You may not know that there is a common investor, Tiantu capital, behind a long string of well-known FMCG enterprises, such as Feihe, Yunuo, Santan and a half, Zhong Xuegao, Naixue tea, chayan Yuese, master Bao, jiangxiaobai, Baiguoyuan, etc.
“The epidemic is like an amplifier. It will amplify the advantages and disadvantages of the brand. It is accelerating the reshuffle of the industry, and the enterprises in the head will become better.” In a video exchange a few days ago, Pan Pan Pan, partner of Tiantu investment management, told xiaoshidai.
Pan pan, partner of Tiantu investment management
In the above exchanges, he also talked about the differentiated positioning of Naixue and chayan Yuese, the listing plan of Naixue, and the logic of early investment in food and beverage companies. Tonight, we might as well listen to these insights from the “investor perspective.”.
“When there is no epidemic, many people’s shortcomings and advantages are covered up, or not so obvious. However, after the outbreak, we can see that companies with brand power and good digitalization are recovering well and their advantages have been magnified. Originally, we thought that some brands might fall behind in a year or two, but now we see that they have fallen behind. ” Pan Pan said the epidemic is accelerating the industry reshuffle.
The two tea chain brands invested by Tiantu obviously belong to the former. He told the snack agent that the sales recovery of Naixue and tea Yan Yuese was still good, “and even began to grow year-on-year.”. “So, for me, for Nai Xue and cha Yan Yuese, the time of the greatest pressure has passed.” He said.
Xiaoshidai noted that at the fbif2020 food and beverage innovation forum held in July this year, Lu Liang, the founder of chayan Yuese, also said, “we are recovering relatively fast.”. He said that the epidemic situation was like a national examination question, and everyone’s examination papers were the same. At that time, chayan Yuese’s team adjusted and responded quickly.
Even in the post epidemic period, the two tea brands are planning to reverse the trend and speed up their development.
“We have indeed adjusted our development plan for this year, but not slower, but faster. We’re going to go beyond the original plan. ” Pan Pan told the snack generation that this is because in the process of the epidemic, it is easy to see which brands are really powerful and which consumers really like and are willing to pay.
“For example, many shopping malls know the data of Naixue. It is obvious that you can quickly resume growth, which is an objective basis for the next expansion of Naixue.” “It’s not that I say I’m good, it’s market feedback that I’m good, and some food brands may face a life and death problem this year,” he said
In addition, he believes that since the epidemic situation may be normalized, those who do well in digitalization, member operation and traffic operation will be able to obtain relatively large profits in the environment of normalization of epidemic situation. “Therefore, we think that the digitization of consumer enterprises is a relatively large investment direction in the future.” He said.
The plan to open a shop is also in smooth progress. Earlier, the brand had announced that it would go out of Changsha and open stores in Changde and Wuhan this year. “Now the stores in Changde and Wuhan have begun to be decorated and will open in the second half of this year. This is the first time that the tea color has crossed the city and across the province.” Pan Pan told the snack generation.
Xiaoshidai noted that at the fbif2020 food and beverage innovation forum held in July this year, Lv Liang, the founder of chayan Yuese, said that he was more cautious about expansion because he considered the balance and polishing of supply chain, infrastructure, customer service, staff team and other aspects.
As an investor, Tiantu will “accelerate” its investment in food and beverage this year.
“We have also seen many new opportunities in the epidemic. We have seen that the market feedback of some enterprises in response to changes is actually very good, which is also some investment targets we want to find. So in fact, the speed and frequency of our investment this year will not be lower than in previous years, or even more. ” Pan Pan said.
He said that in the next few months, Tiantu may have “several successive investment in food and beverage companies”, but it is not convenient to disclose because it is in the process. “But I can make it clear that food and drink are still the track that we value the most and feel the most opportunity.” He said.
“Starbucks + lululemon”
Although they all belong to the “new tea” track, the logic behind Tiantu’s investment in Naixue and chayan Yuese is not the same.
“Naixue is a business model that is more user-friendly, and the price is more oriented to shopping centers, and tea color is a business model more oriented to street stores. I don’t think the two business models are good or bad. The two consumption scenarios can be sustained for a long time and have great development space. Their main customers will be different. ” Pan Pan said to xiaoshidai.
Interestingly, he describes Nessler’s positioning as “Starbucks + lululemon.”.
“First of all, Naixue is a big store model, so customers’ space experience will be very good, just as Starbucks pays attention to” third space. ” He said that at present, there are more than 400 stores in Naixue, which are basically big stores, while competitors (i.e. Xicha) have about 500 stores, including about 300 big stores and 200 small stores, “so I think everyone’s ideas will be different.”
