The assets of the luxury e-commerce temple library exceeded 10 million, and it was frozen by Prada. After examination, Shanghai Jiading District People's Court found that the application was in compliance with the law and ruled that the temple library should be frozen immediately for one year. More than 10 million assets of luxury e-commerce temple library were frozen by Prada.
The assets of luxury e-commerce temple library exceed 10 million yuan, and Prada applies for freezing 1 luxury brand Prada applies for freezing 1 1 ten thousand yuan luxury e-commerce temple library (SECOF. United States) and the corresponding value property, for a period of one year. The application was ruled by Shanghai Jiading District People's Court and immediately implemented.
The striking investigation shows that the award originated from the property preservation documents in the arbitration procedure between Prada Fashion Business (Shanghai) Co., Ltd. and Shanghai Siku E-Commerce Co., Ltd., and the applicant is a wholly-owned subsidiary of Prada Asia Pacific Co., Ltd.
In addition to Prada, Temple Library also has contract disputes with many suppliers or partners.
According to Tianyancha, since 2022, Beijing Siku Trading Co., Ltd. and its subsidiary Shanghai Siku E-Commerce Co., Ltd. have been involved in many sales contract disputes and loan contract disputes as defendants. Plaintiff companies include Shenyang Commercial City Department Store Co., Ltd. and Shanghai Longzhimeng Department Store Co., Ltd. ..
On the one hand, disputes with partners continue, on the other hand, temple libraries have also been complained by consumers. Search for "temple library" on the black cat complaint platform, and there are 172 10 related complaints. Most of the complaints since July this year have involved issues such as non-delivery or refund of the temple library platform and no response to the application for refund. Among these consumer complaints, the feedback from Temple Library includes "system upgrade" and "refund review". One of the consumers involved in the amount of 18270 yuan said that the order has been placed for 9 months, and the temple library has not delivered the goods and will not be refunded.
The multi-party disputes faced by temple libraries are also reflected in the capital market.
2065438+On September 22nd, 2007, the title "The First Share of Luxury E-commerce in China" was listed on NASDAQ at the issue price of 13 USD per share. One year after listing, the share price of Temple Library continued to fall. As of August 1, the closing price of US stocks was 0.26 USD/share, down 98% from the issue price.
In February, 2002 1, 1, Temple Library announced that the company had received a delisting warning from Nasdaq because the stock closing price was lower than1USD for 30 consecutive working days. According to the Nasdaq listing rules, the grace period for restoring compliance is 180 days, and by June 15, 2022, the closing price of the company's shares that received the delisting warning must be equal to or greater than 65438+ 0.00 USD per share.
After receiving the warning of delisting, the share price of Temple Library did not exceed 1 USD, and the trend continued to decline. In this regard, in June 2022, Tianpu Library applied to transfer its American Depositary Receipts (ADS) from the Nasdaq global market to the Nasdaq capital market. The so-called Nasdaq capital market is a market provided by Nasdaq for growth companies, and its financial indicators are not as strict as global market standards.
It is worth noting that in 20021and 2022, the submission of the annual report information of the temple library was delayed. In the annual report that is not submitted on time, it is the performance of the company's double decline in revenue and profit. 202 1 financial report shows that the annual revenue of temple library is 310.3 billion yuan, down 48% year-on-year; The net loss was 566 million yuan, a year-on-year increase of 547%.
More than 10 million assets of luxury e-commerce temple library were frozen by Prada. Recently, Tianyancha App disclosed the property preservation documents of Prada Fashion Business (Shanghai) Co., Ltd. and Shanghai Siku E-Commerce Co., Ltd. in the arbitration procedure.
According to the documents, Prada applied to freeze the property of 1 1 10,000 yuan and the corresponding value under the name of Temple Library Shanghai Company. After examination, the People's Court of Jiading District of Shanghai found that the application was in compliance with the law, and ruled that the temple library should be sealed up and frozen immediately for a period of one year.
2065438+May 2009, Prada and Miu Miu, who are in transition, announced that they would enter the temple library, which was the first stop for Prada Group to set foot in e-commerce in China. At that time, Temple Library was one of the most important luxury e-commerce companies in China, and luxury brands such as Valentino and Langfan, which were interested in increasing online channels, all reached cooperation with it.
But this almost became the last highlight moment of the temple library. According to the financial report, in 2020, the revenue of Temple Library decreased by 12% to 6.02 billion yuan, the net profit returned to the mother changed from profit1540,000 yuan to loss of 718.64 million yuan, and the gross profit decreased by 26.4% to 14.6%.
