Chinese footwear retailer Belle International has hired Bank of America Merill L...
HONG KONG - Chinese footwear retailer Belle International has hired Bank of America Merill Lynch to help prepare for a Hong Kong listing of its sportswear business this year, said people with direct knowledge of the matter.
The divestiture comes nearly two years after BAML advised a consortium led by Hillhouse Capital Group and CDH Investments to take Belle private in a $6.8 billion deal completed in July 2017, as traditional retailers battled online competition. The initial public offering plan comes as the value of China’s sportswear market is set to grow to $58 billion in 2023 from $40 billion last year, estimated market researcher Euromonitor.
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