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2019年11月19日 02:48:06 | 作者:QQ活动 | 来源:新华社
Described as “the perfect fit”, the combination of luxury online retailers Yoox and Net-a-Porter was finalised on Thursday — but with one imperfection: the sudden decision by Net-a-Porter founder Natalie Massenet to resign just hours earlier on Wednesday night.由两大奢侈品电商Yoox与Net-a-Porter(NAP)“天造地设”的合并大戏尘埃落定,但有一点美中不足:就在发布会开始前几个小时,Net-a-Porter创始人娜塔莉氠斯内(Natalie Massenet)却突然宣布辞职。“We view this departure as a clear loss for Yoox/Net-a-Porter,” said Chiara Battistini, luxury goods analyst at JPMorgan, as the news broke. “Ms Massenet was the vision behind NAP’s strong success, being actively involved in the management of the online group and relationships with brands.”“她的离职,我们认为显然是新公司Yoox/Net-a-Porter的损失。”根大通(JPMorgan)奢侈品行业分析师奇娅拉巴蒂斯蒂尼(Chiara Battistini)获悉消息后这样评价道。“马斯内女士是NAP功成名就的大功臣,在对这家电商的管理以及搞好与知名时尚品牌的关系方面可谓鞠躬尽瘁。”Ms Massenet, who founded Net-a-Porter in 2000 — the same year that Federico Marchetti set up Yoox — had stayed at the helm of the business after selling it in 2010 to Switzerland’s Richemont in a deal that valued the London-based group at 350m.马斯内女士于2000年创办NAP,费德里科氠切蒂(Federico Marchetti)也于同年创办了Yoox。2010年,总部位于伦敦的NAP以3.5亿英镑卖给瑞士历峰集团(Richemont),但马斯内女士一直执掌NAP帅印。But her decision to refrain from taking up the executive chairman role at the newly-merged group — Richemont agreed in April to sell Net-a-Porter to Yoox for shares — bears the hallmarks of a personality clash.但她做出不担任新成立公司的执行主席(历峰今年四月同意出售NAP股权于Yoox)的决定,明显是因为彼此(她与马切蒂)性格水火不容。Ms Massenet said in a statement on Thursday morning: “Having joined forces with Yoox group, the company will be bigger, stronger and superbly well-positioned under Federico’s leadership to lead the industry and create the future of fashion.”马斯内女士在不久前的声明中说:“与Yoox实现强强联合后,在马切蒂的领导下,公司的规模与实力会更上一层楼,将会做行业的领头羊,并开创时尚业未来新格局。”It was Mr Marchetti who had described the merger as “perfect” — through the creation of the world’s largest online retailer focused on luxury brands. At that time, Ms Massenet was “looking forward” to their future and ebullient about the group’s conjoined power to “create the future of fashion”.正是马切蒂把两家公司的合并视为“珠联璧合”——理由是此举创建了全球规模最大的奢侈品电商。当时的马斯内对前景充满了无限憧憬,对两家公司合并后“开创时尚行业新未来”的实力信心十足。However, the corporate marriage between the quiet, autodidactic Italian tech entrepreneur Mr Marchetti and the flamboyant, charismatic former journalist Ms Massenet, who is also president of the British Fashion Council, raised eyebrows as soon as the deal was struck.但是,当两家公司达成合并协议后,以性格沉稳、自学成才的意大利科技创业者马切蒂与个性张扬、魅力四射的马斯内(这位昔日的记者同时又兼任英国时装协会(British Fashion Council)主席)为首的两家公司实现“联姻”后,就引发了业界质疑。“She’ll have resigned by Christmas,” said one person familiar with the situation on the day of the merger announcement. Many fashion insiders agreed that her resignation was only a question of time.“马斯内肯定会在圣诞节前辞职。”宣布两家公司合并的当天,一位熟悉内情者说。时尚界很多权威人士都认为她的辞职只是时间问题。Further cause for speculation followed in May, when, during a lunch with the FT, Mr Marchetti reiterated his ultimate control of the group, as well as the pair’s strikingly different managerial styles.到了今年五月,坊间的猜测甚嚣尘上,与《金融时报》的午餐会期间,马切蒂除了重申两家公司截然不同的管理风格,还强调自己对合并后的公司拥有终决权。Pointing out that there would be only one boss of the new group “and that’s me”, he went on to describe himself as unpopular at Yoox, which runs ecommerce sites for Giorgio Armani, Valentino and他指出新公司只能有一位老大,“而且这个人就是自己”,并继而称自己与昔日在Yoox一样不受员工待见。Yoox为阿玛尼(Giorgio Armani)与华伦天奴(Valentino)等时尚品牌管理电商网站。