Along with it, there are many legal proceedings. Tianyancha's risk information shows that the temple library involves hundreds of legal proceedings, including online shopping contracts and supplier payment disputes. Affected by this, the frozen property of companies such as Beijing-Shanghai and Xi 'an owned by Temple Library exceeded 654.38 billion yuan.
The troubled temple library tried to solve the problem through privatization. In 20021year, Li Rixue, the founder of Temple Library, proposed to buy all the issued Class A ordinary shares of companies that Li Rixue and its subsidiaries did not own for a total price of about 230 million US dollars.
However, according to financial media and financial circles, on May 23, 2022, Temple Library also said that the special committee under the company's board of directors had received a letter of notification from Li Rixue, and he would withdraw his previous non-binding privatization offer. This unstable and unsustainable operation mode will obviously only make it more difficult for the temple library to get out of the quagmire.
An employee of Temple Library once told Interface News that he had not been paid since September 20021year. The number of flying books in the company has also decreased from' 900 in 2020 to 535 in 202 1. "Every department has a layoff target," said the employee, whose department has also been reduced from 13 to 7 people.
The predicament of the temple library is actually a microcosm of the collective loneliness of domestic luxury e-commerce. At present, the temple library is still in operation, while Shangpin.com and other local luxury e-commerce companies have fallen.
In the past ten years, the e-commerce market in China has developed rapidly, with Taobao and JD.COM having the largest number of consumers. For the sake of tonality, the early rising luxury brands didn't choose Taobao and JD.COM, but cooperated with temples and libraries that have a certain reputation in the luxury industry.
However, when Taobao and JD.COM began to rebuild their image and make efforts in the luxury goods industry, it was expected that the temple library would be abandoned. In addition, in recent years, luxury brands have made great efforts to overweight and sink the market, and Taobao and JD.COM, which are aimed at the vast consumer groups, are the best test channels.
In addition, luxury goods sales are different from ordinary daily department stores. The characteristics of high unit price and limited output doomed them to be unable to go on a large scale. The brand resources accumulated by e-commerce platform, especially the resources of head brands, naturally become the key to winning the market.
Although Temple Library has cooperated with many luxury brands, it has always lacked the support of head brands. However, according to the operation mode of temple library, head luxury brands such as Louis Vuitton and Hermes can be sold on their own platforms through third-party suppliers, but problems such as incomplete product styles, difficult identification of true and false information and poor after-sales service still exist.
The change of the market environment superimposed the defects of its own operation mode and finally crushed the temple library. It first tried to sell luxury goods online in China, but when the way out really came, it couldn't find a foothold in the market.
Prada applied to freeze the assets of luxury e-commerce temple library over 10 million yuan. Recently, according to the information published by the refereeing document network, Prada Fashion Commerce (Shanghai) Co., Ltd. (hereinafter referred to as "Prada") requested to take preservation measures for the property under the name of Shanghai Siku E-Commerce Co., Ltd. with the value of 1 1 10,000 yuan and the corresponding value.
The so-called "security measures" are simply to monitor the property of the protected object to prevent it from being maliciously transferred or hidden. For Prada, this is nothing more than a possible risk in the Temple Library. Once the latter situation worsens, you can minimize your own losses.
However, in the past 14 years of operation, the temple library has not been so deeply mired in crisis and negative entanglement in recent years. According to public information, Temple Library, established in 2008, was initially positioned as a second-hand luxury e-commerce trading platform, and received five rounds of financing of $200 million before the listing of 20 17. Investors include IDG Capital, Wen Tai China (Yintai Capital), He Sen Investment and other well-known institutions. And before and after the listing of 20 17, the temple library has been profitable for 14 quarters since the third quarter of 20 16.
In terms of business, the temple library has also expanded from the previous second-hand luxury goods trading to selling luxury goods and light luxury products, and the categories have also expanded from bags and watches to jewelry and diamonds. It also opened offline physical stores, as well as business lines such as temple library finance, temple library intelligence and temple library community.
However, since 2020, the situation of temple libraries has gone from bad to worse. From 2020 to 20021year, the company turned from profit to loss. In 20021year, the revenue was 365,438+32 million yuan, down 47.98% year-on-year, and the net loss reached 566 million yuan, up 547% year-on-year. At the same time, as of August 1 close, its share price was only 0.26 USD/share, down more than 80% compared with the same period last year, and it was on the verge of delisting.
Although Li Rixue, chairman and CEO of Temple Library, recently said that "after fully considering the recent market situation, he decided to withdraw the previous non-binding privatization offer", Temple Library has repeatedly responded that "the bankruptcy rumors are not true". However, there are many doubts about its operating conditions, such as "suppliers are in arrears with payment for goods", "merchants who have opened stores on its platform have no way to repay" and "consumers have not received goods for a long time".
