How can Delma's own brand "take off" when Philips is listed on the market?

Ever since “ House economy ” Lift the hands of an air fryer , Up to now “ Camping fever ” Driven by “ Camping department ” Small household appliances are hot , Small household appliances seem to be back in the past

In recent days, , Known as the “ Xiaomidai factory ” Small household appliance enterprises , Delma is finally in Shenzhen Stock Exchange IPO After the first meeting , It is expected to log on to the gem , This is also another case of the wave of listing of domestic household appliance enterprises .

In the past three years , There are already bear appliances 、 Shimi technology 、 Times easy and other home appliance enterprises have successively completed listing IPO, Among them is “ The first strand of the air fryer ” Bye shares .

Now , Delma's trial also seems to indicate that the small household appliance market will usher in another powerful competitor .

Become a brand authorization

At first , Delma is not doing ODM Substitute processing .

2007 year , Years old 19 Caitieqiang, the - year-old founder of Delma , Come to Foshan Shunde , With the accumulated design experience , Set up a design team named flying fish , The main poster 、 Leaflets 、 Album and other advertising design .

At the time , With the popularization of mobile Internet , The e-commerce industry is gradually rising , Caitieqiang, who saw the opportunity , And set up flying fish e-commerce and flying fish marketing , It is mainly engaged in e-commerce agent operation business .

They took over a brand of Hang ironing machine , Through repackaging , In less than a year , Create for the brand 7000 More than ten thousand yuan of sales , Make a name for yourself . And then , And vantage 、 Baide 、 Dongli 、 Lei Mingdeng et al 20 Many well-known brands at home and abroad have achieved cooperation .

But later , As the e-commerce agent operation outlet is getting farther and farther away , For enterprise transformation .

2011 year , The founding team of the company launched its own brand of small household appliances “ Delma ”. adopt “ Hot style ” Strategy , Successively push out the wool ball trimmer 、 Juice shaker 、 Humidifier and other products , Gain a firm foothold in the market , We have gained a group of loyal fans .

2014 year , After accumulating a wealth of small household appliance supply chain management capabilities , Delma began to build its own production capacity gradually , Deeply participate in product production , In R & D 、 production 、 Sales and other links form their own systems .

After three years of development , here we are 2017 About years ago , Delma's sales have reached a certain volume . There is data showing ,2017 year , Delma's revenue has reached 6.54 One hundred million yuan .

The turning point of the story happened in 2018 year .

at that time , The Dutch brand Philips, which has been in the domestic market for more than ten years, seeks to upgrade its business , Begin to withdraw from the Chinese market , Will be its Chinese market “ Traditional business ” be stripped , Including Philips water health business .

With the support of CITIC Industrial Fund , Delma approached 5 Acquired the trademark use right of Philips water health business at a price of billion yuan . Benefits to Delma through the acquisition of Philips water health business , Also visible to the naked eye .2020 In, the business income of Philips brand in Delma exceeded 6 Billion , Account for the total income of the company 31.35%.

And then , Delma and Weixin 、 Vatti 、 Nature and other brands , Won the authorization of multiple home appliance brands , This also makes Delma's performance advance by leaps and bounds . The prospectus shows ,2019 - 2021 year , Delma's revenue also increased from 15.17 Billion yuan up to 30.38 One hundred million yuan , The year-on-year growth has doubled .

among , By Philips 、 Vatti and other brand authorized revenue , from 2019 Year of 4.85 Billion yuan up to 2021 Year of 12.01 One hundred million yuan , The revenue share is close to 40%. Just like the Antarctica , By selling brands, we can make more than ten billion yuan a year , Delma also relies on brand authorization to impact the listing .

“ You can't have both. ” The rice family OEM

“ You can't have both fish and bear paws ”.

by ODM The business has enabled Delma to achieve rapid growth in revenue , But the cooperation with Xiaomi can also be regarded as a double-edged sword .

The form of cooperation between Delma and Xiaomi is also agent processing , Delma is responsible for product development 、 Material procurement and finished product production , And then sell it to Xiaomi at the agreed price , Even the sales channel is Xiaomi's own channel .

The benefits of cooperating with Xiaomi are obvious , That is, you can hold Xiaomi “ strong ” The thighs of , Let yourself have a stable and continuous source of revenue , At the same time, we can also make use of Xiaomi's channels to achieve large revenue .

The prospectus shows , stay 2019-2021 During the year , Delma ODM Business revenue has increased from 1.17 100 million yuan increase to 6.71 One hundred million yuan , The proportion of revenue is from 7.76% Add to 22.11%. about ODM Business revenue growth , Delma also said , Mainly from 2019 Started to cooperate with Xiaomi in production “ Rice house ” Brand small household electrical appliances .

However, the disadvantages of OEM for Xiaomi are also obvious . Because Xiaomi's gross profit margin on hardware is not high , that , As Xiaomi “ Agent factory ” It is difficult for Delma to make more breakthroughs in gross profit margin .

The prospectus shows ,2019 - 2021 year , The delmami family ODM The gross profit margin of the business is 27.53%、19.18% And 12.57%, It's going down year by year , Both are lower than the gross profit margin of Delma in the same period .

