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Belle Fashion: Back in vogue, or yesterday’s shoes in new wrapping?
中国最大的时尚鞋履零售商现已“转型”，在私有化近七年后递表港交所。
百丽时尚集团第二次亮相香港股市是否会大放异彩？这家时尚鞋履巨头当然希望如此，据媒体报道援引消息人士称，它计划通过上市筹集5亿至10亿美元资金，可能会成为2020年以来香港规模最大的IPO。但重新上市的尝试开局不利——2022年3月首次申请重返港交所后，它并未能如愿。 6park.com 6park.comThat said, the company’s latest results, disclosed in its new listing application last week, look broadly positive. It shows the company has laid the groundwork for its newer, slimmed-down format as a shoe seller focused on e-commerce and smaller stores based in shopping malls, shifting from its previous reliance on department stores. 6park.com尽管如此，该公司上周在上市申请中披露的最新业绩看起来总体积极。表明公司已经为自己瘦身后的新形态奠定了基础，成为一家专注于电子商务和开在购物中心的小型店铺的鞋履销售商，转变了之前对百货店的依赖。 6park.com 6park.comBelle has never been one to do things in a low-key way. In May 2007, as Belle International, it raised $1.2 billion in its first, heavily oversubscribed public listing, during a time of strong investor appetite for Chinese consumer stocks. 6park.com百丽从来都不是一家低调行事的企业。2007年5月，在投资者对中国消费类股票兴趣浓厚的时期，百丽国际首次公开上市，筹集了12亿美元资金，并获得颇大的超额认购。 6park.com 6park.comBut the enthusiasm ultimately faded, as traditional department store-based footwear companies like Belle, Daphne International (0210.HK) and Zhejiang Red Dragonfly Footwear (603116.SH) failed to adapt to the disruptive advance of e-commerce. Each of them cut stores and headcount after 2015. As its stock languished, Belle decided it needed a major makeover out of the public spotlight. 6park.com但这种热情最终消退，因为百丽、达芙妮国际(0210.HK)和红蜻蜓(603116.SH)等依赖传统百货商场的鞋业公司，未能适应电子商务的颠覆性发展。2015年之后，各家纷纷削减门店数量和员工人数。随着股价下跌，百丽决定需要远离公众的视线，进行重大改组。 6park.com 6park.comTen years after its initial listing, in April 2017, Belle negotiated the Hong Kong Stock Exchange’s largest buyout on record, a management-led deal backed by Chinese private equity giants Hillhouse Capital and CDH Investments, to take the company private for HK$53.1 billion ($6.8 billion). 6park.com首次上市十年后的2017年4月，百丽成了港交所有史以来最大的私有化个案，由管理层牵头并得到私募股权巨头高瓴投资和鼎晖的支持下，私有化总金额达531亿港元。 6park.com 6park.comIt reported its first-ever profit decline since its IPO just before its privatization, as the figure for its 2016-2017 fiscal year fell 18.1% to 2.4 billion yuan ($333 million). According to management, it was never Belle’s intention to stay away from the market for long. Instead, privatization gave it some down time to quietly refashion itself with a stronger focus on the new digital economy. 6park.com就在私有化的前夕，公司公告了上市后的首次利润下降，2016～2017财年下降18.1%，至24亿元。据管理层表示，百丽从来没有打算长期远离市场。相反，私有化给了它休整的时间，来默默地进行改造，更加关注新的数字经济。 6park.com 6park.comIn October 2019, the company spun off its sportswear department as Topsports International (6110.HK) in a Hong Kong listing that raised $1 billion. The remaining Belle, which consists of its fashion shoe and bag businesses, looks quite strong financially. 6park.com2019年10月，公司剥离旗下的运动服饰部门，并让其以滔搏运动(6110.HK)的名义在香港上市，筹集资金10亿美元。剩下的百丽包括时尚鞋履业务，财务状况看起来相当强劲。 