I-CEO yeBlue Nile inika iMorgan Stanley Technology, iMedia & iNkomfa yeTelecom (iTranscript)

I-Blue Nile, Inc. (NASDAQ: NILE) uMorgan Stanley Technology, Media & Telecom Conference ngoFebruwari 26, 2013 5:30 PM ETEExecutivesHarvey Kanter uMongameli & IGosa eliLawulayo eliyiNtloko uDavid Binder iGosa lezeMali eliyiNtloko AbahlalutyiAndrew Reid Morgan StanleyAndrew Reid Morgan StanleyHi, igama lam ndinguAndrew Reid. Im Morgan Stanleys Small Cap eCommerce Analyst kunye no-Im badityaniswe nguHarvey noDavid, iCEO kunye neCFO ngokulandelelana kweBlue Nile. Bekuvuyisa kakhulu ukuba nabo namhlanje. Enkosi ngokuza.UHarvey KanterOh kuhle ukuba lapha, enkosi.Andrew Reid Morgan StanleyNgoko ndiyaqikelela Id ndingathanda ukuqala ngokubuza kancinci malunga nohlobo lwendlela u-2012 aye ngayo uhlobo olunxulumene nolindelo lwakho olungena. UHarvey, ujoyine ngoMatshi ka-2012 ngoko ayingonyaka opheleleyo kuwe ngoko ezinye zezinto eziye zahamba kakuhle, ezinye zezinto oziva ngathi unokuphucula apha ngo-2013.Harvey KanterSure. Ewe, isenokungabi ngunyaka opheleleyo kodwa kuvakala ngathi sisibini endinokukuxelela. Sagubungela umhlaba omninzi. Besinochulumanco kakhulu ngeziphumo zethu. I-dichotomy enomdla ukuba uyathanda kukuba sichulumancile ngeziphumo zethu kwaye siwile, xa sithetha, siswele isikhokelo. Kwaye ke yi-dichotomy. Kodwa sasinesicwangciso esikhulu kakhulu. Eyona nto yayivuyisa kakhulu kukukhawulezisa okulandelelanayo kweziphumo zethu. Ke kwabo kuni bangaziqhelanga ngokwenyani, kumanani angqukuva sihambe ukusuka ku-3 ukuya ku-13 ukuya ku-20 kwaye sakhawuleza saya kwi-Q4.Ishishini lethu elingundoqo, endicinga ukuba eyona nto inika umdla ikhawuleziswe kakhulu. Sibe nesiphumo esinentsingiselo ngokwenene kunye nothethathethwano kwaye eneneni ibilelona nqanaba liphezulu lempumelelo kokubini ekusebenzeni ngokupheleleyo nasekukhuleni okunxulumeneyo kwiminyaka emihlanu. Kwaye sikwanenyathelo elikhulu lokukhulisa iiakhawunti zabathengi abatsha, kwaye siye saphantse sadibana nelona nqanaba liphezulu labathengi kwimbali yenkampani ngaphakathi kokuphoswa kwamatye kodwa yayilelona nqanaba liphezulu lokukhula kwiminyaka emihlanu ngokunjalo. Ngoko ke ezo ziziphumo ezinentsingiselo ngokwenene. Unyaka siwugqibe nge-15%; siphelile i-Q4 kwi-21%. Siye sanyuka nge-16% kwingeniso eshiyekileyo kwaye ke ziziphumo ezinentsingiselo ngokwenene. Isalathiso sam sokuziva ngathi yiminyaka emibini ndingenile ngoMatshi, sahlengahlengisa kancinane elinye iqela. Sibaleke kakhulu ekubhengezeni iindawo zeshishini lethu emva koko sachitha iinyanga ezintathu sizama ukuseta i-Q4, kwaye i-Q4 njengoko uninzi lwenu lusazi ukuba ibingeyo-Q4 ebeyilindelwe ngumntu wonke. Kwaye ke yayiluhlobo lwemeko ecela umngeni ukwenza yonke loo nto. Kwaye ke sawugqiba unyaka kwindawo entle kakhulu. Ngoko uluhlu lwethu lweempahla luye lwaphuculwa ukuya kunyaka ophelileyo. Ngokwenyani iphume ingenabutyala obuncinci ukuba uya kwenza into eyonwabisayo kwaye sicinga ukuba sikwindawo entle ye-13. Kwaye sibhale ukukhula okunentsingiselo entle kolu didi. Okokugqibela, ndingatsho ukuba abanye benu basivile sithetha malunga nokungabandakanyekani, kwaye bavuya ngokwenene ngokuqhubeka nokwakha phezu kondoqo wothethathethwano. Kodwa ekungabandakanyeni, akwenzekanga konke njengoko besilindele. Sele siyithethile loo nto, sisacinga ngobuchule ukuba besingise phi, kukukhulisa inani labathengi ukubandakanya indawo yabasetyhini kubathengi bethu kwinqanaba eliphezulu kunye nokukhulisa ishishini eliphinda-phindayo elikhoyo ekungabandakanyeni kubathengi ababhinqileyo lisasebenza ngobuchule ngokupheleleyo. Icala elichanekileyo.Besiphuhla ngendlela esiphumeza ngayo oko kumgangatho wobuchule kodwa kubalulekile ukuba wazi ukuguquguquka esiqhubeka nokuqhubela phambili malunga nokuqhuba ngokwenene okuliqhinga, ngenxa yokunqongophala komyalelo wegama ongcono. Kwaye ndiya kufaneleka njengexesha ngaphezu kotshintsho kwiqhinga.Andrew Reid Morgan StanleyEnkosi. Ke ukuba sijonga apho ukhoyo ngokwesiseko sabathengi kukokubini