ODM The decline of gross profit margin of business has also directly affected the gross profit margin of Delma's main business . The prospectus shows , from 2019 - 2021 year , The gross profit margin of Delma's main business has increased from 36.37% Slide down to 29.21%. In view of the decline in gross profit margin , One of the main reasons pointed out by Delma , It is the rice family ODM The proportion of product revenue has increased year by year , Rice house ODM The gross profit margin of products is low , It has an impact on the overall gross profit margin of the enterprise .

More Than This , Xiaomi also invested through its golden rice , stay 2020 In, I got Delma through investment 2.37% Shares of , Let the cooperative relationship between Delma and Xiaomi be more stable , By the way, Delma caught up with Weiya and headed for “ Hot style ” The express of the road to .

In the general direction , There is nothing wrong with Delma's choice of live broadcast and goods , Traffic and benefits brought by live e-commerce and head anchor , No brand can refuse . But after the Weiya affair , Delma's growth in the field of live broadcast e-commerce has also been affected , Private brands need to find new growth channels .

Of course , Delma was also immediately in Tiktok 、 Tmall 、 JD and other e-commerce platforms set up their own brand live broadcasting rooms , But in terms of sales volume and online population, the response is mediocre .

Just on the Tiktok platform , The author observed that the number of online viewers of its official flagship store was only 30 People float from side to side , The best selling item in the window interface is a product with a price of 1878 Yuan's all-in-one wireless floor washer , But the sales volume is only 121 Pieces of .

Now , Delma goes farther and farther on the road of OEM , It seems that the whole enterprise relies on the cooperative brand .

After the listing , Need to redefine “ Delma ”

The present , Delma's biggest problem is that it relies on authorized brands and ODM Business .

In Delma's current brand , The proportion of revenue of authorized brands Philips and vatti under Delma is on the rise , In contrast, the proportion of private brand revenue is declining year by year .

The prospectus shows , Up to 2021 year , The total revenue of Philips and vantage brands has reached 38.92%, More than Delma's own brand “ Delma ” And the proportion of the sum of Weixin's revenue 38.29%.

After the listing , Delma wants to compete in the current home appliance market , Have your own place . The most important thing is to gradually expand the private brand 、 And stronger , Reduce brand authorization 、 The dependence of OEM business .

because , Authorized brands are not private brands , If Delma has business problems 、 The level of payment of license fee is not reached 、 Failure to comply with the trademark license agreement or damage the reputation of the Licensor , There will be no renewal , The risk that the trademark may be withdrawn . Once the trademark license is withdrawn , Then Delma will lose access to 40% Revenue .

How to reduce this risk , Is to reduce the dependence on authorized brands , Put your own brand “ Development 、 growing ”.

How to re embrace the value of private brands ？

In my opinion , First , Technology investment and independent research and development are definitely inseparable . For being joked by insiders “ I can't do anything except to think of it ” In terms of the small household appliance market , Seizing the opportunity of popular models is a key to get sales out of the circle , And the consideration behind this is the enterprise's independent R & D and innovation ability .

although , Delma has always emphasized its own independent R & D ability and original design ability , But how much is the R & D cost of an enterprise , To a certain extent, it can also reflect the level of independent R & D and innovation ability .

The prospectus shows ,2021 In, Delma's R & D investment was only 7496.98 Ten thousand yuan , The category of R & D expenses reaches 3.64%. Compare bear electric appliance 、 Stone technology 、 Xinbao Co., Ltd. is an enterprise of the same type , Over 100 million yuan 、 Hundreds of millions of yuan of R & D expenses , Delma's investment in R & D costs may continue to strengthen .

also , Is to seize the market opportunity of new consumption upgrading , face 90、95 And then even 00 The new consumers after , There is a need for brands to change from generation to generation . Delma can define its own brand positioning and user groups , towards 90 after 、Z Generations close .

After all , As one of the hottest tuyeres in recent years ,Z The traffic of generations always needs to be rubbed . And now 90 after 、Z The demand for home appliances is surprisingly strong for generations ,“ Camping fever ” The rise of , It has also led to a number of “ Camping department ” The popularity of small household appliances . Delma may be able to seize these market outlets and segment demand , Launch a batch of small household electrical appliances aimed at the needs of small groups of people .

Last , Although Delma has a broad product line , It involves multiple categories of household appliances , But Delma doesn't seem to have any competitive advantage , Besides the low price , Maybe I can't find anything “ Can fight ” The place of . Count the products of Delma , Become “ Hot style ” It's just 99 Yuan's vacuum cleaner ,69 Yuan humidifier ,99 Block electric kettle .

however , Delma revealed that she prefers small environmental appliances , But for consumers , The choice of such small household appliances may be more inclined to brand 、 These big brands of Midea with more reliable performance . Look at other enterprises , Xiaoxiong electric appliance has a good reputation , Jiuyang electric appliance is more grounded .

however , This also forces Delma to establish brand advantages , Functional 、 Try some new designs on your appearance . After all, price cannot be a spear , Another shield , The two contradict each other . The core of the enterprise is to make profits , Low price means less gross profit , This is the last thing any enterprise wants to see .

Actually , There are many more suggestions about Delma , The author only gives one in ten thousand . No matter how changeable the suggestions are , Its core is to actively use new ideas 、 A new model 、 New technology 、 New channels to form their own competitive moat , To embrace a new future .

source ： Pinecone Finance