Shoes Wang Baili wants to return to Hong Kong, how is the proud of Gao Yu Zhang Lei?


After five years, after five years, the old shoes Wang Baili once again stationed in front of the Hong Kong Stock Exchange.

On March 16th, Belle Fashion Group (hereinafter referred to as “Belle Fashion”) officially submitted to the Hong Kong Stock Exchange, the motherboard was listed, US silver and Morgan Stanley were joint sponsor.

Before this, the endless shoe, the shoes, the shock of the e-commerce trend, and the performance of the performance was low, and the distant place was lost.

In 2017, Higher Capital Zhang Lei Hao throws 53.1 billion Hong Kong dollars to acquire Belle International 53% of shares and privately retreat. Belle 83-year-old founder Deng Yao and 65-year-old CEO Sheng Bai Pepper sold all shares and has a $ 13 billion house.

At that time, Belle’s founder Deng Yao was lamented: “The number of barters has been exhausted, and there is no possibility of rotation.”

The king of a generation of women’s shoes is abandoned by the era of e-commerce, and people are awkward. However, after five years of transformation, Gao Rong Capital leads Xin Beli to return to the Hong Kong Stock Exchange and handed over a less than the same answer.

Has been “abandoned” shoe king

Belle was established in Hong Kong in 1981 and entered the mainland in 1992. Through the reform and opening Dongfeng, the development of Belle is smooth. After entering the Mainland, Belle has launched Staccato, Teenmix, Tata and other brands, relying on the rapid expansion sales outlets of various channels.


In 2007, Belle International was listed on the bus at the Hong Kong Stock Exchange. When the market was listed, the city value of Belle was $ 67 billion. After this, Belle opened accelerated expansion.

According to Belle’s previous financial data, from the store data from the store, Belle International has expanded from 3,828 retail stores in the Mainland in 2007 to 14,950. This is equivalent to 2,200 stores in Belle, and opens 6 stores every day. And, in this period, Belle also acquired Millies, Mirabell, Sena, and Skap to constantly grow their own brand team.

In 2013, Belle market value exceeded HK $ 150 billion, then Belle has become the largest footwear retailer at that time.


However, the coming of the era of the era has made the department stores encountered an impact, and Belle, which is bundled with the depth of the department store, and the decline of the revenue of the mobilized Belle of the online channel, and the net profit will decline.

Beli’s tutorial data showed that in 2012, Belle International’s net profit can only reach the growth of a number of digits. In 2015, Belle has a sharp decline in net profit since 9 years, falling 38%, 2016 decline 18%. In 2017, Belle International Net Profit has fallen by 2015 to 4.764 billion yuan to RMB 240.3 million.

From the quantity of the store, in 2015, Belle International’s retail outlets in the Mainland reduced 366, equivalent to 1 closing of the store. The last annual report before Belle International Privatization shows that in 2016, the company’s footwear retail outlets were reduced by 700, equivalent to 2 closing of the store. As of February 28, 2017, the total number of retailers in Belle International was 20,841.

Continuously deteriorating the business situation, eventually letting a generation of shoes were acquired by high capital.

After being retrofled by the high, “the king of women’s shoes” is now?


This Belle submitted statement showed that in fiscal 20020, 2021 fiscal and 2022 fiscal year, Belle fashion business income is $ 1.14 billion, 21.737 billion yuan and 17.627 billion yuan; the net profit of the same period is 16.65 100 million yuan, 2.616 billion yuan and 2.297 billion yuan.


The performance is reversed, and the high-level capital is not good for Belle’s transformation plan.

After returning, the high-level capital is split into Belle International into Belle, and the latter has been listed. The Belle fashion in this time inherited inherited most of the business of the original Belle International.

Belle-backed fashion, with a high-end capital, with a strong Internet taste.

The retrofit of Gao Rong’s Belle is the first to cut off from online business – adjust the ratio of online and offline channels to invest a large number of resources to develop online business.


