Hollywood Hunter

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Different from the common leveraged buyout in the 1980s, Cersei Capital bought ltd and did not intend to split and sell it for quick cash out in a short period of time, but preferred to conduct a secondary listing after long-term operation.

Therefore, it is also impossible for Cersei Capital to use the short-term high-interest rate borrowing and junk bond financing model that was common in the 1980s.

In order to obtain the funds required for the acquisition of ltd, Cersei Capital was already preparing to issue a fund dedicated to the acquisition before the official acquisition began.

After the transaction was officially reached, Cersei Capital also basically completed the fundraising of this fund.

The $2 billion-plus acquisition, while far from comparable to the $33 billion Reynolds Nabisco takeover, comes as the U.S. has yet to fully recover from the aftermath of the bond market crash a few years ago. The acquisition is already the largest private equity acquisition in the past two years.

In order to give investors confidence, and also for the investment consideration of the Westeros system itself, Westeros Company announced soon after the transaction was concluded that it would purchase 10% of the shares of ltd at the agreed price, minus the Wexner family. The other 10% stake held by Cersei Capital is actually only an 80% stake in ltd, which needs to pay $1.96 billion.

With the addition of Westeros, investors who had only signed an intentional subscription agreement before quickly fulfilled their fund subscription shares, thus ensuring the smooth completion of the acquisition.

The specific acquisition process will take two months to complete, but Simon quickly got in touch with ltd founder Leslie Wexner.

Leslie Wexner's fortune is typical of the industry.

It started as a fashion store at first, and then continued to increase the scale of the chain in the following two decades, and finally achieved the current ltd company.

Among them, the Victoria's Secret that Simon cares most about is actually the underwear chain brand Leslie Wexner bought from another businessman in 1982.

Because it is not the foundation of starting a business, although Victoria's Secret has developed very rapidly in recent years, when it comes to ltd, everyone will only think of Victoria's Secret, but in fact, Leslie Wexner still refers to the women of ltd at this time. Sub-brands such as fashion and sports fashion are the core of operation.

Therefore, compared to the proportion of a Wei Mi brand that accounted for more than 60% of the parent company's sales, at this time, Wei Mi's ltd company's sales share in 1991 was only in the early 20s.

A sluggish economy, over-expansion, abandoning the original 'limited brands' business strategy and unrestrained pursuit of more areas eventually led to ltd's operating difficulties following the collapse of the US bond market.

Speaking of which, Leslie Wexner, the founder of ltd, is a very radical businessman, which is very similar to Simon's impression to the outside world.

The Westeros system has risen rapidly like a miracle in just six years, and Simon's large-scale adventures in this process cannot even be described as simply radical.

However, Simon, who has lived for two generations, has always been very clear about what he is doing.

Many of Westeros's unreasonable layouts seem to outsiders, such as the crazy investment in Igreit in the past two years. For Simon, it is just to seize some opportunities that are destined to explode in the industry in advance.

Leslie Wexner obviously does not have the "advantage" of Simon. The continuous expansion of ltd in the past two decades is more of a natural move by a businessman who dares to take risks.

The fashion field has long been a very competitive Red Sea market.

The continuous expansion of ltd has inevitably led to the unavoidable homogenization problem of many fashion companies: after all, it is difficult for the fashion industry to play too many tricks.

The homogenization of clothing products is serious, the scale of enterprises is too bloated, and the relative cost increases, which inevitably leads to a decline in brand competitiveness.

Therefore, the sales of women's clothing brands and sports fashion brands under ltd have declined significantly in recent years due to the downturn in the US economy.

The only thing that has risen against the trend is Victoria's Secret, which focuses on underwear.

Simon is also curious in private whether this is the legendary 'lipstick effect'.

However, the original time and space ltd company began to turn more attention to the operation of Wei Mi in the 1990s, and returned to the "limited brand" business strategy focusing on the core brand, which was probably inspired by the market performance of Wei Mi in the early 1990s.

ltd is headquartered in Columbus, Ohio.

Ohio is located in the northeastern United States, bordering Pennsylvania to the east and the Great Lakes to the north. Unlike the mountainous western states and counties, Ohio is located in the endless eastern plains. As the capital of Ohio, Columbus sits right in the middle of this plain.

After Simon and Janet returned from Australia, they soon accepted Leslie Wexner's invitation to visit Columbus, Ohio.

Of course, there are other reasons as well.

Simon's "butterfly effect" on the world is becoming more and more obvious, but it has not changed things.

Take, for example, the Los Angeles riots at the end of April 1992.

The cause of the incident was that in March 1991, a black young man, Rodney King, was beaten by Los Angeles police officers for drunk driving arrests and other acts. The incident was filmed by passers-by and sold to TV stations.

The major TV stations in question’s edited the first half of the tape, leaving only the scene of Rodney King being beaten.

On April 28, the Los Angeles District Court acquitted the four police officers involved in the incident based on the complete record of the incident, which aroused dissatisfaction among the black community and led to large-scale riots.

Although the riots only happened in south central Los Angeles in memory, who knows if there will be any unusual changes this time.

The first time it happened, Simon quietly left Los Angeles and joined Janet, who came from New York, in Columbus.

For the sake of habit, Columbus City has already purchased a farm-style manor covering an area of ​​50 acres in advance.

Unlike Los Angeles and some other big cities along the coast, Columbus, located in the central plains, is very peaceful. This is actually quite understandable. Located in the conservative northeastern United States, the proportion of colored people in Ohio is much lower than that of states on the east and west coasts, and the proportion of white people is still more than 90%.

Simon didn't feel much about the riot, and it wasn't the first time it had happened in this country.

Leslie Wexner also did not intend to talk about the sensitive incident at the farm estate in the northern suburbs of Columbus.

