI QINGHUAN'S WORDS, LISA SMILED, SHE UNDERSTOOD WHAT WANG YE MEANT. He just asked Li Qinghuan to come up with a preliminary valuation, and it doesn't need to be very accurate, because when the real acquisition is made, there will be a professional third-party valuation company to calculate the valuation.

Of course, you also have to refer to the meaning of Wang Ye, the boss, otherwise your valuation is low, and he is not willing to sell.

This kind of M&A is to first invite a third-party financial company to valuation, and then the two parties will negotiate with the valuation, and the specific price still depends on the negotiation results.

So specifically for THE TOP SHOP, THE VALUATION MUST NOT BE CALCULATED ACCORDING TO THE CURRENT SALES OF THE TWO STORES.

LISA is calculated based on the average monthly sales of 10 million after the opening of 38 stores in the mainland, and Li Qinghuan feels that this sales is still relatively sure.

Then it is 380 million a month, plus 80 million for the two stores in Xiangjiang, the total sales in a month is 460 million. In a year, it is an annual sales of 5.52 billion!

As for profits, since THE TOP SHOP has the gimmick of a designer brand collection store, the price is still so high, of course, the profit margin is very large.

The key is that it has so many shops in the mainland, and the rent is cheap!

Not only is it cheap, but many shops do not need to be rented, because it is the shopping center begging for it to move in, and some even subsidize the decoration costs!

In store operation, the biggest expense is the store rent, and now this cost is directly gone, can the profit margin not be large?

All in all, the gross profit of THE TOP SHOP is as high as about 65%.

After deducting the commission for the designer, and then deducting the salary commission of the store shopping guide, plus the cost of the company's personnel, the net profit can also be maintained at 50%!

In other words, next year's sales of 5.52 billion, the final net profit will reach about 2.76 billion.

What is the net profit of Huashang International this year, it seems to be more than 2 billion.

Whether it is in terms of annual sales or profits, the two companies are basically the same, so should the company's valuation also be the same.

If you look at the P/E ratio, this is true, but there is another issue that has been overlooked, and that is net worth......

THE TOP SHOP IS THAT THERE ARE PEOPLE WHO HAVE BRANDS, BUT THERE ARE NO FIXED ASSETS. As for Huashang International, it seems to be lagging behind the top shop in an all-round way, but it has one of the largest clothing production bases in China, which is also a big asset.

The share price of Huashang International is now hovering around 30 yuan, and the total value of the company is 20 billion.

In terms of sales and profit margins, THE TOP SHOP SEEMS TO BE ABLE TO REACH A VALUATION OF 20 BILLION......

Of course, the 38 stores of THE TOP SHOP HAVE NOT YET OPENED, AND ALL THE SALES AND PROFITS ARE ESTIMATES, WHICH CANNOT BE REAL, AND CAN ONLY BE USED AS A REFERENCE.

When the real merger and acquisition, it must not be calculated with a valuation of 20 billion, otherwise the securities management institution will not be able to pass that hurdle!

Li Qinghuan thought about it for a long time, and after consulting LISA's opinion, he wrote down the valuation of THE TOP SHOP, 10 BILLION!

Although this amount is very amazing, Li Qinghuan still feels that it is underestimated, if she is given another year, she will really build dozens of stores in the mainland.

At that time, the real valuation of 20 billion is less, don't talk about it!

……

With the good statistics and the company's valuation, Li Qinghuan came to Wang Ye's office again.

"Mr. Wang, I have done all the data, and I also consulted LISA about the company's valuation. Now I have a preliminary valuation. ”

As he spoke, Li Qinghuan handed the report in his hand to Wang Ye.

Wang Ye took the data report, opened it and took a closer look.

Well, the two stores in Xiangjiang are performing quite well, and they can maintain sales of more than 40 million per month, which is quite impressive.

Then Wang Ye saw the company's valuation given by Li Qinghuan, 10 billion!

He smiled in surprise and asked Li Qinghuan: "How did you get the figure of 10 billion? Are you sure there is no mistake?"

"How could I be wrong, I've still discounted it. Li Qinghuan said unconvinced.

Then, she told Wang Ye how to calculate this number, from front to back, and finally said aggrievedly: "If it is the end of next year, the valuation of THE TOP SHOP will reach at least 20 billion! Now it is 10 billion, it is still too much of a loss." ”

Wang Ye also understands Li Qinghuan's thoughts, after all, this company was run by her before and after, and her feelings are naturally very deep.

However, if Huashang International is really acquired at a valuation of 10 billion, it is a bit too much, because it is too high!

However, Wang Ye didn't say anything, but said lightly: "It's okay, the board of directors of Huashang International will participate on time." ”

……

January 22, today is the day of the board meeting of Huashang International.

Early in the morning, Cai Ziang got up, washed up and had breakfast, and then dressed up carefully.

Zegna wore a pure cashmere navy blue suit, a snow-white shirt, shiny leather shoes, and a bright red silk tie. This looks more festive, and it also looks a few years younger.

After combing his hair carefully, Cai Ziang looked in the mirror again and again, and finally smiled with satisfaction, picked up his briefcase, went out and got in the car and went straight to the company.

When I arrived at the company, as usual, it was the first one. Oh, except for the cleaning aunt.

"Aunt Hu, clean the big conference room carefully, and open the windows for ventilation. Cai Ziang stood at the door of the office and ordered.

Today's board of directors is also the first time he has performed his duties to shareholders since he became general manager, and of course he must do his best in all details!