Is OEM still not a good business?

Wen丨Chinese Business Strategies A Yun

Compared with the “quick money” made by emerging industries such as the Internet, the traditional industry of shoemaking is often looked down upon, and the considerable productivity and steady growth in revenue of shoemaking companies in Taiwan have caused people to rethink about foundry. business.

【Shoe King】

On May 6, 2021, Forbes China Taiwan Rich List was released.

It was not Terry Gou, the founder of Foxconn, the world’s largest contract manufacturer, nor the Wei family behind the food giant Master Kong, who aspired to the throne of the richest man. Rather, it was a shoe maker with a net worth of US$13.8 billion (approximately 89 billion yuan). Zhang Congyuan.

Maybe you don’t know who Zhang Congyuan is, but the Converse, Nike, and Puma you wear on your feet are likely to come from his foundry-Huali Group.

Just over a month ago, Huali Group successfully went public and became the first sports shoe manufacturer in A shares. The prospectus shows that even in 2020 affected by the epidemic, its net profit is still as high as 1.876 billion yuan, a year-on-year increase of 7.27%.

▲Huali Group listed on the ChiNext of Shenzhen Stock Exchange

Zhang Congyuan was born in the countryside of Yunlin County, Taiwan Province in 1948. His father farmed the fields for a living. He graduated from Chiayi Agricultural School at the age of 18 and joined a shoe factory in Yunlin at the age of 20 as an ordinary administrator. After he became famous, the media interviewed his fellow villagers and classmates in Tainan and talked about his achievements. The most described as “unexpected”.

With management experience in a shoe factory, in the 1980s, Zhang Congyuan decided to start his own shoe factory, Jingxin Shoes. Due to limited funds, he can only buy pig houses and farmhouses as factories. “If I don’t have money at home, I will live a life without money. If people buy lots and buildings, I will buy pig houses and farmhouses in the country.”

With insufficient funds, it is natural not to choose products with high thresholds and difficult production. In an interview with the media, Zhang Congyuan said: “If football shoes and basketball shoes are the first and second profit kings in shoes, vulcanized shoes (canvas shoes) are probably the last one.”

And it is precisely this “least profitable” vulcanized shoe that made him start and gain a foothold.

Because Taiwan is rich in rubber and cheap in materials, if ordinary sports shoes are produced, there is almost no R&D cost; while vulcanized shoe soles need to be cross-linked with sulfur under a certain temperature and pressure environment to make the two strong Combining land together, the quality is not easy to be guaranteed, and many shoe companies have given up.

There is only one logic for Zhang Congyuan to change his original idea and choose to go the opposite way with his peers:

Doing business that others don’t mean less competition. As long as you do a good job, you can survive.

“I didn’t think it would be more difficult if you can only do the leftover orders from others… The point is, do you have the determination to do better than others.” Zhang Congyuan said.

Compared with “Huali”, Zhang Congyuan is better known in Taiwan as his shoe factory “Hongfu”. Hongfu is the world’s second largest shoe factory with 150,000 employees worldwide, and it is also the world’s largest vulcanized shoe factory.

Personal success is inseparable from the creation of the times and the environment. Zhang Congyuan’s story is only a microcosm of the development of the footwear industry in Taiwan.

【Rise】

In 1832, an Irishman immigrated to the United States. When he was a printer in a small town in Massachusetts, he stood in front of the machine every day. Because he felt pain after standing for a long time, he put a rubber pad on the sole of his feet and the pain was significantly reduced. After he got home, he simply fixed the rubber skin to the sole, and rubber-soled shoes were invented.

It is only natural that Taiwan, which has a huge rubber output, has become the “base camp of raw materials” for rubber soles.

During the Second World War, the Japanese established large-scale rubber factories in Taiwan, imported natural rubber from Nanyang, and mass produced products such as tires and rubber shoes.

In 1955, Hollywood star James Dean became popular with the movie “Rebellion Without a Cause”. He wore jeans and white canvas shoes, making canvas shoes (that is, sulfurized shoes) once a symbol of youth rebellion and hippie spirit. All the rage.

▲The image of James Dean wearing canvas shoes

Since then, Converse and Puma have carried out technical research on canvas shoes, through the use of sulfurized steam technology to make the upper and sole have higher strength and elasticity, which makes it possible to mass-produce sulfurized shoes and become popular consumer products.

The earliest companies that produced Puma and Converse were the “Hongfu” of Zhang Congyuan.

In the early 1970s, developed countries in Europe and the United States gradually entered the post-industrial era, and the market was in a highly competitive state. The transfer of manufacturing industries to reduce manufacturing costs became a common outlet for European and American companies. The central region of Taiwan, China, which has cheap labor, has become the “place of heaven,” and the shoe industry has been able to grow rapidly.

In 1971, the number of shoes sold abroad in Taiwan reached 100 million pairs. In 1976, the export sales of the footwear industry in Taiwan surpassed that of Italy, becoming the world’s largest footwear export region. The shoe industry, together with the electronics and textile industries, is believed to have created the economic miracle of Taiwan in the 1970s.

In the 1980s, internationally renowned foundry shoe factories such as Hongfu, Baocheng, Fengtai, Yuqi, Longdian, Qinglu, Kainan, and Jiuxing emerged in Taiwan, and Taiwan also gained the beauty of the “kingdom of shoemaking”. name.

