“6600万美元买了750万个注册会员和一条母婴百货供应链”

"66 million dollars for the 7.5 million registered members and a maternal and child department supply chain"

　　就在苏宁电器宣布收购红孩子数小时后，苏宁易购执行副总裁李斌到达北京，第二天，他将与新同事——红孩子管理团队举行沟通会议。看来，苏宁电器对母婴类垂直电商红孩子的融合已经迫不及待。

In su ning electric equipment announced the acquisition of red children after a few hours,SuNingYi purchase executive vice President li bin arrived in Beijing,The next day,He will be with the new colleagues - red children management team communication meeting held.It seems,Suning appliance on maternal and child class vertical electric ShangGong children's fusion can't wait.

　　这是苏宁电器在电商领域展开的首笔并购，而这背后映射的是苏宁对电商版图的强大野心。

This is su ning electric equipment in electric business field expansion of the first sum of mergers and acquisitions,But behind this mapping is su ning on the electric business territory strong ambition.

　　物流团队首先被整合

Logistics team was first integration

　　9月25日下午，苏宁电器副董事长孙为民宣布苏宁拟出资6600万美元或等值人民币全资收购红孩子。至此，这桩被李斌形容为“震惊电商行业”的并购案终于尘埃落定。

On September 25th afternoon,Suning appliance deputy chairman SunWeiMin announced suning quasi paid $66 million RMB or equivalent stake of red children.So far,This pile is Nancy described as"Shock electric business industry"Deal finally the dust settled.

　　作为电商行业的老资格，红孩子近年来表现不佳。艾瑞咨询公布的《2011年中国B2C在线零售商TOP3O》的数据显示，2011年，苏宁易购交易额为59亿元，排名第4；红孩子交易额为15亿元，排名第11。而2012年红孩子的预估交易额为10亿元。

As electrical business industry senior,Red children in recent years poor performance.Ereli consulting published[In 2011, China B2C online retailers TOP3O]Data showed that,In 2011,,SuNingYi purchase turnover for 5.9 billion yuan,Ranks fourth;Red children turnover for 1.5 billion yuan,Ranked eleventh.And in 2012 red children's estimate turnover for 1 billion yuan.

　　孙为民称，并购之后苏宁除了将“红孩子”及“缤购”两大品牌纳入囊中，还将接过红孩子的资产、运营团队以及运营业务。但作为独立公司品牌，红孩子在商品采购、市场推广、客户营销等方面保持相对独立运作。

SunWeiMin says,M&a su ning in addition to will"Red children"and"Bean and purchase"Two big brands into the bag,Will also took the red children's assets/Operation team and business operation.But as an independent company brand,Red children in merchandise purchase/marketing/Customer marketing remained relatively independent operation.

　　孙为民透露，苏宁易购和红孩子将首先在物流领域进行团队整合，红孩子物流部门将纳入苏宁体系。李斌也表示，本次并购后，红孩子将享受全国物流配送体系。

SunWeiMin revealed,SuNingYi purchase and red children will be the first in the logistics field in the team integration,Red children logistics department will be included in suning system.Li bin also said,After the acquisition,Red children will enjoy the national logistics distribution system.

　　据了解，苏宁易购今年年初开始与红孩子接触，7月左右确定收购框架后，苏宁派审计人员进驻红孩子进行盘账。在此次收购交易中，摩根大通担任苏宁的独家国际财务顾问；易凯资本(微博)担任红孩子的独家财务顾问。

It is understood,SuNingYi purchase earlier this year to start with the red child contact,Seven months after purchase framework to determine,SuNingPa audit staff stationed red children audit accounts.In the acquisition transactions,Jpmorgan chase as suning sole international financial advisor;YiKai capital(Micro bo)As the red child sole financial advisor.

　　除了期待对红孩子的并购能够增加女性客户比例、优化客户结构外，苏宁更期望红孩子能够帮助苏宁易购在母婴市场上夺得更多的市场份额。李斌表示，依托苏宁易购与红孩子的整合协同优势，苏宁线上线下母婴产品销售额将实现高速增长，力争2015年整体销售规模达到100亿元。

In addition to red to children's m&a can increase the proportion of female customers/Optimizing the structures of customers,Suning more expect red children can help SuNingYi bought on the market with the support of maternal and child win more market share.Nancy said,Relying on the SuNingYi purchase and red children integration synergy advantage,Suning online offline maternal and child products sales will achieve rapid growth,Strive to 2015 scale overall sales reached 10 billion yuan.

　　红孩子CEO徐沛欣认为，借助苏宁地面零售渠道，可以将红孩子母婴品牌线上、线下服务互动进一步铺开。他说：“把这个孩子交给苏宁，明天会更好。”

Red children CEO XuPeiXin think,With the aid of suning ground retail channels,Can be red maternal and infant children brand online/Offline services interaction further spread.He said:"Put the child to suning,Tomorrow will be better."

　　电子商务观察人士鲁振旺表示，红孩子与苏宁易购能形成很好的互补，“母婴人群是进军大百货的窗户。”

The electronic commerce observers LuZhenWang said,Red children and SuNingYi purchase can form good complementary,"Maternal and child group is the window of the big department stores."

