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On April 3, a Chinese Internet celebrity with an exquisite face rang the Nasdaq listing bell. After a lengthy ceremony , she and several other internet celebrities started a massive “cash lottery” carnival Burundi Sugar Daddy on weibo. On that day, Ruhan Holdings (NASDAQ: RUHN), known as “the first international Internet celebrity e-commerce stock”, landed on Nasdaq. The Internet celebrity standing in the C position and ringing the bell is the second largest shareholder of Ruhan Holdings. Shareholder Zhang Dayi.
However, the reaction of the capital market quickly diluted the good intentions of Zhang Dayi and his colleagues. On the first day of listing, Ruhan Holdings fell sharply by 37.2% under the good market conditions. Some netizens ridiculed that ” Investors in the U.S. stock market who are looking for Internet beauty are all trapped.”
As for the stock price breaking.Feng Min, chairman of Ruhan, said in an interview with the media on the day of listing, “The company’s fundamentals have not changed, and with the release of favorable benefits such as national tax cuts, the company’s performance has definite room for improvement. The company’s important shareholders , management and KOL all expressed confidence in the future and believed that the market would soon recover from the decline on the first day of listing.” However, Ruhan’s stock price fell in the next two days Burundi Sugar Daddy has not worsened this week. As of the opening of trading on April 22, its stock price has fallen 47.6% from the first day of listing.
In recent years, Chinese concept stocks have experienced frequent breakouts in the U.S. stock market, but it is indeed rare for Ruhan to be cut in half shortly after its listing. The media and industry insiders generally attribute the reasons why Ruhnn is not favored by U.S. stock investors as “single monetization model”, “excessive reliance on top Internet celebrities”, etc. Wang Sicong, who has always had an understanding of the Internet celebrity economy, has also previously Posted Burundi Sugar his own opinions in the circle of friends. Wang Sicong believes that the monetization of Internet celebrity KOL is not the problem. Ruhan’s problem lies in the losses caused by excessive marketing expenditures, the non-replicability of top Internet celebrities and the unproven model, and Ruhan has failed to prove that it can cultivate New KOL.
In fact, Ruhan has not been able to prove that it has cultivated new KBurundi Sugar DaddyOL In the past two years, Ruhan has not cultivated new first-line Internet celebrities. Judging from the public prospectus, Ruhan’s fate is still closely tied to its top Internet celebrity Zhang Dayi. Ruhan’s dilemma is also a situation commonly faced by Internet celebrity e-commerce models. With the intensification of competition and the decline in traffic growth, MCN organizations like Ruhan have to spend time and financial resources to bring out popular Internet celebrities. Getting higher and higher.
The first Internet celebrity e-commerce stock
Zhang Dayi and Feng Min are both key figures in the creation of Ruhan. Feng Min founded the Taobao e-commerce brand “Libelin” in 2011, and quickly reached the top ten on Taobao. However, by 2014, “Libelin” showed a decline in performanceBurundi Sugar, the future is not pessimistic. At that time, the model Zhang Dayi was already a frequent guest in the clothing matching section of magazines such as “Mina” and “Xinwei”. Unlike other Internet celebrities, she had a deep understanding of the modeling industry that “eat youth food”. Feeling uneasy, he began to monetize his Weibo fans, and he became known as the “Weibo Cargo King”. The former needs traffic, and the latter needs cash. The two of them work together and hit it off.
In July 2014, Zhang Dayi and Feng Min jointly opened the Taobao store “My Happy Wardrobe”. The two have a clear division of labor. Feng Min’s team is full-time responsible for operations, supply chain management and logistics, while Zhang Dayi focuses on the online store style and the shaping of the Internet celebrity brand. In an interview with the media in 2017, Feng Min called this situation: “I am responsible for making money to support the family, and you are responsible for looking beautiful.”
With the support of a dedicated research and operation team, Zhang Dayi’s ability to carry goods was quickly improved. During the 2015 “Double Eleven”, Zhang Dayi’s store became the only C-store among Internet celebrity stores to be included in the women’s clothing rankings on all platforms. In June 2016, Zhang Dayi achieved a transaction volume of nearly 20 million yuan in a two-hour live broadcast, breaking the leading sales record of Taobao live broadcast room. On “Double Eleven” in 2017, Zhang Dayi’s store sales reached 170 million yuan. On “Double Eleven” in 2018, its store sales exceeded 100 million in just 28 minutes. At the same time, Zhang Dayi’s wBI Escortseibo fans increased from 300,000 to more than 10 million, “My happy clothes The online store has also exceeded tens of millions of fans.
