Isikhulu esiphezulu seBlue Nile Sethula eMorgan Stanley Technology, Media & Telecom Conference (Transcript)

Inkampani Blue Nile, Inc. (NASDAQ:NILE) Morgan Stanley Technology, Media & Telecom Conference February 26, 2013 5:30 PM ETExecutivesHarvey Kanter President & Isikhulu Esiphezulu UDavid Binder Isikhulu Esiphezulu Kwezezimali AbahlaziyiU-Andrew Reid Morgan StanleyAndrew Reid Morgan StanleyHi, igama lami ngingu-Andrew Reid. U-Im Morgan Stanleys Small Cap eCommerce Analyst kanye no-Im bajoyine uHarvey noDavid, i-CEO kanye ne-CFO ngokulandelanayo kweBlue Nile. Bekujabule kakhulu ukuba nabo namuhla. Siyabonga ngokuza.U-Harvey KanterOh kuhle ukuba lapha, ngiyabonga.U-Andrew Reid Morgan StanleyNgakho-ke ngicabanga ukuthi u-Id ngithanda ukuqala ngokubuza kancane mayelana nokuthi u-2012 uhambe kanjani ngokuhlobene nalokho obukulindele. U-Harvey, ujoyine ngo-March ka-2012 ngakho-ke akuwona unyaka ogcwele kuwe ngakho-ke ezinye zezinto ezihambe kahle, ezinye zezinto onomuzwa wokuthi ungathuthukisa kuzo lapha ngo-2013.Harvey KanterSure. Hhayi-ke, kungase kungabi unyaka ogcwele kodwa kuzwakala sengathi izithandani engingakutshela zona. Sahlanganisa izindawo eziningi. Besijabule kakhulu ngemiphumela yethu. I-dichotomy ethokozisayo uma uthanda ukuthi sijabule ngemiphumela yethu kodwa nokho sehlulekile, uma siqhathaniswa, sishodelwa yisiqondiso. Futhi ngakho-ke i-dichotomy. Kodwa sasinohlelo olukhulu kakhulu. Obekuthakasele kakhulu wukusheshisa okulandelanayo kwemiphumela yethu. Ngakho-ke kinina eningajwayelene ngempela, ngezibalo eziyindilinga sisuke ku-3 saya ku-13 saya ku-20 futhi sashesha saba yi-Q4.Ibhizinisi lethu eliwumgogodla, engicabanga ukuthi into ejabulisa kakhulu esheshisa kakhulu. Sibe nomphumela ophusile nokusebenzelana kwethu futhi empeleni bekuyizinga eliphezulu lempumelelo kokubili ekusebenzeni okuphelele nasekukhuleni okulinganiselwe eminyakeni emihlanu. Futhi sibe nesinyathelo esihle kakhulu sokukhulisa ama-akhawunti ekhasimende amasha, futhi sacishe sahlangabezana nezinga eliphakeme kakhulu lamakhasimende aphelele emlandweni wenkampani phakathi nokuphonswa kwamatshe ngokoqobo kodwa kwakuyizinga eliphakeme kakhulu lokukhula eminyakeni emihlanu futhi. Ngakho leyo yimiphumela ephusile ngempela. Siqede unyaka sihlanganisa no-15%; siqede i-Q4 ngo-21%. Sibe nokwenyuka ngo-16% emalini engenayo ngakho-ke kuyimiphumela ephusile ngempela. Engikushoyo ukuthi ngizizwa sengathi ngineminyaka emibili ngangena ngoMashi, sahlela kabusha kancane abanye beqembu. Sagijima kakhulu ekutholeni izingxenye zebhizinisi lethu futhi sabe sesichitha izinyanga ezintathu sizama ukulungiselela i-Q4, futhi i-Q4 njengoba abaningi benu nazi ukuthi kwakungeyona i-Q4 eyayilindelwe yiwo wonke umuntu. Futhi ngakho kwaba uhlobo lwendawo eyinselele ukwenza konke lokho. Sabe sesiqeda unyaka endaweni enhle kakhulu. Ngakho-ke i-inventory yethu isetshenziswe ngonyaka odlule. Empeleni kuphume icala elincane uma uthanda obekujabulisa ngempela futhi besicabanga ukuthi sibekwe kahle ku-13. Futhi sibhale ukukhula okunengqondo kuleso sigaba. Okokugcina ngingasho ukuthi abanye benu basizwile sikhuluma ngokungathembisani, futhi bajabule kakhulu ngokuqhubeka nokwakhela phezu komnyombo wokuthembisana. Kodwa ekuhlanganyeleni, akwenzekanga konke njengoba besilindele. Sesikushilo lokho, sisacabanga kahle ukuthi besiphokophelephi, okuwukukhulisa isibalo samakhasimende ukubandakanya ingxenye yesifazane yomthengi wethu ezingeni eliphezulu kanye nokukhulisa ibhizinisi eliphindaphindayo elitholakala ekungabandakanyeni nomthengi wesifazane indlela efanele.Besishintsha indlela esikwenza ngayo lokho ngezinga lamaqhinga kodwa kubalulekile ukuthi wazi ukuvumelana esiqhubeka ngakho ukuya phambili mayelana nokushayela ngempela okuyisu, ngenxa yokuntuleka kwesiqondiso samagama esingcono. Futhi ngingayifanelekela njengesikhathi esingaphezu koshintsho lwesu.U-Andrew Reid Morgan StanleyNgiyabonga. Ngakho-ke uma sibheka ukuthi ukuphi ngokwesisekelo samakhasimende kukho kokubili ukusebenzelana nebhizinisi okungabambisani kanye nenhlanganisela yokuthengisa, ungakhuluma kancane ngokuthi ubona