In 1986, the total amount of footwear sold abroad in Taiwan reached its peak, exceeding 800 million pairs. At that time, the global population was approximately 4.9 billion, which means that one out of every six people in the world could wear shoes made in Taiwan.

▲Shoe factories in Taiwan in the 1970s and 1980s

In 1987, the total export value of rubber products in Taiwan was 7.46 billion Taiwan dollars (approximately 287 million U.S. dollars), of which the export value of rubber shoes was 3 billion Taiwan dollars, accounting for almost half.

However, Taiwan’s economy, which relied on the rapid rise of “foundry” in various industries, has gradually unbalanced the industrial structure due to long-term excess output, and at the same time is greatly affected by the export market, which has laid hidden dangers for its subsequent industrial predicament.

In 1988, Taiwan’s economy overheated and the Taiwan dollar’s ​​appreciation against the U.S. dollar accelerated, causing the footwear industry’s exports to suddenly chill. From January to April of this year, the number of shoes exported from Taiwan to the United States decreased by 29% compared with the same period of the previous year.

According to statistics from the Taiwan Shoemaking Association, in 1988 and 1989, more than 600 production lines in Taiwan were discontinued.

Exports are cold, production is trapped, and the “small profits but quick turnover” route is unsustainable. Taiwanese shoe companies, which control more than 80% of the world’s branded shoe production, have set their sights on the other side of the strait.

【migrate】

In the 1990s, many Taiwanese shoe companies moved their factories to the mainland, including Zhang Congyuan’s companies.

He co-founded Xinfeng Group as a joint venture to engage in sports shoes foundry in mainland China. In 1995, the company established its headquarters in Hong Kong and successfully went public. Zhang Congyuan owns 15.7% of the shares.

Cheap and sufficient labor was the advantage of the mainland at that time in attracting shoe companies in Taiwan. Statistics show that in 1987, the wages of shoe-makers in Taiwan were US$1.55/hour, while the wages of shoe-makers in mainland China were only US$1.75/day.

Coupled with the policy advantages of reform and opening up, In a very short period of time, the mainland shoe industry has replicated the glory of the shoe industry in Taiwan.

The two provinces of Guangdong and Fujian, which are the closest to Taiwan, have become destinations for the relocation of the shoe industry in Taiwan. Cities such as Dongguan, Putian, and Jinjiang have become beneficiaries of this wave of industrial relocation.

Take Putian as an example. Before Taiwanese businessmen entered Putian, Putian was already the center of the footwear industry in Fujian Province. In 1986, the total output value of Putian’s shoe leather industry exceeded 100 million yuan, accounting for more than 70% of the province. After Taiwanese businessmen brought in a large number of international orders, it exploded at an astonishing rate of development.

Putian had more than 100 shoe companies in 1993, producing over 100 million pairs of shoes each year; by 1996, Putian’s total output value of the shoe industry had risen to 4.29 billion yuan.

however, The brilliance created by relying on labor advantages and following the foundry model is also short-lived.

To put it bluntly, OEMs still make hard money. According to the survey of the International Consumers Union, the gross profit of the factory accounts for 2% of the cost of a pair of shoes, the labor cost accounts for 0.4%, and the labor cost accounts for 20% of the gross profit of the factory.

The rising cost of raw materials is inevitable, and the factory can only make a fuss on this 20% of labor if it wants to increase its net profit.

Thanks to the regional economic development brought about by the rise of the manufacturing industry, the rising labor cost in the mainland has once again made the foundry inevitably fall into a vicious circle. In 2001, the minimum wage in Fujian Province was 380 yuan/month, while the minimum wage in Vietnam was about 164 yuan/month.

In 2012, the sports shoe giant Adidas announced that it would close its only own factory in China and relocate its production line to Southeast Asia, kicking off a new wave of industrial transfer. Taiwanese shoe companies have also begun to move to Southeast Asia where labor costs are lower.

【future】

Labor costs continue to rise, and shoemaking alone can no longer bring considerable profits.

After Zhang Congyuan’s Xinfeng Group went public, it began to diversify its development and create a number of sports brands, and even increased investment in the real estate industry. The proportion of shoemaking businesses in the overall business has become smaller and smaller.

In July 2013, Xinfeng Group announced that it would sell the entire equity of Yiming Investment for a total consideration of 429 million yuan, and its main business is the manufacture of footwear products.

It was the Zhang Congyuan family who took over. Zhang Congyuan, who started from shoemaking, was obviously not willing to give up his old business that he had accumulated over the years. He renamed the shoemaking business of Xinfeng Group to “Huali” and started to operate independently.

A short time after taking over, the Zhang Congyuan family first acquired 15 Vietnam factories and Dominican factories through the family-controlled Hong Kong company, and the trading business of 24 trading companies, and then acquired 15 companies in Hong Kong, China through the subsidiaries of Huali Co., Ltd. .

At present, the majority of Huali Group’s employees are in northern Vietnam, while the proportion of manufacturing personnel in mainland China and Taiwan is only 0.3%. As of the first half of 2020, the company’s self-produced output totaled 75.4 million pairs, of which 74.61 million pairs were produced in Vietnam and 800,000 pairs were produced in Dominica, each accounting for 98.9% and 1.1% of the total.

