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Do not understand millions of retail advertising, Chairman of Giuseppe "dashuipiao" Today began purchasing Zhejiang Giuseppe garments limited, performance worries continued exposure. Of the securities in the "George White Book alert: performance" gate of life "at first glance", reported wear clothing giants to seize the situation facing the company, major business crisis. Held in the company's recent promotion of new shares to the scene, the company's retail operations in a variety of issues, but also roadSector concerned. Chairman admits not understand retail "Giuseppe has a lot of problems in the retail business, we were very worried. Did not expect Chairman freely admit that is not done in promotion of retail, now also retain part of the retail business is clothing industry associations said they abandoned retail shame. "Participation of Giuseppe IPO promotion sectorSun Wei (a pseudonym), journalists admitted to the securities. Giuseppe at the beginning of the end of June this year of on-site promotion activities, attract many parties to. However, Chi Fang, Chairman of Giuseppe burning strongly recommended for your own company wear custom advantages at the same time, also exposed its short: "do not understand retail, retail also did not want to do". Giuseppe are traditional clothing enterprise, main products of the company as "George White"Brands such as wear, men's wear and casual wear. Chi Fang, Chairman of the burning in the eyes: retail stores are mainly done in Wenzhou, the insufficient competitiveness of Shanghai, Beijing, the current main business suit. Giuseppe prospectus shows that in 2009, 2010, 2011 corporate wear sales income as a proportion of main business revenue, respectively, 78.84%, 86.87%. "Wide retail market share, profit margins, as the garment enterprises, Giuseppe will not give up the retail market. "Sun Wei hit the nail on the head," but initiative at the scene admitted that he does not do retail, Chairman, far beyond our expectations. Core figures do not understand, the company's retail business I'm afraid there is a breakthrough in the future. "Sun Wei pointed out that to the securities;"Retail Chairman repeatedly emphasized at the scene did not want to do, but the company in 2011, increase investment in a retail business. Lips say don't do retail, but the action is stepped up the pace, is what we are most worried about things. "Aware of the securities, in 2011, Giuseppe JZZ began to promote a new brand, opened several new JZZ shirt store. Followed is, the company pinSelling costs were high, serious backlog of inventory, returns in serious condition, retail business, "stumbling". Millions of advertising "dashuipiao" it is interesting, in the company's Roadshow, Parties noted a problem why characteristics of the company's financial and retail, sales costs at a rate so high? Pool party fueled by answering just "joke": because of the high cost of salesThere are 13 sales centers, higher traveling expenses. The reporter later found the securities, the company sales cost "excessive" retail business expansion is the reasons behind failed. A set of comparative data on retail of Giuseppe "disorders". In 2011, Giuseppe advertising fee is RMB 16.5104 million, while the same to wear to the relates to 379.330,000 yuan. Wear brand, Kano Technologies 2011 wear income reached RMB 898.6364 million, Giuseppe 510.5725 million, and Kano Technologies wear business for mass customization and Giuseppe, accounted for 85% of a clothing business income, therefore can be used with Giuseppe directly comparable. Advertising costs to total operating income ratio, JoeTreatment of white 2.8%, Kano Technologies is only 0.36%. Kano Technologies less amount of advertising investment, entirely on large numbers of sales personnel input, wear custom business far more than other competitors. Giuseppe why advertising fees so high? The securities note, Giuseppe print ads published a large number of downstream clients such as banks, airlines, telecommunications industry complexOn the log, while CCTV, Dragon TV covers a wide range of media, such as television advertising. Put industry magazine advertisement primarily directed against wear customers, and CCTV and TV advertising is mainly concentrated in the Economics program, target customers for financial classes also wear the customer. "Giuseppe want to promote the practice of wear to radiation to retail brand, regardless of poor businessSpecific, destined to little effect. "A well-known corporate brand consulting in Nanjing journalists with respect to the securities. Franchisee high return rate of the securities note, return rate of Giuseppe retail franchise in 2009 and 2010 and 31.73% respectively. And the company's return policy is: after a period of not more than 20% return�� De facto control of rate of return is much higher than its rate of return policy, actual sales of franchisees is not optimistic. High rate of return is also directly reflected on the financial statements of George White. 2009, 2010, 2011, companies identified 5.2125 million Yuan, 4.9785 million Yuan and worth of projected liabilities. Giuseppe admits, "Company's projected liabilities mainly for calendar year according to reasonable estimates of retail men's return after the franchise period. "In all garments listed businesses, continued to maintain a large projected liabilities (return) of the company only. But proportionally, 2011 Giuseppe inventory provision's share of merchandise in stock the original value was 18.4%, compared with 8.28% in Saint Angelo."Clearly, Giuseppe is because real confirmation for reasons of domestic returns. "Sun Wei said. 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