kanjani lokho kuguquka? Ngicabanga ukuthi ekuhlanganyeleni kuzwakala sengathi izinto zihamba kahle. Ekuhlanganyeleni, ingabe kuzoba ukuthi ufuna ukusebenzisa amadola amaningi okumaketha ukuze umakethe eqenjini elibanzi lamakhasimende angaba khona noma ufuna ukuthatha iqembu lamakhasimende lamanje onalo futhi uthengise nje izinto abazithandayo? KanterIs empeleni kokubili. Kuyahlekisa uma ubuza umbuzo ongeke ukwazi ukuwuphendula ngokuqondile, kodwa kuyahlekisa ngoba ngokweqiniso kunezinhlelo eziqhubekayo engingabhekisela kuzo ezikhuluma ngokukhethekile ngokuthuthukisa ikhasimende eliyinhloko esinalo, leyo ngxoxo yakudala yeThe best customer yilena onayo. . Sikholelwa ukuthi liningi kakhulu ibhizinisi elibhekelela izidingo zakhe ngemva kokuba esethembisene umshado, okuyikhasimende lethu eliyinhloko kanye nalo, futhi useza kakade kuwebhusayithi. U-60% wethrafikhi yethu ukhiqizwa umthengi wesifazane ngakho sikholelwa ukuthi likhona ithuba lokumbandakanya ngendlela ebambekayo. Futhi besenza izinto eziningi esingakhuluma ngazo ukuze sihlanganyele futhi sandise ithuba naye ngokwemali engenayo. I-flipside yakho iwukuphishekela kwethu ukuzuza, silindele ukuthi sibe namakhasimende amaningi amasha azoza kithi kulo nyaka ngokubaluleka kwethu kokutholwa njengoba senza ngonyaka odlule ngenombolo ephelele, futhi lokho kunengqondo kakhulu. Ngakho-ke uma ngingakwazi ukuhlehlisa kancane. Ngifuna ukukhuluma ngalokho obekwenziwa ukuthuthukisa ikhasimende lamanje yizinto ezimbili ezinkulu zamasu. Enye ithuthukisa izinga lokusebenza kwesici esibalulekile kithina njengesidlali se-inthanethi ukuze sidale okuningi kokungu-a, ngenxa yokuntuleka kwendlela engcono yokusho indawo yezitini nodaka ngendlela enokwenzeka ngayo ngendlela enengqondo; ngakho-ke ukubonwa kwesayithi noma ukubonwa komkhiqizo, ividiyo engu-3600, izithombe zamadayimane ethu, isifanisi sebhendi ngokuyisisekelo okuyikhono lokunamathisela amabhendi engeziwe kukho konke okwenziwayo kokuhlanganyela ngokubonisa ngokoqobo ukuthi yimaphi amabhendi ahambisana nanoma yiziphi izindandatho zokuhlanganyela. Lezo zibukeka zingajwayelekile ezingeni elilodwa kodwa iqiniso lendaba ukuthi bekungathuthukile kuzo zonke lezo zici ngendlela esifuna ukuba ngayo. Okunye okuzobandakanya ikhasimende lamanje kodwa limbandakanye ngempela lapho lifuna ukuba khona lapho lifuna ukuthembisana umshado, okuqalwa ngokudala ukulingana kwe-PC yethu kuzo zonke izindawo zamaselula. Ngakho-ke sithanda ukucabanga ukuthi siqambe igama elithi [phablet] nakuba sazi ukuthi asizange senze kanjalo, kodwa i-phablet ngokuyisisekelo iyifoni nethebhulethi. Futhi enye yezinselelo ukusebenza kwesici esiqinile ku-PC akuhumusheki namuhla endaweni esekwe kusiphequluli seselula. Ngakho-ke okuningi obekwenziwa wukuletha lezo zonke izindlela, ngenxa yokushoda. ngendlela engcono yokukusho, ukungahloniphi kwesiteshi kanye nokuba nolwazi olufanayo lwesiphequluli. Ngaleso sikhathi uzokwazi ukuzakhela ubucwebe bakho, usesho lwedayimane oluthuthukisiwe kanye nezinto eziningi eziyobe sezikhuluma nekhasimende lapho lifuna ukudingidwa khona, lapho lizimisele ukufinyelela ibhizinisi lethu. Kodwa lokho kuzokhulisa ikhasimende eliwumgogodla, leli esinalo namuhla. Futhi ngokusobala njengoba sithuthukisa ibhizinisi lokuxhumana, siqhubeka nokutshala imali ezintweni zethu zokumaketha, sikholelwa ukuthi sizoqhubeka nokukhulisa uhlobo lweBlue Nile sidala izinga elingcono lokuqwashisa. ngalokho esikumelelayo futhi empeleni sibandakanye ikhasimende elisha. Futhi ngakho ekugcineni kungani ngishilo kokubili.Andrew Reid Morgan StanleyOkay. Ngakho-ke uma sibheka uhlobo olusanda kudlula, ngicabanga ukuthi elinye lamathuba athokozisayo eninawo ukuthi ningene ohlangothini olungahlangene lwebhizinisi. Ngicabanga ukuthi akuhambanga kahle ngendlela owawungathanda ngayo ngo-2012 kodwa kungenzeka ukuthi kwakungenxa yokuntengantenga kwezimali ngasekupheleni konyaka. kumthengi ohlukile ozothenga ngakho-ke abantu abaningi bangase bacabange ukuthi lokho kuzodinga umkhiqizo noma ukuphuma futhi uthole ubucwebe kubaklami begama lomkhiqizo.U-Harvey KanterUyazi, kunezinto ezintathu