▲Development history of Huali Group’s main customers

Image source: Huali Group Prospectus

Zhang Congyuan’s consistent strategy of “small profits but quick turnover” determines that the cheap labor force in Southeast Asia will be the key to Huali’s profit.

In the first half of 2020, Huali’s average sales unit price to Converse is 72.50 yuan/pair, and the average sales unit price to Nike is 80.20 yuan/pair. The other factory is mainly concentrated in Taiwan and the mainland shoe company Winterthur. The unit price to Nike is about 120 to 140 yuan, nearly twice that of Huali.

In terms of output, Huali is also far ahead among the shoe companies in Taiwan. In 2019, the per capita footwear output of Yuyuan, Yuqi, and Fengtai were 929 pairs/year, 927 pairs/year, and 792 pairs/year, respectively, while Huali reached 1,378 pairs/year.

In addition, compared with other Southeast Asian countries, Vietnam has the advantages of being close to China, which can effectively save transportation costs and have low import tariffs on European and American countries. This is why Huali chose to locate its factory here.

In 2018, the shoe manufacturing business revenue growth rates of several major shoe companies in Taiwan, Yuyuan, Yuqi, and Winterthur were -3.12%, -3.91%, and 9.41%, respectively, with an average growth rate of 0.79%. The closing achieved a high growth of 23.96%.

From the disclosure of Huali Group’s prospectus, Huali Group has nearly 136,000 employees in 2020, more than 180 million pairs of shoes, operating income of more than 15 billion yuan, and net profit of 1.821 billion yuan.

Huali’s considerable productivity and year-round steady growth in revenue have allowed people to see the amazing resilience of the traditional industry of shoemaking and begin to re-understand the business of “foundry”.

However, everything has two sides, What people see is brilliance, but what they don’t see is crisis.

Under the influence of the epidemic, European and American sports shoe brands have cut orders. The revenue of Huali’s two major customers, Nike and VF, has dropped significantly. The Nike report showed that the net profit in the fourth quarter of 2019 was a direct loss of 5.634 billion yuan; VF revenue also plummeted, and the revenue in the first quarter of 2020 fell by as much as 47.51%.

Misfortune never comes singly, Vietnam, which has an advantage in labor, has also been exposed to a “labor shortage”.

Vietnam Express (VnExpress) pointed out that in Ho Chi Minh City and Binh Duong Province, the monthly salary of textile and shoe factories, including social insurance and lunch, is between 5 million and 12 million VND, but they are affected by emerging industries such as the Internet. , Even if it pays 15 million (approximately RMB 4,200), it is still difficult to find workers.

At the same time, the emerging economy is surging, which has also accelerated the fleeing of some young people from traditional manufacturing. The prospectus of Huali Group’s listing also shows that the company’s turnover rates in the past three years have been 22.04%, 22.83%, and 27.31%. At least 20% of employees leave each year, and the turnover rate has increased.

Following in the footsteps of the footwear industry in Taiwan, Zhang Congyuan, who started from scratch, relied on the rapid pursuit of cheaper labor and now leads the way as a “dark horse”. However, under the general trend of accelerated disappearance of labor cost advantages, the future challenges will only be More.

Traditional “foundry” is still profitable, but when “low-cost labor” no longer becomes the advantage of the shoe industry, can Taiwanese foundry companies represented by Huali continue their shoemaking kingdom? In other words, whether the dependence on labor can be reduced will largely determine the future of “foundry”.

In fact, Huali is also making plans for its future, which is to upgrade from OEM production to design and OEM production, and gradually has a strong product development and design strength.

【Reference Materials】

[1]”Exclusive Interview: From Pioneer Entrepreneurship to New Richest Man” Business Weekly

[2]”Dismantling the “first share of sports shoe foundry” Huali shares: R&D investment is only 2%, binding to Nike and other big names, what is the competitive advantage” Vitality Capital

[3]”Taiwan’s new richest man, making shoes and making billions of net worth | Juchao” Juchao Business Review

[4]”Taiwan’s Export Industry-The Rise and Fall of the Footwear Industry” Journal of Hangzhou Normal University

[5]”Recent Situation of Taiwan’s Footwear Industry” Western Leather

——END——

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Dior’s Fall 2021 collection is inspired by Jisoo, so there are many highly applicable outfits, very suitable for young people. Especially the sets include jackets and pleated skirts in a youthful and close-knit schoolgirl style. Although it is not Haute Couture or fancy dress designs, this collection is still a product of Dior and has a sky-high price tag. For example, this set of skirts and jackets costs up to 170 million VND, sneakers cost 30 million VND and white socks also cost more than 10 million VND. This elegant and minimalist black dress makes Jisoo look as lovely as an aristocratic lady. The dress alone costs 160 million dong, the Dior handbag is 120 million dong, the beret hat is nearly 30 million dong and the shoes are 23 million dong. This full set of leopard skin looks has turned Jisoo into a powerful female tycoon and of course the price is also sky-high. Total price for both jacket and skirt is 260 million VND, bag 120 million VND and shoes 23 million VND. Many people think that the design is female-style, the price will be softer. But Dior’s clothes have high-quality materials, exquisite tailoring, so the price must be commensurate. This fleece sweater costs 55 million VND, the skirt is 45 million VND. Combo shoes and socks also amount to more than 40 million. The tiny ring on Jisoo’s hand looks like it’s almost 10 million. Only the white T-shirt model that Jisoo wears costs 26 million VND. The ‘Paris girl’ style beret hat and long necklace are nothing less than 20 million VND. If you want to be a rich schoolgirl like Jisoo in this yellow-white checkered vest and skirt, you need to spend about 180 million dong. That is not including shoes costing 23 million VND and socks nearly 10 million VND. This blue cardboard set is a bit softer, about 140 million. Jisoo looks extremely different with smoky eyes, flat bangs and a healthy outfit. Jisoo is wearing a jacket costing more than 50 million VND, jeans 30 million VND.

