Core Viewpoint - La Chapelle is undergoing a significant transformation after experiencing A+H share delisting and bankruptcy restructuring, with a new major shareholder and a shift towards a light asset brand authorization model [1][3][6]. Company Restructuring - The recent change in control marks a critical step in La Chapelle's nearly two-year restructuring journey, with Wang Guoliang becoming the new actual controller and the first major shareholder, holding 65% of the shares through his company [1][2][3]. - The restructuring plan involved a capital reserve conversion to increase the total share capital to 2.438 billion shares, with 1.584 billion shares allocated to Jin Sui Fenghua, alleviating some financial pressure [3][4]. Business Model Transformation - La Chapelle has shifted from a heavy asset direct sales model to a light asset brand authorization model, which has helped improve profitability but raises concerns about brand dilution and quality control [2][6]. - The company aims to leverage the online channel advantages of its new controlling shareholder, Jin Sui Fenghua, to enhance brand recovery through product innovation and supply chain restructuring [2][4]. Financial Situation - As of February 28, 2025, La Chapelle has 281 creditors with a total claim amount of approximately 4.7 billion yuan, indicating significant financial obligations that need to be managed during the restructuring process [8]. - The company reported that its brand comprehensive service revenue reached 6.137 million yuan in 2024, accounting for 47% of total revenue, with a gross margin of 100% [6]. Market Position and Challenges - The fashion industry is highly competitive, with many regional brands and a trend towards online sales, which poses challenges for La Chapelle to maintain its market position [9]. - The company plans to expand its offline presence by adding 2,000 new stores over the next three years, while also focusing on profitability and optimizing its business model [9].
新主入局 退市后的拉夏贝尔能否改写命运