Belle International Holdings Ltd

Name

Belle International Holdings Ltd

Legal name

百丽国际控股有限公司

Website

https://belleintl.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Fashion Footwear Retail

NAICS

Shoe Retailers (4582), Clothing and Clothing Accessories Retailers (4581), Footwear Manufacturing (3162)

SIC

Retail-Shoe Stores (5661), Retail-Apparel & Accessory Stores (5600), Apparel & Other Finishd Prods Of Fabrics & Similar Matl (2300)

akta.pro primary industry

Athletic Footwear & Sport Apparel Retail (CRAMABAC)

akta.pro secondary industries

Athletic & Performance Footwear Retail (CRAAADAA), Intimates, Lingerie & Sleepwear Retail (CRAAABAF)

Keywords

• Women's footwear retail
• Fashion apparel retail
• Sports footwear distribution
• Multi-brand retail
• Omnichannel fashion retail

Headquarters

HQ city

Shenzhen

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Direct Retail Sales - Fashion Footwear: Revenue from owned retail stores and e-commerce channels selling owned footwear brands including BELLE, STACCATO, TATA, TEENMIX, BASTO, 73Hours, SENDA, Joy&Peace, and others. Stores are directly operated across 300+ cities in China.
2. Sports Retail Distribution: Revenue from Topsports subsidiary (HKEX:6110) distributing internationally renowned sports brands including Nike, Adidas, Puma, Converse, Vans, The North Face, ASICS, SKECHERS, HOKA ONE ONE, KAILAS through directly-operated stores and multi-brand format stores.
3. Fashion Apparel Retail: Revenue from apparel brands including INITIAL, MOUSSY, SLY, CHAMPION, CAT, ellesse through owned retail stores and e-commerce channels.
4. Brand Licensing and Agency: Revenue from acting as authorized retail partner and distributor for international brands including Bata, Allbirds, CHAMPION (footwear and accessories China), CAT (shoes and apparel China), and managing licensed brand operations.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Belle International is a vertically integrated Chinese fashion and sports retail group that designs, manufactures, distributes, and retails footwear, apparel, and sportswear across 13,000+ directly operated stores in 300+ cities, supplemented by Tmall, JD.com, Douyin and WeChat e-commerce. The group operates 40+ owned and licensed brands including BELLE, STACCATO, TATA, 73Hours, TEENMIX, BASTO, SENDA, Joy&Peace, and distributes Nike, Adidas, Puma and other international sports brands through its Topsports subsidiary.

Product overview

Belle International Holdings Ltd is a large fashion and sports industry group operating three main business segments: Footwear (鞋类业务), Sports (运动业务), and Apparel (服饰业务). The footwear business is the core segment with over 15 self-owned brands including BELLE, STACCATO, TATA, 73Hours, TEENMIX, BASTO, SENDA, Joy&Peace, Millie's, 15mins, TooManyShoes, SKAP, OGR, Mirabell, INNET, plus partner brands Bata, CHAMPION, CAT, Allbirds. The sports business operates through TOPSPORTS platform distributing over 15 international brands including Nike, Adidas, Puma, Li-Ning, Converse, Timberland, Vans, The North Face, ASICS, Onitsuka Tiger, SKECHERS, HOKA ONE ONE, and is listed on Hong Kong Stock Exchange (6110). The apparel business manages INITIAL, MOUSSY, SLY, CHAMPION, CAT, ellesse brands plus Her own words underwear brand. The group has built a vertically integrated business model covering product planning, R&D, manufacturing, marketing, logistics, and retail distribution with 7 production bases, 60+ warehouses, and 13,000+ directly-managed stores across 300+ cities in China.

Differentiator

Problem solved

Functional benefit

Brands

• BELLE/百丽: Core flagship women's fashion footwear brand of the group. Primary mass-market fashion shoe brand. Recently rebranded with a black logo (from the iconic 'Belle Red' logo) as part of its youthful image transformation.
• STACCATO/思加图
• TATA
• 73Hours
• TEENMIX/天美意
• BASTO/百思图
• SENDA/森达
• Joy&Peace
• Millie's/妙丽
• 15mins
• TooManyShoes
• SKAP
• OGR
• Bata
• Mirabell
• INNET
• INITIAL
• MOUSSY
• SLY
• CHAMPION
• CAT
• ellesse
• Her own words
• Allbirds
• 滔搏运动/TOPSPORTS
• 滔搏国际 (Topsports International)

