SÃO PAULO, Brazil — Peixe Urbano, Brazil’s first online daily deal company, has closed a series C round of financing with mutual funds and institutional accounts managed by Morgan Stanley Investment Management and T. Rowe Price Associates. General Atlantic and Tiger Global Management, who had previously backed the company, also participated. The size of investment was not disclosed.
Julio Vasconcellos, Peixe Urbano’s chief executive and co-founder, told DealBook in an interview that the new capital would be used to finance research and development and product development. He said the company, based in Rio de Janeiro, planned to develop new features and seek to improve the daily deal business model, including a push into local e-commerce.
Mr. Vasconcellos says Peixe Urbano also plans to hire engineers and fill out its senior leadership team.
The site started in March 2010, when Brazil had no daily deal market.
Its founders, Mr. Vasconcellos, Emerson Andrade and Alex Tabor, met while at Stanford University.
Early investors in the company are Chamath Palihapitiya, Benchmark Capital and Monashees Capital, based in São Paulo. Matt Cohler of Benchmark and Eric Acher of Monashees continue to serve on Peixe Urbano’s board of directors.
The company has grown rapidly in its brief history. It says that by the end of 2010, in its first nine months, it had sold two million coupons and employed 270 people. By early this month, it had sold roughly 12 million coupons and had 1,000 employees. It has also expanded in Latin America, and is now present in more then 80 cities.
Brazil’s daily deal market initially exploded following Peixe Urbano’s founding. More than 2,000 similar sites developed, according to Guilherme Stocco, vice president of business development at the Buscapé Company, which owns intelligence-gathering units.
The market has since experienced a significant correction: there are now just 1,000 sites, and only 300 generate revenue.
While Peixe Urbano does not disclose its revenue, Mr. Stocco told DealBook that in 2011 the total daily deal market in Brazil was about $843 million. He says the top three companies — Peixe Urbano, Groupon and Click On — have been running neck and neck in the market’s brief history. The top three sites account for 40 percent of total market revenue, he said, while the top eight account for 70 percent.
Mr. Stocco said that while there had been a lot of consolidation, “the market is still growing,” adding that “the companies doing well are picking up business from those that failed.”
Benchmark’s Mr. Cohler said in an interview that he continued to see an “unbounded upside” to Peixe Urbano’s growth.
http://tourism9.com/ http://vkins.com/
2012年1月19日星期四
Mutual Funds Invest in Brazilian Online Deals Company
SÃO PAULO, Brazil — Peixe Urbano, Brazil’s first online daily deal company, has closed a series C round of financing with mutual funds and institutional accounts managed by Morgan Stanley Investment Management and T. Rowe Price Associates. General Atlantic and Tiger Global Management, who had previously backed the company, also participated. The size of investment was not disclosed.
Julio Vasconcellos, Peixe Urbano’s chief executive and co-founder, told DealBook in an interview that the new capital would be used to finance research and development and product development. He said the company, based in Rio de Janeiro, planned to develop new features and seek to improve the daily deal business model, including a push into local e-commerce.
Mr. Vasconcellos says Peixe Urbano also plans to hire engineers and fill out its senior leadership team.
The site started in March 2010, when Brazil had no daily deal market.
Its founders, Mr. Vasconcellos, Emerson Andrade and Alex Tabor, met while at Stanford University.
Early investors in the company are Chamath Palihapitiya, Benchmark Capital and Monashees Capital, based in São Paulo. Matt Cohler of Benchmark and Eric Acher of Monashees continue to serve on Peixe Urbano’s board of directors.
The company has grown rapidly in its brief history. It says that by the end of 2010, in its first nine months, it had sold two million coupons and employed 270 people. By early this month, it had sold roughly 12 million coupons and had 1,000 employees. It has also expanded in Latin America, and is now present in more then 80 cities.
Brazil’s daily deal market initially exploded following Peixe Urbano’s founding. More than 2,000 similar sites developed, according to Guilherme Stocco, vice president of business development at the Buscapé Company, which owns intelligence-gathering units.
The market has since experienced a significant correction: there are now just 1,000 sites, and only 300 generate revenue.