6park.com 6park.comAccording to its latest filing, Belle’s revenue for the nine months through last November, the first three quarters of its fiscal year, increased by 12.8% to 16.1 billion yuan, while its profit nearly doubled to 2.1 billion yuan. But revenue for its latest full fiscal year through February 2023 actually fell by 18.3% to 19.2 billion yuan from 23.5 billion yuan the previous year. Its profit declined by an even larger 54% over that period to 1.3 billion yuan from 2.8 billion yuan. 6park.com提交的最新文件显示，百丽在截至去年11月的九个月，即本财年的前三个季度营收增长12.8%，达到161亿元，而利润则几乎翻了一番，达到21亿元。但截至2023年2月的整个财年收入实际上下降了18.3%，从上一年的235亿元降至192亿元。同期利润下降幅度更大，达到54%，从28亿元降至13亿元。 6park.com 6park.comThe company blamed the declines on disruptions related to China’s tough pandemic restrictions. Third-party research in its listing document shows the value of China’s soft fashion market, which refers to non-sports footwear, apparel and bags and luggage, fell from 1.7 trillion yuan in 2021 to 1.5 trillion yuan in 2022, before bouncing back to an estimated 1.7 trillion yuan last year. 6park.com该公司将业绩下滑归咎于中国严格的疫情防控造成的影响。上市文件中的第三方研究显示，中国软时尚市场（指非运动类鞋履、服装和箱包）规模从2021年的1.7万亿元降至2022年的1.5万亿元，然后去年又出现反弹，估计重回1.7万亿元。 6park.com 6park.com
Will Belle Fashion Group step out in style for its second outing on the Hong Kong IPO runway? The fashion shoe giant certainly hopes so, aiming to raise $500 million to $1 billion from a new listing, according to sources cited in media reports, which could make it the largest Hong Kong IPO since 2020. But Belle’s new listing attempt is already off to a clumsy start, after an initial application to return to the Hong Kong Stock Exchange in March 2022 lapsed without an offering. 6park.comE-commerce rise 电商崛起 6park.com 6park.comMarket data in the report also showed a dramatic increase in online shopping for the soft fashion segment, which rose from 260 billion yuan in 2017 to 495 billion in 2022, translating to annual growth of 11.6%. 6park.com报告中的市场数据还显示，软时尚领域的网购市场急剧增长，从2017年的2,600亿元增至2022年的4,950亿元，年增长率达11.6%。 6park.com 6park.comIn its time out of the public spotlight, Belle has embraced the latest shopping trends, including a greater focus on e-commerce and a shift from department stores to smaller stores in shopping malls, according to the latest IPO document. 6park.com最新的IPO文件显示，百丽时尚在远离公众视线的这段时间里，顺应了最新的购物趋势，包括更加注重电子商务，以及从商场的专柜转向购物中心内的小门店。 6park.com 6park.comIts online sales increased from less than 7% of its total in 2017 to 28% in the nine months through last November. It reduced its store count from about 21,000 in its 2016-2017 fiscal year to 8,631 directly-operated stores in the nine months through last November, making it the largest directly-operated footwear and apparel retail network in China, according to the listing document. 6park.com截至去年11月的九个月里，它的网上销售额占总销售额的比例，从2017年的不足7%增至28%。上市文件显示，它的门店数量从2016～2017财年的约2.1万家，减少到截至去年11月的9个月里的8,631家直营店，是中国最大的直营时尚鞋服零售网络。 6park.com 6park.com“We have achieved the initial goals of our transformation, which has resulted in our business recovering from the decline at the time of the privatization and we have laid the foundation for continued future growth,” the company said. 6park.com公司表示：“我们已经实现了转型的初步目标，使我们的业务从私有化时的下滑中恢复过来，并为未来的持续增长奠定了基础。” 6park.com 6park.comSo, how credible is Belle’s transformation? First, we’ll take a quick glance at its history. It was founded as a small factory in the 1960s and a shoe store called Belle in 1979 in Hong Kong’s down-market Yau Ma Tei district. Its founder, Deng Yao, also known as Tang Yiu in Cantonese, is a native of the city of Foshan in South China’s Guangdong province, and began as a distributor for Nike and Adidas, before developing his own footwear brands. 