Products and services

• BELLE (百丽) Core flagship mass-market women's fashion footwear brand of the group; offers fashionable shoes for young consumers with ongoing product innovation.
• STACCATO (思加图) Mid-to-premium women's fashion footwear brand positioned as stylish and glamorous; known for IP collaborations including China Aerospace.
• TATA (他她) Women's footwear brand with emphasis on love and romance themes, including the I Do wedding series.
• TEENMIX (天美意) Youth-oriented fashion footwear brand positioned with sweet-cool campus style targeting young consumers with anime IP collaborations.
• BASTO (百思图) Mid-range women's footwear brand offering quality fashionable shoes at accessible price points.
• 73Hours (73小时) Luxury women's footwear brand acquired in 2018; targets urban white-collar workers with high-quality fashionable designs while maintaining independent brand operations.
• SENDA (森达) Footwear brand offering comfortable and fashionable men's and women's shoes; winner of China Genuine Leather Leading Shoe King award.
• Joy&Peace (真美诗) Mid-range women's footwear brand known for elegant and comfortable designs.
• 15mins (15分钟) Fashion footwear brand offering trendy styles at accessible prices targeting young women.
• SKAP (圣伽步) Footwear and apparel brand positioned as outdoor/functional footwear brand.
• INITIAL (依蕴素) Contemporary fashion apparel brand offering lifestyle products for men and women through joint venture with Baroque Japan.
• MOUSSY Japanese-origin contemporary women's casual fashion brand brought to China through Baroque Japan joint venture.
• SLY Japanese-origin edgy women's fashion brand brought to China through Baroque Japan joint venture.
• CHAMPION US sportswear brand (founded 1919) distributed in China by Belle; includes Reverse Weave sweatshirts and athletic apparel.
• Her own words Young women's underwear brand launched via joint venture with Regina Miracle; won iF Red Dot Design Award 2019.
• TOPSPORTS (滔搏运动) Sports Retail Platform Sports footwear and apparel retail platform operated by Topsports International (HKEX:6110); distributes Nike, Adidas, Puma, Converse, Vans, The North Face, ASICS, SKECHERS and other international brands through 8,300+ directly managed stores across 268 cities in China.
• BELLE Whale Shoe (百丽鲸鱼鞋) Signature BELLE brand product featuring proprietary ELAST-LSE high-elasticity foam midsole technology with whale-inspired bionic design; won CCFA Gold Lily 2021 product innovation award.

Quantifiable outcome

• 4 consecutive years #1 in Tmall fashion footwear (Double 11 and 618)
• +6 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability4 records

Feature5 records

Partnerships

Eleven partnerships are on record, tiered core, flagship and minor.