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Duong’s pair of bottles from more than 10 million beer cans is considered a “unique” product. Mr. Nguyen Van Dai Duong’s pair of vases is 1.8 m high, 0.6 m wide at the widest place. It took him about 4 years (2014-2018) to complete this pair of water hyacinths. Photo: Nguyen Ngoc Mr. Duong said that the idea of ​​making items from beer cans was born in 2010. Since then, he has started collecting cans of a beer brand to make the colors of the items uniform. Photo: Nguyen Ngoc Over the years of collecting, Mr. Duong has had millions of beer cans. After thinking for a while, he decided to tie the beer can into a unique bottle. Photo: Nguyen Ngoc According to Mr. Duong, first create a frame for the pair to read the vase. Next, he used a fine fabric, cut it into a thin thread and threaded it through the ring of a beer can around the frame to create a unique vase. It takes thousands of rings to make a circle around the single-pot frame. Photo: Nguyen Ngoc “Only one broken eyelet has to be removed and redone. The hardest part is in the mouth and sole. I have to be skillful and meticulous to be able to connect the eyelets evenly, beautifully winding and not losing the object. worthy when arranging the rings,” said Mr. Duong. Photo: Nguyen Ngoc Duong’s pair of bottles from more than 10 million beer cans is considered a “unique” product. Many people came to see and offered to buy at a high price, but Mr. Duong still did not agree to sell. Photo: Nguyen Ngoc

Hello, the first time I heard about BTS and eating with chopsticks, right? However, with BTS alone, just give them a pair of chopsticks, they can pick up the world to eat. People cannot help laughing at the pictures below because they are so funny and cute, but it makes sense to think about it! Pasta To eat pasta, people will often use a fork to twist the noodles into a neat, mouth-sized block. But for Jin, why do you need a fork when you have chopsticks. Eating black soy sauce and ramen with delicious chopsticks, there is no reason that chopsticks cannot be used for pasta at all. Eating pasta with chopsticks is still delicious, everyone! Hotdog Hotdog is a dish consisting of a cake on the outside, filled with sausage inside, with chili sauce, ketchup, and mustard. Hand held hotdog to eat like Vietnamese bread. But Jin and Jimin like to use hotdog chopsticks so just use them! Jin “Follow me!” – Jimin “Ok!” Pizza The dish is loved by the whole world and is very popular – pizza is also often eaten by hand. For on-site pizza restaurants, diners can use knives and forks to enjoy, but quite a few people do. But if V eats pizza, he will eat with chopsticks, he will also suffer if he does not accept it! It’s okay to eat pizza with chopsticks. If V likes it, V will eat it! Cake Cream cake but also eat with chopsticks? Why not! With BTS, eating cream cake with chopsticks not only happens once, but many times. And there is not only one member, but many members, as if the group shared the “secret” of eating a cake so that they do not get their hands dirty. Eating cream cake with chopsticks will not get your hands dirty, everyone! Jimin rolled up a chopstick! JungKook also picked up a chopstick … cream cake. The BTS group gathered their heads, raised their chopsticks, prepared to eat the cake!

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A pair of water hyacinths 1.86m high has been made by Mr. Nguyen Van Dai Duong for more than 4 years. Photo: NGUYEN TRANG Mr. Duong said: “The idea of ​​making water hyacinth from cans of water since 2012 and I started collecting cans throughout 2014 to obtain a large amount”. After collecting, Mr. Duong washed and coated the cans with a shade to keep them for a long time. By 2015, Mr. Duong started to design a hyacinth, he used thin aluminum wire to knit, connect to form the frame of the water hyacinth. After that, he continued to use water pipes with a diameter of 20cm to be inserted inside to keep the water hyacinth standing upright. He used a smaller water pipe 17-18cm in diameter inside the original large pipe, the purpose of which can pour water and flower arrangements. All steps on the frame, the inner structure is complete, Mr. Duong continues to make the more difficult process of connecting the cans together and the boss overlaps in succession. “I used yellow spandex and cut thin enough to pass through the hole in the can. Use at least 10m of fabric to connect 10 million pieces of cans for each water hyacinth ”. According to Mr. Duong, the hyacinth base, knotted areas are the most difficult. He had to be skillful so that the water hyacinth wouldn’t lose its symmetry when it was placed from the bottom up. He had to remove and install it many times to make the base of the water hyacinth. Mr. Duong also made a tea kettle made of colorful cans. He said, in the near future, he plans to make more products from cans. >> Some pictures of a pair of water hyacinths made from a bottle of cans. Photo: NGUYEN TRANG The pair of water hyacinths is made from a box of 1.86m high All are connected by yellow elastic fabric between the holes Mr. Duong has done many times to make the bars straight and even The cans are joined by yellow spandex. Mr. Duong also made a teapot made of a variety of colorful cans The cans arrange colors according to a predefined layout