While Peixe Urbano does not disclose its revenue, Mr. Stocco told DealBook that in 2011 the total daily deal market in Brazil was about $843 million. He says the top three companies — Peixe Urbano, Groupon and Click On — have been running neck and neck in the market’s brief history. The top three sites account for 40 percent of total market revenue, he said, while the top eight account for 70 percent.
Mr. Stocco said that while there had been a lot of consolidation, “the market is still growing,” adding that “the companies doing well are picking up business from those that failed.”
Benchmark’s Mr. Cohler said in an interview that he continued to see an “unbounded upside” to Peixe Urbano’s growth
http://tourism9.com/ http://vkins.com/
Julio Vasconcellos, Peixe Urbano’s chief executive and co-founder, told DealBook in an interview that the new capital would be used to finance research and development and product development. He said the company, based in Rio de Janeiro, planned to develop new features and seek to improve the daily deal business model, including a push into local e-commerce.
Mr. Vasconcellos says Peixe Urbano also plans to hire engineers and fill out its senior leadership team.
The site started in March 2010, when Brazil had no daily deal market.
Its founders, Mr. Vasconcellos, Emerson Andrade and Alex Tabor, met while at Stanford University.
Early investors in the company are Chamath Palihapitiya, Benchmark Capital and Monashees Capital, based in São Paulo. Matt Cohler of Benchmark and Eric Acher of Monashees continue to serve on Peixe Urbano’s board of directors.
The company has grown rapidly in its brief history. It says that by the end of 2010, in its first nine months, it had sold two million coupons and employed 270 people. By early this month, it had sold roughly 12 million coupons and had 1,000 employees. It has also expanded in Latin America, and is now present in more then 80 cities.
Brazil’s daily deal market initially exploded following Peixe Urbano’s founding. More than 2,000 similar sites developed, according to Guilherme Stocco, vice president of business development at the Buscapé Company, which owns intelligence-gathering units.
The market has since experienced a significant correction: there are now just 1,000 sites, and only 300 generate revenue.
While Peixe Urbano does not disclose its revenue, Mr. Stocco told DealBook that in 2011 the total daily deal market in Brazil was about $843 million. He says the top three companies — Peixe Urbano, Groupon and Click On — have been running neck and neck in the market’s brief history. The top three sites account for 40 percent of total market revenue, he said, while the top eight account for 70 percent.
Mr. Stocco said that while there had been a lot of consolidation, “the market is still growing,” adding that “the companies doing well are picking up business from those that failed.”
Benchmark’s Mr. Cohler said in an interview that he continued to see an “unbounded upside” to Peixe Urbano’s growth
http://tourism9.com/ http://vkins.com/
2012年1月9日星期一
Tatas’ unlikely golden goose
When Tata Motors acquired Jaguar Land Rover, it was pilloried for poor judgement. Now, JLR is a roaring success.
Alongside his warning last week that Tata Group expansion plans would have to be tempered by the troubled global environment, Mr Ratan Tata noted that in its drive to take heed of risks, it shouldn’t lose out on good opportunities.Four years ago, the “good” opportunity that the company didn’t pass up provoked much tut-tutting. When Tata Motors first took Jaguar Land Rover off Ford’s hands for $2.3 billion in 2008, many asked: how could a company known for commercial vehicles and cheap cars, and for whom there were no obvious synergies in the acquisition, do any better than a gargantuan of the global auto world, which had pumped billions into the iconic brand?
Those that didn’t tut then, certainly did a few months later, when the financial crisis struck and sales at JLR plunged. Even worse, Tata Motors had taken out a $3-billion bridge loan to finance the acquisition, and struggled to refinance its debts, which remained firmly high. Attempts to secure financial support from the British government failed, forcing the Tata Group to pump its own funds into the company.
In March 2009, Tata Motors posted a Rs 25.1 billion loss for the year. “Troublesome trophy” declared the Financial Times, adding that it “raised questions about the wisdom of fast-growing companies from emerging markets acquiring their developed-world counterparts in struggling sectors.”
Those “questions” have now been turned on their head: far from being a trophy, JLR survived the crisis to become the biggest earnings contributor to Tata Motors, something that has continued — and is expected to continue — through this second round of the crisis.
