text / Zhao Nan
had to admit that, in all VC, Sequoia’s layout ability is the most prominent.
took a recent example. Sequoia has three cards in hand: vip.com, jumei.com and Le bee network. Among them, vip.com has been in the United States, the same as jumei.com and Le bee cosmetics sales. But jumei.com’s sales of larger, so the sales of small scale sold have been listed vip.com, vip.com makes the fair market value in the two stage of market promotion, then, according to the market value of listed jumei.com vip.com price.
and also to persuade the Lasafo founder Li Jing will bee sold to vip.com, Sequoia made a plan. That is, Jiangle bee network split, split into its own brand and distribution channels, and then the agent channel business to vip.com.
spin off chess
this spin is really a wonderful game. Without this spin off, the entire Sequoia bureau is difficult to go on.
one is that vip.com does not have the capacity to buy the entire music bee. According to earnings, 2013 Q3, vip.com cash flow and its equivalents of $279 million. The whole bee bee sales in 2013 less than 4-5 billion U.S. dollars. If the majority of the cash out and then paste the Liuhua, part of the shares, not only increase the complexity of transactions, but also increased the difficulty of integration after the acquisition. So it is easy to cause a short-term negative impact on the valuation of vip.com’s capital market, but counterproductive.
two, vip.com needs is also the cosmetics category channel business. Vip.com’s main business began from the clothing category of the sale mode, but vip.com also need to scale expansion of the layout of the future. But the expansion has two modes, one is longitudinal expansion in the field of clothing, from the sale mode, extending to B2C and independent brand; another is the horizontal expansion, from clothing, extend to other categories of sale. But from vip.com’s existing supply chain characteristics and genes, it is difficult to achieve the expansion of the first direction.
to sell vip.com Sequoia "story" is from the costumes for the axis, to expand in the field of Fashion axis, and the same is still on sale as the core mode, select high industry margins, faster inventory turnover category.
therefore, vip.com is going to buy Le bee channel business is good, because vip.com needs is the bee bee in the cosmetics agency business supply chain resources, supply chain customers and supply chain team. After this split, the purchase of the subject of more accurate, body weight and thin, easy to buy.
three is, for Le bee, the greatest value lies in its own brand. Le bee network CEO Wang Licheng had repeatedly instilled into the media, Le bee network is different from other agency models of cosmetics website, if the cosmetics site as a competitor, it is easy to mislead the strategic direction of Le bee network.
Le bee network from the beginning of the strategic thinking is: through the agent channel >