“They don’t like me,” he said of his colleagues. “But that’s OK. I don’t need them to like me.”“员工不喜欢我。”他这样说道,“但这无关紧要,本人不需要他们喜欢。”His bullish attitude stood in stark contrast to the culture of shared passion engendered by Ms Massenet at Net-a-Porter, where her popularity and charismatic leadership style were considered integral to the company’s success.他的执拗性格与马斯内执掌NAP时倡导的“共享”企业文化形成了鲜明对比,马斯内的巨大声望以及魅力型领导风格是NAP成功的法宝。Her sororal cheerleading spirit seemed at odds with Mr Marchetti’s results-driven dogmatism — the day after the Lunch with the FT interview appeared in print, she posted on Instagram an image of a heart captioned with an entreaty to be nice to one another. The image was subsequently removed.她与员工情同手足、打成一片,似乎与马切蒂只注重结果的独断专行显得格格不入——与《金融时报》的访谈见诸报端后的第二天,她在Instagram上展出了一张带有“恳请彼此心心相印”字幕的心形照片,但该张照片随后就被删除。While the merger is not jeopardised by Ms Massenet’s departure — and, indeed, Yoox shares rose 5 per cent on Thursday — her absence leaves the group far more vulnerable, partly because of the loss of her networking skills in the world of design.虽说马斯内的离职并没有影响合并后的公司——没错,Yoox周四的股份涨了4%——但她的挂印而去却让新公司显得越发外强中干,部分原因就是马斯内也随之带走了自己在设计界的人脉。In conversations with the FT this year, many British-based designers, among them Erdem Moralioglu, Christopher Kane, Roksanda Ilincic, Roland Mouret and Victoria Beckham have testified to her vital role in helping steer their brands into profitable international fashion houses.在与《金融时报》今年的访谈中,包括埃德姆莫拉里奥格鲁(Erdem Moralioglu)、克里斯托弗凯恩(Christopher Kane)、萝克桑达伊林契奇(Roksanda Ilincic)、罗兰穆雷(Roland Mouret)以及维多利亚贝克汉姆(Victoria Beckham)在内的诸多英国设计师都亲口承认马斯内在向国际知名品牌公司推介自己品牌时居功至伟。Those relationships, developed over her 15 years at Net-a-Porter, may prove near impossible to replicate, and much of the lustre, glamour and élan she brought to the company leaves with her.过去15年执掌NAP时积攒的这些人脉资源将来几乎不可能再重现,她的诸多荣誉、魅力以及都随着她的挂职而去而基本烟消云散。Moreover, while the Yoox-Net merger creates a business with a market value of 2.3bn and the biggest fashion e-commerce site in the world, Net looks increasingly vulnerable within the fast-emerging digital landscape.而且,虽说合并后的公司市值达到23亿英镑,并成为全球规模最大的时尚类电商,但在迅猛发展的电商行业,NAP显得越来越不堪一击。Apple’s Ian Rogers has just been appointed head of digital strategy by LVMH, which suggests the luxury giant is at last preparing to launch comprehensively into the e-commerce sector. And Condé Nast will soon unveil its newly branded style.com, a luxury e-commerce platform in which the company is reputedly investing 100m.来自苹果公司的伊恩圠灿斯(Ian Rogers)最近刚被路威酩轩集团(LVMH)任命为数字战略部负责人,此举表明这家奢侈品巨擘终于决定全面进军电商业。康泰纳仕(Condé Nast)新成立的奢侈品电商网也即将揭开神秘面纱,坊间说公司投资1亿英镑巨资创建了这家电商平台。What next for Ms Massenet? She sits on a sizeable fortune.马斯内接下来会何去何从?她如今可是坐拥巨额财富。She was reported to have earned 50m from the initial sale of Net-a-Porter to Cartier owner Richemont in 2010. Now, she stands to receive a payout of more than ㄠ  洀, according to FT calculations.媒体报道她2010年把NAP卖给卡地亚(Cartier)品牌所有者历峰集团时,进账5000万英镑。如今据《金融时报》估算,她这一次有望进账1亿多欧元。To walk away from her “baby” must have been difficult, nonetheless, especially since she has occupied a near-unrivalled position of authority and influence within the industry for years.然而,与自己费尽心血打造的公司说再见肯定难舍难分,尤其是她多年来已在业界拥有无人撼动的权威与影响力。“As for my own future, my entrepreneurial drive is as strong today as it always has been, and my passion for innovation will continue to be my guide in business,” wrote Ms Massenet in her statement.“至于我个人的未来,我的创业劲头依然不减当年,而且我对创新的热情将继续为自己在商业领域指明道路,”马斯内在声明中这样写道。