unxibelelwano kunye neshishini elingabandakanyanga kunye nomxube wokuthengisa, ungathetha kancinci malunga nendlela oyibona ngayo into eyenzekayo? Ndicinga ukuba kukuzibandakanya kuvakala ngathi izinto zihamba kakuhle. In non-uthethathethwano, izakuba ukuba ufuna ukuchitha iidola zentengiso ngaphezulu ukuthengisa kwiqela elibanzi labathengi abanokubakho okanye kukuba ufuna ukuthatha iqela langoku lwabathengi onayo kunye nentengiso nje izinto abazikhethayo ngaphezulu?Harvey KanterIts ngokwenene zombini. Kuyahlekisa xa ubuza umbuzo awukwazi ukuwuphendula ngokuthe ngqo, kodwa iyahlekisa kuba ngokunyanisekileyo kukho amanyathelo aqhubekayo endinokuthi ndibhekiselele kuwo ngokuthe ngqo ukulungisa oyena mthengi sinawo, laa ncoko yakudala yoMxumi ongcono ngulowo unaye. . Sikholelwa ukuba lininzi kakhulu ishishini ekulungiseni iimfuno zakhe emva kokuba ethembisene ngomtshato, oyena mthengi wethu uphambili kunye naye, kwaye sele esiza kwiwebhusayithi. I-60% yetrafikhi yethu yenziwa ngumthengi obhinqileyo kwaye ke sikholelwa ukuba likhona ithuba lokumbandakanya ngendlela ebambekayo. Kwaye besisenza izinto ezininzi esinokuthi ngokuqinisekileyo sincokole naye kwaye sandise ithuba kunye naye ngokwengeniso. I-Flipside yayo lusukelo lwethu lokufumana, silindele ukuba sibe nabathengi abaninzi abatsha abeza kuthi kulo nyaka ngokubaluleka kwethu ekufumaneni njengoko senzile kunyaka ophelileyo ngenani elipheleleyo, kwaye inentsingiselo entle leyo. Ngoko ukuba ndingakwazi ukugula nje kancinci. Ndifuna ukuthetha malunga nento ebiyenza ukukhulisa umthengi wangoku zizinto ezimbini ezinkulu zobuchule. Omnye uphucula umgangatho womsebenzi obalulekileyo kuthi njengomdlali we-intanethi ukuyila kakhulu, ngenxa yokungabikho kwendlela engcono yokuyithetha indawo yesitena kunye nodaka kangangoko ngendlela enengqiqo; ngoko umboniso wesayithi okanye umboniso wemveliso, iividiyo ezingama-3600, iifoto zedayimani zethu, ibhendi yokulinganisa eyona nto inamandla okuncamathela ngakumbi nangakumbi ibhendi kuyo yonke intengiselwano yothethathethwano ngokubonisa ngokoqobo ukuba zeziphi iibhendi ezihamba kunye namakhonkco othethathethwano. Ezo zibonakala zisisiqalo kwinqanaba elinye kodwa inyani yomcimbi ibingahambelanga phambili kuzo zonke ezi zinto njengoko sifuna ukuba njalo. Olunye oluya kubandakanya umthengi wangoku kodwa lubandakanyeke ngokwenene kuye apho bafuna ukuba khona xa befuna ukubandakanyeka, nto leyo eqalwe ngokwenza ukulingana kwePC yethu kuzo zonke iindawo eziphathwayo. Ke sithanda ukucinga ukuba siyile igama elithi [phablet] nangona sisazi ukuba asizange senze njalo, kodwa i-phablet iyifowuni kunye nethebhulethi. Kwaye omnye wemicelimngeni luninzi lwento eyomeleleyo yokusebenza kwePC ayiguquleli namhlanje kwindawo esekwe kwisikhangeli semobile. Kwaye ke uninzi lwezinto ebezisenziwa kukuzisa ezo ndlela zonke, ngenxa yokunqongophala. yendlela engcono yokuyithetha, i-agnostics yetshaneli kunye nokuba namava afanayo okukhangela. Ngelo xesha uya kuba nakho ukwakha ubucwebe bakho, ukhangelo lwedayimani oluphambili kunye nezinto ezininzi eziya kuthi emva koko zijongane noyena mthengi uphambili apho afuna ukulungiswa khona, xa ezimisele ukufikelela kwishishini lethu. Kodwa oko kuya kukhulisa umthengi ongundoqo, lo sinaye namhlanje.Kwaye ke ngokucacileyo njengoko siphuhlisa ishishini lothethathethwano, siqhubeka notyalo-mali kwizinto zethu zokuthengisa, sikholelwa ukuba siyaqhubeka sikhulisa uhlobo lweBlue Nile sisenza inqanaba elingcono lokwazisa. koko sikumeleyo kwaye sibandakanya umthengi omtsha. Kwaye ngoko ekugqibeleni kutheni ndithethe zombini.Andrew Reid Morgan StanleyOkay. Ke ukuba sijonga into oyihambileyo, ndicinga ukuba elinye lamathuba anomdla onawo kukwenza ukungenelela kwicala elingabandakanyekanga kwishishini. Ndicinga ukuba khange ihambe kakuhle ngendlela ubungathanda ngayo ngo-2012 kodwa ibinokuba kungenxa yokudodobala kwezimali ngasekupheleni konyaka. Ucinga njani malunga nesicwangciso sakho sokuya kuloo nto kuba kuyacaca ukuba uyathengisa? kumthengi