Why does capital look down on the coffee industry?

In 2007, Carlyle invested $21 million in Dior Coffee; in 2008, Goldman Sachs Capital and Watson Capital invested $30 million in cross-strait coffee; and in 2011 and 2012, Trustbridge Partners injected two funds into Sculpture time.

At that time, Dior and cross-strait coffee brands from Taiwan had corresponding Hong Kong or A-share listing plans. Now it seems that the two investments made by Dieu and the two sides of the strait are actually unsuccessful and fail to meet capital expectations. In fact, in the coffee industry, capital has begun to act quietly: just this year, industrial capital such as Chongqing Coffee Financial Trading Center and Coffee Industry Fund Coffee has entered the coffee field, and coffee finance will intervene in coffee futures and trading from the source. Start from planting to develop the coffee industry.

In addition, capital has not abandoned the form of cafes. As far as coffee brands are concerned, at least some of them have received investment.

Coffee sir briefly combed, roughly divided into two stages. In the view of the capital side, there is no opportunity in the field of instant coffee, while the cafe has a low threshold, low industrialization, overweight assets, poor profitability and irregular management.

This makes the coffee industry a contradiction: the potential is huge but the industry is complicated, which makes the capital both love and fear.

"We know very clearly that the reason why it is really difficult to form a time node for intervention in the coffee industry is:

There are some problems in the coffee shop market that can be competed for, such as unstable operation, opacity, high personnel cost and so on. " Wang Caihua said.

For example, financial opacity, no invoices for coffee, no audit basis for income; no social security for employees, large staff mobility; low degree of standardization, especially boutique coffee, low input-output ratio. For example, the coffee consumption growth figures mentioned above are actually based on only one import and export index. Wang Caihua believes that the real data should include three aspects: import and export data; electronic transaction data of e-commerce such as Taobao; industrial and commercial and tax data of cafes and consumption data of instant channels such as Nestl é and Maxwell.

"generally speaking, coffee industry data are still lack of standards, professionalism and authority. I dare not compliment the current analysis of the coffee market. "

Therefore, cafe owners should not get too excited. The rising industry data does not mean that the number of people who go to cafes for coffee is on the rise compared with the same period last year.

Overall, the data are unclear, making the coffee industry look like rain, fog and wind. If the industrial capital does not understand, it is difficult to enter hastily. Although the consumption data is on the rise, this volume is not enough to attract the attention of industrial capital.

Wang Caihua said that capital is highly concerned about the volume of the market. Generally speaking, the stage of 100 billion-150 billion is the best time for capital intervention. You know, profit-seeking capital is the easiest to calculate the timing to get a better return, and they tend to be only half a step ahead of the market.

"the domestic coffee market is still a relatively weak and small niche market, with tens of billions of dollars, which is really not worth mentioning."