Belle International

Belle International Holdings Limited

Native name	百丽国际控股有限公司
Company type	Public
Traded as	Template:Hkse
Industry	Footwear
Founded	Template:Sda
Founder	Yiu Tang
Headquarters	Shenzhen, China
Area served	People's Republic of China
Key people	Deng Yao (chairman) Baijiao Sheng (CEO)
Products	Shoes
Revenue	US$1.5 billion (2009)
Number of employees	71,789 (2009)
Website	Belle International Holdings Limited

Belle International Holdings Limited stands as a foremost women's footwear retailer within China, commanding approximately 22% of the national market share. The enterprise engages in the production, distribution, and retailing of shoe products. At the time of its initial public offering in May 2007, Belle operated 3,828 retail outlets spread across 150 cities in China alongside 35 stores located in Hong Kong, Macau, and the United States.

History

The origins of the company trace back to 1981 when founder and chairman Tang Yiu initiated Lai Wah Footwear Trading Ltd. in Hong Kong. Subsequently, Belle International was founded in 1991 as a wholesale manufacturer specializing in footwear. The business ventured into retail operations by 2004, attracting private equity investments from firms such as Morgan Stanley and CDH Investments. During its IPO on the Hong Kong Stock Exchange in May 2007, Belle successfully raised $1.1 billion at a valuation reflecting 31 times projected earnings for that year, buoyed by robust interest from retail investors. A strategic investor affiliated with Groupe Arnault, the parent company of luxury conglomerate LVMH, acquired $30 million worth of shares. Further capital was raised through secondary offerings totaling $775 million between late 2007 and early 2008, facilitating acquisitions of rival brands.

In 2006, Belle secured exclusive distribution agreements with major sports brands Nike and Adidas, which by 2014 contributed to 90% of sales within its sportswear segment. Additional labels including Puma, Converse, Reebok, Vans, Bata, Mizuno, Clarks, and Mephisto accounted for roughly 5.3% of overall revenue.

By 2007, the company reported net earnings of $291 million—a growth of 102% compared to the previous year—on revenues reaching $1.7 billion, marking an 89% increase. Belle’s proprietary women’s footwear brands—Staccato, Millie's, and Joy&Peace—captured nearly half of China's shoe market segment priced between $90 and $150. Non-athletic footwear comprised two-thirds of total sales while licensed international brands made up the remainder.

In BusinessWeek Asia's 2008 ranking of leading Asian corporations, Belle achieved the No. 8 position. The following year, it divested an 85% controlling interest in Fila China to ANTA Sports. By 2014, distribution of sports apparel represented approximately 39% of Belle’s total sales.

In a privatization move valued at $6.8 billion during 2017, Hillhouse Capital and CDH Investments acquired Belle International. Subsequently, the company separated its sportswear business through a public offering on the Hong Kong Stock Exchange in October 2019, generating proceeds totaling $1.01 billion.

External links

• Belle International Holdings Limited