Burundins Sugardaddy Feng Min hopes to copy Zhang Dayi’s success on other Internet celebrities, 201Burundins SugardaddyIn 5 years, he will be “LibbyBI EscortsLin” It was officially renamed Hangzhou Ruhan Holding Co., Ltd., and the company’s business model was determined as “Internet celebrity + incubator + supply chain”. According to the company’s official website, Ruhan’s business scope includes Internet celebrity incubation, Internet celebrity e-commerce and Internet celebrity marketing.
With the emergence of the potential of Internet celebrities such as Zhang Dayi to attract money, this novel e-commerce model quickly gained the favor of capital. From 2014 to 2016, Ruhnn successively received investment from SAIF Asia, Legend Capital and Alibaba. By the time it backdoored Kerry Aid and landed on the New OTC Market in 2016, Ruhan Holdings’ valuation had reached 3.3 billion yuan. .
However, in stark contrast to the high valuation, Ruhan’s operating data are not good-looking. After Ruhan landed on the New Third Board, it released its first half annual report for 201Burundi Sugar. The report showed that its current revenue was 305 million. yuan, the net profit after deducting non-profit items was -17.3 million yuan, while the operating expenses in the same period in 2016 were 77Burundi Sugar Daddy560,000 yuan, and the net profit after deduction was -4.61 million yuan. Behind the significant expansion of losses is the dilemma faced by Ruhan Internet celebrity incubation. Ruhan spent a lot of money to create Internet celebrities in batches, but it has been difficult to replicate Zhang Dayi’s traffic myth. On February 22, 2018, Ruhan issued an announcement stating, “In order to cooperate with the company’s future development and strategic planning. “Demand, after careful consideration, we plan to apply to terminate the listing.” The possibility of Ruhnn launching an IPO domestically to complete the transfer of listings is very slim despite continuous losses. The choice of delisting from the third board and listing in the United States is more of a consideration of the situation.
The top Internet celebrity that is difficult to copy
The prospectus submitted by Ruhan Holdings to the US SEC on March 6 shows that Internet celebrity Zhang Dayi is the second largest shareholder in Ruhan after Feng Min. In Hanhan’s equity structure, Feng Min holds 27.51% of Burundins Sugardaddy‘s shares; Zhang Dayi holds 15%; director and president Manager Sun Lei holds 14.59% of the shares; Director Shen Chao holds 6.67%; SAIF and Alibaba both hold shares Burundins Sugardaddy8.56% ; Legend Capital holds 8.54% of the shares.
According to the prospectus, Ruhan currently has 113 signed internet celebrities, with 148.4 million fans and 91 self-operated online stores. According to daily economic news reports, Ruhan has contributed. According to the turnover figures, its Internet celebrities are divided into three levels: first-line Internet celebrities, mature Internet celebrities Burundins Escort and new Internet celebrities. However, except for a few leading Internet celebrities, the large number of Internet celebrities signed by Ruhan have remained unknown. As of December 31 this year, 91% of Ruhan’s Internet celebrities had failed to exceed 30 million in annual GMV.
Ruhan’s prospectus also stated that Ruhan is currently highly dependent on its three first-line Internet celebrities-Zhang Dayi, Dajin and Guan Auntie. In the 2017 fiscal year, 2018 fiscal year, and the first three quarters of the 2019 fiscal year, these The GMV contributed by the three top KOLs accounted for 60.7%, 65.2%, and 55.2% respectively. Among these three first-line Internet celebrities, a large amount of traffic is concentrated on her personal name. The number of fans in the store surpassed the second-ranked Daikin by 6.83 million, and the revenue contributed to Ruhan accounted for 50.8% of total revenue in fiscal year 2017, 52.4% in fiscal year 2018, and 53.5% in the first three quarters of fiscal year 2019. The increase in revenue ratio obviously shows that Ruhan is increasingly relying on Zhang Dayi.