Some of the wilder speculators have suggested that her departure may see her returning to publishing: Net-a-Porter’s bimonthly print magazine Porter recently won Print Product of the Year at the British Media Awards, and she has made no secret of her passion for journalism and editing.更有人大胆预测:她离职后,可能重返出版界:Net-a-Porter的双月刊杂志《Porter》最近荣获英国媒体奖的年度最佳纸质杂志奖(Print Product of the Year at the British Media Awards),她毫不掩饰自己对记者行业以及采编业的偏爱。Could a move back to Condé Nast, where she once worked on Tatler, be on the cards? It’s tempting to see a directorial role for the tech entrepreneur at a company currently reinventing itself as a digital player. We watch this space.她是否会重回康泰纳仕出版集团(Condé Nast)?她曾在《Tatler》杂志干过。让科技创业的领军人物执掌正转向数字界弄潮儿的出版界,肯定精纷呈。让我们拭目以待吧。 /201509/401124The chill that has kept two of the most prominent American and Chinese tech companies out of each others’ markets has thawed a little, with Google and Huawei joining forces on a new flagship smartphone.将美国和中国高科技企业中最出色的两家挡在彼此市场门外的寒意已略微消散。这两家企业——谷歌(Google)和华为(Huawei)——将合力推出一款新的旗舰智能手机。The Chinese telecoms equipment giant was shut out of major US telecoms equipment deals by Congress in 2012 due to concerns that the company founded by Ren Zhengfei, an ex-military officer, spies for China — a charge Huawei denies. Consumer smartphones have been the only business open to it, though it has struggled for recognition in that business.2012年,身为中国电信设备巨擘的华为被美国国会禁止参与美国的重大电信设备交易,原因是后者担心这家由前中国军官任正非创办的企业会替中国从事间谍活动——华为否认了这一指控。面向消费者的智能手机是唯一对华为开放的业务。不过,在这个领域,华为一直难以获得认可。On Tuesday, Google unveiled a 5.7 inch phone from Huawei, called the 6p, as part of its annual Nexus line of new Android phones. Nexus devices are intended to act as showcases for the latest Android software, with Google switching between different manufacturers each year. For the first time the search company also announced a second Nexus phone, a 5 inch device from LG.周二,搜索引擎公司谷歌发布了一款由华为代工的5.7英寸手机,这款名为6P的手机是谷歌年度Nexus系列Android手机中的新品之一。谷歌推出Nexus系列手机,是用它们作为最新版Android系统的展示设备。谷歌每年都会找不同的制造商代工。今年也是谷歌首次同时发布两款Nexus手机,另一款5英寸的Nexus手机由LG代工。 /201510/402150This company partners with many manufacturers to sell a wide variety of products online. It#39;s willing to sacrifice some profit to ensure its prices are bargain-bin low. It#39;s also one of the hottest tech companies in the world.有一家公司与许多制造商联合,在网上售卖各种各样的产品。它愿意让利以保产品是价格最低,是世界上最火的科技公司之一。Sound like Amazon? It#39;s actually an apt description for Xiaomi.听起来很像亚马逊对吗?事实上,这是对小米的描绘。It#39;s not a household name in the US, but Xiaomi is one of the hottest brands in Asia. The Chinese company is valued at billion, making it the world#39;s second-most valuable startup behind Uber. It built its reputation selling inexpensive but high-quality smartphones, which get snapped up by consumers in Asia within hours.小米在美国虽然不是一个家喻户晓的品牌,但在亚洲却是最火爆的的品牌。这家中国的公司市值估价高达460亿美金,使之成为世界上价值仅次于Uber的第二大创业公司。它以销售价廉质高的智能手机闻名,其产品在亚洲一经开售几小时内就会被抢购一空。The company#39;s founder took the time to remind people at a Wall Street Journal conference on Wednesday that it offers a wide range of products, from televisions to air purifiers -- all of which are offered at ultra-competitive prices.在周三的《华尔街日报》会议上,小米的创始者特意提醒与会者,小米公司还销售其他很多的产品,从电视机到空气净化器,而且都以很有竞争力的价格出售。;We are more in the area of smart consumer electronics,; said Bin Lin, co-founder and president of the company. ;We#39;d rather be called an Internet company.;小米的联合创始人和现任总裁林斌说到:“小米其实在智能消费性电子领域涉及更广,我们更愿意被叫做网络公司。”