The unique pair of Mr. Nguyen Van Dai Duong. Photo: Tran The stand of Mr. Nguyen Van Dai Duong is 1.8 m high, with the widest diameter of 0.6 m. It took him four long years to combine millions of cans of beer into this single pair. A pair of unique cans are made from millions of cans of beer Mr. Duong, said that the idea of ​​making items from beer cans has sprung up since 2010. Since then, he started to collect a beer brand’s cans so that the color of the objects is homogeneous. Over the years of collection, Mr. Duong has millions of cans of beer. After a moment of thinking, he decided to turn the can of beer into a single pot. To make a pair of poisonous bottles, Mr. Duong used millions of cans of beer. Photo: Tran First, Mr. Duong created a frame for the pair of poisons. Next, he used a fine cloth, cut into thin fibers that were threaded through the cans of beer around the frame to create a unique vase. Making a circle around a unique frame takes thousands of pieces. Only one piece of fault is required to remove it again. Just like that, Mr. Duong worked diligently for 4 years to complete. The beer cans are formed. Photo: Tran According to Mr. Duong, the mouth and base are the two most difficult parts of the vase. It must be very meticulous to be able to make evenly curled, beautiful curves. “I started to finish it from 2014 to 2018 to finish it. As a result, I have to use millions of cans of beer to finish 2 pots,” said Duong. In addition to the bottle, Mr. Duong also made a number of items such as a teapot basket. Photo: Tran Mr. Duong’s unique pair of bottles from millions of cans of beer is considered “unique”. Many people came to see it very much and wanted to buy it at a fairly high price, but he had not agreed to sell.

It took more than 4 years, Mr. Nguyen Van Dai Duong completed a pair of unique bottles from millions of these cans of beer. Photo: Nguyen Ngoc A pair of unique bottles from more than 10 million pieces of beer cans of Mr. Duong is considered a “unique” product. The stand of Mr. Nguyen Van Dai Duong is 1.8 m high, with the widest diameter of 0.6 m. It took him about 4 years (2014-2018) to complete this pair of hyacinths. Photo: Nguyen Ngoc Mr. Duong said, the idea of ​​making items from beer cans has been around since 2010. Since then, he started to collect a beer brand from a beer brand to have a uniform color. Photo: Nguyen Ngoc Over the years of collection, Mr. Duong has millions of cans of beer. After a moment of thinking, he decided to turn the can of beer into a single pot. Photo: Nguyen Ngoc According to Mr. Duong, first create a frame for the pair to read the bottle. Next, he used a fine cloth, cut into thin fibers that were threaded through the cans of beer around the frame to create a unique vase. Making a circle around the frame takes thousands of cans of beer. Photo: Nguyen Ngoc “It only takes one thread to fail to disassemble and rework. The hardest part is the mouth and base. I have to be skillful and meticulous to be able to connect evenly, well-curled cans and not lose weight. It’s good to fold the cans, “said Mr. Duong. Photo: Nguyen Ngoc Mr. Duong’s unique pair of bottles from more than 10 million pieces of beer cans is considered a “unique” product. Many people came to see and offered to buy at quite a high price, but Mr. Duong did not agree to sell. Photo: Nguyen Ngoc

The deer for the velvet pair weighed more than 3.3 kg at the household of Mr. Vu Van Dung in Quynh Xuan ward, Hoang Mai town. Photo: Viet Hung According to Mr. Dung, after many years of raising deer for buds, there has never been such a big, long and heavy velvet pair. Normally, deer to cut buds season is about 1.5 kg – 2 kg. To get this record pair of deer velvet, according to Mr. Dung, within 5 months (from October to February of lunar calendar), it is necessary to focus on fostering deer to stimulate locus. In addition to providing vegetables and grass, Mr. Dung fed the deer corn, soybeans, sugarcane and rice, and glutinous rice to increase nutrients, help deer grow healthy and give big velvet. People proceed to cut deer velvet. Photo: Viet Hung This morning, April 26, after the deer velvet pair was cut by Mr. Dung’s family, the trader went home to buy and pay for nearly 50 million dong. Ms. Le Thi Canh – a trader in Quynh Vinh commune (Hoang Mai town) said: “So far, I specialize in buying deer velvet throughout Nghe An province and no pair of heavy deer velvet has surpassed the mark. 3.3 kg as in the household of Mr. Vu Van Dung. Mr. Vu Van Dung (head of household) holds a pair of deer buds weighing 3.3 kg. Photo: Viet Hung Quynh Luu and Hoang Mai Town are the most developed locality in raising deer and deer with more than 16,000 children raised in more than 5,500 households; Each year, the output of deer velvet is exported to the market from 8 to 10 tons with a value of more than VND 10 billion./.

