<p>当 Currys 宣布其首席执行官 Alex Baldock 在今年早些时候辞职时，投资者的反应是立竿见影的。</p>
<p>这家电子连锁店的股价急剧下跌，市值蒸发近 11%。市场正在消化这位被广泛认为是推动公司悄然成功转型的领导者的离开。</p>
<p>现在，Baldock 似乎面临着一个更大的挑战，他的任务是复兴这个已有 177 年历史的品牌，该品牌的辉煌时光已成往事。周三，有消息称，离任的 Currys 首席执行官正在被安排接管 Boots。</p>
<p>该公司在周四确认了他的任命，为 Baldock 尝试说服投资者相信这家英国药店的价值可能高达 70 亿英镑铺平了道路。</p>
<p>Baldock 应该非常适合这个角色。他在过去七年中证明了传统零售商如果能够迅速现代化，仍然可以蓬勃发展。</p>
<p>在 Currys，这意味着缩减门店数量、削减成本、提升在线销售，并强调其 “全渠道” 服务、维修、信贷和订阅的提供。</p>
<p>Berenberg 的零售分析师 Adam Tomlinson 表示，当 Baldock 在 2018 年加入 Currys 时，“公司正处于非常艰难的境地”。</p>
<p>“最初的主要关注点是重组移动部门，该部门已成为整个集团的重大负担。他完全重新调整了该部门的规模和成本结构，将其从一个问题领域转变为一个积极的贡献者。”</p>
<p>Tomlinson 表示，Baldock 的更广泛战略是将 Currys 从一个 “以产品为主的零售商转变为一个综合服务业务”，通过信贷优惠、配送和安装、保修、维修和以旧换新来鼓励客户忠诚度。</p>
<p>“常常被忽视的是，他对员工和同事的关注，” 他补充道。“他有一个信条，即客户体验永远不能超过员工体验。”</p>
<p>Baldock 现在必须在 Boots 上重复这种成功——这个品牌迫切需要转型。</p>
<p>自 2014 年被纳入 Walgreens Boots Alliance 以来，Boots 经历了关店、重组和多次尝试摆脱其过时的药店形象。</p>
<p>其所有者多次表示，他们希望出售这家英国业务。Walgreens 在 2022 年启动了 Boots 的出售流程。</p>
<p>然而，由于未能在困难的市场条件和上升的借贷成本面前达成其想要的估值，该计划后来被搁置。从那时起，努力的重点转向了精简连锁店，包括推动进一步的关店和成本削减。</p>
<p>去年，当私募股权公司 Sycamore Partners 以 100 亿美元（74 亿英镑）的交易收购 Walgreens Boots Alliance 时，关于出售英国业务的猜测再次升温。</p>
<p>交易完成后不久，Sycamore 将 Walgreens 拆分为五个独立实体，其中之一就是 Boots。这被视为最终将这家英国药店重新上市伦敦股市的第一步。</p>
<p>许多人认为 Baldock 被引入是为了让 Boots 顺利完成这样的伦敦上市——内部人士声称这 “始终是计划”。其所有者希望获得高达 70 亿英镑的估值。不过，一些人仍然对任何上市是否会很快发生持怀疑态度。</p>
<p>一位高级零售行业人士表示，他的任命与 “任何私募股权拥有的企业” 是一样的。“工作的目标是为所有者创造尽可能多的价值，” 该人士表示。</p>
<p>鉴于当前伦敦市场的状况，他们表示，Baldock 更可能是被引入来为 Boots 打下更坚实的基础。“我认为他被引入进行首次公开募股是不正确的。”</p>
<p>他们表示，Boots 的健康与美容部门现在是 “业务中最重要的部分”，反映出零售内部对 Boots 未来的看法，认为其未来不再主要在药房，而是在化妆品、护肤和健康领域。</p>
<p>这种转变在 Boots 许多大型门店中已经可见，美容区越来越占据商店的主要空间，而传统的药房空间则在缩小。</p>
<p>分析师预计 Baldock 将继续推动业务朝这个方向发展，因为美容产品的利润率显著高于药品或低成本医疗必需品的销售。</p>
<p>JDM Retail 的 Jonathan De Mello 表示，Boots“正在考虑将更多的店面空间用于美容，而不是应急药品采购。美容产品的利润率显著更高。”</p>
<p>与此同时，Boots 仍面临在实体店投资与提升在线销售之间取得平衡的挑战。</p>
<p>尽管 Boots 在旗舰店和数字基础设施上投入了大量资金，分析师认为该业务在这两个方面仍落后于竞争对手。</p>
<p>“优势卡很强，但网站仍需改进，” De Mello 说。</p>
<p>前高管声称，其庞大门店网络中仍有许多急需投资的区域。翻新所有这些老旧门店将是非常昂贵的。</p>
<p>另一位零售分析师 Clive Black 同意，该连锁店的资产仍然不均衡，尽管经过多年的投资。</p>
<p>“有些旗舰店显然在美容方面投入了大量资金，但全国还有很多门店看起来相当疲惫，” Black 说。</p>
<p>如果 Baldock 想要让 Boots 上市——无论是今年晚些时候还是更远的将来——他必须说服投资者相信 Boots 可以成为一个增长型企业，而不仅仅是一个可靠的现金生成者。</p>
<p>Black 表示，他怀疑 “Boots 最终可能被视为一个收入故事，而不是一个纯粹的增长故事”。</p>
<p>Baldock 还将面临关于 Boots 国际业务的问题。</p>
<p>虽然这家零售商在英国以外的存在可能对他个人形成了一部分吸引力——毕竟他在英国和海外都领导过 Currys 多年——但分析师认为，一些国际业务最终可能会被出售，因为管理层将更加专注于该连锁店最强的市场。</p>
<p>德梅洛表示，Boots 在德国和墨西哥等地的业务表现不佳。他认为该公司应该更专注于英国和爱尔兰，他将这两个市场描述为公司的 “增长引擎”。</p>
<p>在 Currys，博尔多克成功说服市场，认为实体店在亚马逊时代仍然有价值，只要它们与强大的在线业务无缝协作。在 2024 年至 2026 年间，他监督了零售商股价的三倍增长。</p>
<p>就在上周，博尔多克告诉《泰晤士报》，他热爱在 Currys 的角色。他的下一个举动必须是 “一些真正令人兴奋的事情，以使他离开 Currys”。看起来在 Boots，他找到了这样的机会。他表示，现在标志着 “Boots 一个激动人心的新篇章的开始”。</p>

沃尔格林联合博姿

