Old Age: Every Guest Must Lead, Do Not Run Mad.

In January 15th,

2011, everyone in the fast lane has mixed feelings.

"In 2011, we experienced many challenges.

The main source of these challenges or difficulties is the company.

Van customer's revenue grew at geometric level for 3 consecutive years.

In 2008, it was only 100 million yuan, 2 billion yuan in 2010, and 5 billion yuan in 2011, an increase of 150%.

Why can all customers run so fast? Why did it achieve a 150% increase in revenue in 2011?

Rethinking the great leap forward

At the beginning of 2011, the full confidence of the year was set at 10 billion yuan for the whole year's income. Under this oral index, several major departments broke away from their legs until the people claiming to be their internal staff came out and broke the news. "The cumulative losses of all customers over the past three years are as high as about 2000000000 yuan, and there are more than ten billion yuan of dead stocks."

Meanwhile, in December 2011, Wu Sheng, a manager of VIC, resigned from the company and soon became a vice president of Jingdong mall.

Wu ran away. The direct fuse was the management adjustment of the three quarter.

Since its inception, Vinci has benefited from the rapid expansion of the company. In 2008, it sold all the customers with compassionate demand, and sold canvas shoes.

Since 2009, sales of all kinds of products have accelerated, and down garments and stockings have also been hot. At this stage, customers always focus on the main line of "parity and fast fashion", and sales volume is rising.

In 2011, the annual full decentralization, a few large scale recruitment of the Ministry of business, pushing the sale of new products, the expansion of all kinds of customer categories, from rice cookers to mops, and more and more employees, Vic from a network channel famous clothing costumes brand, is gradually becoming an e-commerce hypermarket.

I remember once, when Chen entered the warehouse of the company and saw a pile of mops in stock, the usual smiling old chief was angry.

How did it become a mop? Do you expect housewives to order a mop on the website of van Han Han under the call of Han Han or Wang Luodan?

In August 2011, Chen called for more than a few meetings, and began to review mistakes.

At a closed door meeting in Dalian, a book with the great leap forward to the great famine was carried with us.

A month ago, van gentry has just completed the sixth round of up to $230 million in financing, which is not yet in the famine.

The worry of the old age is that after a crazy run, too much inventory and wrong inventory may drag down all customers.

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Money that can't be spent

Since the establishment of van GEE CEO in 2007, it has led all customers to walk on the shoulders of the clothing e-commerce martyr PPG (approved by Ji clothing network direct selling). The company has not opened yet, and has invested $2 million from venture capital department. It has also won three rounds of total investment of tens of millions of dollars on the eve of the financial crisis in 2008.

In the celebration of the guest Festival, Chen also mentioned in particular: "2011" is still a fast growing year.

"Our actual purchase of users, tens of millions of users, the user's two shopping contribution, in the near future is more than 80%.

The guest shirt is also known as VT, which sells more than 10 million pieces, and canvas shoes sell 5 million pairs.

The total sales exceeded 70 million.

Compared with last year, our overall revenue has increased by more than 150%.

The order is more than 500 thousand orders per day, and the amount is 70 million yuan.

Chen said that it will not change the incentive mechanism of customers. At this stage, cash is not the most important. Business growth and repeat purchase rate are most important.

To a large extent, these words show confidence to the shareholders present here.

From a sales point of view, every customer as a people's fashion brand is driven by users.

From the perspective of burning money in the entire electricity supplier industry, customers are pushed forward by venture capital institutions.

At the beginning of the creation, the founder Chen and Lei Jun were two people to talk about money with VC separately. Later, VC chased all guests to invest money.

In a few minutes, it was only 4 years after the establishment of all customers, and 6 successive rounds of investment. The first round of LIAN strategy and IDG capital invested $2 million in October 2007.

In the fifth round, LIAN's strategic investment, IDG and Tiger Fund increased by $100 million as the original shareholders. At that time, the valuation of van worth was over $1 billion.

Recently, in July 2011, Temasek, Kerry Group, CITIC Industrial Fund and IDG invested 230 million yuan in all sincerity.

This round of investment is coming to the Nasdaq stock market.

Customers are more important.

One round and another round of venture investment has made Vinci never worry about the problem of grain and grass since its establishment. Only in the year 2011, the advertising and marketing expenses of all customers reached 300 million yuan.

If it is not for these financing, it is hard to imagine that customers dare not aim at making profits, regardless of their pursuit of performance.

To the sixth round of financing, the valuation of all customers has risen to $3 billion 200 million, and private equity seems to be no longer viable. In October, fan submitted a prospectus to the US market and planned to raise IPO 7~10 billion.

This is a year earlier than originally scheduled for the end of 2012 or early 2013.

On the one hand is the overvalued value of domestic customers in the country. On the other hand, in the US market, Chinese stocks have been baptized by the storm of a year's crackdown. The electricity providers listed earlier include Mcglaughlin and Dangdang, and the share price has shrunk dramatically.

At this stage, all customers will be able to land on NASDAQ. If the market is to end in a dismal market, investors on the table will definitely not do so, especially in the last resort, the most valued investment organization such as Temasek.

In the end, because of the divergence of investors' valuation, the IPO in December 2011 failed.

Subsequently, Wu sprint hopping to Jingdong mall, and in micro-blog, another broke the news that "Jingdong mall is going to buy Fan Cheng pin".

An industry insider said, "fan is the best business mode I think, and its essence is not the e-commerce of traditional channels, but the new clothing and clothing brand based on the mode of e-commerce.

But there is one thing to be concerned about. Everything VANCL does, including spending money, building logistics, marketing and doing large-scale business, has only one goal: to please capital rather than to please customers.

If VANCL can pay attention to the quality of clothes, it will not be as low as the two purchase rate today.