Ruhan’s reliance on top Internet celebrities has led to Ruhan’s negotiation with Internet celebrities on commissions.The price power is very unlimited. In terms of profit distribution, Ruhan’s self-operated store exhibitions need to pay 17% of the income to the corresponding Internet celebrities; for non-self-operated store exhibitions, the Internet celebrities promote the stores and products, and Ruhan charges merchant promotion service fees. Among them, 30-50% of the income needs to be allocated to Internet celebrities.
On the one hand, commission costs are rising, and on the other hand, the cost of incubating new Internet celebrities is also getting higher and higher. The prospectus shows that the marketing expenses of Ruhan Internet celebrities are increasing year by year, from 9.92 million in Q2 of 2016 to 70.84 million in Q4 of 2018, an increase of 614%; the per capita marketing expenses of Internet celebrities have also increased from 9.92 million in Q1 of 2017. 450,000 yuan/person, increased to 630,000 yuan/person in Q4 2018. What’s more important is that, as mentioned before, most of these Internet celebrities who spend a lot of money and time to cultivate do not have the ability to bring goods to the first-line Internet celebrities.
“The marketing expenditure of nearly 150 million is unclear. What is the significance of KOL spending so much marketing expenditure? What will happen if this marketing expenditure is stopped.” Wang Sicong in the circle of friends Ruhan’s comments can be described as soul torture. The advantage of the Ruhan model is that by cultivating Internet celebrities with their own traffic, it saves the expenditure required to purchase traffic from e-commerce platforms such as Taobao and JD.com. If the expenditure required to cultivate Internet celebrities is more than the expenditure required to purchase traffic, Gao, what is the meaning of this form?
What’s worse is that in addition to rising commissions and marketing costs, Ruhan also faces increased costs in circulation links such as express delivery, returns and exchanges, and online store operations. The prospectus shows that in the first three quarters of fiscal year 2019, Ruhan’s warehousing and logistics expenditures were 99.517 million yuan, a year-on-year increase of 39.33%. The increase in these required expenses will make it more difficult for Ruhan to make profits.
According to the data published in the prospectus, Ruhan’s sales in Burundins Escort in fiscal year 2017, fiscal year 2018 and the first three months of fiscal year 2019 The GMV achieved in the quarter was 1.2 billion yuan, 2 billion yuan, and 2.2 billion yuan respectively. The achieved revenue was 577 million yuan, 947 million yuan, and 856 million yuan respectively. The losses in the quarter were 40.13 million yuan, 89.95 million yuan, and 57.5 million yuan respectively. Ten thousand yuan. In addition to the fourth quarter of e-commerce promotion festivals such as “Double 11” and “Double 12”, Ruhan has been in a state of loss.
Regarding the issue of losses, Ruhan stated in the risk warning in the prospectus: “Whether we can be profitable depends on increasing the number of fans, diversifying products and optimizing our capital structure.” However, Ruhan also pointed out in the prospectus: “We can’t do any of the above.”
Internet celebrityWhere is business headed?
Feng Min has previously said: Internet celebrity will not be a short-term phenomenon, but will be a long-term driving force for the brand in the future. He believes that the emergence of Internet celebrity e-commerce is based on three basic conditions:
The first is the basic situation around e-commerce represented by Alibaba, which allows online transactions to be completed, especially the women’s clothing supply chain has achieved absolute perfection. The flexibility allows everyone to have a lower starting point to make their own branBurundi Sugar Daddyd; the second basic premise is Due to the advent of the changing position of the Internet era, especially the emergence of social media, a person who is willing to be a brand can be himself and at the same time an internal business childbearer, and the internal business childbearing frequency and the internal quality of business tools Accumulation is the ultimate impact on users; the third point is that the consumption philosophy of the post-90s generation has completely changed, and they are willing to refer to the purchasing decision-making of a thought leader.