<p>库里斯前首席执行官亚历克斯·博尔多克（Alex Baldock）被任命为博姿（Boots）的首席执行官，旨在振兴这一估值为 70 亿英镑的挣扎品牌。博尔多克因通过现代化运营和提升客户体验而成功转型库里斯而受到认可。在沃尔格林联合博姿的管理下，博姿面临着包括门店关闭和将重点转向美容产品而非传统药房服务等挑战。分析师认为，博尔多克的角色可能主要是为了加强博姿，以便为未来可能的首次公开募股（IPO）做准备，尽管短期内上市前景仍不确定</p>

<p>When Currys announced that Alex Baldock, its chief executive, was stepping down earlier this year, the response from investors was immediate.</p>
<div class="lb-trans"><p>当 Currys 宣布其首席执行官 Alex Baldock 在今年早些时候辞职时，投资者的反应是立竿见影的。</p>
</div><p>Shares in the electronics chain fell sharply – wiping almost 11pc off its valuation – as markets digested the departure of the man widely credited with engineering the company’s quietly successful turnaround.</p>
<div class="lb-trans"><p>这家电子连锁店的股价急剧下跌，市值蒸发近 11%。市场正在消化这位被广泛认为是推动公司悄然成功转型的领导者的离开。</p>
</div><p>Now Baldock appears poised for an even bigger challenge, tasked with reviving a 177-year-old brand that has seen better days. On Wednesday, it emerged that the outgoing Currys chief was being lined up to take the reins at Boots.</p>
<div class="lb-trans"><p>现在，Baldock 似乎面临着一个更大的挑战，他的任务是复兴这个已有 177 年历史的品牌，该品牌的辉煌时光已成往事。周三，有消息称，离任的 Currys 首席执行官正在被安排接管 Boots。</p>
</div><p>The company confirmed his appointment on Thursday, setting the stage for Baldock to try to convince investors that the British chemist could be worth as much as £7bn.</p>
<div class="lb-trans"><p>该公司在周四确认了他的任命，为 Baldock 尝试说服投资者相信这家英国药店的价值可能高达 70 亿英镑铺平了道路。</p>
</div><p>Baldock should be well-suited to the role. He has spent the past seven years proving that legacy retailers can still thrive if they modernise quickly enough.</p>
<div class="lb-trans"><p>Baldock 应该非常适合这个角色。他在过去七年中证明了传统零售商如果能够迅速现代化，仍然可以蓬勃发展。</p>
</div><p>At Currys, that meant slimming down the store estate, cutting costs, boosting online sales and emphasising its “omnichannel” offering of services, repairs, credit and subscriptions.</p>
<div class="lb-trans"><p>在 Currys，这意味着缩减门店数量、削减成本、提升在线销售，并强调其 “全渠道” 服务、维修、信贷和订阅的提供。</p>
</div><p>Adam Tomlinson, a retail analyst at Berenberg, says that when Baldock arrived at Currys in 2018, “the business was in a very tough place”.</p>
<div class="lb-trans"><p>Berenberg 的零售分析师 Adam Tomlinson 表示，当 Baldock 在 2018 年加入 Currys 时，“公司正处于非常艰难的境地”。</p>
</div><p>“A major focus initially was restructuring the mobile division, which had become a significant drag on the wider group. He completely realigned it in terms of right-sizing both the store base and the cost base, and turned it from being a problem area into a positive contributor.”</p>
<div class="lb-trans"><p>“最初的主要关注点是重组移动部门，该部门已成为整个集团的重大负担。他完全重新调整了该部门的规模和成本结构，将其从一个问题领域转变为一个积极的贡献者。”</p>
</div><p>Tomlinson says Baldock’s broader strategy has been to transform Currys from a “product-first retailer into an integrated services business”, encouraging customer loyalty through credit offers, delivery and installation, warranties, repairs and trade-ins.</p>
