Belle to spin off Topsports International
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Chinese footwear manufacturer and retailer Belle International has filed papers for a public listing of its sportswear business Topsports International.
The spinoff was first proposed more than a year ago by the company’s private equity owners Hillhouse Capital and CDH who took Belle private in a US$6.8 billion deal in July 2017.
The float, scheduled for the second half of this year, would raise an estimated $1 billion.
Topsport International is the largest sportswear retailer in Mainland China, with 8343 stores selling foreign labels including Nike and Adidas. It had a market share estimated at 15.9 percent last year when its revenue rose 22.4 percent to US$3.85 billion and its gross profit by 18 percent.
Questions & Answers
Q.Who owns Belle International and why are they spinning off Topsports?
Who owns Belle International and why are they spinning off Topsports?
Belle International was taken private in 2017 by private equity owners Hillhouse Capital and CDH. They proposed the spin-off over a year ago, likely to unlock value from the sportswear business.
Q.What is the estimated value of the Topsports International float?
What is the estimated value of the Topsports International float?
The public listing of Topsports International, scheduled for the second half of this year, is expected to raise an estimated $1 billion. This figure represents the anticipated capital from the float.
Q.How significant is Topsports International in the Chinese market?
How significant is Topsports International in the Chinese market?
Topsports International is the largest sportswear retailer in Mainland China, holding an estimated 15.9 percent market share last year. It operates 8343 stores, selling major foreign brands like Nike and Adidas.
Q.How did Topsports International perform financially last year?
How did Topsports International perform financially last year?
Last year, Topsports International saw its revenue increase by 22.4 percent, reaching US$3.85 billion. Its gross profit also grew by 18 percent, indicating strong financial performance.
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