The first of the electric dealers Mai Lin: From the first debut to the first "curtain call"

In fact, when Macaulay was on the market, the company's revenue from E-commerce had just reached 50% per cent.

The halo of "first" always makes people enviable unceasingly. In this height of Matthew's internet industry, only the first, no second rule is to let everyone fight for the first place. However, many people were amazed when China's e-commerce industry was represented by the so-called "first stock of Chinese manufacturers".

In the Macquarie Prospectus, it introduces itself: Macaulay runs China's leading online sales platform for apparel and jewelry (2009-year sales), and the company's target customer base is the increasingly purchasing power of young urban women. The use of the huge user community (as of June 30, 2010, 12 months with 2.1 million active users) and logistics distribution network to attract third-party brands. The company's vision is to build China's leading fashion shopping platform.

In fact, however, the company's revenue from E-commerce has just reached 50% per cent in the market. The other half of the income comes from call centers, offline direct stores and franchise outlets.

Founded in 1996, Macaulay is the first foreign-owned enterprise in China to be approved by the government for mail order business. Before and after the dotcom bubble of 2000, Mai Lin online wheat Network (m18.com), and in the country a large number of ads, but the result is not big. And in the immediate internet in the cold winter, the wheat net burn money exhausted.

Into the 2009, the company increased the expansion of the franchise shop.

Premature store Plan

2003, China's E-commerce gradually brewing fermentation, the wheat net also homeopathy restart. At the same time, the company for its clothing registered brand "Euromoda", OEM production, began its own clothing brand road.

In 2006, in the tenth year of operation, Mai Lin officially walked down the line, opened a direct shop in Shanghai. Under the early development of the line, the Mai-Lin to direct camp mainly. But after entering 2009, the company increased the expansion of the franchise shop.

Macaulay has planned to expand the line chain stores to 2000, and from the United States dug me&city head Wang Hongzheng as retail general manager. But the man was left in 2010 by lightning.

Macaulay's 2000 store plans did not advance according to the plan, after the listing, the Mai Lin is to open the shop to have a large number of shut down. The project has already died out.

The straws don't help.

Mail-order ten years to explore the results, offline breakthrough, E-commerce has become a life-saving straw.

As a result, the first share of China's manufacturers of electricity. In the year before the IPO, Macaulay's income from E-commerce accounted for only 29%.

In the listing of materials, Macaulay almost all of the ink on the description of China's e-commerce prospects and the company's electrical business. After the listing, Macaulay also did a lot of positive research in the electric business.

After the listing of the Macaulay has a key time node: the third quarter of 2011. Prior to this, the company placed a "high expectations" of E-commerce, and in this regard invested a lot of resources. It can be seen that in this period of time, Macquarie's e-commerce revenue can still maintain a considerable increase, but the chain rose nearly stagnant.

Macquarie's E-commerce sector has a lower gross margin than other channels. On the one hand, because of the company's price strategy, on the other hand, the company on the wheat online side of the sale of Third-party brand products, these products are less than the gross margin of their own brand. and offline stores only sell the company's own brand, so, 50%~60% Direct business channel gross profit margin can be reached, but the highest gross profit margin of e-commerce is not more than 40%.