owahlukileyo ozakwenza izinto ezithengiweyo kwaye ke abantu abaninzi banokucinga ukuba loo nto iza kufuna ibhrendi okanye uphume kwaye ufumane ubucwebe obuvela kwigama brand designers.Harvey KanterUyazi, kukho izinto ezintathu ezinkulu ngokwenene bezizama. ukufeza. Enye yinto nje elula kwaye elula yokuqonda. Ndingakuxelela ukuba umzekelo ogqibeleleyo, ngoSuku lweValentines ndithenge intombi yam engengomthengi esijolise kuwo, kodwa ndamthengela ubucwebe be-Valentines Day kwaye wandibuza ukuba ndibufumene phi. Kwaye yayiyinto ehlekisayo ukuba angabuza malunga nevenkile yezacholo kodwa wayecinga ukuba intle kakhulu. Yayilusuku lweValentines kwaye eyona nto ibalulekileyo kukuba wandixelela ukuba unamava apho abantu abaninzi bathi Uyifumene phi? umalunga nama-30 eminyaka ubudala kwaye ukwishishini lothethathethwano. We dont transition him through lifes events ezinkulu kwaye thats one of the challenge, that is after you buy that engagement ring theres birthdays, theres anniversaries, theres Bar Mitzvah izipho, theres 75 years old mother gifts. Kukho zonke ezo zinto esinokuthi sizenze kwaye asenzi umsebenzi olungileyo ngokwaneleyo, ngoko ke yinto enye. Into yesibini, into ebezama ukuyenza kukuba sicinga malunga nokuphuhlisa icala elingenalo uthethathethwano leshishini lethu kukuguqula imbono yethu. Ke abanye benu basivile sithetha ngefashoni kwaye enye yezinto ezibonisa umva yi-20/20, siye saya kude kakhulu kwifashoni kwaye sasingenalo idatha eyaneleyo yokuqonda xa sasihamba ngenkqubo yokubhenela idigri kwafuneka siguquke. Kwaye kuthi, ukungabandakanyeki ngamabhendi, ubucwebe bedayimani kunye nento esiyibiza ngokuba yinye ifashoni eyigugu, isilivere, iiperile, igolide, kunye nokulibala enye. Ukuba elinye icala ishishini, ukuba enye fashion sahamba kakhulu, kwaye ngokusisiseko umthengi wathi Yeyiphi ukufunda kakhulu, kodwa ngokusisiseko siye kakhulu ngokwemiqathango inqanaba fashion kumxube. Kwaye ngokuchaseneyo, emva kokuba sidlule kwi-dive enzulu yeminyaka emihlanu yedatha siye saqonda ukuba inxalenye yento esingayenzanga kukukhulisa amanye amashishini ethu enza ingqiqo ngakumbi sisebenzisa idatha esinayo ngokwembali endlwini eyathi ubucwebe bedayimani ithuba elikhulu kunokuba besilindele. Ke xa sikhula ifashoni, ukungabandakanyeki salandela izinto ezinje ngeegugu. Siye salandela ubucwebe bedayimani kodwa isitayile sethu besingakhuli kwizacholo zedayimani kwinqanaba elifanayo nelefashoni yeshishini; oko kukuthi, amatye anqabileyo kunye nezinto ezilolo hlobo. Kwaye ke emva kwe-20/20, sinomthengi wasixelele ukuba bafuna ubucwebe bedayimani obungakumbi. Isantya sobucwebe bedayimani sasingcono, imveliso yayingcono. Ubalo lwesitayile aluzange luqine. Ngokuchaseneyo, siye emva kwecala elinqabileyo leshishini azange nje enye yefashoni ingathengiswanga kodwa sahlelwa ngokugqithisileyo, ayizange ibe nemveliso njengoko kwakufuneka. Ke ngoko besihlanganisana kuloo nto kwaye ekuhambeni kwexesha silindele ukuba ishishini lethu elingadibanisiyo liguquke. Ke kwakhona, ndithe ngaphambili ngobuchule besisalandela izinto ezifanayo kodwa ngobuchule indlela esiyenza ngayo kukufunda ebesinakho kulo nyaka. Kwaye ngokunyanisekileyo, iBhodi, siziva silungile ngokwenene malunga noko kufunda kuba ukuba asizange sifunde kwaye ishishini nje alizange lisebenze ukuba li-homogenized, iziphumo zethu, ngekhe sibone ukukwazi, imephu yendlela yokulawula kwindawo entsha. I-BinderNdicinga ukuba nayo inika umdla, ukuba ujonga ubungakanani beemarike ngoko xa sijonga ukungabandakanyeki, imarike enokuthengiseka e-United States yayo malunga ne-50 yeebhiliyoni zeedola iyonke. Oko kuquka amabhanti omtshato esele sithetha nabo bathengi, kwaye iibhendi zomtshato zinokuba ziibhiliyoni ezi-4 zeerandi ukuya kwi-5 yeebhiliyoni zeedola zemarike enokuhoywa. Ngoko ubukhulu bayo kunye nabaphulaphuli ababesele bethetha. Ubucwebe beDayimane bumalunga ne-25 yeebhiliyoni zeerandi kwaye oko kubaphulaphuli ababesele bethetha nabo kuba babethetha nomfana oza kwindawo, ozama ukuqonda iimpawu