Report
EUR 88.49
For Business Accounts Only
Belle Fashion is the largest China-based fashion footwear and apparel group based on 2020 retail sales value, according to Frost & Sullivan (F&S). It operates a diversified portfolio of 20 self-owned brands and partner brands (including licensed brands and distributed brands). Its products span categories across footwear for women, men and kids, as well as apparel, bags and accessories.
As per F&S, it was the largest player in China’s fashion footwear market with a 11.2% market share, based on 2020 retail sales. During the Singles’ Day shopping festival of 2021, four out of the top five best-selling women’s fashion footwear brands on Tmall were from BF, namely BELLE, STACCATO, TATA and BASTO.
BF has posted steady past performance, despite some of its stores being shut owing to COVID-19, as it was able to increase its share of online sales. Both its key categories, footwear and apparel have been growing and its margins have shown overall improvement.
Although, the company’s past or even its sister company’s listing doesn’t provide much to write home about. In addition, it’s still in the middle of rejigging its distribution network. BF also hasn’t provided a whole lot of granular data.
Belle Fashion Pre-IPO
Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.Belle Fashion is the largest China-based fashion footwear and apparel group based on 2020 retail sales value, according to Frost & Sullivan (F&S). It operates a diversified portfolio of 20 self-owned brands and partner brands (including licensed brands and distributed brands). Its products span categories across footwear for women, men and kids, as well as apparel, bags and accessories.
As per F&S, it was the largest player in China’s fashion footwear market with a 11.2% market share, based on 2020 retail sales. During the Singles’ Day shopping festival of 2021, four out of the top five best-selling women’s fashion footwear brands on Tmall were from BF, namely BELLE, STACCATO, TATA and BASTO.
BF has posted steady past performance, despite some of its stores being shut owing to COVID-19, as it was able to increase its share of online sales. Both its key categories, footwear and apparel have been growing and its margins have shown overall improvement.
Although, the company’s past or even its sister company’s listing doesn’t provide much to write home about. In addition, it’s still in the middle of rejigging its distribution network. BF also hasn’t provided a whole lot of granular data.
Underlyings
BELLE INTERNATIONAL HOLDINGS
Topsports International Holdings Ltd
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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