• Champion (HanesBrands)coreChannel Partner/ Reseller/ Distributor · 1 January 2021In 2021, Belle International obtained exclusive China licensing rights for Champion footwear and accessories (beyond apparel already held since 2019). Champion has become one of the fastest-growing brands in Belle's portfolio.
• Topsports International Holdings Ltd (滔搏国际控股有限公司)flagshipStrategic or Co-development Partner · 10 October 2019Topsports is Belle International's sports retail subsidiary, listed on HKEX (stock code: 6110) on October 10, 2019 with market cap of HK$57.4 billion. Topsports is Nike's global second-largest retail partner and Adidas's largest global retail partner, distributing 17 international sports brands through 8,300+ stores across China.
• 73Hours (赵若虹创立)coreStrategic or Co-development Partner · 21 August 2018Belle International acquired controlling stake in 73Hours, a premium women's footwear brand founded by Zhao Ruohong in 2015. 73Hours maintains brand independence and existing management team while leveraging Belle's full industry chain platform, supply chain, capital, logistics, and new retail capabilities for accelerated growth.
• Virgini (维珍妮)coreStrategic or Co-development Partner · 1 January 2017Belle International formed a joint venture with Virgini, the world's largest bra manufacturer, to launch young women's intimate wear brand 'Her own words.' The brand won the prestigious IF Red Dot Design Award in 2019, the first Asian brand to achieve this recognition in the underwear category.
• Adidas (阿迪达斯)flagshipChannel Partner/ Reseller/ Distributor · 1 January 2004Belle's Topsports subsidiary is Adidas's largest global retail partner and customer globally. 15-year strategic partnership. Topsports operates Adidas mono-brand stores and multi-brand sports retail stores across China.
• Nike (耐克)flagshipChannel Partner/ Reseller/ Distributor · 1 January 1999Belle's Topsports subsidiary is Nike's second-largest retail partner globally and largest in China. Partnership spans 20 years. Nike China co-branded flagship stores operated by Topsports including NBA Beijing flagship store (Wangfujing). Nike granted Topsports multiple service and partnership awards including 'Best Service to Athletes' and '同心同行奖'.
• Puma, Converse, Vans, The North Face, Timberland, ASICS, SKECHERS, HOKA ONE ONE, KAILAS, norda, Norrona, soar, cielecoreChannel Partner/ Reseller/ DistributorBelle's Topsports subsidiary holds distribution rights for 17 international sports, outdoor, and lifestyle brands in China including Puma, Converse, Vans, The North Face, Timberland, ASICS, Onitsuka Tiger, SKECHERS, HOKA ONE ONE, KAILAS, norda, Norrona, soar, ciele.
• Alibaba / Juhe Suan (阿里巴巴/聚划算)coreGTM or Marketing PartnerBelle International has partnered with Alibaba's Juhe Suan (aggregate purchase) platform for 4 consecutive years for flagship '欢聚日' brand events. Partnership combines Belle's brand portfolio with Alibaba's big data and marketing technology. '聚合计划' launched to reach Gen-Z consumers and lower-tier markets using data-driven shoe design and fashion trend analysis.
• Tencent Smart Retail (腾讯智慧零售)coreTechnology or IntegrationTencent Smart Retail collaborated with Belle to deploy digital tools including enterprise WeChat for customer asset management, 优 mall (U-mall)客流 analytics system, and CRM for member operations. Topsports leverages Tencent's ecosystem to build 24-hour 'TOP Sports Consultant' service through store associate WeChat networks.
• BataminorChannel Partner/ Reseller/ DistributorBelle International has operated Bata brand distribution in China since 2009, managing Bata stores across Chinese retail and e-commerce channels.
• AllbirdsminorChannel Partner/ Reseller/ DistributorBelle International is the authorized China retail partner for Allbirds, the San Francisco-based sustainable footwear brand.

Scale indicators10 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Pou Sheng International Holdings: Taiwan-listed sports footwear and apparel retailer/distributor in Greater China, distributing Nike, Adidas, Puma, Asics and other international brands through owned retail. Direct competitor to Topsports in the international-brand sports retail space.
• 361 Degrees International (1361.HK): Chinese sportswear and footwear brand with manufacturing base and broad retail distribution across China, including lower-tier cities. Comparable business model as a Chinese-origin sports footwear retailer competing with Topsports' distributed international brands.
• Topsports International Holdings (6110.HK): Belle's own majority-owned sports retail subsidiary, separately listed on HKEX since October 2019. Operates 8,300+ stores distributing Nike, Adidas, Puma, Converse, Vans and other international sports brands in China - directly comparable in scale and channel to the parent's sports retail business.
• Hotwind Holdings (300644.SZ): China's largest mid-range footwear retailer with 9,000+ directly operated stores across China. Direct competitor to Belle in mass-market fashion footwear retail with similar multi-brand strategy.
• Li Ning Company (2331.HK): One of China's leading domestic sportswear brands with full value chain integration (manufacturing through retail) and growing focus on premium segments via Li-Ning and China Li-Ning sub-brands. Competes directly with both Topsports-distributed international brands and Belle's footwear portfolio.
• Xtep International (1368.HK): Major Chinese sportswear brand with vertically integrated operations including manufacturing, brand management, and 8,000+ retail stores in China. Comparable to Belle in footwear scale and omnichannel retail depth.
• Anta Sports Products (2020.HK): China's largest domestic sportswear group by revenue, operating Anta, FILA, Descente, Kolon Sport brands with vertically integrated design/manufacturing/retail model. Direct competitor to Topsports in China sports retail and to Belle in broader footwear market.

Broad incumbents

• Stella International Holdings (1836.HK): Leading Hong Kong-listed footwear manufacturer with production for global brands plus own retail. Comparable to Belle in footwear manufacturing scale and women's fashion footwear category exposure.
• Skechers USA (SKX): Global comfort footwear brand with substantial China distribution through Topsports and other partners. Comparable to the comfort/athletic segment of Belle's portfolio and to international brands distributed by Topsports.
• Huali Industrial Group (2116.HK): Major Chinese footwear contract manufacturer producing for Nike, Vans, UGG, and other global brands. Comparable manufacturing footprint and supply chain integration to Belle's 7 production bases.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Belle International Holdings Ltd