malunga nedayimani. loo nto inokumxelela ukuba athenge. Ithetha nezinto ezizodwa zekhonkco lethu lobonelelo, ukuba sineengenelo ezinzulu zokhuphiswano. Ngoko ke ezinye zemarike ekwaziyo ukujongana nazo, ezona ziqwenga zikhulu zaloo marike idilesi zazisele zithetha nabo bathengi ngento ababeyenza kwicala lothethathethwano. Ithuba elihle kuthi kwaye sinokwandisa abaphulaphuli esithetha nabo, ngokuyinxenye ngenxa yokuba iphuma ngasemva kwi-brand ebesakha kubudlelwane kunye namabhanti omtshato kunye nobucwebe bedayimani. Kukho amaxesha amaninzi apho, abaphulaphuli abaninzi kodwa yinto esinokukhula ngokuthe ngcembe ngelixa besebenzisa amathuba amakhulu ngaphakathi kwezacholo zedayimani kunye neebhendi zomtshato. amanani abantu abangamadoda? Okanye ulwenza njani olo tshintsho ekuthengiseni umsesane kumfo, iqabane, kwaye emva koko umfumane ukuba afumane umfazi wakhe eHarvey KanterTheres mhlawumbi iindlela ezimbalwa ezahlukeneyo. Enye yezokuthengisa kwethu kuyaphuhla. Ke ukwenza umntu, ukuthengisa umjikelo wobomi ngokuqinisekileyo asilenzanga kakhulu elo thuba. Ndiye ndatsho xa eneminyaka engama-30 ubudala kwaye ethenga umsesane wokuthethathethana, zonke iziganeko zobomi zenzeka emva kokuba siye sayikhulisa loo nto. Enye into kukuba, ubuze umbuzo ukuba ngaba kufuneka sijongane naye ngendlela eyahlukileyo asimjongi njengomthengi owahlukileyo ofana neBlue Nile kunye nelinye ishishini. Sele esiza kwindawo. Shes uthenga izinto ezininzi ezikwisiza. Besingayenyusa loo nto kulo lonke unikezelo. Siye sagqiba ngokufanelekileyo. Inxalenye ye-bulldog yeshishini lethu ngabathengi abatsha abangasaziyo ngokuchasene nabathengi abohlukeneyo, ke indlela owuphawule ngayo umbuzo kancinci ubuncinci umbono wethu kukuba asinaye umthengi owahlukileyo. Kufuneka sithethe naye ngendlela eyahlukileyo.Andrew Reid Morgan StanleyOkay. Kwaye uDave, ubuthetha ngedatha kwaye udlula kwiminyaka emihlanu yedatha ngaphambili. Loluphi uhlobo lwetekhnoloji oluzisa kwisicwangciso sakho sokuthengisa? Okanye xa ucinga malunga nendlela yokwandisa ishishini lakho, usebenzisa njani idatha ukunceda ukwenza izigqibo ezingcono?I-Dave BinderSo Blue Nile iye yasekwa njengomthengisi we-intanethi kunye nohlalutyo lwedatha olucebile kakhulu kunye nezixhobo. Iqale ngenene ngokuthengisa iidayimani ezingama-20,000 okanye ezingama-30,000 ezikhululekileyo ngoku ukuya kuthi ga kwi-150,000 yeedayimani ezikhululekileyo, kunye nokuqonda indlela yokwandisa isantya, amazinga oguqulo; kwaye xa abathengi bethatha isigqibo sokuthenga kwaye xa bengakwenzi ukuze sikwazi ukwandisa imida ngokuchasene nentengiso. Ke kukho iseti enzulu yezixhobo zokuhlalutya ezisasazeke ngokunzulu kulo lonke umbutho wethu ukuqonda ukuba yintoni na esebenzayo kwaye yintoni eyenzekayo kwiminyaka emithathu okanye emine edlulileyo siye sandiswa ezo zixhobo ukuqonda ngokwenene indlela yokwandisa inkcitho yokuthengisa ekufumaneni abathengi kunye nendlela. ukwandisa ukuthengiswa kwezacholo ezingabandakanyiyo. Kwaye yinto entsha leyo kuthi: ukulungelelanisa ezo zixhobo kunye nokuxhobisa abantu abaqhuba inkampani ukuba basebenzise olo hlalutyo ukuqonda ukuba yeyiphi imveliso eyiyo kwaye leliphi ixabiso elifanelekileyo. , izixhobo zokuhlalutya ezityebileyo kwisiseko seBlue Nile besingenabuchule obunzulu bokuthengisa. Kwaye ke xa saphinda sazisa ubuchule bethu ekuqaleni kuka-2012 siye saqaphela ukuba singabarhwebi, kwaye njengoko sikhulisa iimveliso esizithengisayo sifuna abathengisi. Sifuna abantu, abathengisi abanokusebenzisa loo datha ngendlela eyahlukileyo yokwandisa i-assortment, emva koko kwafika uHarvey.Andrew Reid Morgan StanleyOkay. Kwaye ndiyaqikelela ukuthatha elo nyathelo elinye ngakumbi malunga nokuzisa amava okuthengisa, whats imbono yakho malunga nokuzama ukuphuma kunye nokudala ubambiswano olungaphezulu, ubudlelwane obufana nobo Monique Lhuillier ukuba ngokwenene uhlobo drive yokwazisa brand at Blue Nile?Harvey KanterYeah? , UMonique Lhuillier ube libali eliyimpumelelo elimangalisayo. Nyani sazibetha iinumbers zethu