For the year ending March, Umesh Karne at BRICS Securities expects JLR to make a net profit of Rs 71 billion, against a group profit of Rs 79.5 billion, with sales up 14 per cent, and a further rise of 8 per cent the following year.
Turnaround factors
JLR seems to be preparing itself for such an upbeat scenario. The threatened closure of one of its British plants never happened; the company has since announced plans to expand the workforce at its Solihull plant, and build an engine factory near the city of Wolverhampton, a move that will gradually reduce its dependence on Ford engines. It’s in talks over a joint venture in China.It’s easy to look for one reason for this remarkable turnaround, but there are a number of answers. Firstly, Tata Motors wasn’t afraid to seek external assistance, bringing in KPMG and Roland Berger Strategy Consultants to design a turnaround for the immediate, medium and short term. In 2009, the company unveiled a business plan, which involved aggressive cost cutting (reducing employee numbers, more efficient IT systems and marketing spend), changes to cash flow management, and a multi-year plan for product launches.
Luckily, there was lots of room for improvement. Ian Fletcher, an automotive analyst at IHS Global Insight, who worked for JLR under Ford, argues that the American firm had a “feast and famine” approach, lavishing cash on JLR at points, while starving it of investment at others. Cash was often directed in unhelpful ways, such as a Jaguar F1 programme.
“If you want to make a profit don’t put millions into racing it round a car track,” Mr Fletcher says. “You need to build a car that people want and charge what you can get away with.”
Restoring ‘Cool’
Building a coveted car also proved challenging in the Ford years: its launch of the X-Type — which was known to some in the industry as a “Ford Mondeo with a pretty frock” — was just one example, while others such as the “S” type were seen as overly retro, and unappealing to audiences below the age of 50. (By contrast BMW and Mercedes were able to attract mid to late 30s buyers too).Under Tata, the XF and XJ updates did much to restore the company’s “cool” reputation while the launch of the Discovery in 2009 proved timely for the recovery. Tata Motors’ pledge to pump 1.5 billion pounds a year up until 2014, into a total of 40 new product actions — including new vehicles, and updates — has added to that credibility and created a buzz (rumours that it was considering expanding its Halewood plant had observers asking whether it could mean a new compact Jaguar was on the cards).
Part of the problem in the past was too much interference from Ford: something that Tata Motors has reversed. Tata brought in (and retained from Ford days) senior engineers and management, with many years of experience, particularly in the German industry, pretty much leaving them to their own devices, but with the assurance of having the sizable resources and support of the Tata Group behind them.
The CX-16 concept car that wowed audiences at the Frankfurt auto show last year was a case in point. “10 years ago, something with such cutting-edge technology would have been left on the drawing board,” says Mr Fletcher.
Niche focus
The trouble with Ford’s approach was that it understood and applied volume manufacturing, but not the global niche marketing and product that JLR needed to be successful, and which Tata Motors embraced through its hands-off approach, says Professor Peter Cooke, Professor of Automotive Management at Buckingham University.“Fundamentally, Jaguar and Land Rover have to be global niche products,” he says. Now each product is targeted at specific niche audiences, such as the high-spending city dweller in the case of the Range Rover Evoque, the petit SUV, 15,000 of which have been sold since its launch in September.
As a result, Tata seems to be pushing demand in all the right directions: China is now JLR’s third largest and fastest growing market, accounting for around 16 per cent of sales, while demand in Russia, Brazil and India continues to grow.
Overall, with the investment from Tata Motors, JLR was able to position itself in the right space, just in time for the upswing that came in 2009. It is not the only luxury branded car to be doing well: Bentley saw sales rise 37 per cent in 2011, again driven by China, and is preparing for further growth with plans to expand its range.
There are, of course, challenges: currency movements, which have in the past worked well for JLR’s profitability, have hurt it in recent months, with the appreciation of the pound against the dollar. As a result, JLR profits for the quarter ending in September fell 2.1 per cent. Moreover, the financial climate will make the quality and timing of its 40 product actions all the more important.