<div class="lb-trans"><p>Tomlinson 表示，Baldock 的更广泛战略是将 Currys 从一个 “以产品为主的零售商转变为一个综合服务业务”，通过信贷优惠、配送和安装、保修、维修和以旧换新来鼓励客户忠诚度。</p>
</div><p>“What is often overlooked is how much focus he placed on staff and colleagues,” he adds. “He has a mantra that customer experience can never exceed colleague experience.”</p>
<div class="lb-trans"><p>“常常被忽视的是，他对员工和同事的关注，” 他补充道。“他有一个信条，即客户体验永远不能超过员工体验。”</p>
</div><p>Baldock will now have to repeat that success at Boots – a brand which is desperately in need of a turnaround.</p>
<div class="lb-trans"><p>Baldock 现在必须在 Boots 上重复这种成功——这个品牌迫切需要转型。</p>
</div><p>Since being folded into Walgreens Boots Alliance in 2014, Boots has endured closures, restructurings and repeated attempts to move away from its old-fashioned chemist image.</p>
<div class="lb-trans"><p>自 2014 年被纳入 Walgreens Boots Alliance 以来，Boots 经历了关店、重组和多次尝试摆脱其过时的药店形象。</p>
</div><p>Its owners have repeatedly signalled that they would be keen to offload the British business. Walgreens launched a sale process for Boots in 2022.</p>
<div class="lb-trans"><p>其所有者多次表示，他们希望出售这家英国业务。Walgreens 在 2022 年启动了 Boots 的出售流程。</p>
</div><p>However, it later scrapped the plans after failing to secure a deal at the valuation it wanted in the face of difficult market conditions and rising borrowing costs. Since then, efforts have been focused on honing the chain, including pushing through further store closures and cost reductions.</p>
<div class="lb-trans"><p>然而，由于未能在困难的市场条件和上升的借贷成本面前达成其想要的估值，该计划后来被搁置。从那时起，努力的重点转向了精简连锁店，包括推动进一步的关店和成本削减。</p>
</div><p>Speculation over a sell-off of the British arm was revived last year when private equity firm Sycamore Partners swooped to buy Walgreens Boots Alliance in a $10bn (£7.4bn) deal.</p>
<div class="lb-trans"><p>去年，当私募股权公司 Sycamore Partners 以 100 亿美元（74 亿英镑）的交易收购 Walgreens Boots Alliance 时，关于出售英国业务的猜测再次升温。</p>
</div><p>Shortly after the deal was completed, Sycamore split Walgreens into five standalone entities – one of which was Boots. It was seen as the first major step towards ultimately returning the British chemist to the UK stock market.</p>
<div class="lb-trans"><p>交易完成后不久，Sycamore 将 Walgreens 拆分为五个独立实体，其中之一就是 Boots。这被视为最终将这家英国药店重新上市伦敦股市的第一步。</p>
</div><p>Baldock is believed by many to have been brought on to get Boots over the line for such a London listing – something insiders claim was “always the plan”. Its owners are looking for a valuation as high as £7bn. Still, some remain unconvinced that any listing would be imminent.</p>
<div class="lb-trans"><p>许多人认为 Baldock 被引入是为了让 Boots 顺利完成这样的伦敦上市——内部人士声称这 “始终是计划”。其所有者希望获得高达 70 亿英镑的估值。不过，一些人仍然对任何上市是否会很快发生持怀疑态度。</p>
