Reborn Entrepreneurial Giant

Qu Li returned to Jumei, Yangcheng, and once again felt the chill brought by the subprime mortgage crisis. Just by my side, easy to talk, so they all came to the door.

"It's not bad now. There are more people when you're away. We've already diverted a lot of traffic. The service company is too busy, so they come here again." Qu Li in the meeting room understands the situation

"Are there many complaints in the company?"

"There were definitely complaints, but mostly understandable, and there was a greater burst of positivity."

"That's good. It's understandable to complain at this time, but frequent complaints will affect the team. If these people are marginalized, they should be fired directly..." Qu Li looked at Xu Xiaoqin, this is the responsibility of personnel

"Okay, I will pay attention." Xu Xiaoqin

Jumei’s financial report has not been announced. This year’s sales have increased significantly compared to last year’s 100 million US dollars, reaching 1.3 billion US dollars, of which third-party sellers accounted for more than half of the revenue.

"The loss in fiscal year 2008 was about 1 billion..."

This means that the more you sell, the more you lose. The more detailed financial reports of Jumei, Juhuasuan, Shopee, Sun Moon Fenghua, Jumei Logistics and Juyun Technology are separate. Except Juyun Technology, all have income. This is not the most important thing. Jumei’s net profit, including free cash flow, is negative. No matter how you look at it, it is about to go bankrupt, but there is obviously a lot of money in the account.

"If the development of e-commerce is not as fast as expected..."

"At least we have enough sellers."

Jumei didn't announce the 2008 annual financial report, but waited for Qu Li to come back to discuss it, but he didn't understand this stuff, so he was going to be scolded by investors behind closed doors?

Looking carefully at the financial report, Shopee’s gross profit margin exceeds 30%, which has earned it a reputation for high quality and low price in the United States. Jumei’s is around 25%, and Juhuasuan’s is less than 20%. Riyue Fenghua’s self-operated categories have always been making money. Yes, but due to Xiangyun's increased marketing and promotion expenses, the increase in inventory and returns has limited the increase in net profit.

Yes, returns, the better the after-sales service, the higher the return rate of clothing categories. Ten years later, many e-commerce merchants complained that the return rate of clothing on the Internet was as high as 30%. Xiangyun Danlin's return and exchange rate was almost negligible at the beginning, but now it is obvious that she has to pay attention to it.

Doing the math, Jumei’s gross profit is 300 million US dollars, and the main losses come from: the loss caused by the acquisition of Goudong’s consolidated financial statements, investment in logistics and information infrastructure, and Juyun Technology.

"Let's take a look at this plan first, and then discuss it." Qu Li took out the plan he had discussed with Lu Qi for a long time. As a person who can grow up to be an executive vice president at Yahoo, and become a global vice president after joining Microsoft this year, it can be seen that this person The ability to manage and deal with complex issues is outstanding. As for what happened in Baidu later, let's not talk about it.

Lu Qi was planning to resign and return to China to start a business. In addition to Qu Li's invitation, Microsoft's Ballmer personally came forward, which shows Lu Qi's status in Silicon Valley. If you join Microsoft, your income and social status will be higher, but Lu Qi chooses Jumei, so you can't help but say that the protagonist has been having fun all the time.

Lu Qi's plan or strategic plan recognized the significance of the existence of Juyun Technology, and believed that Riyue Fenghua and Jumei Logistics are the key points that need to be changed. Although it may not hit the nail on the head, but it can solve the problem.

This meeting is the core of Jumei. Apart from Qu Li, Lin Bing, Chen Danlin, Wang Yunliang, Xu Xiaoqin, and Tan Lijun also participated. Qu Li didn't have much scruples.

"The situation in Jumei is becoming more and more complicated. Foreign revenue accounts for one-third of the total revenue. This should be the only one among domestic Internet companies? How to manage a multinational company? I think everyone here has no experience. Both need to be learned.”

"So I'm going to find someone with outstanding ability to take over as CEO for Jumei, and be responsible for the company's specific operations." Qu Li's words surprised everyone. Both Lin Bing and Chen Danlin are major shareholders.

"This does not mean that I will quit Jumei's management. In fact, apart from the change of position, the number of people who will sign me will be much less, and there will be no other changes. As for why it is not Lin Bing and Chen Danlin, it is definitely not because of our conflicts, let alone rights. struggle."

"My favorite candidate is Lu Qi, CEO of Yahoo. After Yang Zhiyuan resigned from Yahoo's CEO position, Lu Qi also resigned..."

"Lu Qi joined Yahoo in 1998 and was responsible for the search business..."

"While I invited him, Microsoft Ballmer also personally invited him to be the executive vice president of Microsoft, responsible for Bing search."

"The specific situation is like this. Let's see if it's necessary to invite him to Jumei for a meeting. Just because I'm satisfied doesn't mean it's really suitable..." Qu Li said for a long time

"I know Lu Qi..." Lin Bing came out to support Qu Li's choice. The two had communicated before. International experience is very important to Jumei. It can strengthen investors' confidence, otherwise it can only beautify the financial Reported.

Chen Danlin also knew that it was impossible for her to take over as the CEO. She was not as foolish as Qu Li. Neither the company nor investors would choose her, let alone others.

"My positioning of Jumei is a supply chain-based technology company, but improving supply chain capabilities is obviously not something that can be done in a short while..."

"In addition to changing the CEO, I also found a way to save costs for Jumei Logistics. I bought a stake in the most outstanding logistics real estate management company in China - ProLogis China. After we bought the land and built the warehouse, we can package it into a real estate fund for ourselves. rent, because there is a stable income that can be sold to private equity and trusts..."

"The other thing is Xiangyun. I have communicated with Zhu Yunlai of CICC. He thinks that Xiangyun can be independently operated and listed. If everyone thinks it is possible, prepare now..."

"There is also supply chain finance. We can cooperate with Xiangcai Securities. They will fully cooperate. How can we prevent our partners from having capital chain problems during rapid expansion..." Qu Li can not only brag, but also solve some key problems .

After talking about important matters, Qu Li also went to communicate with some merchants. In 2008 and 2009, a large number of foreign trade enterprises in Guangdong, Jiangsu, Zhejiang and Shanghai closed down. In order to find a way out, e-commerce is one of the best choices.

On Taobao, Taobao University taught sellers how to do e-commerce, and Taobao Alliance, these are all good things, Jumei has to learn, how can they teach people how to do e-commerce empty-handed? And this is only a short-term niche demand, and most people can understand the situation through self-study. Only when the platform becomes more and more complex, the demand in this area will increase, but at that time, there will be more e-commerce talents in China, and you can find a few wage earners with a salary of three to five thousand a month to get everything done.

The brochure of Jumei guiding sellers to do e-commerce has finally been produced. The content includes Jumei, Juhuasuan and the cross-border Shopee, and only charged a cost price. Jumei won the clean, Luqi came to China, and Chen Danlin Pulling his ear and asking: That American girl...