ezinkulu ngempela ebezizama ukufeza. Enye iwukuqwashisa nje okulula nokulula. Ngingakutshela ukuthi isibonelo esihle kakhulu, ngoSuku Lwezithandani ngithenge indodakazi yami okungelona ikhasimende esiliqondise, kodwa ngamthengela ubucwebe boSuku Lwezithandani futhi yangibuza ukuthi ngibutholephi. Futhi kwaba uhlobo mesmerizing ukuthi angabuza ukuthi mayelana jewelry esitolo kodwa wacabanga ukuthi kukhulu ngempela. Kwakungosuku lwe-Valentines futhi iqiniso lodaba ukuthi wangitshela ukuthi unesipiliyoni lapho abantu abaningi bethi Ulithathephi? Lokho ngokwakho kungenye yezinselelo zethu, ukuthi siqale ngekhasimende lesilisa, cishe uneminyaka engama-30 futhi usebhizinisini lokuthembisana. We dont transition him through lifes great events and so thats one of the challenge, that is after you buy that engaged ring theres birthdays, theres anniversaries, theres Bar Mitzvah izipho, theres 75 years old mother gifts. Kukhona zonke lezo zinto esingakwazi ukuzenza futhi asenzi umsebenzi omuhle ngokwanele, ngakho-ke into eyodwa. Isici sesibili, ebesizama ukuzenza njengoba sicabanga ngokushintsha uhlangothi lokungabandakanyeki lwebhizinisi lethu ukushintsha umbono wethu. Ngakho-ke abanye benu basizwile sikhuluma ngemfashini futhi enye yezinto ezibheka emuva i-20/20, siye sahamba kancane kakhulu ngemfashini futhi asizange sibe nedatha eyanele ukuze siyiqonde ngenkathi siqala inqubo yokukhetha izinga lapho sasidinga ukuguquka. Futhi kithina, ukungahoshelani amabhendi, ubucwebe bedayimane nalokho esikubiza ngokuthi enye imfashini okungamagugu, isiliva, amaparele, igolide, kanye nokukhohlwa okukodwa. Ngalololunye uhlangothi lwebhizinisi, leyo enye imfashini sahamba kakhulu, futhi ngokuyisisekelo ikhasimende lathi Yikuphi ukufunda okuhle, kodwa ngokuyisisekelo sahamba kakhulu ngokwezinga lemfashini ekuxubeni. Futhi ngokuphambene, ngemuva kokuthi sidlule ekujuleni okujulile kweminyaka emihlanu yedatha saqonda ukuthi ingxenye yalokho esingakwenzanga ukukhulisa amanye amabhizinisi ethu okwenza umqondo owengeziwe sisebenzisa idatha esinayo ngokomlando endlini eyayithi ubucwebe bedayimane ithuba elikhulu kunalokho ebesikulindele.Ngakho-ke lapho sikhula imfashini, ukungabandakanyeki salandela izinto ezifana namagugu. Salandela ubucwebe bedayimane kodwa isibalo sesitayela sethu sasingakhuli kubucwebe bedayimane ezingeni elifanayo nesohlangothini lwemfashini lwebhizinisi; okungukuthi, amagugu nezinto zaleyo mvelo. Futhi ngakho-ke ukubheka emuva 20/20, senze ikhasimende lisitshele ukuthi lifuna ubucwebe bedayimane obengeziwe. Ijubane lobucwebe bedayimane lalingcono, ukukhiqiza kwaba ngcono. Isibalo sesitayela besingenamandla. Ngokuphambene, silandele uhlangothi lwebhizinisi azange nje kuphela ukuthi enye yemfashini ingadayisi kodwa sasihlungwe ngokweqile, ayizange ikhiqize njengoba ibidingeka. Ngakho-ke besihlangana kabusha kulokho futhi ngokuhamba kwesikhathi silindele ukuthi ibhizinisi lethu elingahlangene lizovela. Ngakho-ke futhi, ngithe phambilini bengisaphishekela izinto ezifanayo kodwa ngobuchule indlela esiyenza ngayo iwukufunda esibe nakho kulo nyaka. Futhi uma sikhuluma iqiniso, iBhodi, sizizwa sijabule ngempela ngalokho kufunda ngoba ukube asizange sifunde futhi ibhizinisi livele lingasebenzi ukube belihlanganiswa kakhulu, imiphumela yethu, besingeke silibone ikhono, imephu yomgwaqo yokungena endaweni entsha. I-BinderNgicabanga ukuthi nayo iyathakazelisa, uma ubheka osayizi bemakethe ngakho-ke uma sibheka ukungabambisani, imakethe ekwazi ukubhekana nayo e-United States cishe yayo yonke i-$ 50 billion. Lokho kuhlanganisa amabhendi omshado esesivele sikhuluma nawo kulawo makhasimende, futhi amabhendi omshado cishe angamabhiliyoni ama-4 kuya ku-$5 wezigidigidi zaleyo makethe ephelele ekwazi ukulungiseka. Ngakho-ke inkulu futhi inezithameli ezazivele zikhuluma. Ubucwebe bedayimane bucishe bube ngamaRandi ayizigidi eziyizinkulungwane ezingama-25 futhi lokho kuyizethameli ingxenye ethile ezazivele zikhuluma nazo ngoba zazikhuluma nomfana oza kusayithi, ozama ukuqonda izici zamadayimane. lokho kungamtshela ukuthi athenge. Ikhuluma nezinto ezihlukile