Xiaomi#39;s push to broaden itself puts it more inline with massive online retailers such as Amazon or China#39;s Alibaba, which have benefited from consumers#39; increasing comfort with making purchases over the Internet. It#39;s a retail strategy that could help it expand faster into different parts of the world, as evidenced by its decision to launch a US and Europrean online store in May that features electronic accessories but not phones.小米的努力扩张使它与大规模在线零售商结合更紧密,诸如受益于消费者网上购物的亚马逊或是中国的阿里巴巴。这是帮助小米更快地扩张到世界各地的零售策略。而小米五月份决定在美国和欧洲开网店销售电子配件而不是手机这一消息更是明了这一点。Still, in markets where it does sell smartphones, Xiaomi envisions the handheld device as the remote control for everything. Unlike Amazon or Alibaba, which sell everything from DVDs to Halloween costumes, the Chinese startup is focused on gadgets.小米出售手机的商店里,小米希望有一个手持设备能够远程控制一切。中国的创业品牌不像亚马逊和阿里巴巴什么都卖,而是致力于小配件的销售。;It#39;s been clear for a long time that it has much broader ambitions and that seeing Xiaomi as just a smartphone company was missing the bigger picture,; said Jan Dawson, an analyst for Jackdaw Research.Jackdaw调查公司的分析师简道森指出:“很明显,一直以来小米都有更广泛的野心,只把它看作是智能手机公司显然是一叶障目了。”Lin, for instance, touted the capabilities of his new air purifier, which addresses the pollution issue in China. The device can clear the air around you in six minutes and connects to a smartphone. He called the MiTV 3 television the company launched yesterday ;almost like a phone, except for the bigger display.; The television, which packs a 60-inch super-high resolution 4K display, sells for less than 0.例如,林很吹捧他们新生产的空气净化器的功能,它与中国的空气污染问题紧密相连。这个设备能够在六分钟以内净化你身边的空气,并连接到智能手机。他还提到,公司昨天推出的MiTV3电视机“就像一个手机一样,只是显示器更大了。”该款电视机配备了60英的超高清4K分辨率的显示器,售价还不到800美金。Like Amazon, which looks beyond simply selling hardware to its consumers, Xiaomi believes there is an opportunity to provide media, gaming and other services through the TV, Lin said. It also, of course, connects to a smartphone.林还说到,像亚马孙一样,小米不只是简单地向顾客出售硬件设施,我们还相信,通过电视会有机会向顾客提供媒体、游戏和其他务。当然这都是和智能手机相连的。Each month, 130 million people use its smartphones, televisions, routers and other products, Lin said. Xiaomi is ;generating decent revenue; from the services related to those products, he added, although he didn#39;t specify how much.林说到,每个月,有13亿人使用他们的智能手机、电视、路由器及其他产品。他还提到,小米还从跟这些产品有关的务中“收益颇丰”,但没有明确地说具体的收益有多少。Xiaomi is looking beyond smartphones as its mainstay business continues to mature. ;The last couple of years in China the smartphone business is changing from rapid growth to a replacement market,; he said. ;So the absolute growth of the smartphone market is flat.;小米在自身核心产业逐渐走向成熟了之后,开始放眼于智能手机之外的领域。林说到:“中国近几年的智能手机市场正在从飞速增长到产品替代,所以这个市场将不再会有绝对的增长。”Lin addressed the rising concern that smartphones are getting boring, with consumers finding it difficult to get excited about the same metal and glass slab. He hinted at potential innovation in touchscreen inputs and how people interact with devices. ;In the next few months, I#39;m sure we can come up with something that is super cool,; he said.消费者认为手机变得越来越无聊,他们很难对一样的金属材质和玻璃屏再次感到兴奋。林对此担忧日增,因此他暗示可能在触屏输入和人机互动上有所创新。他还说:“我敢肯定,在接下来的几个月里,我们一定能搞出特别酷炫的东西。”Xiaomi#39;s Mi Store in the US offers products like battery chargers and headphones. Lin said he was thinking about selling his popular smartphones in the US, but stayed mum on when exactly that would happen.在小米的美国店里,它出售像电池充电器、耳机一类的东西。林表示,他在考虑将流行的小米智能手机卖到美国,但没有说具体什么时候实行。 /201510/405458Why Crafty Crocodiles May Be Sleeping With One Eye Open为什么鳄鱼睁一只眼睡觉?While for humans the expression ;sleep with one eye open; is just a metaphor to keep alert, for some animals it is a way of life. Called unihemispheric sleep, it is the ability to snooze with one eye open and the corresponding half of the brain awake, while the other half rests.对人类来说,“睡觉睁一只眼”只是对要“提高警惕”的一个比喻;但是对某些动物来说却是一种习性。一半大脑处于休息状态,另一半大脑时刻保持警惕,这种现象被称为“半脑睡眠”。Researchers believe that this talent that has been observed in marine mammals like dolphins and seals as well as numerous bird species, serves many purposes. Birds use it to keep an eye out (literally) for predators while dolphins do it to keep track of their pods and young ones. Many social animals are also believed to use the technique to keep track of any interesting activities going on around them.科学家相信,这种在海豚海狮等海洋哺乳动物和多数鸟类身上存在的天赋,实际上有很多用途。鸟儿睡眠时一只眼保持警惕是为了免受捕食者伤害,海豚却是为了看护自己的幼崽。很多群居动物也用此技能来保持对身边任何有趣活动的关注。Now researchers from Australia#39;s La Trobe University have discovered that crocodiles may have also evolved this capability. The scientists began by placing three juvenile saltwater crocodiles inside a large enclosure at the University#39;s aquarium and filming their behavior. They noticed that when left undisturbed, the reptiles spent less than an hour with one eye open. The crocodiles instead seemed to prefer snoozing with both eyes shut just like the rest of us.澳大利亚La Trobe大学的研究者发现,鳄鱼似乎也进化了出此技能。他们在大学水族馆腾出地方,圈禁了3条幼年咸水鳄并监控它们的表现。他们发现,在无外界打扰的情况下,这些爬行动物只有不到一小时睁一只眼闭一只眼。似乎大多数时间里,它们跟人类一样,是紧闭双眼睡觉的。However, things changed drastically when the researchers introduced an external stimulus. They began by bringing a new young crocodile to the enclosure. Though it was one of their own, the other reptiles immediately appeared to perk up. The researchers noticed that the crocodiles slept with one open eye directly aimed at the newcomer, for longer amounts of time.然而,当研究者们加入了干扰,情况立刻转变了。他们加了一只新鳄鱼进入围栏。虽然都是同类,其他鳄鱼还是立刻进入警戒状态。它们开始针对这个新来的鳄鱼,更久地保持一只眼睁着。If the tests are positive, it would indicate that birds, mammals and reptiles all display this behavior. The only ones that don#39;t? Land-based animals and humans that need to fully shut down the brain and eyes for a snooze. Lesku says that while we have always called the one-eyed napping animals odd it may be that they are perfectly normal!如果实验有效,我们可能会获得鸟类、哺乳动物和爬行动物都有此行为的结论。什么动物例外呢?陆地动物和人类睡觉时,才需要双眼紧闭。Lesku表示,虽然我们认为睁一只眼闭一只眼睡觉的动物奇怪,但其实这种行为才最正常不过。译文属原创,,不得转载。 /201512/413422

Two years ago, Neil Shen, head of Sequoia China, attempted to broker a marriage between two of the internet companies in which he was invested Meituan.com and Dianping Holdings. His efforts came as both were burning through cash as they spent heavily to gain customers and market share in businesses which partially overlapped. At that time, Mr Shen did not succeed.两年前,红杉中国(Sequoia China)掌舵人沈南鹏(Neil Shen)曾尝试撮合他投资的两家互联网企业美团(Meituan.com)与大众点评(Dianping Holdings)联姻。那时,两家公司都在烧钱,投入大笔资金在部分重叠的业务上争夺客户和市场份额。那一次,沈南鹏没有成功。This month, however, the war between the two groups, which are both in the business of delivering food and offering discounts at restaurants among other things, was called off and Meituan and Dianping agreed to combine.但在本月,美团和大众点评同意合并,它们之间的战争被叫停了。除了其他业务,美团和大众点评都在提供送餐和餐饮折扣务。The deal, worth up to bn, was just the latest in a series of mergers between Chinese competitors who have decided often with the forcible intervention of their investors that they had more to gain by joining forces.这笔价值高达200亿美元的交易,只是中国竞争对手之间一系列合并案(经常涉及投资人的强力干预)中的最新一笔。这些企业已意识到,结盟会带来更大收益。“In this case one plus one will equal three or four,” says Mr Shen.