If we look back at the rise of the Internet celebrity economy, we will find that 2012 is an important time node. Back then, Alibaba’s investment in Weibo made e-commerce transactions between the two platforms possible. Since then, many Weibo celebrities like Zhang Dayi have diverted their Weibo fans to Taobao stores for business monetization. , Internet celebrity stores of “Zhang Dayi” such as Xueli, Zhang Mofan, Chuokou Xiaojiao, etc. began to appear. These Internet celebrity stores with their own traffic can save the cost of purchasing traffic from e-commerce platforms, which is a huge advantage in the online sales system where “traffic is king”. Therefore, the new business model of Internet celebrity e-commerce has begun to receive more attention, and it has also increased the capital heat of the Internet celebrity economy.
The Internet celebrity that really opened up the popularity of capital is short video creator Papi Jiang. In March 2016, Papi Jiang received an investment of 12 million yuan from ZhenFund and Luo Ji Thought. Just one month later, her short video patch marketing was sold for a sky-high price of 22 million yuan. In early November of that year, Papi Jiang and more than a dozen internal business entrepreneurs visited Los Angeles, the cultural and creative industry resort in the United States. She met with Chinese students from the University of Southern California and the University of California, Los Angeles, and made a speech on “Chinese Cultural and Creative Industry” “The Golden Age of Industry” report, Papi Jiang encouraged international students studying art to return to China and start their own businesses.
Papi Jiang does have the confidence to encourage these international students to return to China and start their own businesses. With the support of capital, her Weibo fans quickly increased from 6 million at the beginning of 2016 to more than 20 million at the end of 2016; in the first half of 2016, she had not made any revenue from the short videos she shot, but at the end of 2016, her The expenditure has exceeded 50 million RMB.
The basic presentation of Papi Jiang represents a new era of Internet celebrities. With the rise of Douyin, Kuaishou and various live streaming apps, the business format carrying the connotation of Internet celebrities has changed from Weibo pictures and texts to various short videos.Video and the lowering of the threshold for creation have also meant that appearance is no longer the standard for internet celebrities, replaced by talent and special labels.
At the same time that Papi Jiang, who “combines beauty and talent”, was crowned the “No. 1 Internet Celebrity in 2016”, MCNs of all sizes in the worldBurundins Escorts are springing up like mushrooms after rain. MCN organizations create and copy Internet celebrity IP through specialized internal business operations and distribution, and monetize it through Internet celebrity e-commerce and marketing. These specialized Internet celebrity manufacturing organizations have increasingly become Internet celebrity economic assets. The focus of the chain.
Douyin master Daigula K became famous overnight because of a dance video she released on April 18, 2018. This dance video went viral. In just ten days, Daigula K achieved an increase of 5 million followers, breaking through 10 million in a month, breaking the Douyin amateur follower increase record. Behind the popularity of Daigula K is the incubation and support of the MCN organization. She is affiliated to the short video MBurundins EscortCN self-media platform onion. In addition to Daigula K, another well-known popular Internet celebrity IP of this MCN organization is “Office Ono”.
Nie Yangde, co-founder of Onion, revealed in a previous interview with Tencent’s “Deep Web” that Onion Group’s revenue in 2018 has exceeded hundreds of millions, and his ideal revenue in 2019 is 1 billion.
But the profits belonging to MCN institutions are quickly dispersing Burundi Sugar. In previous interviews with Tencent’s “Deep Web”, a number of leading MCN organizations affiliated with MCN said: For small and medium-sized MCN organizations, marketing expenditures are unstable and life is not so easy. And the MCN track is already congested enough. According to the “2017 China Short Video MCN Industry Development White Paper”, there were 1,700 short video MCN institutions in 2017, and the number is estimated to reach 3,300 in 2018.
In addition to facing fierce competition, increasingly stringent supervision, the increase in platforms attracting user attention, and the decline in traffic growth have made it more time and financial cost for MCN organizations to promote popular Internet celebrities. Come higher and higher. However, the commercialization of Internet celebrities has taken on new forms, and marketing expenditures are unstable. Internet celebrity e-commerce is still the main source of revenue for most MCN organizations.
Taking into account the lackluster stock price performance of Ruhan, the “first Internet celebrity e-commerce stock” since its listing, it does take time to verify the Internet celebrity e-commerce model itself.
Original title: The failure of the first Internet celebrity e-commerce stock
Article source: [Microelectronic signal: pedaily2012, WeChat public account: investmentWorld] Welcome to add tracking and care! Please indicate the source when transcribing and publishing the article.
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