This is also reflected in this Belle fashion. The prospectus shows that Belle’s Internet sales accounting is greatly improved. As of November 30, 2021, Belle fashion line marketing channel revenue was 13.122 billion yuan; online marketing channel revenue was 4.55 billion yuan, and the accounting income is 74.4%, 25.6%, respectively. The revenue contribution of online channels accounted for less than 7% from February 28, 2017, significant increased significantly from November 30, 2021 to over 25%.

But it is worth noting that Belle fashion online revenue, live broadcast accounts for 30%. Belle said in the prospectus that more than 60 key comments have been hired, and more importantly, there is a self-proprietary live stream of approximately 150 members, as well as more than 120 live anchors for live broadcast.

Although the online channels are rampant, but the revenue structure of Belle is still the big head. This also determined that the cost of the line in Belle fashion is not small.

According to the present invention, as of November 30, 202, Belle fashion lease related expenses were 2.41 billion yuan, accounting for 18.4% of sales revenue under the corresponding period. According to the data, Belle has a total of 9,153 straight tickets in China, which has reduced hundreds of stores a few years a few years.

“Overall, the proportion of joint ventures and lease spending in our business expenditure, the change of sales income under the lease-related expenses will continue to affect our business performance.” Belle fashion said in the present invention.

It is worth noting that high-rise capital acquires Belle International’s 2017, it is precisely a year of the women’s shoes market from underestimation. Belle fashion performance also has a market to restore the heating assists.


In addition, re-combining the positioning brand and performing brand upgrade, and is an important part of the high-end “big transformation”.

In recent years, Belle fashion acquires small fashion brand “Initial”, light luxury women’s shoes brand “73HOURS” and high-heeled brand “7OR9”, etc., and won international brand distribution of “Champion”.

On the brand layout, Belle fashion already has 20 multi-layout’s own brand and cooperative brands, cover women’s shoes, men’s shoes and children’s shoes and clothing, bags and accessories, etc., from 13 self-owned brands and 7 cooperation brands composition.

Although the brand is developed in the diversified direction, the footwear business is still the core revenue of Belle fashion. As of 9 months ended November 30, 2021, Belle fashion shoe business revenue was 15.263 billion yuan, accounting for 86.6% of total revenue; costume revenue is 2.364 billion yuan, accounting for 13.4% of total revenue.

It is worth mentioning that the growth rate of Belle’s clothing business is very rapid, accounting for rapidity. The apparel business is called an important driving force for the company’s revenue growth.

It can be seen that Belle is trying to adjust its own brand business. Further expand the clothing revenue while ensuring the basic disk of the shoes.

Due to the rapid promotion of sports and leisure style, the growth rate of traditional women’s shoes has not been high. A series of adjustments of Belle mainly surround the brand high-end, and pay attention to sports and casual style.

Belle’s rapidly growing clothing business represents the brand is Champion, the main sports and leisure wind, you can see that the follow-up of Belle fashion will focus on sports and leisure products.

Even so, Belle’s main shoe business still leads to a small inventory pressure that itself has. As of February 29, 202, February 28, 2021, Belle fashion inventory was 3746 billion yuan, 3668 million yuan, and the latest as of November 30, 2021, inventory increased to 4.671 billion yuan, the average number of inventories turned around 188.1 days.

In contrast, Anta 2021 average inventory turnover is 127 days, and Li Ning in the main criticism is 54 days. It can be seen that the huge advantage of sports and leisure tidal cards.

In addition, inventory bags plus the DTC (directly facing the consumer) business under the heavyline, so that Belle fashion is not small cash flow pressure.

Belle said in the present invention, IPO raised funds will be used to repay short bank borrowings. At present, Belle fashion has a short-term bank loan of approximately HK $ 3796 billion, which will be possible to seek other external debt finance. According to the prospectus, as of the end of February 2021, Belle fashion asset liabilities were 85.78%.

The king of the women’s shoes turned to the Internet and the integrated fashion group, Belle fashion, I went to Hong Kong to have an agreement. For Belle, how to realize the high-endization of its own brand after listed, and cut into more sports and leisure market share, and it is still a problem that Belle is subject to solve.