ndaqhula no David, ibinguye lo ebecinga ukuba sifika phezulu kodwa sibe nesiphumo esihle nyani. Savuya kakhulu ngayo. Into enika umdla yinxalenye yento asenzele yona kukusizisela i-cache njengomyili, usizisela ifashoni. Amanqaku akhe aphakathi angaphezulu kwamaxabiso akhoyo ngoku; Umda wakhe uphezulu kancinane kunemida yethu yangoku kodwa into asenzele yona ibhentsiswe ngamanye amathuba amaninzi. Inika umdla ifashoni yakhe, ukuya kuthi ga kwinqanaba eliqondakalayo, ithengiswe ngcono kunelona nqanaba liphezulu lefashoni ehambelana kakuhle nembali yethu yokungadibanisi kwi-Q4. Kodwa oko akwenzayo kudalwa ukukwazi ukuqonda ukuba akayonkampani yomtshakazi nje. Ke bendixelela abanye abantu kwangoko ngemini ukuba xa wayebetha, kwiveki yokuqala awabetha ngayo sathengisa iiyunithi ezingama-21 kwaye ayivakali ngathi ininzi. Kodwa xa ixabiso lakhe eliphakathi liyi-8000 yeedola, i-$9000 linani elinentsingiselo. Iiyunithi ezingama-21 beziqulathe iiyunithi ezili-13 zothethathethwano lomtshato kunye neeyunithi ezisi-8 zamabhanti, kwaye yona ngokwayo ngokuqhelekileyo yinkqubo yenyanga enye ukuya kwezintathu. Kodwa abathengi babesazi ukuba wayekwisiza kunye nomzuzu awabetha ngayo wathengisa.Into yesibini eyonwabisayo malunga naloo nto kukuba iibhendi ngokwembali azithengisi kwelo nqanaba lomlinganiselo wethu yiyo loo nto ndibhekisele kwinto yokuba sikholelwa ukuba sinebhendi. ithuba lokukhulisa izinga lokuncamathela. Kodwa into esiyibonayo kukuba abafazi abaninzi ekuqaleni babethenga iibhendi ezaziyizacholo, kungeyomfuneko ukuba zibe libhendi lomtshato ukuze uhambe nomsesane wakho womtshato. Kwaye ke sikholelwa ukuba ithuba lokukhulisa ubucwebe befashoni kunye noMonique lufanelekile kwaye luqalise inqanaba elincinci lobucwebe befashoni noMonique kwisiqingatha sesibini salo nyaka. sikholelwa ukuba ukuba sinokufumana enye into esinokuyichaza njenge-cache, umyili ohamba phambili kushishino olufanelekileyo oluya kwandisa ishishini lethu kwaye besingajonganga nje ukuzisa iimveliso ezinenameplates kuba iBlue Nile ifuna ukuba yedwa njengedayimani, into etyebileyo nenentsingiselo ngokwenene. Kodwa xa i-brand isenza iambrela yefashoni kuthi, sizibandakanye kakhulu nabasetyhini abathengi kuba siyazi ukuba abafazi babeyalela ukuba kuthengwe kwiveki yokuqala, hayi amadoda; kwaye sele siqhelanise nobucwebe sikholelwa ukuba kukho i-upside kunye ne-brand offer. Kwaye bebeyijonga loo nto kodwa bendiya kukuxelela ukuba kukutsha okucothayo. Abakhange bajonge nje ukongeza amagama ngenxa yamagama.Andrew Reid Morgan StanleyOkay. Ngaba ucinga ukuba njengoko ujonge kuyo, kwaye andifuni ukuthi dala ipotfoliyo yeempawu okanye abaqulunqi kodwa ngaba oko kuya kwanela ukuphelisa into onayo ngaphandle kweintanethi, okhuphisana nabo apho? Kuba ndicinga ukuba ujonga nje, nokuba ziivenkile zesebe okanye iintsimbi ezikhethekileyo, bachitha imali eninzi kakhulu ekuthengiseni. Ulufumana njani ke uhlobo oluthile lwe-asymmetric leverage ngaphandle kweshishini lakho ukuze ukhuphisane nabo? UHarvey KanterYeah, ndingatsho kuqala kwaye phambili ukuba asijongi ukuba, akukho njongo imbi, kodwa ipotifoliyo yeempawu. Siya kukhetha kakhulu into esiyizisa kwishishini leBlue Nile, eliphambili. Inombolo yesibini, eyona nto sijonge kuyo kukuba, kwaye uMoniques ngumzekelo ogqibeleleyo awathi wabhalwa njengomnye wawona mabhinqa angama-50 anamandla ngo-2011. Ungomnye wabaphezulu Bathi ungoyena myili we-14 ohlonitshwa kakhulu kwihlabathi ngaphandle kwe-15 ephezulu. Ngenene usizisela into edibanisa into esiyenzayo, kwaye njengoko sijonge ukuzisa ifashoni eyongezelelekileyo okanye izinto ezingaphezulu koko akwenzayo, into ezama ukuyenza kukuguqula imbono yokuba ayithethi malunga ngokoqobo ngakumbi malunga nentsholongwane. Ubume bento ayenzayo kunye nezinto ezizodwa zento ayenzayo. Ke ukuba awazi kakhulu ngoMonique, ezinye izinto ezixhasayo kukuba unomgca wokunxiba wesiganeko esikhethekileyo namhlanje. Usanda kuqalisa izihlangu zaseTaliyane. Waziwa kakhulu kwiiOscars kwikhaphethi ebomvu, Unxibe