</div><p>A senior retail industry source says his appointment is the same “as with any private equity-owned business”. “The job is to create as much value as possible for the owners,” the source says.</p>
<div class="lb-trans"><p>一位高级零售行业人士表示，他的任命与 “任何私募股权拥有的企业” 是一样的。“工作的目标是为所有者创造尽可能多的价值，” 该人士表示。</p>
</div><p>Given the current state of the London market, they say it is more likely that Baldock has simply been brought in to put Boots on a stronger footing. “I don’t think it’s right that he’s been brought in for an IPO.”</p>
<div class="lb-trans"><p>鉴于当前伦敦市场的状况，他们表示，Baldock 更可能是被引入来为 Boots 打下更坚实的基础。“我认为他被引入进行首次公开募股是不正确的。”</p>
</div><p>They say Boots’ health and beauty division is now “by far the most important part of the business”, reflecting the growing view inside retail that the future of Boots lies less in pharmacy and more in cosmetics, skincare and wellness.</p>
<div class="lb-trans"><p>他们表示，Boots 的健康与美容部门现在是 “业务中最重要的部分”，反映出零售内部对 Boots 未来的看法，认为其未来不再主要在药房，而是在化妆品、护肤和健康领域。</p>
</div><p>That shift is already visible inside many of Boots’ larger stores, where beauty halls increasingly dominate the shop floor while traditional pharmacy space shrinks.</p>
<div class="lb-trans"><p>这种转变在 Boots 许多大型门店中已经可见，美容区越来越占据商店的主要空间，而传统的药房空间则在缩小。</p>
</div><p>Analysts expect Baldock to continue pushing the business in that direction because beauty products offer significantly stronger margins than dispensing medicines or selling low-cost healthcare essentials.</p>
<div class="lb-trans"><p>分析师预计 Baldock 将继续推动业务朝这个方向发展，因为美容产品的利润率显著高于药品或低成本医疗必需品的销售。</p>
</div><p>Jonathan De Mello, of JDM Retail, says Boots is “looking at devoting more floor space to beauty rather than distress pharmaceutical purchasing. The margins on beauty products are significantly better”.</p>
<div class="lb-trans"><p>JDM Retail 的 Jonathan De Mello 表示，Boots“正在考虑将更多的店面空间用于美容，而不是应急药品采购。美容产品的利润率显著更高。”</p>
</div><p>At the same time, Boots still faces the challenge of balancing investment in physical stores with the need to boost online sales.</p>
<div class="lb-trans"><p>与此同时，Boots 仍面临在实体店投资与提升在线销售之间取得平衡的挑战。</p>
</div><p>For all the investment Boots has poured into flagship stores and digital infrastructure, analysts argue the business still lags behind rivals on both fronts.</p>
<div class="lb-trans"><p>尽管 Boots 在旗舰店和数字基础设施上投入了大量资金，分析师认为该业务在这两个方面仍落后于竞争对手。</p>
</div><p>“The Advantage Card is strong, but the website still needs work,” says De Mello.</p>
<div class="lb-trans"><p>“优势卡很强，但网站仍需改进，” De Mello 说。</p>
</div><p>Former executives claim there are also still swathes of its sprawling estate which are in urgent need of investment. Renovating all of these old stores would be painfully expensive.</p>
<div class="lb-trans"><p>前高管声称，其庞大门店网络中仍有许多急需投资的区域。翻新所有这些老旧门店将是非常昂贵的。</p>
</div><p>Clive Black, another retail analyst, agrees the chain’s estate remains uneven despite years of investment.</p>