The success of JLR doesn’t make or break the case for acquisitions of distressed foreign companies (There is only so much a company can do in the face of unremittingly weakened demand, as has been the case with Tata Steel’s European operations). But it does go to show, bad timing is often overrated. After all, had it waited a few months more, Tata Motors would never have secured the financing to acquire the company that has turned out to be its golden goose.
blfeedback@thehindu.co.in
(This article was published on January 8, 2012)
http://tourism9.com/
2012年1月2日星期一
Korean tycoons to take on crisis with investment
Leaders of some of South Korea’s largest conglomerates have pledged to invest more in their businesses in the New Year to tide over economic woes as the eurozone debt crisis persists.
Samsung Group chairman Lee Kun-hee is expected to emphasise greater investment in a bid to pull through tough economic conditions in 2012.
The 69-year-old tycoon in charge of the country’s largest conglomerate has stressed the need for large investments as the global economic slump is projected to continue, especially with the unease in Europe.
He will also focus on projects with potential to become the group’s new growth engines. He recently reconstructed the “two-top system” for its flagship electronics arm, seating Kwon Oh-hyun as the vice chairman of Samsung Electronics’ subpart divisions such as its semiconductor and liquid-crystal display businesses.
Joined by the firm’s vice chairman Choi Gee-sung, who will oversee the finished goods sector, Kwon will spearhead Samsung LED, which was recently merged with the company.
In the meantime, Samsung chairman Lee will officially outline his business scheme for 2012 by making a speech at the group’s New Year’s greeting at the Shilla Hotel on Monday.
It will be Lee’s first appearance since he stopped making public appearances after catching a cold about a month ago.
He will be joined by his wife Hong Ra-hee and his offspring Jae-yong, Boo-jin and Seo-hyun at the event.
Chung Mong-koo, chairman of the world’s fifth-largest automaker, Hyundai Motor Group, is boosting R&D and facility investment while withdrawing from excessive expansion. The group promoted 309 people in its annual reshuffle Wednesday where 44 per cent of the changes were with research and development positions.
“We’re strengthening our research and marketing arms in preparation for a decline in business sentiment across the globe,” an official at the group said.
Its investments are geared toward developing cutting-edge technologies and enhancing product quality. The group plans to invest a total of 11.6 trillion won in Korea, up 27.5 per cent from the figure for this year. Some 4.6 trillion won of the total is allocated to the group’s R&D centre, where it develops technologies including hybrid, electric and hydrogen fuel-cell cars.
Chung plans to continue building new plants in China and Brazil despite the sales decline widely expected in Europe and other advanced economies. The group announced its plans to proceed with constructing three new manufacturing facilities in China for Kia Motors Corp. in November ― at a time when other conglomerates were revising their business plans for next year in expectation for slower growth.
“We have plans to widen our profit even as our sales drop, by diversifying timing of our launches across the globe and localizing our sales strategies for each region,” another Hyundai Motor official said.
LG Group faltered in 2011 with its key affiliates such as LG Electronics and LG Chem showing a weak performance. For chairman Koo Bon-moo, a dramatic turnaround should be made in the New Year.
LG Electronics, the world’s No. 3 handset maker, issued new shares worth 1.06 trillion won in November. Industry watchers said that the move, which came for the first time in six years, showed the group’s faith in LG Electronics by making preemptive investments.
Driven by the fast adoption of the fourth-generation Long Term Evolution network service here, LG’s smartphone sales have showed signs of recovery in recent months. Using the recent sales momentum, the company plans to target North American and European markets next year with premium handsets such as the Optimus LTE and Prada 3.0.
The world’s No. 2 TV maker also aims to take more than 25 per cent of the global TV-set market by increasing its production of the premium 3-D TV to 70 per cent of its total production.
“We need to make products and services in key areas such as electronics, chemicals and network services that create different consumer values and lead the market,” Koo recently said to executive officials.
The chairman of the nation’s third-largest conglomerate is expected to continue investments in key businesses this year and to soon come up with new investment and employment plans.
SK Group chairman Chey Tae-won unveiled his determination to tide over economic challenges his conglomerate is facing with his strong leadership.