ntoni? Ungomnye wabantu abathi banxibile, ngoku banxibe ubucwebe bakhe kunye neegawuni zakhe. Kwaye kukho intsholongwane yentsholongwane ene-Facebook enkulu elandelayo, i-Twitter elandelayo, i-Pinterest elandelayo kwaye ihambelana kakuhle nentlalo yethu. ukuziqhelanisa eendaba apho ngokoqobo ihlabathi elikhokela isacholo kwi Pinterest kwaye ndithetha ukuba ngokoqobo. Akukho jeweler enkulu kunathi kwiPinterest kwaye singomnye wabarhwebi abakhokelayo behlabathi kuFacebook. Kwaye ke kukho into ebalulekileyo apho singenakutyhala uphawu ngokuhambelana neenkqubo zentengiso engaxhunyiwe kwi-intanethi a la Macys kuba asingomrhwebi jikelele. Ngokwenene malunga nencoko yababini, ukuzibandakanya kunye nomzamo wentsholongwane kunye nento uMonique asizisa yona zizinto ezininzi zaloo nto kwindawo yentlalo yoluntu.Andrew Reid Morgan StanleyNgoko ngokukhawuleza ngokwenene kwaye emva koko uye kwimibuzo kubaphulaphuli, ixabiso lesitokhwe sakho lifikile. phantsi ukususela ekuchazeni imivuzo ye-Q4. Kwaye ubeke indawo yokuthenga ngetyala. Uthenge kwakhona i-40 yezigidi zeedola zesitokhwe kwiminyaka emibini edlulileyo. Ngaba likhona ithuba apha lokwenza into malunga ne-recap ye-leveraged okanye into enokuthi ibaluleke ngakumbi?Dave BinderNgoko ke kakuhle isitokhwe sethu senyuka kancinane emva kokukhululwa kwemivuzo yethu, bendifuna nje ukucacisa oko. Ke ndithetha ukuba siyaqhubeka nokujonga ukuthengwa kwakhona kwesabelo njengendlela elungileyo yokubonelela ngexabiso lomnini sabelo. Ishishini lethu lityebile ngemali; sinemodeli yemali engasebenziyo endiqinisekileyo ukuba uninzi lwabantu luyayazi. Ngokukhula sivelisa amanqanaba aphezulu kakhulu okungena kwemali kunengeniso yethu eshiyekileyo, kwaye ke sikholelwa ukuba ukusasaza loo mali ukuze kuthengwe kwakhona izabelo ukuba ithuba liyavela liseyindlela elungileyo yokuzuza abanini-zabelo bethu bexesha elide. uyila ukuze emva koko uxhathise loo nto ibe ngumnqwazi okanye ukwenza nantoni na enkulu okanye engaphezulu kwentengiselwano ngokwendalo. Kukonyusa isivuno ukuba asiziva ngathi sifumana ixabiso elifanelekileyo kwintengiso kwisitokhwe sethu. Kwaye ndicinga ukuba yinto efanelekileyo kakhulu ukukhomba isitokhwe sethu sithande ukuguquguquka kakhulu, kwaye ke ukuba kukumjikelo oguquguqukayo apho ixabiso lisezantsi ngokwentelekiso xa sicinga ukuba uqikelelo olusisiseko luyinxalenye yokuzibandakanya kwishishini lethu. uzimele-geqe esicinga ukuba ukusebenzisa imali egqithileyo ukuthenga umva izabelo yeyona nto ilungileyo ukuyenza kubaninizabelo.Iseshoni yoMbuzo-neMpenduloUAndrew Reid Morgan StanleyVumela abaphulaphuli babone ukuba unemibuzo na. UmhlalutyiKumzekelo kaMonique, ukuba uyibethile ngaphandle kwepaki zingaphi iibrendi, mangaphi amagama onokuthi uwabhalise ngolo hlobo ngexesha elithile? Kwaye ukuba u-Im, mandifake igama le-intanethi ndiyaqikelela ukuba uluhlobo lokwakha indawo yentengiso ngaphakathi kweBlue Nile ngezi mpawu? UHarvey KanterIm ayizukuwuphendula ngokupheleleyo umbuzo wakho, kodwa impendulo yokuqala andazi. We dont have a vision that well be 20 or 30 brands, we dont have a vision that its only two or three. . Ekuphenduleni umbuzo wakho wesibini luhlobo oluxubileyo lwaloo nto: sinenkolelo yokuba umxholo kunye nokuba yiwebhusayithi engaphezulu nje, ngenxa yokungabi nandlela engcono yokuthetha ngayo, iwebhusayithi ethengisa iimpahla, ethengisa izinto. sinokuba yindawo enomdla kakhulu yokuchitha ixesha. Ndiyithetha kakhulu le nto kodwa umfazi wam ungumzekelo ogqibeleleyo. Ndibhekisa ukuba kakhulu uhlala esofeni ebusuku, ubukele umabonakude ngetablet yakhe kwaye yintoni umbono wam, ithemba lam ngeshishini lethu kukuba siya kuba yenye yeendawo aya kuzo ukuze afumane umxholo. Kwaye ke ngelo xesha ukuba iBlue Nile iyinxalenye ebalulekileyo yobomi bakhe, nanini na ecinga ngeqokobhe lobucwebe beza eBlue Nile. Kwaye wenza i-Huffington Post okanye izinto ezilolo hlobo apho ejonga nje ukuba yintoni i-buzz. Ukuba siqhuba umxholo ujongana nabaqulunqi kwaye ayisiyiyo nje into abayithengisayo kodwa yintoni