“在这种情况下,一加一将等于三或四,”沈南鹏说。“Consolidation is the best way to maximise returns,” adds Bao Fan, whose Beijing-based Chinese Renaissance advisory and banking boutique advised both companies. “Everything is a function of the supply of capital.”“整合是实现回报最大化的最佳途径,”为美团和大众点评都提供咨询的华兴资本(Chinese Renaissance)的掌舵人包凡补充说。“一切都是资本供应的函数。”华兴资本是一家位于北京的咨询机构和精品投行。This year is becoming the banner year for mergers in the sector. According to Mergermarket, there have been 267 Chinese technology mergers worth bn so far this year, compared with 338 deals worth bn for all of 2014.今年将成为互联网企业合并的标志性年份。Mergermarket的数据显示,今年迄今,中国发生了267起科技企业合并案,交易额达320亿美元,而2014年全年合并案为338起,交易额为260亿美元。As the flow of money into these companies slows, valuations have ceased their gravity-defying ascent and investors have begun to enforce greater discipline on their portfolio companies, despite objections from some of the founding entrepreneurs.随着流入互联网企业的资金放慢,貌似不受地心引力作用的估值已停止上升,投资人开始对被投资企业施加更严格的约束,尽管这遇到了一些企业创始人的反对。Investment firms such as Sequoia and Tiger Global have drastically reduced the money they are putting into the Chinese internet sector in recent months and have warned the companies in which they invest that if they are too greedy they will not be able to raise money at higher valuations in the future, people familiar with the matter say.知情人士表示,近几个月,红杉资本(Sequoia Capital)和老虎环球基金(Tiger Global)等投资机构已大幅减少了对中国互联网行业的投入,并向被投资企业发出警告:如果它们过于贪婪,那么它们未来将不能以较高估值获得融资。Both the trend toward consolidation and the resistance to it on the part of many entrepreneurs reflect an environment that bears little resemblance to that of the US, even as many Chinese internet companies now challenge their American counterparts in valuation and exceed them in scale.行业整合趋势,以及许多企业创始人对该趋势的抵制,都表明中国的环境跟美国没有相似之处,尽管许多中国互联网企业如今开始在估值上挑战美国同行,在规模上超过后者。In the US, start-ups “tend to begin life with original business models, the winners tend to emerge early”, said Mr Fan. In China, where most start-ups tend to be modelled on an overseas template, “there are many more players, and consolidation takes place over time”, he said.包凡说,在美国,初创企业“通常靠着原创的商业模式起步,胜者倾向于较早涌现”。他说,在多数初创企业通常拷贝海外模板的中国,“参与者更多,随着时间的推移必然走向整合”。But that means egos are at stake and negotiations can become personal. At times the ill-feeling has become so pronounced that investors sometimes require their unruly entrepreneurs to sign non-disparagement agreements.但这意味着创始人的虚荣心可能发作,谈判可能走上“往心里去”的歧路。有时怨恨成为太大的妨碍,以致投资者要求难搞的创业者签署非贬低(non-disparagement)协议。Ctrip and Qunar, the great rivals in the online travel business, finally agreed to merge earlier this week, in a bn tie-up.作为在线旅游业务的两大对手,携程(Ctrip)和去哪儿(Qunar)终于同意合并,合并后估值达150亿美元。But a slowing of outside funding may change things now. Analysts widely expect online travel companies and auto rental firms to either merge with each other or with companies in related spaces. Likely candidates include search engine companies such as Baidu or for the taxi booking firms such as Didi Kuaidi. The goal would be to preserve cash and migrate to different, more value-added business models.但如今,外部融资放慢或许会改变局面。分析师普遍预计,在线旅游企业和租车公司或者彼此合并,或者跟相关行业公司合并。可能合并的企业包括,百度(Baidu)等搜索引擎企业,或者滴滴快的(Didi Kuaidi)等出租车叫车企业。目标将是保存现金,过渡到不同的、附加值更大的商业模式。In addition, business models in China tend to be fluid, which can make for shifting alliances. What could be seen as conflicts of interest elsewhere in the world occur with frequency in the mainland.此外,中国的商业模式经常变化很快,可能导致联盟关系洗牌。在世界其他地区可能被看作利益冲突的事情,在中国大陆经常发生。