zochungechunge lwethu lokunikezela, ukuthi sinezinzuzo ezijulile zokuncintisana. Ngakho-ke ezinye zezimakethe ezingalungiseka, izingcezu ezinkulu zaleyo makethe ekwazi ukubhekana nazo zase zikhuluma nalawo makhasimende ngalokho abekwenza ngasohlangothini lokuthembisana.Ukunwetshwa kwezinye izinto zemfashini ezingaphandle kobucwebe bedayimane noma ngaphandle kwamabhendi omshado ithuba elihle kithina futhi singanweba izethameli esikhuluma nazo, ngokwengxenye ngenxa yokuthi ingemuva komkhiqizo owazakhela ekuhlanganyeleni namabhendi omshado nobucwebe bedayimane. Kukhona imvamisa eminingi lapho, izethameli zakhona ezinkulu kodwa into esingakhula sibe yikho kancane kancane ngenkathi sisebenzisa amathuba amakhulu ngaphakathi kobucwebe bedayimane namabhendi omshado.U-Andrew Reid Morgan Stanley Ngabe lelo su lingadinga ukuthi ugxile kuwena futhi uthande lokho izibalo zabantu besilisa? Noma ulwenza kanjani lolo shintsho kusukela ekuthengiseni indandatho yomshado kumfana, umakoti, bese umenza ukuthi athole unkosikazi wakhe kuHarvey KanterKungenzeka okungenani ngezindlela ezimbalwa ezihlukene. Enye iwukuba ukumaketha kwethu kuyathuthuka. Ngakho ukwenza kube ngokwakho, ukumaketha komjikelezo wempilo asikalikhulisi lelo thuba. Ngakho-ke ngishilo lapho eseneminyaka engama-30 ubudala futhi ethenga leyo ndandatho yokuthembisana, yonke imicimbi yomjikelezo wempilo eyenzekayo ngemva kwalokho asizange sikukhulise lokho. Enye into ukuthi, ubuze umbuzo ukuthi kufanele yini sikhulume naye ngendlela ehlukile asimbheki njengekhasimende elihlukile elifana neBlue Nile kanye nelinye ibhizinisi. Usevele eza esizeni. Shes ukuthenga izakhi eziningi ukuthi kukhona kusayithi. Besingakhulisi lokho kukho konke okunikezwayo. Sesiphelile. Ingxenye ye-bulldog yebhizinisi lethu amakhasimende amasha angasazi ngokungafani namakhasimende ahlukene, ngakho-ke indlela owuveze ngayo umbuzo okungenani kancane umbono wethu ukuthi asinalo ikhasimende elihlukile. Kufanele simbandakanye ngendlela ehlukile.U-Andrew Reid Morgan StanleyOkay. Futhi Dave, ubukhuluma ngedatha futhi udlula eminyakeni emihlanu yedatha ngaphambilini. Hlobo luni lobuchwepheshe oluletha kuqhinga lakho lokuthengisa? Noma uma ucabanga ngendlela yokuthuthukisa ibhizinisi lakho, uyisebenzisa kanjani idatha ukuze usize ukwenza izinqumo ezingcono?I-Dave BinderSo i-Blue Nile isungulwe njengomthengisi we-inthanethi onezibalo zedatha ezinothe kakhulu namathuluzi. Kwaqala ngempela ngokuthengisa lokho okwakungamadayimane angu-20,000 noma angu-30,000 axegayo manje afinyelela ku-150,000 amadayimane axegayo, nokuqonda indlela yokukhulisa isivinini, amazinga okuguqulwa; nalapho amakhasimende enquma ukuthenga nalapho engafuni khona ukuze sikwazi ukukhulisa amamajini ngokuqhathanisa nokuthengisa. Ngakho-ke kukhona isethi ejulile yamathuluzi okuhlaziya asabalale ngokujulile kuyo yonke inhlangano yethu ukuze siqonde ukuthi yini esebenzayo nokuthi yini engenzeki.Okwenzekile eminyakeni emithathu noma emine edlule sinwebe lawo mathuluzi ukuze siqonde ngempela ukuthi singayithuthukisa kanjani imali yokuthengisa ukuze kutholwe amakhasimende nokuthi kanjani. ukuze kuthuthukiswe ukuthengiswa kobucwebe abangabambisani. Futhi lokho bekukusha kithina: ukulungisa lawo mathuluzi nokunika amandla abantu abaphethe inkampani ukuthi basebenzise lokho kuhlaziya ukuthola ukuthi yimuphi umkhiqizo olungile nokuthi iyiphi intengo elungile. Ngingakusho lokho ngakho konke ukujula. , amathuluzi okuhlaziya anothile esisekelweni seBlue Nile besingenawo amandla ajulile okuthengisa. Ngakho-ke ngenkathi sethula kabusha isu lethu ekuqaleni kuka-2012 sabona ngokwengxenye ukuthi singabahwebi, futhi njengoba sandisa imikhiqizo esiyithengisayo sidinga abathengisi. Sidinga abantu, abathengisi abangasebenzisa leyo datha ngendlela ehlukile ukuze banwebe i-assortment, bese kufika u-Harvey.Andrew Reid Morgan StanleyOkay. Futhi ngicabanga ukuthatha leso sinyathelo esisodwa phambili mayelana nokuletha isipiliyoni sokudayisa, uthini umbono wakho mayelana nokuzama ukuphuma nokudala ubambiswano obengeziwe, ubudlelwano obufana nobabo noMonique Lhuillier ukuze