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相宜本草三战IPO

实际上,这并不是相宜本草首次IPO。

有消息显示,上海相宜本草化妆品股份有限公司 (以下简称“相宜本草”) 于2022年11月10日已同中金公司签署上市辅导协议,拟A股挂牌上市。

△截自国家企业信用信息公示系统官网 

实际上,这并不是相宜本草首次IPO。

早在2012年,相宜本草便曾尝试IPO。据2012年招股书显示,相宜本草共发行5200万股,占发行后总股本的25%,拟募集资金超7亿。当时的相宜本草正处于黄金发展期,据招股书披露,该公司2010年、2011年的营业收入增长率分别高达98.76%与78.11%,2009-2011年毛利率分别为78.65%、79.87%、80.34%,高于同业上市公司。

若成功上市,其将成为A股市场上首家主打化妆品概念的上市公司,但在2014年,由于跟投资方产生矛盾,相宜本草主动放弃了上市计划。

“相宜本草距离IPO成功最近的时候”这是业内对相宜本草2012年IPO的普遍论点。

2020年,相宜本草再次传出IPO消息,之后相宜本草前总裁严明向媒体确认了相宜本草计划二次IPO的消息。为了此次IPO,严明于2020年7月离职,由原上海家化首席市场官俞巍上任相宜本草执行总裁辅助IPO,但之后业内并未传出更新消息,疑似无果而终。

就目前的企业高管构成来看,相宜本草总经理由俞巍担任,其负责相宜本草旗下品牌的战略、运营、资源调配等。董事长封帅直接持有51.9%股份,前总裁严明直接持有12.83%股份。

△天眼查股权结构图 

而今,在首次IPO十年之后,相宜本草传来三战IPO的消息,疑似失利两次的相宜本草能否三战成功?又以什么样的竞争壁垒,在下滑的市场大盘中,撑起一片天地呢?

IPO这些年,相宜本草做了哪些努力?

在冲击IPO的十年里,从高管相继离职导致内部对市场判断失误、频繁更换品牌logo,到不符合品牌调性的“包装升级”致品牌形象混乱等,相宜本草的发展可称得上一波三折。

首次IPO受挫之后,走入下滑的相宜本草,为遏制颓势,以2017年相宜本草前总裁严明回归为节点,制定了3-5年的品牌重塑计划,开启了改革。但伴随着改革的还有争议。

品牌定位上,继“面膜专家”“本草护肤专家”的定位之后,相宜本草重新定位为“中草药护肤专家”,计划通过对中国特色中草药的深度挖掘,走出一条差异化道路。

但“本草”到“中草药”的改变,被业界吐槽有“换汤不换药”的嫌疑,针对差异化道路,就对中草药成分的挖掘方向而言,先有百雀羚、美肤宝、佰草集等国货品牌占据消费心智,后有兰蔻、雪花秀、蔚蓝之美等外资品牌纷纷推出了中草药系列,相宜本草对于“中草药”的专攻,与主流方向有差异但竞争者也并不少。

产品矩阵上,2017年起,相宜本草开始重新梳理产品线,先是砍掉了两个定位年轻消费市场的面膜品牌“花开”和漫画风护肤品牌“Juicy Tango”(觉醒甜果),主品牌相宜本草拓展男士护肤、防晒、面膜等11个系列产品线,并集中资源将“红景天”护肤线推作核心系列,希望以“红景天”的成分IP烙印抢占消费心智。

△川藏红景天 

目前在相宜本草的系列营销下,如合作头部主播李佳琦、抖音主播骆王宇等,相宜本草的“红景天”IP,已达成一定声量,不过其对于年轻化的破圈,仍处于起步阶段。

而在品牌以红景天品牌IP化深入消费心智的同时,品牌也布局了高端化市场。

2020年5月,相宜本草推出高端线“相宜本草·唐”,成为少数入驻丝芙兰平台的国货美妆品牌之一。对比相宜本草常规系列29元-288元的定价,该系列价位高达220元-880元。但就目前而言,化妆品市场竞争激烈,国际集团持续布局中国市场,国货品牌高端化之路道阻且长,而如相宜本草般,年轻化形象、科技基因并未深刻的传统品牌,扭转消费印象,打造高端化更并非一朝一夕之事。