Internet group Alibaba is both the third-biggest investor in Meituan, which is primarily a group buying site, and one of its biggest rivals now.互联网集团阿里巴巴(Alibaba)既是美团(主要是一家团购网站)的第三大股东,如今也是美团最大的竞争对手之一。But the two were not in direct competition at the time the larger group made its investment. And there may be even more bitter rivalry to come. Meituan plans to go from selling film tickets to the film distribution business. Such a step could lead to a face-off against Alibaba’s Ali Pictures in the future.但是,当阿里巴巴入股美团时,两者并未处于直接竞争之中。未来,两者之间或许会发生更激烈的竞争。美团计划从销售电影票拓展到影片发行。此举可能导致美团在未来与阿里影业(Ali Pictures)发生冲突。Similarly, Mr Shen invested in VIP Shop when it didn’t compete with JD.com, another Sequoia investment. Today, however, the two are bitter rivals.类似地,沈南鹏投资唯品会(Vipshop)时,唯品会并未与京东(JD.com)竞争。京东也是红杉中国的投资对象。但如今,唯品会和京东发生了激烈竞争。 /201510/406686

Competition used to be easy. That is in theory, if not always in practice. Until recently, most competent companies had a clear idea of who their rivals were, how to compete and on what field to fight.竞争曾经很容易。从理论上来说如此,即便实际上并非总是如此。直到不久以前,多数胜任的公司都清楚自己的竞争对手是谁,如何竞争以及在哪个领域竞争。One of the starkest — and scariest — declarations of competitive intent came from Komatsu, the Japanese construction equipment manufacturer, in the 1970s. As employees trooped into work they would walk over doormats exhorting: “Kill Caterpillar!”. Companies benchmarked their operations and market share against their competitors to see where they stood.最露骨也最可怕的竞争意图宣言来自上世纪70年代的日本工程机械制造商小松(Komatsu)。员工上班时踩过的脚垫有这样的口号:“消灭卡特彼勒(Caterpillar)!”。企业会以竞争对手为对照,衡量自己的业务和市场份额,看看自己处在什么地位。But that strategic clarity has blurred in so many industries today to the point of near-invisibility thanks to the digital revolution and globalisation. Flying blind, companies seem happier to cut costs and buy back their shares than to invest purposefully for the future. Take the European telecommunications sector. Not long ago most telecoms companies were national monopolies with little, or no, competition. Today, it is hard to predict where the next threat is going to erupt.但由于数字革命和全球化,这种战略能见度如今在很多行业变得模糊,几乎到了看不见的地步。两眼一抹黑的企业似乎更乐意削减成本和回购股票,而不是抱着明确目的为未来投资。以欧洲电信行业为例。不久前,多数电信企业都是国有垄断企业,竞争很少,甚至毫无竞争。如今,很难预测下一个威胁将在何处爆发。WhatsApp, the California-based messaging service, was founded in 2009 and only registered in most companies’ consciousness when it was acquired by Facebook for more than bn in 2014. Yet in its short life WhatsApp has taken huge bites out of the lucrative text messaging markets. Today, WhatsApp has close to 1bn users sending 30bn messages a day. The global SMS text messaging market is just 20bn a day.总部位于加州的讯息务WhatsApp创建于2009年,在2014年以逾190亿美元被Facebook收购时才被多数企业注意到。然而,成立没几年的WhatsApp在有利可图的文本信息市场占据了巨大份额。如今,WhatsApp拥有近10亿用户,每天发送300亿条信息。全球文本短信市场每天的信息量只有200亿条。Car manufacturers are rapidly wising up to the threat posed by new generation tech firms, such as Tesla, Google and Uber, all intent on developing “apps on wheels”. Chinese and Indian companies, little heard of a few years ago, are bouncing out of their own markets to emerge as bold global competitors.汽车制造商正迅速意识到新一代科技公司构成的威胁,例如特斯拉(Tesla)、谷歌(Google)和优步(Uber),它们都试图开发“车载应用”。几年前还不为人知的中国和印度企业,正迈出国门,涌现为大胆的全球竞争者。As the driving force of capitalism, competition gives companies a purpose, a mission and a sense of direction. But how can companies compete in such a shape-shifting environment? There are perhaps two (partial) answers.作为资本主义的推动力,竞争赋予企业目标、使命和方向感。但企业在这种日新月异的环境下怎么竞争?对此可能有两个(不完全的)。