　　收购背后的考量

Behind the purchase consideration

　　苏宁选择在这个时机宣布收购红孩子，俨然有着自己的考量。

Suning selection in this time announced the acquisition of red children,Peremptory has its own considerations.

　　据艾瑞咨询统计数据显示，2012年上半年中国母婴网络购物市场交易规模超过200亿元，预计全年将达到610亿元。而李斌则表示包括食品、化妆品在内的母婴关联市场将达到一万亿元。

According to the statistical data shows ereli consultation,In the first half of 2012 China's maternal and child network shopping market transaction size more than 20 billion yuan,All the year round is expected to will achieve 61 billion yuan.And LiBinZe said including food/Cosmetics, maternal and child association market will reach one trillion yuan.

　　红孩子身后这个庞大的母婴类B2C市场充满诱惑，但市场份额早已被当当、京东等对手分食。当当网(微博)2011年涉足母婴品类，2012年月交易量攀升到1亿。而更早涉足母婴业务的京东商城(微博)在2012年3月也宣称其母婴频道销售额突破1亿元。

Red children behind this huge maternal and child class B2C market is full of temptation,But the market share have been dangdang/Jingdong etc opponent points food.Dangdang network(Micro bo)In 2011, maternal and infant category,2012 years volume to rise to 100 million.But earlier in maternal and child business jingdong mall(Micro bo)In March 2012 also announced the maternal and child channel sales exceeding 100 million RMB yuan.

　　据苏宁电器发布的公告显示，红孩子目前年销售规模超过10亿元，注册会员达750多万，2011年重复购买率超过50%。已建立了比较健全的全国销售网络，员工总数达1500余人。

According to su ning electric equipment issued announcement,Red children the annual sales size more than 1 billion yuan,More than 750 registered members,In 2011 购买率 repeated more than 50%.Has established a relative complete national sales network,Total staff more than 1500 people.

　　“6600万美元买了750万个注册会员和一条母婴百货供应链。”电商观察人士李成东评价。

"66 million dollars for the 7.5 million registered members and a maternal and child department supply chain."Electric quotient observers LiChengDong evaluation.

　　此外，经营不佳的红孩子也使得苏宁能够以6600万美元的价格，半价成功抄底。

In addition,Business is not good red children also makes su ning can with the price of 66 million dollar,Copy the bottom half success.

　　易观国际(微博)电商分析师陈寿送表示，从红孩子后几轮融资的情况来看，6600万美元的并购金额对于红孩子整体的估值偏低。公开资料显示，红孩子在过去8年时间里，先后进行了多轮融资，累计超过1.2亿美元。

Analysys international(Micro bo)Electric business analysts said Chen shou send,Children from red after several rounds of financing situation,The amount of $66 million merger and acquisition for red children overall undervalued.Public data shows,Red children in the past 8 years,Conducted a several rounds of financing,Accumulated more than 120 million dollars.

　　不过，苏宁却对抄底的说法予以否认。苏宁电器副总裁任峻对6600万美元的股价给出了原因。他表示，红孩子今年销售额预估只有10亿元，由于电商行业大多按市销率估值，以0.5的市销率计算，苏宁给出了6600万美元的收购价。

but,Suning is to copy the bottom that denies.Suning appliance RenJun vice President for $66 million share price gives the reason.He said,Red children sales this year estimated only 1 billion yuan,Because of the electricity business industry mostly according to city pin rate valuations,With a 0.5 city pin rate calculation,Suning gives $66 million bid.

　　易凯资本有限公司CEO王冉(微博)表示，苏宁收购红孩子是布局新十年中国现代零售的一小步。苏宁方面也透露，未来苏宁在B2C领域将通过开放平台、企业并购、参股等手段，加大对垂直领域的整合。

YiKai capital co., LTD. WangRan CEO(Micro bo)said,Suning acquisition red children are layout new ten years China's modern retail one small step.Suning aspects also revealed,The future su ning in the B2C field through the open platform/Mergers and acquisitions/Participation, and other means,To increase the vertical integration.

　　但苏宁对以红孩子为代表的垂直类电商的收购也存在隐忧。

But su ning in red children as a representative of vertical class electric business acquisition there are also worries.

　　有熟悉红孩子的业内人士表示，这种收购的效果并不会很明显。一方面是苏宁对红孩子的收购会引起对手的注意，想从京东、当当等对手中抢夺市场份额并不容易；另一方面，作为一个比较成熟的公司，苏宁与红孩子还有待磨合。

A familiar with red children's the personage inside course of study says,This acquisition effect is not obvious.On the one hand is suning to red the child's acquisition will cause the attention of the opponent,Want from jingdong/Dangdang on hand rob market share is not easy;On the other hand,As a more mature company,Su ning and red children remains to be running in.

　　收购红孩子，拉开了苏宁在电商行业并购的大幕，这桩大吃小的并购也宣告着中国电商行业正逐步进入一个密集整合期。

Acquisition red children,Suning opened in the electrical business industry merger unfolds,This pile big eat small m&a announced that China electric business industry is gradually into a dense integration period.