While holding high the fight, Metersbonwe can truly implement its investment philosophy: not invest in projects that do not make money; do not invest in projects that make money but do not have money (which cannot be achieved); do not invest to make money and no one s project?

While holding high the fight, Metersbonwe can truly implement its investment philosophy: not invest in projects that do not make money; do not invest in projects that make money but do not have money (which cannot be achieved); do not invest to make money and no one s project?

"Not going the unusual road" was one of the secrets of the rapid rise of Metersbonwe in the casual wear market.

However, now, Smith Barney has begun to shift from an unusual path to “always go the unusual road”: heavy assets are gradually being carried out by heavy assets, and the industries of leisure apparel are slowly turning to the “industry + investment” composite business model; at the same time, The brand's benchmark selection was changed from the original Baleno Road, Jeanswest to ZARA, H&M's World Class A apparel brand. Behind the unusual road may be the maturity of US and Zhou Chengjian. However, you can go the usual route. The key is not to make ordinary mistakes.

On December 9, 2009, Metersbonwe formally issued a public announcement announcing that it would jointly establish Changan Fund with Armed Forces Finance and Xi'an Trust. This also indicates that Smith Barney officially began to participate in capital investment business, similar to its predecessors Youngor and Shanshan. To do the same, we began to take the path of “Industry + Investment”, but Smith Barney chose to partner with others and start with a stable fund investment.

Also in December, Metersbonwe issued an announcement, but this announcement is not a glorious thing. Li Jindai, the former vice president of Metersbonwe, was arrested by the Pudong Public Security Bureau on suspicion of accepting bribery. The reason for his involvement was that he took bribes in the development of the Smithsonian storefront, resulting in damage to the company’s interests.

The issue of Li Jindai may reflect the risk of Metersbonwe's focus on one important thing he did in 2009. He is hurrying around the country and buying rented stores. In Smith Barney's 2009 plan, exploring new storefronts is an extremely important task. It is also the largest investment in Smith Barney in 2009. Since the disclosure of its financial statements in the third quarter, net profit has dropped by about 14%. The reason is the store's investment. According to the plan, the opening of 68 stores should be completed throughout the year, including 31 directly-operated stores and 37 franchised stores. In the first 8 months, the company had 39 commercial properties in the bag, exceeding the target of 68. half. With such a large-scale store expansion and huge capital investment, combined with the current strong brand of Smithsonian, the temptation of huge interest can be imagined.

In the current actions of Smith Bark, it is not difficult for us to see that more than 33 million of them involved in the fund are trying, and they have chosen another professional team to operate, and they are only shareholders. Compared to Younger Li Rucheng’s establishment of an investment company’s own capital operation, although the income will be greatly reduced, the risk will be reduced to a sufficiently low level. However, China's capital market is always easy to make people crazy, even the veteran of the business community has long been difficult to resist temptation. As Li Rucheng said before, “when one sees that the money earned in one day in the capital market is equal to the income of a costume for a lifetime”, who will not be tempted or even mad?

In addition to financial capital investment, real estate is also an industry that makes industrialists excited. In the expansion of stores, Smith Barney has begun to get involved in commercial real estate by virtue of capital. According to the judgement of Barnett's purchase price, nearly 30 pieces of real estate have already been taken back by Smith Barney. For example, in 2009, 370 million yuan bought Chengdu “Kyoto Building”. These commercial real estates are gradually increasing the assets of Smith Barn by light weight. Moreover, according to the commitments made by Smith Barney in the initial prospectus, the average area of ​​the stores in Mbon will reach 1400 square meters, which is in line with ZARA (average of 1128.9 square meters), H&M. (1201 sqm) is at a horizontal level, and it is foreseeable that the future expansion of commercial real estate at Smith Barney will only continue or even accelerate without stopping.

For Smith Barney, currently its brand with ME&CITY is aiming at ZARA and H&M operations. In addition to shops, the design concept and the pre-set time of clothes from design to shelf are all in line with the two “fast fashion” brands. However, at the same time that Smith Barn is holding high, it can restrain the investment impulse and temptation of non-primary industries, whether it can truly practice its investment philosophy: not invest in projects that do not make money; if it does not invest, it can make money but it does not have money. Projects that do not invest in projects that can make money without people, I am afraid, will be the key to Smith Barney's unusual mistake in taking the unusual road.