A few hundred or a few thousand are considered normal prices, and being fired to tens of thousands is already very expensive, but can you imagine that a pair of shoes can be worth a house?

In August last year, the Nike Air Jordan1 sneaker that Jordan wore when he dunked a rebound was auctioned for $610,000, becoming the sneaker with the highest transaction record in auction history.

Now, a pair of shoes may break this record.

In the few days from April 16th to 21st, at the Hong Kong Convention and Exhibition Center, a pair of sneakers on display attracted the attention of the world. This was the first pair of Nike Air Yeezy worn by Kanye West that year.

After being exhibited, the shoes will be auctioned at Sotheby’s auction house, and the transaction price is estimated to exceed $1 million.

According to Agence France-Presse, this pair of sneakers is owned by shoe collector Ryan Chang, and this auction is also a private auction, which means that the final transaction price and the buyer will not be disclosed unless the buyer and seller privately disclose it.

Why are these shoes so expensive?

It was at the 50th Grammy Awards in 2008. Kanye sang the two songs “Hey Mama” and “Stronger” in a black suit. He won eight nominations and won the “Best Rap” as he wished. “Album” (“Graduation”), “Best Rap Singer” (“Stronger”), “Best Rap Song” (“Good Life”), and “Best Rap Group” (He and Common (listening to the song) “Southside”) these four awards.

At that time, sharp-eyed fans immediately noticed the pair of shoes worn by Grandpa Kan, because it had never been on sale.

After that, fans looked forward to it, hoping to wear the same style of Kanye, but in the end these shoes were not sold on the market. Although it is a pity, this collaboration caused a sensation in the fashion industry because Nike previously only worked with athletes.

It can be said that this pair of Nike Air Yeezy redefines “what is an iconic shoe”, laid the cornerstone of today’s Yeezy shoe style, and has a great influence on the Yeezy brand, which is now over billions in size. It is also a trend culture. Important symbol.

Because this pair of shoes is too legendary, Sotheby’s even cooperated with the sneaker appraisal consultant Suede One to ensure the authenticity of this pair of sneakers with a valuation of more than one million dollars.

After that, in 2009 Kanye West cooperated with Nike to launch a limited edition Air Yeezy 1.

Because these shoes are too popular, in 2012, they once again jointly launched the Air Yeezy 2.

In 2013, Kanye West ended its partnership with Nike and invested in Adidas in 2014.

So far, Yeezy has become one of the hottest and most profitable fashion brands. According to an internal report by Bloomberg citing UBS bank, the Yeezy brand has generated nearly $1.7 billion in revenue in 2020 alone.

Just last month, multiple media reports stated that Kanye West is the richest black in the United States, with a net worth of US$6.6 billion.Previously, Bloomberg reported that the total value of his sneaker brand Yeezy plus Yeezy Gap, which has not yet sold a piece of clothing, is as high as $4.7 billion.

But according to “Forbes” (Forbes) in the latest announcement, Robert F. Smith, who is worth $6 billion, is still the richest black American man, and “Forbes” gave Kanye West a “valuation” of $1.8 billion.

Among them, the business of Yeezy and Adidas under Kanye West is worth 1.5 billion U.S. dollars, and other assets such as cash, real estate and vehicles are worth 160 million U.S. dollars. His songs can bring millions of royalties and a valuation of 90 million U.S. dollars each year. The ex-wife Kim Kardashian’s company Skimms has a small share in the company and is valued at $64 million.

In addition, “Forbes” also stated that although Kanye West’s team insists that the Yeezy x Gap transaction is worth about $1.5 billion, Forbes will not give any value until the product is sold, so the valuation is $0.

Although there is still a long way to go before becoming the richest black man, it has to be said that this hip-hop superstar has made a lot of money from his sideline business of clothing and shoes in full swing.

Kanye West’s influence is really great. The ordinary Air Yeezy currently on the market has sky-high prices, not to mention the numerous iconic “first pairs”.

Recently, it has been reported that Kanye is planning to release a documentary of his own. Although there is no further news, and even the title has not been decided, Netflix has already announced that it will purchase the copyright for 30 million US dollars. Lord’s influence.