Secondly, Pan Pan explained that lululemon’s logic is to hope that Naixue can become a lifestyle brand while experiencing a good experience. “The rule that online Red brands can survive for a long time is that you have become a classic from online red and a lifestyle from classic to classic.” He said that Nessler did a lot of moves and had some metrics.
“For example, some items in Nessler have maintained a good proportion for a long time. No matter what kind of new products you put on, this piece has a certain proportion and has not been impacted. In fact, this proves that it has become a classic, and then a way of life for everyone. Therefore, no matter what new product you produce, there will always be a group of fans who will faithfully choose that item and keep buying it again and again. I think it’s a very good indicator. ” He said.
When asked about the competition with Xi Cha, Pan Pan Pan thinks that the pressure of competition can make both sides run faster, which is a good thing. “Although I voted for Naixue, seriously speaking, they have their own characteristics and match each other well. Neither side can relax for a moment, so that’s why they grow so fast. Just like running, one person can’t run fast all the time. If two people compete, the speed will be improved a lot. ”
When asked about the listing plan of Nessler, Pan Pan gave a meaningful judgment to xiaoshidai: “I think this wave of new consumer brands in China will be IPO in three years, not only Naixue. I think this is an opportunity of the times. These brands have the opportunity to enter the capital market and develop into the leading brands of a certain category for a long time through the capital market. “
Snacks on behalf of the introduction, before the snow has been many times the IPO news. In June this year, the tea brand launched the latest round of financing of nearly US $100 million. According to media reports at that time, according to a number of secondary market participants, Naixue’s IPO was still in progress. However, considering a series of China capital stock disturbances caused by lucky coffee fraud, its listing destination has shifted from US stocks to Hong Kong stock market.
In this regard, Naixue had previously replied to Xiaoshi, saying: “the public relations department has not received relevant information for the time being, so it will not comment on the relevant rumors in the market. At present, the company’s focus is on product research and development, supply chain weighting and promoting the digital process
The logic of early investment
Pan Pan told the snack generation that for food and beverage, Tiantu did not have a special preference for subdivision categories. “The overall logic is that I think every category has opportunities, and there is nothing untouchable. Giants will also have great competition pressure. You see, China’s high-end infant formula market has been shaken by Feihe. ” He said.
If there is no category preference, then as a venture capital company involved in early investment, what is Tiantu’s most important investment target? Pan Pan’s answer is: the cognitive ability and executive ability of the team.
“If we just look at one point, I think it still depends on the team’s cognitive ability and executive ability, which is the most important, because after all, I was a very early investment, whether it was to invest three and a half, Zhong Xuegao, Naixue, chayan Yuese or Baiguoyuan, it was very early. Secondly, it depends on the landing method, operation strategy and product capability, which we also attach great importance to. ” He said.
Take three and a half fine instant coffee as an example.
Speaking of this early investment case, Pan Pan said, first of all, the consumption demand for instant coffee has always been there. “People’s demand for instant coffee has always been there, but there has been no new brand in 10 or 20 years. The core reason is that Nestle is really good enough, so it is difficult to have a new brand to compete with him in the logic of its original.”
So, why can three and a half meals be done? “First, I think it’s the absolute innovation of the product. It shows the product form in another way, and consumers like it very much. Second, catching coffee for three and a half meals is the core logic of a social currency. Third, the team has adopted some new operation methods, which are different from the traditional offline agent or retail distribution mode. ” He said.
Finally, he said, through communication with the founders, both sides “very much agree.”. This is also the core reason why Tiantu decided to invest. “It took us about four or five months from contact to order.” He said.
When talking about Tiantu’s “role” in these invested enterprises, Pan Pan described it as a “Navigator”.
“We are not the actual operator and we are not involved in the operation.” The basic principle, he said, was to “help without adding chaos.”. “We will provide advice and resources in all dimensions, because start-ups are often short of people and resources, and we will have a mature supporting system to connect with them. For example, whether it is financial personnel or business personnel, we have a special HR to help enterprises recruit. ”
“I think many of our enterprises are on the road to success. But I still have a huge hunger and ambition, hoping to get to the next better project. ” Pan Pan told the snacks generation that the most successful investment of Tiantu will always be the “next investment”.
“Now I think, for example, to name Coca Cola in China, Nestle in China, Starbucks in China and Mars in China, there are great possibilities. Our enterprises are all aiming at this goal, which is also our vision. ” He said.
A kind of
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