uthole uhlobo oluthile lokuqwashisa ngomkhiqizo eBlue Nile?Harvey KanterYeah , uMonique Lhuillier ube yindaba yempumelelo eyisimanga ngempela. Nangempela sashaya izinombolo zethu ngancokola noDavid, uyena obezitshela ukuthi sifika phezulu kodwa sibe nomphumela omuhle impela. Sajabula kakhulu ngakho. Okujabulisayo kuyingxenye yalokho asenzele khona ukuthi usilethela i-cache njengomklami, usilethela imfashini. Amaphuzu entengo akhe amaphakathi aphezulu kunamaphuzu entengo ethu amanje; umkhawulo wakhe uphakeme kancane kunamamajini ethu amanje kodwa asenzela khona kuveza amanye amathuba amaningi. Imfashini yakhe ethokozisayo, ngokwezinga eqondakala ngayo, ithengise kangcono kunezinga lakhe eliphakeme kakhulu lemfashini elihlobana kahle nomlando wethu wokungathembiseni umshado ku-Q4. Kodwa futhi akwenzayo udala ikhono lokuqonda ukuthi akayona nje inkampani yabashadile. Ngakho-ke bengitshela abanye abantu ekuqaleni kosuku ukuthi ngenkathi eshaya, ngesonto lokuqala alishaya sathengisa amayunithi angama-21 futhi lokho akuzwakali njengokuningi. Kodwa uma isilinganiso sakhe sentengo singu-$8000, amaRandi angu-9000 inombolo enengqondo. Amayunithi angama-21 akhiwe amayunithi ayi-13 ezilungiselelo zomshado kanye namayunithi ayi-8 amabhendi, futhi lokho ngokwako ngokuvamile kuyinqubo yenyanga eyodwa kuya kwezintathu. Kodwa amakhasimende ayazi ukuthi ukusayithi kanye nomzuzu ayishaya ngawo wadayisa.Into yesibili ejabulisa ngempela ngalokho ukuthi amabhendi ngokomlando awadayisi ngalelo zinga lesilinganiso sethu yingakho ngibhekise iqiniso lokuthi sikholelwa ukuthi sinebhendi. ithuba lokukhulisa izinga lokunamathiselwe. Kodwa esikubonayo ukuthi abesifazane abaningi ekuqaleni babethenga amabhendi okwakungowobucwebe, hhayi ukuthi abe ibhande lomshado elihambisana nendandatho yakho yomshado. Ngakho-ke sikholelwa ukuthi ithuba lokukhulisa ubucwebe bemfashini ngo-Monique libalulekile futhi empeleni sethula izinga elithile elincane lobucwebe bemfashini noMonique engxenyeni yesibili yalo nyaka. Kodwa futhi uma ucabanga ngawo wonke lawo maphuzu edatha engisanda kuwasikisela, sikholelwa ukuthi uma singathola okunye esingakuchaza njengenqolobane, umklami ofaneleka ngempela embonini ozothuthukisa ibhizinisi lethu Futhi besingafuni ukuletha imikhiqizo ngamaplate amagama ngoba iBlue Nile ifuna ukuba nokukhethekile njengamadayimane, into ecebile ngempela futhi enenjongo. Kodwa uma umkhiqizo usenzela isambulela semfashini, uxhumana kakhulu nabathengi besifazane ngoba siyazi ukuthi abesifazane babeqondisa lokho kuthenga kulelo sonto lokuqala, hhayi amadoda; futhi isivele ine-orientation kubucwebe sikholelwa ukuthi kukhona okuphambene nokunye okunikelwe komkhiqizo. Futhi bengikuhlola lokho kodwa ngizokutshela ukuthi ukusha kwayo kuhamba kancane. Besingabhekile ukwengeza amagama nje ngenxa yamagama.U-Andrew Reid Morgan StanleyOkay. Ngakho-ke ingabe ucabanga ukuthi njengoba ubheka, futhi angifuni ukusho ukuthi dala iphothifoliyo yemikhiqizo noma abaklami kodwa ingabe lokho kuzokwanela ukuqeda lokho onakho ungaxhunyiwe ku-inthanethi, izimbangi zakho lapho? Ngoba ngicabanga ukuthi uma ubheka nje, noma ngabe izitolo ezinkulu noma ubucwebe bezitolo ezikhethekile, bachitha imali eningi kakhulu ekukhangiseni. Ngakho-ke uluthola kanjani uhlobo oluthile lwe-asymmetric leverage ngaphandle kwebhizinisi lakho ukuze uqhudelane nabo?Harvey KanterYeah, ngingasho okokuqala nokuthi asibhekile ukuba, hhayi inhloso embi, kodwa iphothifoliyo yemikhiqizo. Sizokhetha kakhulu kulokho esikuletha ebhizinisini leBlue Nile, inombolo yokuqala. Okwesibili, esikubhekile ngempela, futhi uMoniques uyisibonelo esiphelele aqanjwa ngaso njengomunye wabesifazane abangu-50 abanamandla kakhulu ngo-2011. Ungomunye wabaphambili Bathi ungumklami we-14 ohlonishwa kakhulu emhlabeni kwabangu-15 abahamba phambili. Ngempela usilethela into eyisijobelelo kulokho esikwenzayo, futhi njengoba sibheke ukuletha imfashini eyengeziwe noma izici eziningi zalokho akwenzayo, into ezama ukuyenza ukuguqula umbono wokuthi akukona mayelana ngokoqobo nakakhulu mayelana negciwane. ubunjalo balokho akwenzayo kanye nezici