Belle International, the Chinese footwear retailer, filed plans on Thursday to spin off its sportswear business through an initial public offering in Hong Kong, according to Reuters.
Two sources told Reuters the offering could raise $1 billion with the listing planned for the second half of the year. Topsports International is a large Chinese distributor and retail partner of foreign brands.
Established in 1991, Belle produces shoes under its own brands such as Belle and Staccato, and distributes other foreign labels such as Nike, Adidas, Puma, Converse, Timberland and The North Face. Belle went private in a $6.8 billion deal in July 2017.
Belle’s unit Topsports is the largest sportswear retailer in China in terms of retail sales value, with a 15.9 percent market share in 2018, the company said in its IPO prospectus, citing consultant Frost & Sullivan.