△相宜本草·唐产品 

渠道层面,线下,2017年相宜本草开始优化商超渠道产品线,补充、优化新品类和品牌,开拓三四线城市商超渠道,推出高端线布局丝芙兰,通过多渠道战略触达广大消费群体。

线上,2020年5月相宜本草正式从合作十几年的丽人丽妆手中收回电商运营权,进一步整合产品、渠道、内容输出,计划将天猫旗舰店打造成品牌营销阵地。

值得注意的是,同年百雀羚也从壹网壹创手中收回了电商运营权。互联网时代,成熟品牌自身对旗舰店的把控力和运营力已不容忽视,电商自营已成为一种趋势。而对于曾拥有9000多个销售终端的相宜本草,对线上渠道的加码也是一种重大转变。

其实,三年的品牌梳理,相宜本草已有了改变,最直接的反馈在于业绩,2019年5月相宜本草对外透露,2018年业绩同比提升了25%。但纵使如此,距离它顶峰时期连续四年近100%的增长率,仍是相距甚远。

这也或是相宜本草IPO二战无果而终的重要原因。

迎功效浪潮,相宜本草押注特色中草药成分

那么,时隔十年,相宜本草三战IPO的胜算有多少呢?

仅从披露的数据来看,在经历品牌重塑之后的相宜本草,近年显露出了增长势头。

相宜本草执行总裁俞巍于今年1月4日透露,相宜本草在2021年实现全年同比33%的增长,按照相宜本草的规划,其期望在2022年实现45%的同比增幅。

聚焦近年披露的大促数据。2021年双11,相宜本草天猫官方旗舰店达成双11首次GMV破亿,同比增长139%,京东和唯品会分别实现94%、33%的增长。2022年618,相宜本草电商整体同比增长GMV 97%,天猫旗舰店GMV 同比增长120%。

同时,相宜本草也诞生了大单品。据披露,相宜本草冻干系列面膜已累计售出2000万片,成为相宜本草的代表爆款。但值得注意的是,冻干面膜作为目前相宜本草的主要爆款,市场上的系列竞品并不在少数,如薇诺娜、米蓓尔、绽妍等,其都有一定的市场口碑。并且,面膜作为引流品类,其市场竞争力有限。

△相宜本草冻干面膜 

不过,在2022年的双11大促中,相宜本草的核心系列产品红景天精华的表现,疑有接档冻干面膜,成为爆款之势。

因为《所有女生的offer2》中李佳琦的强力推荐,红景天精华在10月12日的双11提前大促中迎来了消费者的疯狂抢购,售价198元备货11万组的红景天精华秒空,仅这一个链接,其销售额已达2178万。

此外,在当下行业的科学家大战浪潮中,聚美丽注意到,相宜本草早在2014年便要邀请了吕智加入相宜本草。

据资料显示,吕智在13年间相继完成北京大学化学系学士及硕士、美国宾夕法尼亚大学博士的学习,2004-2009年进入高露洁棕榄美国公司从事护发、个人护理、口腔等多种产品的研究与开发,2009-2014年以研发总监的身份任职于雅芳上海亚太研发中心,2014年以技术中心高级总监进入相宜本草,至今已晋升为公司副总裁,兼任研发负责人。

△研发负责人吕智 

而从研发成果来看,截至2022年11月10日,相宜本草已拥有33项发明专利。

值得注意的是,在业绩向好的同时,相宜本草也出现了一些问题。2021年在上海市市场监督管理局公布的2020年上海市化妆品定量包装商品净含量监督抽查中,标称上海相宜本草化妆品股份有限公司生产的“相宜本草”橄榄油润手霜(型号规格:80g),净含量标注项目不合格。

其实,相宜本草为何执着于IPO不难理解。一方面,IPO能帮助企业募集资金,进一步促进公司规范运作、资源整合,另一方面,这也是一种直接提升品牌影响力的操作。

相宜本草作为本土品牌中少数曾在十年前便达成超20亿营收的品牌,其“同期”拉芳家化、珀莱雅、御家汇丸美股份等已接连上市,“被落下”的危机感,以及面对愈发内卷的化妆品市场的紧迫感,上市可以说是其“缓解焦虑”和提升品牌综合竞争力的重要“捷径”。

总的来说,前往IPO的企业前赴后继,但上市对于品牌的发展远远只是一个全新起点,至于相宜本草能否成功IPO,又能否凭借IPO的全新起点重现20GMV的辉煌,且行且看。


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