ekwindlela yeenqwelomoya, apho babonisa khona, yintoni efanelekileyo, yintoni esefashonini olo ngquzulwano ngendlela eyakhayo yorhwebo kunye nomxholo uya kwenza uphawu lweBlue Nile lube yinyani. inxalenye etyebileyo yabathengi iphila kwaye yiloo nto ngokwenene ebezama ukuyenza. Kwaye ngelo xesha, xa ehleli esofeni kunye nethebhulethi eneyona ndlela ilungileyo yokumguqula kwaye abe nomthengi othembekileyo ngokumangalisayo. Kwaye abaqulunqi abaninzi ngokungagqibekanga akwenzi ukuba umthengi othembekileyo ngokumangalisayo. Kwaye abaqulunqi abaninzi ngokungagqibekanga abakwenzi oko ukuba kwenzeke. Abaqulunqi abalungileyo benza umxholo ochanekileyo ngokwenene incoko yababini yayizama ukudala.Uhlalutyi kwaye ngelo xesha unezacholo ezintle kakhulu kwivenkile yakho, kwaye ngokucacileyo zivela kubantu abaqulunqa ezi zinto kakuhle kakhulu kwithegi yexabiso elikhulu. Ke ndiyaqikelela ukuba into esingayiqondiyo kukuba bangaphi abayili osebenza nabo ngoku njengetotali? Kwaye xa uthengisa umntu ofana noMonique, loo nto itshintsha njani ijelo osele unalo? Kwaye uyaphi ngaloo nto nawe, kuba ndicinga ukuba inxalenye yayo asiqondi ukuba bangaphi abayili osebenza nabo. Singenise ngokwenene, ukusukela kwintengiso yendalo kwintlangano, uMlawuli woYilo. Ngokwenyani ungumfundi weSikolo sasePhiladelphia soYilo lwezacholo, kwaye ungumfazi ofundileyo oneminyaka engama-45 obekwishishini ixesha elide. Ukwindlu yethu yohlobo lomlawuli woyilo, kwaye sisihloko sakhe uMphathi woYilo. Ngaphaya kweMonique akukho yilo lokungena ukuba uyathanda kwinginginya yabayili. Sisebenza kunye neseti entle echaziweyo yababoneleli kwaye abo baboneleli banoyilo lwangaphakathi kwaye basenzela thina kuphela, kodwa ayingobayili be-cache. Bayiloo nto bayiyo bangabayili bangaphakathi, kwaye yeyeshishini lethu lobucwebe kunye neshishini lethu lokumisela. Sisiseko esihle soboneleli esimxinwa, ngoko ke sinobudlelwane bexesha elide naba bantu. Kodwa bayinxalenye yenkampani yabo yoyilo kwaye bayila inkampani yabo ebanzi, kwaye ke iseti yento abayiyileyo yenzelwe thina.U-Andrew Reid Morgan StanleyIll nje interject kunye nenye apha. Ke ngo-2012 nina bafana nixhamle ubuncinci kwisiqingatha sokuqala sonyaka kunye ne-comps elula kwixabiso ledayimani lonyaka-unyaka liyancipha. Njengoko bekunjalo ngo-2013 ngoku nina ninesikhokelo kwimarike esibandakanya uhlobo loqikelelo lwe-5% ukuya kwi-10% yokwanda ukuba ndikhumbula kakuhle. Iqala phi ukuba nzima ukuqhubeka nokukhulisa ishishini lakho lothethathethwano njengoko amaxabiso edayimani enyuka?Dave BinderNgoko ngokwembali, kakuhle phambi kowama-2011 apho yayiye yaguquka ngokwenene kwimarike, amaxabiso edayimani aya kuthanda ukunyusa i-5% ukuya kwi-10% ngokuthe ngcembe. , kwaye kwakukho ukulawulwa kakuhle kokunyuka kwamaxabiso kumaxabiso. Leyo yindawo apho kwixesha elidlulileyo iBlue Nile ikhulise icala lokuzibandakanya kwishishini layo kuluhlu olunamanani amabini. Kwaye ngoko siziva ngathi oko kusekho bume obutofotofo apho ixabiso isindululo ukuba siye resonates.If sibona volatility ukuphakama ukuya phambili kwaye siqala ukubona ukukhula amaxabiso diamond ukuba eziphathekayo ngaphezu 10% kakuhle mhlawumbi ukufumana kancinci uxhalabile ukuba siya kuba kwixesha elinzima njengokuba sasinjalo ngo-2011. Kodwa ngokuthetha ngokwembali kunye nokunyuka kwamaxabiso okuphakathi kweBlue Nile ibekwe kakuhle ukukhula.Andrew Reid Morgan StanleyKwaye ke ukuba sijonga kwi-2013, ngaba unokugqamisa amathuba amathathu aphezulu okanye iziqhamo ezijingayo? Ukhankanye uncamathiselo lwebhendi-uHarvey KanterYeah, ndingatsho ukuba akukho mbuzo ukuba awona mathuba mathathu makhulu kukutshintsha ukuthengisa kunye nokuthengisa, kwaye oko kube yinxalenye yesizathu sokuba ndiqeshwe kunye nenxalenye yesizathu sokuba ndijoyine. Eyesibini yi-parity ye-mobile parity kunye nokuzisa ukusebenza kwe-PC kwindawo esekwe kwiselula kwaye ukongeza ukusebenza kweempawu kuzo zonke iindawo ezisingqongileyo kuyimfuno ebalulekileyo yetekhnoloji. Kwaye ke eyesithathu esingakhange sithethe