The first is to do everything to understand the technological changes that are transforming the world, to identify the threats and opportunities early.首先是尽全力了解正在转变世界的科技变革,及早识别威胁和机遇。Gavin Patterson, chief executive of BT, the British telecoms group, says one of the functions of corporate leaders is to scan the horizon as never before. “As a CEO you have to be on the bridge looking outwards, looking for signs that something is happening, trying to anticipate it before it becomes a danger.”英国电信(BT)首席执行官加文#8226;帕特森(Gavin Patterson)表示,企业领导人的职能之一是以前所未有的警觉审视地平线。“作为CEO ,你不得不站在船舶驾驶室向远处眺望,寻找情况正在发生的蛛丝马迹,努力在它成为危险之前做好防范。”To that end, BT has opened innovation “scouting teams” in Silicon Valley and Israel, and tech partnerships with universities in China, the US, Abu Dhabi, India and the UK.为此,英国电信在硅谷和以色列设立了创新“侦察队”,并与中国、美国、阿布扎比、印度和英国的大学展开了科技合作。But even if you foresee the danger, it does not mean you can deal with it. After all, Kodak invented the first digital camera but failed to exploit the technology. The incentive structures of many companies are to minimise risk rather than maximise opportunity. Innovation is often a young company’s game.即便你预见到危险,也并不意味着你能够对付它。毕竟,柯达(Kodak)发明了第一台数码相机,但未能利用这种技术。很多企业的激励结构是为了将风险降至最低,而不是将机遇最大化。创新往往是年轻公司的游戏。The second answer is that companies must look as intensively inwards as they do outwards. Well-managed companies enjoy many advantages: strong brands, masses of consumer data, valuable historic data sets, networks of smart people and easy access to capital. But what is often lacking is the ambition that marks out the new tech companies, their ability to innovate rapidly and their extraordinary connection with consumers. In that sense, the main competition of so many established companies lies within their own organisations.第二个是企业必须既专注地向外看,还要向内看。管理有方的企业具备很多优势:强大品牌、海量消费者数据、宝贵的历史数据系列、聪明人网络以及资金获取容易。但他们往往缺乏的是新兴科技公司特有的那种雄心、快速创新的能力以及打动消费者的悟性。就此而言,很多老牌企业的主要竞争存在于企业内部。Larry Page, co-founder of Google, constantly urges his employees to keep being radical. In his Founders’ Letter of 2013, he warned that companies tend to grow comfortable doing what they have always done and only ever make incremental change. “This#8201;.#8201;.#8201;.#8201;leads to irrelevance over time,” he wrote.谷歌联合创始人拉里#8226;佩奇(Larry Page)不断敦促他的员工保持敢想敢干。在他2013年的创始人信函(Founders’ Letter)中,他警告称,企业往往变得满足于他们一直做的事情,只会做出增量变革。他写道:“随着时间推移,这……会导致变得无足轻重。”Google operates a 70/20/10 rule where employees are encouraged to spend 70 per cent of their time on their core business, 20 per cent on working with another team and 10 per cent on moonshots. How many traditional companies focus so much on radical ventures?谷歌实行70/20/10规则,员工被鼓励将他们70%的时间用于核心业务,20%用于与另一个团队合作,10%投入试验性的激进项目。有多少传统企业会把这么多注意力放在激进项目上?Vishal Sikka, chief executive of the Indian IT group Infosys, says that internal constraints can often be far more damaging than external threats. “The traditional definition of competition is irrelevant. We are increasingly competing against ourselves,” he says.印度IT集团Infosys首席执行官史维学(Vishal Sikka)表示,内部局限的破坏性往往要比外部威胁严重得多。他表示:“竞争的传统定义已不重要了。我们正越来越多地与自己竞争。”Quoting Siddhartha by the German writer Hermann Hesse, Mr Sikka argues that companies remain the masters of their own salvation whatever the market pressures: “Knowledge can be communicated. Wisdom cannot.” He adds: “Every company has to find its own unique wisdom.”史维学援引德国作家赫尔曼·黑塞(Hermann Hesse)的著作《悉达多》(Siddhartha)中的话辩称,不管市场压力如何,企业仍然是他们自己救赎的主人:“知识可以沟通。智慧不能。”他补充称:“每家公司都必须找到自己独特的智慧。” /201603/429162

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