eziyingqayizivele zalokho akwenzayo. Ngakho-ke uma ungazi okuningi ngo-Monique, ezinye izici ezisekela lokho ukuthi unomugqa wokugqoka wesenzakalo esikhethekile namuhla. Usanda kwethula izicathulo zase-Italy. Waziwa kakhulu kuma-Oscar kakhaphethi obomvu, Ugqokeni? Ungomunye wabantu abathi bamgqokile, manje sebegqoke ubucwebe bakhe kanye nezingubo zakhe.Futhi kukhona i-viral element anayo abalandeli abaningi be-Facebook, abalandeli be-Twitter, abalandelayo be-Pinterest futhi abaqondana kahle nomphakathi wethu. ukuzijwayeza kwemidiya lapho singabantu abasebenzisa ubucwebe abahamba phambili emhlabeni ku-Pinterest futhi ngiqonde lokho ngokwezwi nezwi. Abukho ubucwebe obukhulu kunathi ku-Pinterest futhi singomunye wabacwebi abahamba phambili emhlabeni kuFacebook. Ngakho-ke kunesici esibalulekile salokho lapho singeke siphushe khona ukumaketha ngokuya ngezinhlelo zokumaketha ungaxhunyiwe ku-inthanethi i-la Macys ngoba asibona nje umthengisi ojwayelekile. Imayelana nengxoxo, ukuzibandakanya kanye nomzamo wegciwane kanye nalokho uMonique asilethela kona kunezici eziningi kakhulu zalokho endaweni yezokuxhumana.U-Andrew Reid Morgan Stanley phansi kusukela ekubikeni amaholo e-Q4. Futhi ubeke indawo yekhredithi endaweni. Ubuyisele isitoko esingu-$40 million eminyakeni emibili edlule. Ingabe likhona ithuba lapha lokwenza okuthile mayelana nokuphindaphinda okunamandla noma okuthile okungaba okubaluleke nakakhulu?Dave BinderNgakho-ke isitoko sethu sivele ngemva kokukhishwa kweholo lethu, bengifuna ukukucacisa lokho. Ngakho-ke ngiqonde ukuthi siyaqhubeka nokubuka ukuthengwa kabusha kwesabelo njengendlela enhle yokunikeza inani labanikazi bamasheya. Ibhizinisi lethu linothile ngokungena kwemali; sinemodeli yemali esebenzayo engasebenzi engiqinisekile ukuthi iningi labantu iyalazi. Ngokukhula sikhiqiza amazinga amakhulu kakhulu okugeleza kwemali kunenzuzo yethu yonke, ngakho-ke sikholelwa ukuthi ukusebenzisa leyo mali ukuze sithenge kabusha amasheya uma ithuba livela kuseyindlela enhle yokuzuza abaninimasheya bethu besikhathi eside. Ngeke ngisho ukuthi ukuklama ukuze bese uphakamisa lokho kukepisi noma ukwenza noma yini enkulu noma ethe xaxa ngokwemvelo. Ukuthuthukisa ngempela isivuno uma singezwa sengathi sithola inani elifanele emakethe esitokweni sethu. Futhi ngicabanga ukuthi kuyinto efanelekile kakhulu ukuveza ukuthi isitoko sethu sivame ukuguquguquka kakhulu, ngakho-ke uma kumjikelezo oguquguqukayo lapho intengo iphansi kakhulu uma sibheka lokho esicabanga ukuthi ukulinganisa okuyisisekelo kuyingxenye yebhizinisi lethu. okuzimele esicabanga ukuthi ukusebenzisa imali eyeqile ukuze ubuyisele amasheya kuyinto elungile ongayenza kubanikazi bamasheya.Iseshini Yemibuzo NezimpenduloU-Andrew Reid Morgan StanleyAke siphendukele izethameli ukuze sibone ukuthi unemibuzo. UmhlaziyiNgokwesibonelo sika-Monique, uma uyikhipha epaki zingaki izinhlobo zemikhiqizo, mangaki amagama ongawabhalisa kanjalo esikhathini esithile? Futhi uma u-Im, ake ngijove igama le-inthanethi ngicabanga ukuthi ufuna ukwakha imakethe ngaphakathi kwe-Blue Nile ngale mikhiqizo? U-Harvey KanterNgeke ngiwuphendule ngokuphelele umbuzo wakho, kodwa impendulo yokuqala ithi angazi. Asinawo umbono wokuthi kahle kube yimikhiqizo engama-20 noma engama-30, asinawo umbono wokuthi amabili noma amathathu kuphela. Ekuphenduleni umbuzo wakho wesibili uhlobo lwenhlanganisela yalokho: sinenkolelo yokuthi okuqukethwe nokuba iwebhusayithi engaphezu nje kwe-, ngenxa yokuntuleka kwendlela engcono yokukusho, iwebhusayithi ethengisa izimpahla, ethengisa izinto. singaba yindawo eheha kakhulu ukuchitha isikhathi. Lokhu ngikusho kaningi kodwa umkami uyisibonelo esiphelele. Ngikhomba ukuthi kakhulu uhlala kusofa ebusuku, ubukela i-TV nge-tablet yakhe nokuthi umbono wami uyini, ithemba lami ngebhizinisi lethu ukuthi sizoba ngenye yezindawo avele aye kuzo ukuze athole okuqukethwe. Ngakho-ke ngaleso sikhathi uma iBlue Nile iyingxenye ebaluleke kangaka yempilo yakhe, noma nini lapho ecabanga ngegobolondo lobucwebe woza eBlue Nile. Futhi wenza i-Huffington Post noma izinto zalolo hlobo lapho ebheka khona ukuthi