为什么零售并购不能只看品牌？
亚太零售企业对中国买方有吸引力，尤其是连锁门店、生活方式品牌、美妆、食品、母婴、运动、专业零售和全渠道电商。但零售并购不能只看品牌知名度。真正决定价值的是单店经济、库存、租赁、供应链和复购。
如果门店增长依赖促销或铺货，买方应谨慎看待收入增长。
估值重点
买方应拆分门店级收入、毛利、租金、人力成本、同店增长、库存周转、线上线下占比和会员复购。盈利门店和亏损门店应分开看，不能只看集团平均数。
若目标有中国市场扩张故事，买方应验证渠道、定价、消费者反馈和供应链能力。
尽职调查重点
尽调应覆盖门店清单、租赁、收入和毛利分拆、库存、供应商、员工、会员数据、线上平台、退货、促销、商标、税务和诉讼。
对跨境零售企业，还要审查进口、标签、平台政策和数据合规。
交易结构
零售交易常见结构包括控股收购、资产收购、门店组合收购、分阶段收购和品牌授权。若亏损门店较多，买方应明确交割前关闭、价格调整或重组安排。
Lyndon如何协助
Lyndon可协助中国买方、零售企业主和顾问进行估值、资料室准备、门店经济分析、买方沟通和交易执行。
About the Author
Daniel Bae
Co-founder & CEO, Lyndon Advisory
Daniel is an investment banker with 15+ years of experience in M&A, having advised on deals worth over US$30 billion. His career spans Citi, Moelis, Nomura, and ANZ across London, Hong Kong, and Sydney. He holds a combined Commerce/Law degree from the University of New South Wales. Daniel founded Lyndon Advisory to solve the pain points in M&A, enabling bankers to focus on what matters most — delivering trusted advice to clients.
About Lyndon Advisory
Lyndon Advisory is an M&A advisory firm built for Asia Pacific. We help business owners sell their companies and investors make strategic acquisitions with senior-led execution, disciplined process management, and AI-supported buyer intelligence.
Learn about selling your business