In the course of the development of Chinese brands, Golden Monkey Milk Candy can be described as a bright pearl. However, its tortuous business journey has made people full of regrets and doubts about this once domestic brand. We will deeply analyze the rise and decline of the golden monkey, and analyze the impact of foreign acquisitions, brand transformation and other factors, in order to provide profound enlightenment for business operations.
Origins & Start-upsThe founder of the Golden Monkey, Zhao Qisan, was born in Shenqiu, Henan Province in 1948, and was not a practitioner in the food industry at first, but a craftsman engaged in electrical repair. Zhao Qisan is young and energetic, and he has shown excellent sales talent, and the opportunity to turn the original precarious repair shop into a food factory is at this time.
The hardships of brand transformationWhen the food factory was first established, Zhao Qisan faced many difficulties. Lacking funds, he could only borrow from house to house and lay a hard foundation. In order to promote sales, he personally led his employees to sell in the streets and alleys, and the scene of hard work is still emotional. Eventually, however, the snub-nosed monkey found its place in the food market.
Discover the toffee business opportunityAt the 1991 Shanghai Food Exhibition, Zhao Qisan's eyes were attracted by toffee. He saw the market prospect of toffee, tried to buy the production technology of toffee, and introduced it to Shenqiu Food Factory. Through a series of efforts, the golden monkey successfully launched its own toffee brand, which is also the origin of the golden monkey brand.
Brand Rise and Management DilemmaIn the early days of the brand, Golden Monkey Milk Candy quickly achieved success in the market with its unique taste and people-friendly **. Sales continue to rise, Zhao Qisan is a big expansion, the establishment of a milk source base to ensure the health of the milk source. However, with the intensification of market competition, the golden snub-nosed monkey is also facing a management dilemma. Although Zhao Qisan has performed well in sales, he is unable to manage the brand. At the same time, the lack of strong management team support, the golden monkey gradually lost its competitiveness in the market.
Foreign acquisitions and brand decayAfter the melamine scandal in 2008, the sales of golden monkeys once reached as much as 2 billion, but then faced the dilemma of declining sales. Zhao Qisan watched the glory of the golden monkey in the market gradually wear off, and at this time, the Hershey Group came to the door. proposed to acquire about 80% of the shares of the golden monkey with 3 billion **, although Zhao Qisan proposed, but finally sold for 2.6 billion. In addition, Hershey Group purchased the remaining 20% of the shares for more than 200 million, totaling nearly 3 billion yuan.
Brand ownership change and market reactionThe golden monkey has become a foreign-owned brand from a domestic product, and this change has caused dissatisfaction among the people. The brand's influence has declined rapidly, and the management model of the Hershey Group has also caused dissatisfaction among the original employees. This combination of internal and external factors has made the quality of the golden monkey uneven and the market performance more and more sluggish. In this case, the Hershey Group had to reconsider the fate of the golden snub-nosed monkey.
Return to the country againThe Hershey Group will take the golden monkey with 2700 million ** was sold to Henan Yuxiang Group, which made the golden monkey return to the hands of the Chinese people. However, this round of brand trading has undoubtedly hurt the vitality of the golden monkey. Although the golden monkey has returned to China again, the brand image has long been gone. After Henan Yuxiang Group took over, the golden monkey was under pressure to rebuild its brand image and regain its market share.
The genius behind the capitalSome people believe that the decline of the golden monkey is not accidental, but is controlled by capital behind it. In this view, the golden snub-nosed monkey is believed to have been deliberately hidden for three years and then sold at a low price, paving the way for foreign capital brands to occupy the Chinese market. Although this statement needs to be confirmed, it is undeniable that the brand direction of the golden monkey has indeed been profoundly affected by the operation of capital.
Conclusion: Transformations and Revelations to the FutureThe story of the golden monkey tells us that brand management requires not only a keen sense of the market, but also a stable management team and continuous innovation ability. Only by constantly adapting to market changes and being brave in innovation can we be invincible in the fierce market competition. Although the decline of the golden snub-nosed monkey is embarrassing, it has also brought us a profound enlightenment, and we hope to learn lessons in the future brand management and embark on a path of steady development.
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