yini i-buzz. Uma sishayela okuqukethwe ngokuhambisana--sibuka abaklami futhi akukona nje lokho abaklami abakuthengisayo kodwa lokho okusendleleni yezindiza, lapho kukhombisa khona, yini efanelekile, yini eyimfashini lokho kungqubuzana ngendlela enhle yezohwebo nokuqukethwe kuzokwenza uhlobo lweBlue Nile lube ngempela. ingxenye ecebile yokuphila kwabathengi futhi yilokho ababezama ukukwenza ekugcineni. Futhi ngaleso sikhathi, lapho ehlezi kusofa nethebhulethi kufanele abe nendlela engcono kakhulu yokumguqula futhi abe nalelo khasimende elithembeke ngendlela emangalisayo.Futhi abaklami abengeziwe ngokuzenzekelayo abalenzi lelo khasimende elithembeke ngendlela emangalisayo. Futhi abaklami abengeziwe ngokuzenzakalelayo abakwenzi lokho kwenzeke. Abaklami abalungile abakha okuqukethwe okulungile ngempela ingxoxo bebezama ukuyidala.UkuhlaziyaFuthi kuleso phuzu unobunye ubucwebe obuhle kakhulu esitolo sakho, futhi ngokusobala buvela kubantu abaklama lezi zinto kahle kakhulu ngentengo enkulu. Ngakho-ke ngicabanga ukuthi esingakuqondi kahle ukuthi bangaki abaklami empeleni osebenza nabo manje njengengqikithi? Futhi uma umaketha umuntu onjengoMonique, lokho kusishintsha kanjani leso siteshi osuvele unaso? Futhi uyaphi nalokho, ngoba ngicabanga ukuthi ingxenye yakho asiqondi ukuthi bangaki abaklami osuvele usebenzisana nabo.U-Harvey KanterYebo, empeleni asinalo inqwaba yabaklami. Silethe ngempela, kusukela ekuziphendukeleni kokuthengisa enhlanganweni, uMqondisi Wokuklama. Empeleni ungumfundi we-Philadelphia School of Jewelry Design, futhi ungowesifazane ofundile oneminyaka engu-45 obesebhizinisi isikhathi eside impela. Usohlotsheni lwethu lwangaphakathi lomqondisi wedizayini, futhi leso isihloko sakhe Umqondisi Wokuklama. Ngale kwe-Monique ayikho i-design entre uma uthanda inqwaba yabaklami. Sisebenza nesethi echazwe kahle yabahlinzeki futhi labo bahlinzeki banomklamo wangaphakathi futhi baklama thina kuphela, kodwa ababona abaklami benqolobane. Bayilokhu abayikho nje bangabaklami bangaphakathi, futhi lokho okwebhizinisi lethu lobucwebe kanye nebhizinisi lethu lokumisa. Isisekelo sayo sabahlinzeki esihle kakhulu, ngakho sinobudlelwano besikhathi eside nalaba bantu. Kodwa bayingxenye yenkampani yabo yokuklama futhi baklama inkampani yabo ebanzi, bese kuthi isethi yalokhu abayiklamayo iqondene nathi ngqo.U-Andrew Reid Morgan StanleyUzovele angenele enye lapha. Ngakho-ke ngo-2012 nina bafana nihlomule okungenani ekuqaleni konyaka ngama-comps alula ekwehleni kwentengo yedayimane yonyaka nonyaka. Njengoba kwakunjalo ngo-2013 manje nina bafana ninesiqondiso emakethe esihlanganisa uhlobo lwesilinganiso sokunyuka okungu-5% kuya ku-10% uma ngikhumbula kahle. Kuqala kuphi ukuba nzima ukuqhubeka nokukhulisa ibhizinisi lakho lokuthembisana imali njengoba amanani edayimane enyuka?Dave BinderNgakho ngokomlando, ngaphambi kuka-2011 lapho lalishintshashintsha khona emakethe, amanani edayimane azokwenyuka kancane kancane ngo-5% kuya ku-10%. , futhi kwaba khona ukwenyuka kancane kancane kwamanani entengo okulawulwa kahle. Leyo yindawo lapho esikhathini esidlule iBlue Nile ikhulise khona uhlangothi lwebhizinisi layo ebangeni elinamadijithi amabili. Futhi ngakho-ke sinomuzwa wokuthi lokho kuseyindawo enethezekile lapho isiphakamiso senani esinaso siphindelela.Uma sibona ukuguquguquka okuphakeme kuya phambili futhi siqala ukubona ukukhula kwamanani edayimane angaphezu kuka-10% kahle mhlawumbe sikhathazeke kancane ngalokho. sizoba sesikhathini esinzima njengoba sasinjalo ngo-2011. Kodwa ngokomlando uma sikhuluma nge-inflation emaphakathi I-Blue Nile isesimweni esihle sokukhula.U-Andrew Reid Morgan StanleyFuthi uma sibheka u-2013, ungakwazi yini mhlawumbe ukugqamisa amathuba amathathu aphezulu noma isithelo esilenga kancane? Ushilo okunamathiselwe kwebhendi-Harvey KanterYeah, ngingasho ukuthi akungabazeki ukuthi amathuba amathathu amakhulu okuletha ukuthengisa nokuthengisa, futhi lokho kube yingxenye yesizathu sokuthi ngiqashwe kanye nengxenye yesizathu sokuthi ngijoyine. Okwesibili ukulinganisa kweselula kweselula nokuletha ukusebenza kwe-PC endaweni esekelwe