Mi 11 Lite and Mi 11 Lite 5G are equipped with 6.55 inch AMOLED screen, for the ability to display more than 1 billion colors, minimizing color banding, noise and blemishes on images at any angle. In particular, the 5G version also supports HDR10 + to help create unique photos with sharper contrast. Protected by Corning Gorilla Glass 6, Mi 11 Lite and Mi 11 Lite 5G are resistant to scratches and bumps during daily use. It would be a huge shortcoming without mentioning the audio system on the device. The product pair is equipped with dual speakers with high resolution, providing a more immersive listening experience. The back of the device is a large camera cluster with a main sensor of 64 MP, accompanied by an 8 MP super wide-angle camera and 5 MP telemacro camera, allowing users to take wide landscape photos or close-up photos with degrees. high detail. Both the wide-angle and front-facing cameras (20 MP for Mi 11 Lite 5G and 16 MP for Mi 11 Lite) are optimized for low-light shooting. With a body thickness of only 6.81 mm and weighing 159 g, the product duo feels comfortable and easy to hold. In terms of hardware, Mi 11 Lite and Mi 11 Lite 5G are equipped with Snapdragon 732G (8 nm) and Snapdragon 780G (5 nm) processors with LiquidCool heatsink technology, making the device work smoothly even when you play. game continuously. The battery comes with a capacity of 4,250 mAh, supports fast charging 33 W fast charger. It is expected that Mi 11 Lite will be sold in Vietnam for 7.9 million VND for the 8 GB RAM version, 128 GB internal memory for black pearls, candy green and peach. Meanwhile, Mi 11 Lite 5G version will cost 10.49 million and be sold from May 2021. During this time, users can pre-order products for a discount of 1 million VND. Mi Smart Band 6 Also at this event, Xiaomi launched Mi Band 6 with 1.56 inch AMOLED screen, 326 PPI resolution, and about 50% more screen space than its predecessor. With a focus on exercise, Mi Band 6 offers a total of 30 exercise modes ranging from indoor exercises to professional sports like gymnastics, zumba and street dance. . In particular, Mi Band 6 also supports SpO2 (blood oxygen concentration), accurate heart rate monitoring, advanced sleep monitoring to help record short breaks, sleep cycles including REM and steam quality. sleep breathing, identify stress. Mi Band 6 is expected to be sold for 1.29 million with 6 color options. If the product is pre-thickened from now until the end of May 14, you will be given a smart weight Mi Smart Scale 2.

If today I still feel that we need to wear a pair of high heels to show feminine beauty, this idea is too outdated. High heels can undoubtedly make our legs slender, but when it comes to personality beauty, in fact, a pair of comfortable flat shoes can also do the same. Flat shoes are better than enough styles, whether it is ballet shoes, sandals, mules, loafer, or even sports shoes, you can also match different styles. Summer is coming. If you are thinking about buying shoes recently, I wonder if our recommendation can impress you?

Ellen Wang – Editor (TW)

COMMON PROJECTS

Achilles leather sneakers

VEJA

Nova organic cotton-canvas sneakers

MAISON MARGIELA

Replica leather and suede sneakers

Although it is to introduce the spring and summer of this year, but for me, every spring and summer indispensable flat shoes, I may always vote for sports shoes! In addition to being the most comfortable shoes to wear in the shoe cabinet, sports shoes do not need to worry about maintenance and are durable enough. Of course, they cannot be less versatile. From casual home wear to formal suits are suitable, and this year Among the dazzling array of sneaker styles, the milk tea color should be the selfish choice that will make people’s hearts at first glance. It will not appear to be a burden in hot weather. The faint temperament is even more admirable, even if the fashion trend is repeated It’s not a problem to change, buy a pair and wear it until next year, spring and summer the next year.

Polly Tsai – Editor (TW)

BOTTEGA VENETA

The Lido Intrecciato leather slides

If you want to choose a pair of shoes that are most suitable for spring and summer, flat shoes are definitely quite comfortable and comfortable styles, but for many people, they are worried that flat shoes are too casual and everyday, so fashionable design is definitely the most important for taste girls. The key is that Bottega Veneta can always control a variety of items with a sense of high quality with ease. Of course, flat slippers are no exception. They are brought into flat shoes with classic Intrecciato craftsmanship, showing a casual and unruly fashion atmosphere. For you who are looking for new spring and summer shoes, you will definitely not want to drag them off as soon as you put on these BV leather flat slippers.

Amber Ku – Editor (TW)

JW ANDERSON

Chain-embellished leather slippers

Ushering in the warm spring day, comfortable and practical sports shoes and flat shoes are still one of the indispensable matching items this season. What style should you start with? You can choose the eye-catching Mules first. Such as this pair of JW-Anderson leather flat shoes, in the classic black leather appearance, integrated with an enlarged version of the metal chain strap as a highlight, when they first appeared on the stage, they attracted the attention of many fashionable girls. It is easy to wear without losing its unique texture. Although the huge-sized metal decoration shows personal characteristics, it still does not lose its matching. It can match whether it is an elegant long skirt or daily jeans.

Back to the cover W In the May issue of this year, Rosé wore all of Saint Laurent’s costumes and accessories, acting in the right spirit of a brand ambassador.

Although the photos are in two colors black and white and not easy to reveal the details of the outfit, but netizen It was also quickly discovered that in one photo, Rosé was wearing a pair of lacy shorts.

Stylist was very skillful for her to wear a black protective pants underneath to make the outfit look less flattering.

The pants are one of the designs that are highly appreciated in the Resort 2021 collection of the Saint Laurent brand. It is even combined in two sets of outfits now look-book Its brands are Look 6 and Look 7.

In both sets of clothes, even the product teaser photo above website by Saint Laurent, the pants are worn by the model with a very polite shirt.

This is a product classified by Saint Laurent Lingerie (ie Underwear), pants cost up to more than 32 million, but now also sold out all of size. How great is the strength of Rosé’s brand ambassadors, even “exorbitant” expensive underwear can sold out too quickly.

What’s in Jiujiang, Jiangxi?

There are Mount Lu, the “first mountain in Tianshan” recommended by Bai Juyi, as well as many historical sites, such as Xunyang Tower, Suojiang Tower, Bailudong Academy and so on.