<div class="lb-trans"><p>另一位零售分析师 Clive Black 同意，该连锁店的资产仍然不均衡，尽管经过多年的投资。</p>
</div><p>“There are some flagship stores where they have clearly invested heavily in beauty, but there are also an awful lot of stores around the country that look pretty tired,” says Black.</p>
<div class="lb-trans"><p>“有些旗舰店显然在美容方面投入了大量资金，但全国还有很多门店看起来相当疲惫，” Black 说。</p>
</div><p>If Baldock wants to take Boots public – be it later this year or further down the line – he will have to convince investors that Boots can be a growth business rather than simply a reliable cash generator.</p>
<div class="lb-trans"><p>如果 Baldock 想要让 Boots 上市——无论是今年晚些时候还是更远的将来——他必须说服投资者相信 Boots 可以成为一个增长型企业，而不仅仅是一个可靠的现金生成者。</p>
</div><p>Black says he suspects that “Boots may end up being seen more as an income story than a pure growth story”.</p>
<div class="lb-trans"><p>Black 表示，他怀疑 “Boots 最终可能被视为一个收入故事，而不是一个纯粹的增长故事”。</p>
</div><p>Baldock will also inherit questions over Boots’ international operations.</p>
<div class="lb-trans"><p>Baldock 还将面临关于 Boots 国际业务的问题。</p>
</div><p>While the retailer’s presence outside the UK may have formed part of the attraction for him personally – having steered Currys for years in both the UK and overseas – analysts suggest some international businesses could ultimately be sold off as management focuses more tightly on the chain’s strongest markets.</p>
<div class="lb-trans"><p>虽然这家零售商在英国以外的存在可能对他个人形成了一部分吸引力——毕竟他在英国和海外都领导过 Currys 多年——但分析师认为，一些国际业务最终可能会被出售，因为管理层将更加专注于该连锁店最强的市场。</p>
</div><p>De Mello says Boots’ operations in places such as Germany and Mexico are underperforming. He argues the business would be better concentrating on the UK and Ireland, which he describes as the company’s “engine room for growth”.</p>
<div class="lb-trans"><p>德梅洛表示，Boots 在德国和墨西哥等地的业务表现不佳。他认为该公司应该更专注于英国和爱尔兰，他将这两个市场描述为公司的 “增长引擎”。</p>
</div><p>At Currys, Baldock managed to convince the markets that physical stores still had value in the Amazon era, provided they worked seamlessly alongside a strong online offer. Between 2024 and 2026, he oversaw a tripling in the retailer’s share price.</p>
<div class="lb-trans"><p>在 Currys，博尔多克成功说服市场，认为实体店在亚马逊时代仍然有价值，只要它们与强大的在线业务无缝协作。在 2024 年至 2026 年间，他监督了零售商股价的三倍增长。</p>
</div><p>Just last week, Baldock told The Times that he loved his role at Currys. His next move would have to be “something properly exciting to take me away from Currys”. With Boots, it seems that Baldock has found that. Now, he said, marked the start of “an exciting new chapter for Boots”.</p>
<div class="lb-trans"><p>就在上周，博尔多克告诉《泰晤士报》，他热爱在 Currys 的角色。他的下一个举动必须是 “一些真正令人兴奋的事情，以使他离开 Currys”。看起来在 Boots，他找到了这样的机会。他表示，现在标志着 “Boots 一个激动人心的新篇章的开始”。</p>
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Currys 的扭转局面专家被委任以 70 亿英镑的回报来复兴疲惫不堪的 Boots