ngayo kwaphela ngaphandle kwayo ngamazwe ngamazwe. Sikholelwa ukuba imakethi yaseAsia-Pacific yintengiso eneneni, enentsingiselo. Abanye benu basibonile sibhengeza intsebenziswano no [Sho], sityale imali kwiqabane kunyaka ophelileyo, [Vay] elinezitena nodaka lwangaphambili. UMongameli wethu waMazwe ngaMazwe ngokoqobo uye e-Asia izihlandlo ezithathu sele ndijonge kulo nyaka kule veki izayo. Yinto ephambili ephambili kwaye sikholelwa ukuba imakethi yaseAsia iyonke ngokuqinisekileyo iya kuba yeyona marike inkulu yehlabathi kuthi kwaye ukukhula lelona thuba likhulu esinalo. Ngoko ke ezo zinkulu zethu ezintathu, iimbono ezinkulu.Andrew Reid Morgan StanleyKe naliphi na ithuba lokukrazula kwezo, ubhekiselele mhlawumbi kwi-1.7 yezigidi ukuya kwi-2.0 yezigidi zemitshato okanye imitshato ngonyaka ngamnye, ukukhulisa isabelo semarike kunxibelelwano olungundoqo?Dave BinderYeah, kakuhle kunye Ukukhula kuka-2012 malunga ne-20% kwishishini lethu lothethathethwano e-US ngokucacileyo babefumana isabelo kwaye sisicwangciso eso. Sibona imakethi ikhula ngesantya esiphakathi, ke ukuze sikhule kakhulu besithatha isabelo kwaye sisicwangciso eso. Sicinga ukuba bebengaphezulu kwe-4%, besondela kwi-5% yemarike e-US malunga ne-5 yeebhiliyoni zeedola kwimarike yabantu abachitha kwiikhonkco zothethathethwano. Kwaye siye sahlala sivakalelwa kukuba kufuneka sibe ngumdlali wesabelo semarike enamanani amabini kwaye leyo yindlela eyayikuyo. UHarvey KanterAmanqaku amaninzi okubhekisela kwi-parity ehambayo kunye nokuzisa umsebenzi we-PC kwiselula iya kukhulisa ngokubonakalayo icala lokuzibandakanya kwishishini. . Inyani nje yokuba abathengi bajonge ukubandakanyeka kwiindawo eziphathwayo kwaye sinomsebenzi otyebileyo kwiPC engasoloko ifikeleleka kwiselfowuni sicinga ukuba iya kuyitshintsha ngokwenene into yothethathethwano kuthi kwaye ixhase inxalenye yokuqhubeka nokuxhasa oko nangona kunjalo. kwenzeka ntoni ngexabiso. Kwaye i-tailwinds ebesinayo kulo nyaka uphelileyo, nokuba sinazo okanye asinazo mhlawumbi asiyi kuba nazo kwinqanaba elifanayo, kodwa kukho ezinye iindawo ezintle zedatha ezimele zixhase kwaye ziqhubeke nokuqhuba icala lokuzibandakanya kwishishini.Andrew Reid Morgan StanleyOkay . Njengoko uqhubeka ukhula kwicala elingabandakanyekiyo, ngaba uyakholelwa ukuba loo nto iza kuba yinkunzi enkulu kwaye ingaba iya kuba nefuthe ekuhambeni kwakho kwemali simahla? ukuthengiswa kweemveliso ezingezizo. Uyilo lwemigaqo yethu kunye nokuphuma kwethu kwemali kufuneka kuvelise inkunzi engathathi hlangothi okanye engalunganga yokusebenza. Ukuba sinokujika iimveliso kane ngonyaka imiqathango yethu ifana nokuba sikwimeko embi yokusebenza eyinkunzi. Ngokuhamba kwexesha, kuya kuba ngcono ngakumbi ukuba sinokufumanisa ngakumbi imodeli yomthwalo. Ngoko ke sinokulwela inkunzi yokusebenza engalunganga kwi-non-execution kunye nokubulawa kakuhle kodwa ngomngcipheko, kwaye ukuba sinokufikelela kwimodeli yomthwalo wayo kunye nomngcipheko ongaphantsi kakhulu okanye ongekho. inentsingiselo kwizigidi kodwa ayinantsingiselo kumashumi ezigidi kodwa ukuba ujonga kwiwebhusayithi yethu namhlanje sinoKhetho lweKhaphethi eBomvu kwaye oko kwanikezelwa ngokukodwa malunga neeOscars. Kodwa kwi-Q4 siyiphindaphinde kathathu into esiyibiza ngokuba lishishini lethu elingaqhelekanga kunye nomthwalo walo kuphela. Amanqaku ayo amaxabiso aphezulu kakhulu-i-$10,000, i-$20,000, i-$30,000 yamanqaku exabiso okanye ngaphezulu kodwa yiloo nto uDavide abhekisela kuyo malunga nokuzama ukuguqula isiqwenga esikhulu seshishini lethu ukuba sithunyelwe. abavelisi ukubeka umthwalo wezinto zeedola ezili-100 ukuze sibe nombono waloo nto, kodwa njengoko siqhubeka sifuduka ishishini lethu ukukwazi ukuhambisa loo modeli ngakumbi nangakumbi kwizacholo licandelo elisisityebi ngokwenene lemodeli eya kusebenza kakuhle ngokwemali.Andrew Reid Morgan StanleyKwaye imodeli yothutho ingumda nje omsulwa emva kokuthengisa owubekayo?Dave BinderPretty kakhulu. Asinalo uluhlu lwempahla.Andrew Reid Morgan Stanley Nawuphi na omnye umbuzo?