Belle, a leading retailer of woman's footwear in China, plans to raise up to HK$8.6 billion in a Hong Kong initial public offering, which will be used mainly to expand its sales network in China.
Owner of 3828 footwear and sportswear stores in China, Belle International Holdings is raising finance to expand its retail realm as well as production and warehouse capacity.
Of the shares on offer, 90% will be offered through international placement and the rest will be allocated to retail investors. Retail subscription to the IPO opens on May 9, and trading of the shares is set to commence on May 23. The company said it is bringing in LVMH and local Cephei Absolute Return Fund Ltd as corporate investors in the IPO.
It expects to open 1,000 new retail outlets in China per year. Belle currently has a retail network comprising 3,828 retail outlets in 150 cities in China. It also has a presence outside China, with a network of 35 retail outlets in Hong Kong, Macau and the US.
The company offers a wide range of footwear, through eight brands including Belle, Staccato, Teenmix and Joy & Peace. It is also the largest retailer in China of both Nike and Adidas products.
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