In an apparent show of his confidence, Chey abruptly visited Hynix Semiconductor Inc. in Icheon, Gyeonggi Province, just three days after he underwent questioning from the prosecution about his alleged wrondoings on December 19, and promised to provide the group’s full support for the chipmaker.
SK Telecom recently got antitrust agency’s approval of its bid to take over the world’s second largest memory chipmaker.
The chairman had promoted the takeover of Hynix in his efforts to make the mobile giant jump into the memory chip sector and advance into a global market.
Meeting with CEOs of group’s affiliates, Chey stressed the need for the group and Hynix to secure high-caliber human resources and make investments at an appropriate time, according to group officials.
Last year, Chey focused on cooperating on resources development with Latin American countries, Middleast and China. Market estimates have it that SK Group will post the largest ever earnings for 2011 given that its total sales already surpassed 100 trillion won from January to August last year.
For GS Group chairman Huh Chang-soo, there is no better recipe than investment for crisis management in these times of economic uncertainty.
Last week, Korea’s seventh-largest conglomerate said it would invest a record 3.1 trillion won ($2.7 billion) next year to prop up its core businesses of energy, retail and construction.
It also set a record sales goal of 7.5 trillion won, up 10 per cent from 2011. The investment plan reflects a 48 per cent year-on-year rise.
“Despite the economic doldrums, we should build a springboard to long-term growth, create jobs and expand exports through continuous investment,” Huh said in his New Year’s speech.
The group allocated 1.8 trillion won for GS Caltex Corp., GS EPS Co. and GS Global Corp. The refiner plans to set up its fourth heavy-oil upgrading unit, and the two other affiliates will build more power generation facilities and beef up their search for oil and soft coal overseas.
The group is gearing up to launch an energy firm this year, which will be in charge of resource development and renewable energy projects.
As part of the investment package, GS Retail Co. will spend 600 billion won to expand its convenience store branches at home and online shopping mall known as GS Shop in other Asian countries.
The group also plans to help its builder, GS Engineering and Construction, secure growth engines with 700 billion won.
On the employment front, the group said it will hire 2,900 young and experienced people this year including 250 high school graduates. That is about 3.6 per cent up from last year’s 2,800.
“As a slump gets protracted, a company’s or industry’s frailties tend to get easier to be detected,” Huh said. “That is the reason we have to make a big bet now on areas that could firm up our business framework.”
http://tourism9.com/
Samsung Group chairman Lee Kun-hee is expected to emphasise greater investment in a bid to pull through tough economic conditions in 2012.
The 69-year-old tycoon in charge of the country’s largest conglomerate has stressed the need for large investments as the global economic slump is projected to continue, especially with the unease in Europe.
He will also focus on projects with potential to become the group’s new growth engines. He recently reconstructed the “two-top system” for its flagship electronics arm, seating Kwon Oh-hyun as the vice chairman of Samsung Electronics’ subpart divisions such as its semiconductor and liquid-crystal display businesses.
Joined by the firm’s vice chairman Choi Gee-sung, who will oversee the finished goods sector, Kwon will spearhead Samsung LED, which was recently merged with the company.
In the meantime, Samsung chairman Lee will officially outline his business scheme for 2012 by making a speech at the group’s New Year’s greeting at the Shilla Hotel on Monday.
It will be Lee’s first appearance since he stopped making public appearances after catching a cold about a month ago.
He will be joined by his wife Hong Ra-hee and his offspring Jae-yong, Boo-jin and Seo-hyun at the event.
Chung Mong-koo, chairman of the world’s fifth-largest automaker, Hyundai Motor Group, is boosting R&D and facility investment while withdrawing from excessive expansion. The group promoted 309 people in its annual reshuffle Wednesday where 44 per cent of the changes were with research and development positions.
“We’re strengthening our research and marketing arms in preparation for a decline in business sentiment across the globe,” an official at the group said.
Its investments are geared toward developing cutting-edge technologies and enhancing product quality. The group plans to invest a total of 11.6 trillion won in Korea, up 27.5 per cent from the figure for this year. Some 4.6 trillion won of the total is allocated to the group’s R&D centre, where it develops technologies including hybrid, electric and hydrogen fuel-cell cars.