6park.com那么，百丽成功转型的可信度有多高？首先，我们来快速回顾一下它的历史。它成立于上世纪60年代，当时是一家小工厂，1979年在香港低端市场油麻地开设了一家名为百丽的鞋店。创始人邓耀是广东佛山人，最初是耐克和阿迪达斯的经销商，后来创立了自己的鞋履品牌。 6park.com 6park.comBelle was known as the “king of women’s shoes” in the early 2000s, and owned or distributed brands that were extremely popular among Chinese women. Its revenue tripled from 11.7 billion yuan in 2007 to 40 billion yuan in 2015, as it opened new stores at a rapid pace of 1,500 to 2,000 annually, with the number peaking in 2015 at 14,128. But then it began drastic cuts as shopping habits changed, closing 366 stores in its 2016 fiscal year and 378 in the first half of the next year, before it delisted. 6park.com在本世纪初，百丽被誉为“女鞋之王”，拥有或代理的品牌在中国女性当中非常受欢迎。它的收入从2007年的117亿元增至2015年的400亿元，增长了两倍，每年以1,500至2,000家的速度开设新店，2015年达到峰值，为14,128家。但随后，随着消费者购物习惯的改变，它开始大幅减少门店，2016财年关闭了366家门店，次年上半年关闭378家门店，随后退市。 6park.com 6park.comTang Yiu left the company at the time of the buyout at age 87, preparing the way for new blood. At the time, he said he cared most about finding a good partner who could lead Belle’s more than 100,000 employees “to reclaim its glory and give the company a new lease on life.” At a press conference around the time of the delisting, CEO Sheng Baijiao admitted the company had failed to manage the shift to digital commerce. 6park.com在公司被收购时，已经87岁高龄的邓耀离开了百丽，为新鲜血液让路。当时，他说自己最关心的是找到一个好的合作伙伴，带领百丽的10多万名员工“重拾昔日辉煌、让公司重获新生”。在退市前后的新闻发布会上，CEO盛百椒承认，公司未能妥善应对数字商务转型。 6park.com 6park.comSo, how might Belle be valued in its second time as a public company? 6park.com那么，百丽第二次上市的估值情况会如何呢? 6park.com 6park.comDaphne International currently trades at a price-to-earnings (P/E) ratio of 6.8, while Topsports trades at trades higher at 15, reflecting investor preference for the higher-margin sportswear business. A multiple of around 10, which falls below sportswear valuations but would reflect Belle’s status as a leader in its field, would value the company at about $3.8 billion, based on an annualization of the company’s latest nine-month profit. 6park.com达芙妮目前的市盈率为6.8倍，而滔搏运动则更高达15倍，由此可见投资者更偏好利润率较高的运动服饰业务。取10倍左右的市盈率（虽然低于运动服装公司的估值，但也反映了百丽在鞋履领域的领先地位），按百丽最近九个月的年化利润计算，该公司的估值将达到约38亿美元。 6park.com 6park.comWhile that would be about half its value at the time of the privatization, the company would be notably slimmer after spinning off Topsports, which is currently valued at $4.3 billion, and closing so many stores. 6park.com虽然这只是它私有化时价值的一半左右，但在剥离目前估值43亿美元的滔搏运动，并大量关店后，公司的价值将明显缩小。 6park.com 6park.comCurrent chairman and CEO Sheng Fang and CFO Kwok Yiu Tung seem up to the challenge of transforming Belle into a modern footwear company. Kwok is a veteran of China-inspired fashion leader Shanghai Tang and Baroque Japan, as well as Pricewaterhouse Coopers. Now it will be up to investors to decide if the company is indeed a newly transformed beauty, or just the same old shoes in a new box. 6park.com现任董事长兼首席执行官盛放和首席财务官郭耀东似乎已经做好了准备，迎接将百丽转型为现代鞋履公司的挑战。郭耀东曾在中式时尚领导品牌上海滩、巴罗克日本有限公司以及普华永道任职。现在，该由投资者来决定，百丽究竟是华丽转身的美女，还是新盒里装的旧鞋子。
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