For politicians, this matter is wrong no matter which side it is on. Therefore, President Bush only came forward two days after the riot, and made a few words of innocence. It's an election year, and all the candidates are surprisingly tight-lipped about this riot. It's all votes.

Simon and Leslie Wexner are both public figures, and if they don't have the scruples of politicians, they'll only be wrong if they say too much.

Although it is very clear that a country's move to some extreme political correctness is often the consequence of this constant silent concession, Simon did not mean to change anything.

For this world, he has always positioned himself as a passer-by.

We can't talk more about politics, of course we still talk about business.

Today is May 1st, and before you know it, it's the end of spring and the beginning of summer.

Walking on the busy farm road, ignoring the disturbance of the outside world, the mood is also very comfortable unconsciously.

Over the past few days in Columbus, Simon has been nonstop with Leslie Wexner discussing what's next for ltd.

The plight of ltd in recent years has proved that the company must make changes.

In the original time and space, ltd abandoned many surrounding brands to focus on the operation of Wei Mi, which is the result of this change.

However, combining the information in memory, Simon found that ltd can actually make another attempt.

Since it has proved very successful, the promotion of the Victoria's Secret brand through the sexy marketing of Victoria's Secret Angels must of course be reserved, but for ltd's women's fashion and sports fashion business, Simon also proposed to Leslie Wexner. Another kind of 'fast fashion' concept that has been gradually taking shape in recent years but has not developed and grown.

Many years later, the most famous affordable fashion brands in the world, Zara, H\u0026M and gap, all adopt the 'fast fashion' mode of operation.

To put it simply, fast fashion is a model that quickly promotes the fashion trends displayed by major fashion weeks in a relatively cheap consumption field in a very short period of time.

First-class design, second-class brand, third-class price, this is a very vivid summary of fast fashion brands.

Frankly speaking, the so-called fast fashion is actually a quick copying and imitation of the fashion trends made by major luxury brands.

In Simon's memory, the Zara brand has to pay tens of millions of euros in infringement fees every year for plagiarizing the design of top luxury brands, and it will be prosecuted every three days. However, this company has never changed its business strategy. Compared with the huge profits, the annual infringement costs of tens of millions of euros are really insignificant.

Zara's boss, Spanish businessman Amancio Ortega, once squeezed out Warren Buffett with this world-class fashion brand, and made it into the top three ranks of the world's richest people with a fortune of tens of billions of dollars.

Whether it is Zara in Spain, h\u0026m in Sweden or gap in the United States, the three major fashion giants have been established many years later, but the three companies still have a long way to go from their peak. ltd already has a deep foundation in the fashion field, and it is not too late to make arrangements before the three giants completely rise.

The affordable fashion chain has developed to a certain extent, and the further breakthrough of the brand has been a problem that has plagued Leslie Wexner for a long time.

Different from luxury brands, affordable fashion is too easy to homogenize, and it is difficult to make your own brand and characteristics.

The concept of "fast fashion" proposed by Simon in recent days has given Leslie Wexner a sense of clarity.

As for the business moral hazard such as plagiarism and imitation that may be involved, there is no psychological burden at all for a businessman who has been in the shopping mall for decades.

After several days of discussions, Leslie Wexner also took Simon's advice.

In the next step, while focusing on promoting the Victoria's Secret brand, ltd also plans to integrate its fashion business and build a fast fashion brand using the foundation of a brand named 'express', which was first established by ltd.

In addition, ltd will also sell some non-core businesses. Of course, this kind of sale is not the kind of sale after the leveraged buyout in the 1980s. The funds obtained from the sale of assets will all be used to develop the two brands of 'vs' and 'express'.

"Simon, about what you said yesterday

The idea for an lingerie show, which I thought about again last night, was a great idea. However, according to your assumptions, inviting the top models in the fashion industry and doing a TV broadcast would be too high a budget. Maybe we can make it a little simpler at the beginning. "

"The issue of budget, I also considered it," Simon smiled and said: "Less, it's better than this, this big show is co-produced by Daenerys Entertainment and ltd, and both parties share 50% of the budget. Dan Nelith Entertainment is responsible for the distribution of channels such as TV platforms and videotape."

Strolling among the green farm roads, the scenery is pleasant, but the people are not drunk.

Leslie Wexner made a quick calculation.

Simon has known both ltd and Leslie Wexner. Similarly, Wexner has studied the young man's fortune more carefully.

Daenerys Entertainment can sell a Gucci brand documentary for tens of millions of dollars at the box office, and Madonna’s concert documentary can sell well at the box office, so it’s hard to say whether this fashion show will have the same value.

"Then, Simon, we share the budget, and the profits should also be shared, right?"

Simon glanced at the middle-aged man in his fifties and said: "Les, ltd can get a big promotion of the Victoria's Secret brand with half the budget. Isn't that enough?"

"But, after all, we cover half of the budget."

Leslie Wexner hesitated for a moment, but still did not promise that ltd could bear the entire production budget.

Because, according to the assumption of the young man beside him, such a big show cannot be won without tens of millions of dollars.

It is a bit risky to invest tens of millions of dollars at one time for a fashion brand catwalk.

Moreover, this also requires Simon to be personally responsible for planning, and even to invite those top supermodels, it also requires Simon Westeros connections.

Although Victoria's Secret's performance is very good, it is only a cheap underwear brand after all.

For many supermodels, walking the catwalk for such a brand is a bit pricey. If you are still with other supermodels, it will be even more worthwhile. However, it would probably be easier to accept if it was a catwalk for a project curated by Simon Westeros.

Leslie Wexner still knows the two "waist essence" and "leg essence" who suddenly rose in the fashion circle last year.

Westeros created two supermodels in just one game.

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