There is also a place called Yanshuiting Scenic Area in Jiujiang, which looks like a turtle floating on Gantang Lake from a height, connected to the shore of the lake through the Jiuqu Bridge. Crossing the Jiuqu Bridge, it feels like Duan Yu, the leading actor of “Tian Long Ba Bu”, suddenly learned Ling Bo’s microsteps.

Gantang Lake is located in the urban area of ​​Jiujiang, not far from the rolling Yangtze River, Yanshuiting Scenic Area is on the north bank of the lake, and Xunyang Road is connected to it by the Jiuqu Bridge. According to legend, the famous Dongwu general Zhou Yu once trained navy here. Later, he joined forces with Liu Bei to defeat Cao Cao’s army in Chibi. The commanding platform was in front of Yanshui Pavilion, guarding the beautiful Gantang Lake day and night.

The scenery of Gantang Lake is no less than that of West Lake in Hangzhou. Dianjiangtai is part of the Yanshui Pavilion Scenic Area, but the Yanshui Pavilion opposite is actually located on two small islands, but the area of ​​Dianjiangtai is even smaller.

With white walls and black tiles, flowers and trees supporting the sparseness, the Yanshui Pavilion scenic area surrounded by water exudes a strong southern charm. The layout between pavilions and courtyards is elegant and ingenious, not only has the beauty of details similar to Suzhou gardens, but also because of the waterscape. It has a sense of atmosphere that Suzhou gardens do not have.

Enter the scenic spot from Xunyang Road through the Jiuqu Bridge on the water, but you see the lake, the pavilions are reflected on the water, and the breeze is coming, which is not full of poetry.

In the Tang Dynasty, the great poet Bai Juyi came to be an official in Jiujiang, which was still called Jiangzhou at the time. He once went on a boat to look at the lake and mountains at the place where Yanshui Pavilion is now. In the autumn night, I sent guests to Huanpukou. I felt the sound of the pipa and learned the twists and turns of the player’s life story. I wrote the ancient masterpiece “Pipa Xing”.

Looking closely from a height, the small island where Yanshui Pavilion is located is not only like a big turtle, but also like a moon. The Northern Song Dynasty philosopher Zhou Dunyi, who wrote “The Story of Ailian”, named it “Dip Moon Island”. The name “Soaked in the Moon Pavilion” originated from the phrase “If you are drunk and happy, you will be goodbye. Don’t be soaked in the moon in the vast river.”

Judging from the order of construction, the first building in Yanshuiting Scenic Area was Dianjiangtai, followed by Dianyue Pavilion, and then Yanshui Pavilion.

There is a stone stele on one side of the garden with the whole poem “Pipa Xing” on it. After more than a thousand years, the artistic conception in the poem is still clear.

After Zhou Dunyi’s death, his son guarded his tomb from Hunan to Jiangzhou, and built a Yanshui Pavilion on the embankment of Gantang Lake. The Soaking Moon Pavilion and the Yanshui Pavilion went through several rises and falls during the Ming and Qing Dynasties. The current scale was formed during the Guangxu period of the Qing Dynasty, and the Jiuqu Bridge was built in the middle of the last century.

There are two pedestals with the shape of a hidden sword and a stone box on both sides of the bridge at the junction of the Moon Island.

Why is there such a design? What is the intention?

According to historical data, the ancient Jiujiang area often encountered armed and slaughtered cities and bandits. From the current point of view, it is mainly because Jiujiang has an advantageous geographical location and belongs to the “soldier battlefield.” In the eyes of the ancient Yin and Yang family, all this is in harmony. Lushan Shuangjian Peak is related.

From a distance, Lushan Double Sword Peak is like two sharp swords facing the county town. The stone chisel implies hidden swords, just to put away the edge of the “double swords”.

The core buildings of the Yanshuiting Scenic Area are all located on Sommer Island. The main building is turned into the Zhou Yu Historical Relics Exhibition Hall. Various cultural relics are displayed inside, and there is a statue of Zhou Yu in the middle.

In practical terms, the name of the Soochow who died young will lay the foundation for Wei, Shu, and Wu to divide the world. Without him, the story of the Three Kingdoms would be another version.

The first building on Sommer Island is Yanshui Pavilion, followed by Chunyang Hall, Wuxian Pavilion, and Guanyin Pavilion.

The Chunyang Temple is dedicated to Lu Dongbin, one of the Eight Immortals. It is said that he used to be an official in Xunyang before he became an immortal, and he was deeply loved by the local people.

The Wuxian Pavilion was built to commemorate Tao Yuanming, Wang Yangming, Zhou Dunyi, Bai Juyi, and Li Bo. Any one of these five is a well-known master.

A Yanshui Pavilion scenic spot, condensed countless historical stories and folklore, fortunately I did not miss it.

The beauty here is both on the outside and on the inside.

Travel Tips: Jiujiang citizens can visit for free with valid certificates. Foreign tourists can enter the scenic spot after spending 20 yuan to buy tickets. The Jiuqu Bridge or shore viewing is free. Jiujiang Road 29 and 102 pass through Yanshuiting Station. If you take the high-speed rail to Jiujiang Station, you can walk about 560 meters after exiting the station and take the 105 Outer Ring/53/108 Road to Yanshuiting Station. Drive or take a taxi and follow the navigation prompts to walk.