Chung plans to continue building new plants in China and Brazil despite the sales decline widely expected in Europe and other advanced economies. The group announced its plans to proceed with constructing three new manufacturing facilities in China for Kia Motors Corp. in November ― at a time when other conglomerates were revising their business plans for next year in expectation for slower growth.
“We have plans to widen our profit even as our sales drop, by diversifying timing of our launches across the globe and localizing our sales strategies for each region,” another Hyundai Motor official said.
LG Group faltered in 2011 with its key affiliates such as LG Electronics and LG Chem showing a weak performance. For chairman Koo Bon-moo, a dramatic turnaround should be made in the New Year.
LG Electronics, the world’s No. 3 handset maker, issued new shares worth 1.06 trillion won in November. Industry watchers said that the move, which came for the first time in six years, showed the group’s faith in LG Electronics by making preemptive investments.
Driven by the fast adoption of the fourth-generation Long Term Evolution network service here, LG’s smartphone sales have showed signs of recovery in recent months. Using the recent sales momentum, the company plans to target North American and European markets next year with premium handsets such as the Optimus LTE and Prada 3.0.
The world’s No. 2 TV maker also aims to take more than 25 per cent of the global TV-set market by increasing its production of the premium 3-D TV to 70 per cent of its total production.
“We need to make products and services in key areas such as electronics, chemicals and network services that create different consumer values and lead the market,” Koo recently said to executive officials.
The chairman of the nation’s third-largest conglomerate is expected to continue investments in key businesses this year and to soon come up with new investment and employment plans.
SK Group chairman Chey Tae-won unveiled his determination to tide over economic challenges his conglomerate is facing with his strong leadership.
In an apparent show of his confidence, Chey abruptly visited Hynix Semiconductor Inc. in Icheon, Gyeonggi Province, just three days after he underwent questioning from the prosecution about his alleged wrondoings on December 19, and promised to provide the group’s full support for the chipmaker.
SK Telecom recently got antitrust agency’s approval of its bid to take over the world’s second largest memory chipmaker.
The chairman had promoted the takeover of Hynix in his efforts to make the mobile giant jump into the memory chip sector and advance into a global market.
Meeting with CEOs of group’s affiliates, Chey stressed the need for the group and Hynix to secure high-caliber human resources and make investments at an appropriate time, according to group officials.
Last year, Chey focused on cooperating on resources development with Latin American countries, Middleast and China. Market estimates have it that SK Group will post the largest ever earnings for 2011 given that its total sales already surpassed 100 trillion won from January to August last year.
For GS Group chairman Huh Chang-soo, there is no better recipe than investment for crisis management in these times of economic uncertainty.
Last week, Korea’s seventh-largest conglomerate said it would invest a record 3.1 trillion won ($2.7 billion) next year to prop up its core businesses of energy, retail and construction.
It also set a record sales goal of 7.5 trillion won, up 10 per cent from 2011. The investment plan reflects a 48 per cent year-on-year rise.
“Despite the economic doldrums, we should build a springboard to long-term growth, create jobs and expand exports through continuous investment,” Huh said in his New Year’s speech.
The group allocated 1.8 trillion won for GS Caltex Corp., GS EPS Co. and GS Global Corp. The refiner plans to set up its fourth heavy-oil upgrading unit, and the two other affiliates will build more power generation facilities and beef up their search for oil and soft coal overseas.
The group is gearing up to launch an energy firm this year, which will be in charge of resource development and renewable energy projects.
As part of the investment package, GS Retail Co. will spend 600 billion won to expand its convenience store branches at home and online shopping mall known as GS Shop in other Asian countries.
The group also plans to help its builder, GS Engineering and Construction, secure growth engines with 700 billion won.
On the employment front, the group said it will hire 2,900 young and experienced people this year including 250 high school graduates. That is about 3.6 per cent up from last year’s 2,800.
“As a slump gets protracted, a company’s or industry’s frailties tend to get easier to be detected,” Huh said. “That is the reason we have to make a big bet now on areas that could firm up our business framework.”
http://tourism9.com/
订阅：
博文 (Atom)