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Consumer Non-Durables

Belle International Holdings Ltd.

Company Background

Belle International Holdings, headquartered in Hong Kong, is China's largest shoe retailer. It sells its own women's shoe brand Belle as well as many other brands. The company also sells apparel and sportswear. Every department store in China sells the Belle brand.

The company is also known as a distributor of leading sporting goods makers, including Nike of the U.S. and Adidas of Germany. In addition, the company also sells other global brands, such as Puma, Converse and Mizuno.

The company was founded in 1978 by the current Chairman Tang Yiu. He is also the company's largest shareholder. Belle International operates about 20,000 shops across mainland China, locating shops in Hong Kong and Macau as well.

Footwear brands owned by the company account for about 50% of its sales, while major distribution sportswear brands account for some 40%. Other distribution footwear brands account for the remaining 10%.

The company produces products at five manufacturing bases, including factories in Shenzhen and Dongguan in Guangdong Province, to reduce costs through mass production.

Business Summary

Belle International Holdings Ltd. is an investment company, which engages in the manufacture, distribution, and retail of shoes and footwear products; and the sale of sportswear and apparel products. Through its subsidiaries, it operates through the Shoes and Footwear Products; and Sportswear and Apparel Products segments. The Shoes and Footwear Business segment focuses on the production and distribution of footwear goods under the following brands: Belle, Staccato, Joy & Peace, Millie's, JipiJapa, Mirabell, Tata, Teenmix, Senda, Basto, SKAP, :15MINS, and Map by Belle. The Sportswear and Apparel Products segment includes the sale of goods under the following sportswear brands: Nike, Adidas, Puma, Converse, Vans, Timberland, Asics, and Onitsuka Tiger; and apparel brands such as MOUSSY, SLY, and REPLAY. The company was founded by Yiu Tang in 1978 and is headquartered in Hong Kong.

Financial Highlights

Feb 2017 HKDUSD
Gross Profit24,977.17M3,219.32M
Operating income4,853.66M625.59M
Income before tax4,643.09M598.45M
Net income2,785.20M358.98M
Diluted EPS0.330.04
Dividends Per Share1.570.20
Total Assets35,875.79M4,621.70M
Total liabilities5,788.38M745.69M
Total equity29,918.45M3,854.25M
Operating cash flow5,346.17M689.07M
Currency in HKDCurrency in USD

Historical Data

 Dec 2012Feb 2014Feb 2015Feb 2016Feb 2017
Revenue 40,395.92M 54,576.63M 50,124.16M 49,931.25M 48,332.06M
Gross Profit 22,864.10M 30,999.69M 27,607.55M 26,902.64M 24,977.17M
Operating income 6,315.77M 8,408.28M 7,245.73M 6,214.62M 4,853.66M
Income before tax 6,972.50M 8,925.07M 8,243.25M 5,470.98M 4,643.09M
Net income 5,350.59M 6,537.83M 5,968.45M 3,591.62M 2,785.20M
EBITDA 7,429.83M 10,024.78M 8,605.07M 7,507.27M 6,207.09M
Diluted EPS 0.63 0.66 0.70 0.42 0.33
Dividends Per Share 1.53 1.94 5.78 2.02 1.57
Total Assets 35,583.52M 40,913.04M 40,247.41M 36,884.54M 35,875.79M
Total liabilities 7,513.35M 7,651.92M 9,171.55M 6,851.74M 5,788.38M
Total equity 27,892.38M 33,076.59M 30,829.81M 29,783.49M 29,918.45M
Operating cash flow 5,666.42M 8,008.59M 7,278.30M 6,829.37M 5,346.17M
 Dec 2012Feb 2014Feb 2015Feb 2016Feb 2017
Revenue 5,207.66M 7,035.53M 6,464.25M 6,436.82M 6,229.55M
Gross Profit 2,947.54M 3,996.20M 3,560.40M 3,468.11M 3,219.32M
Operating income 814.20M 1,083.92M 934.44M 801.15M 625.59M
Income before tax 898.86M 1,150.54M 1,063.08M 705.28M 598.45M
Net income 689.77M 842.79M 769.72M 463.01M 358.98M
EBITDA 957.82M 1,292.30M 1,109.75M 967.79M 800.03M
Diluted EPS 0.08 0.08 0.09 0.05 0.04
Dividends Per Share 0.19 0.25 0.74 0.26 0.20
Total Assets 4,590.91M 5,271.58M 5,189.56M 4,743.29M 4,621.70M
Total liabilities 969.35M 985.93M 1,182.59M 881.12M 745.69M
Total equity 3,598.62M 4,261.87M 3,975.24M 3,830.10M 3,854.25M
Operating cash flow 730.49M 1,032.39M 938.64M 880.39M 689.07M

Valuation Measures

Feb 2017
Operating margin10.04%
Profit margin5.76%

Key executives

  • Chief Executive Officer & Executive Director: Bai Jiao Sheng
  • Secretary & Chief Financial Manager: Kam Kwan Leung
  • Senior Vice President & GM-Human Resources: Zhao Li
  • Executive Director & President-Footwear Business: King Loy Tang


    Contact Details

    • Website:
    • Address: 9/F, Belle Tower, 918 Cheung Sha Wan Road, Hong Kong, Hong Kong
    • Phone: +852.3929.0675

    Related Companies

    • Belle Footwear (Suzhou) Co., Ltd.
    • Belle International (China) Ltd.
    • Fashion Box SpA /China Ops/
    • Mutual Crown Ltd.
    • Synergy Eagle Ltd.
    • Belle Worldwide Ltd.
    • Longhao Tiandi Corp. Ltd.
    • Jiangsu Senda Footwear Co., Ltd.
    • New Belle Footwear (Shenzhen) Co. Ltd.
    • Full Brand Ltd.
    • Lead Chance Ltd.
    • Mirabell International Holdings Ltd.
    • Belle Group Ltd.


      Last Updated on 23 Oct, 2018

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