The main business of Temple Library is "luxury goods sales", which is not only under the pressure of brands. With the launch of self-operated e-commerce and the entry of luxury brands into WeChat applet, Temple Library without huge traffic pool and great influence is naturally no longer the first choice of the latter.
With the comprehensive e-commerce platforms such as Tmall and JD.COM starting to upgrade luxury channels, such as "Tmall Luxury Museum" and "JD.COM". COM luxury goods, as well as global purchasing platforms such as Netease koala and Ocean Terminal, the market share of temple library is gradually being eroded.
More importantly, it seems that temple libraries have not built enough trust in the hearts of consumers for many years. In fact, in the sales of luxury goods, brands such as Chanel and Cartier often adopt a "global unified" pricing strategy and will not easily choose sales channels such as e-commerce platforms. Other brands with distribution channels such as wholesalers/buyers' shops will not easily authorize the e-commerce platform, so this also makes the temple library cooperate more with suppliers than directly with brands.
From the consumer's point of view, the fuzziness of procurement sources has consumed a lot of trust in the platform, and it is more complicated to trace back to the brand from procurement qualifications and other links. Middlemen who earn the difference, such as temple library, are essentially downstream distribution channels. Without the trust endorsement of the platform and the authoritative third-party organization for inspection and qualification judgment, it is naturally difficult to attract more consumers' attention.
Although temple library launched the industry's first application traceability of luxury blockchain as early as 20 18, and realized that each winding product has unique identity and identification information, and reached cooperation with Ultrain, a blockchain infrastructure technology platform, in 20 19.
However, for consumers, the investment in these technologies may not have much relevance to the cooperation between luxury brands and their main channels. Moreover, as far as the trust of the platform itself is concerned, compared with Tmall and JD.COM, the head e-commerce platforms, or WeChat applets directly connected with users, the temple library is obviously not very competitive.
What's more, for luxury brands, their business model is more willing to maintain their own brand tonality, rather than "self-lowering" because of cooperation with e-commerce channels, and they don't want the existence of e-commerce platforms to threaten the price system of goods. Therefore, for these brands, the marketing significance of the e-commerce channel may be far greater than the sales volume, and its offline store is the more important consumption scene.
In fact, Temple Library may have realized the risks of taking luxury goods sales as its main business, so it began to seek transformation early, but from the perspective of financial and community business lines, 20021year only accounts for 4.6% of the total revenue, which is hardly worth mentioning.
It can be seen that Temple Library has not successfully transformed from luxury goods sales, but its value as a vertical e-commerce platform for luxury goods is being diluted by the addition of comprehensive e-commerce platforms and the emergence of second-hand e-commerce platforms for luxury goods such as Pang Hu, Jurisdiction, Hongbulin and Only Second Class.
As early as a few years ago, the founder of naughty bag e-commerce had conducted an in-depth analysis of the model of luxury e-commerce such as temple library. At that time, he thought that many goods on such platforms could not be stocked in depth, and there were often problems such as shortage of supply and logistics delay. At the same time, they can't keep up with the large-scale e-commerce platform in terms of account period.
For non-standard second-hand luxury goods transactions, Temple Library, Pang Hu and Weiyi platforms will also face trust problems. According to relevant data, in developed countries, the consumption of second-hand luxury goods has reached more than 20% of the consumption of luxury goods, which is in a saturated state, while the domestic second-hand luxury goods e-commerce market has just entered the growth period, far from reaching the upper limit.
However, unlike many friends who think that they buy second-hand luxury goods for economic reasons, many users who buy second-hand luxury goods are not interested in "low price", but are interested in the uniqueness and scarcity of medieval styles. However, it is obviously difficult for such a consumption concept to have more integration points with the second-hand luxury e-commerce platform, and the identification of second-hand non-standard products is obviously not difficult for the platform.
At the same time, compared with the service fees of Vestiaire and The Real, two luxury platforms in overseas markets, most similar platforms in China have to pay higher costs in obtaining customers, but they cannot charge high service fees. Moreover, there is no unified industry standard in the emerging secondary luxury goods market for the time being, and the sale is almost entirely based on integrity, which may be the reason why the temple library slowly deviates from its initial positioning.
Obviously, it is not difficult to see that if the domestic e-commerce industry does not get rid of the impression of "affordable convenience", it may be difficult to sell luxury goods on a relatively small e-commerce platform. As a vertical e-commerce track, luxury e-commerce is almost a "niche among the niche", so whether the temple library can break the game in the future may be difficult to rely on this business line.