oral: Sequoia China partner Liu Xing interview, finishing: reporter Zhao Xiaoyue

runway and player

vip.com discount flash purchase, the initial cut is the clothing Stock market. This mode of inventory risk is low, can not be sold can be returned; buying itself is also compared with the Chinese consumer psychology.

But vip.com

listed in the U.S., two secondary market investors took a long time to pester the question: "what do China have enough inventory, not when there is no inventory to sell?" we found that, in due diligence vip.com A round in Chinese, inventory is almost eternal phenomenon. Clothing is a trillion level market, stocks that poop, occupy about 20%, so there are two hundred billion. How much did vip.com do? In 2013, the total turnover of 16 billion, less than twenty percent, of which only half of clothing, there is enough space to do.

in 2010, we completely crossed the psychological threshold, at least two or three years ahead of others. If you really have this problem, we dare additional B round of investment within a year? The case of vip.com, we are not smarter than others, but more deeply, to stand together with the company, so the place a little more understanding.

I remember when due diligence started, vip.com has launched a partnership with many domestic and foreign brands, including even Disney. In the interview, we focus on the research of their stocks approach. Very clear is that the traditional channels of inefficient handling poop – some people come away, or in your own shop to sell slowly or shopping promotions — not in a very short period of time after treatment. Vip.com provides such a channel, in a very short period of time, such as a week, other channels to two or three months to do things done.

Until recently

research brands to Nanjing, a well-known line under the brand owner, began to think this way do yiershiwan even great deal of inventory, immediately after the on-line experience is not the same, so you can sell so much". A mass ten, ten hundred, the circle of people will know. Therefore, the effect of word of mouth is not only in the consumer side, but also in the brand side. It is worth mentioning that vip.com angel investors are brand origin, so more than outsiders.

and the reason for the purchase of vip.com in the flash mode selection, the first is the positioning of the company. They moved from the positioning of luxury goods to the mass market, the speed is very fast – this is the first of vip.com’s founding team made the most correct strategic decisions, reflecting its business judgment. Sequoia recognized their existing positioning.

to do the luxury goods business has some problems, especially the lack of reliable supply chain, can only rely on The Eight Immortals Crossing the Sea Gexianshentong, this batch of goods in this way, another batch of another way, can not play, until there are still many luxury brands are reluctant to open for you to buy today.

There are several advantages of

positioning in the mass market