kumakhalekhukhwini futhi ukwengeza izici zokusebenza kuzo zonke izindawo kuyisidingo esibalulekile sezobuchwepheshe. Bese kuthi eyesithathu esingakakhulumi ngayo nhlobo kodwa eyamazwe ngamazwe. Sikholelwa ukuthi imakethe yase-Asia-Pacific iyimakethe ngempela, enenjongo ngempela. Abanye benu babonile ukuthi simemezele ubambiswano no-[Sho], sitshale imali kuzakwethu ngonyaka odlule, i-[Vay] enezindawo zesitolo zezitini nodaka. UMongameli wethu Wezizwe Ngezizwe useke waya e-Asia izikhathi ezintathu kulo nyaka engibheke kuwo ngesonto elizayo. Kubaluleke kakhulu futhi sikholelwa ukuthi imakethe yase-Asia isiyonke izoba yimakethe yamazwe omhlaba enkulu kunazo zonke kulo nyaka futhi ukukhula kuyithuba lesikhathi eside esinalo. Ngakho-ke leyo imibono yethu emithathu emikhulu, emikhulu.U-Andrew Reid Morgan StanleyNgakho-ke noma yiliphi ithuba lokuqeda lokho, usho imishado noma imishado engaba yizigidi ezingu-1.7 kuye kwezingu-2.0 unyaka ngamunye, ukuze ukhulise isabelo semakethe ekuthembiseni umshado okubalulekile?Dave BinderYeah, kahle no Ukukhula kuka-2012 cishe ngamaphesenti angama-20 ebhizinisini lethu lokuzibandakanya e-US ngokusobala bekuthola isabelo futhi lokho kuwuhlelo. Sibona imakethe ikhula ngesivinini esimaphakathi, ngakho-ke ukuze sikhule kakhulu besithatha isabelo futhi wuhlelo. Sicabanga ukuthi lokho bekungaphezu kuka-4%, sisondela ku-5% wemakethe e-US cishe imakethe yezigidigidi ezi-5 zamaRandi abantu abachitha imali ekuthembiseni umshado. Futhi besihlale sinomuzwa wokuthi kufanele sibe abadlali bemakethe abanamadijithi amabili futhi leyo yindlela eyayikhona.U-Harvey KanterAmaphuzu amaningi okubhekisela ekulinganeni kweselula kanye nokuletha ukusebenza kwesici se-PC kumakhalekhukhwini kuzokhulisa kakhulu uhlangothi lwebhizinisi. . Iqiniso nje lokuthi abathengi bafuna ukuzibandakanya ezindaweni eziphathwayo futhi sinesici esicebile esisebenza ku-PC esingakwazi ukutholakala ngaso sonke isikhathi kumakhalekhukhwini sicabanga ukuthi kuzosishintsha ngempela ukusebenzelana kwethu futhi sisekele ingxenye yokuqhubeka nokuxhasa lokho naphezu okwenzeka ngamanani. Futhi izivunguvungu esibe nazo ngonyaka odlule, kungakhathaliseki ukuthi sinazo noma asinazo cishe ngeke sibe nazo ezingeni elifanayo, kodwa kukhona amanye amaphuzu edatha aqondile okufanele asekele futhi aqhubeke nokuqhuba uhlangothi lwebhizinisi. Andrew Reid Morgan StanleyOkay . Njengoba uqhubeka ukhula ohlangothini olungahlangene nokuzibandakanya, ukholelwa ukuthi lokho kuzodinga imali enkulu futhi ingabe lokho kuzoba nomthelela ekungeneni kwakho kwemali kwamahhala? ukudayiswa kwemikhiqizo engabandakanyani. Idizayini yemigomo yethu kanye nokuphuma kwethu kwemali kufanele kuveze imali yokusebenza engathathi hlangothi noma engeyinhle. Uma singashintsha imikhiqizo kane ngonyaka imigomo yethu ingaba sesimweni esibi sokusebenza. Ngokuhamba kwesikhathi, kungaba ngcono nakakhulu uma singathola imodeli yomthwalo wempahla. Ngakho-ke singalwela ukuthola imali engasebenzi kahle ekuhlanganyeleni nokubulawa okuhle kodwa ngengozi, futhi uma singathola imodeli yezimpahla ezinobungozi obuncane kakhulu noma obungekho. ibalulekile ezigidini kodwa ayisho lutho emashumini ezigidi kodwa uma ubheka iwebhusayithi yethu namuhla sinokukhethwa kwe-Red Carpet futhi empeleni kwanikezwa ngokukhethekile kuma-Oscars. Kodwa ku-Q4 saphinda kathathu lokho esikubiza ngokuthi ibhizinisi lethu elingavamile kanye nomthwalo walo kuphela. Amaphuzu ayo amanani aphezulu kakhulu - $10,000, $20,000, $30,000 amaphuzu noma ngaphezulu kodwa yilokho uDavid abhekisela kukho mayelana nokuzama ukuguqula ingxenye enkulu yebhizinisi lethu ibe yimpahla. abakhiqizi ukuthi babeke umthwalo wezinto ezingu-$100 ukuze singabi nawo umbono walokho, kodwa njengoba siqhubeka nokuthutha ibhizinisi lethu ikhono lokuhambisa leyo modeli ngokuya ngobucwebe liyingxenye ecebile ngempela yemodeli engasebenza kahle ngokwezimali.Andrew U-Reid Morgan StanleyKanjalo nemodeli yomthwalo wemfanelo nje ngemva kokumaketha okubeka ngemva kwayo?Dave BinderPretty kakhulu. Asibona abanini bamasheya.U-Andrew Reid Morgan Stanley Yimiphi eminye imibuzo?