百丽时尚赴港IPO：从"鞋王"到品牌成长平台的华丽转身
中国最大时尚鞋履集团百丽时尚近日向港交所递交上市申请，23/24财年前三季度营收161亿元，同比增长12.8%，净利润21亿元，同比大增92.7%。这是百丽2017年私有化后首次重返资本市场。
The largest Chinese fashion footwear group Belle Fashion recently filed for IPO in Hong Kong, with revenue of 16.1 billion yuan in the first three quarters of FY23/24, up 12.8% year-on-year, and net profit of 2.1 billion yuan, surging 92.7%. This marks its return to the capital market after privatization in 2017.
多元品牌矩阵 | Diversified Brand Portfolio
百丽时尚目前拥有19个核心品牌，包括12个自有品牌和7个合作品牌，覆盖女鞋、男鞋、童鞋、服装和配饰品类。根据弗若斯特沙利文数据，2022年百丽时尚在中国时尚鞋履市场份额达12.3%，连续十余年保持第一。
Belle Fashion currently owns 19 core brands, including 12 self-owned brands and 7 cooperative brands, covering women's shoes, men's shoes, children's shoes, apparel and accessories. According to Frost & Sullivan data, Belle Fashion accounted for 12.3% of China's fashion footwear market in 2022, maintaining its leading position for over a decade.
全渠道战略 | Omni-channel Strategy
截至2023年11月30日，百丽时尚拥有8300多家线下门店，覆盖中国330个城市及港澳地区。线上渠道收入占比从私有化前的不足7%提升至28%。公司建立了200余人的专业直播团队，直播销售额占线上总销售额约27%。
As of November 30, 2023, Belle Fashion operated over 8,300 offline stores covering 330 Chinese cities and Hong Kong & Macau. Online channel revenue increased from less than 7% before privatization to 28%. The company has established a professional live-streaming team of over 200 people, with live-streaming sales accounting for about 27% of total online sales.
垂直一体化模式 | Vertical Integration Model
百丽时尚建立了"订、补、迭"柔性供应链体系：
1. 初期仅下达40%预估订单
2. 根据销售反馈15天内快速补货
3. 最快25天完成新款迭代设计
主品牌BELLE约30%销售额来自补货，30%来自迭代产品。
Belle Fashion has established a "order-replenish-iterate" flexible supply chain system:
1. Initially place only 40% of estimated orders
2. Quick replenishment within 15 days based on sales feedback
3. New product iteration design completed in as fast as 25 days
About 30% of main brand BELLE's sales come from replenishment, and 30% from iterated products.
数字化转型 | Digital Transformation
百丽时尚实现了全产业链数字化：
- 专有鞋履研发平台加速设计转化
- 自动化皮革检测技术节省95%时间
- 线上线下库存共享优化交付效率
Belle Fashion has achieved digitalization across the entire industry chain:
- Proprietary footwear R&D platform accelerates design transformation
- Automated leather detection technology saves 95% of time
- Online and offline inventory sharing optimizes delivery efficiency
未来，百丽时尚计划拓展东南亚和中东市场，继续强化其作为品牌成长平台的核心竞争力。从传统鞋企到时尚生态平台，百丽时尚的转型之路为中国零售企业提供了宝贵参考。
In the future, Belle Fashion plans to expand into Southeast Asia and Middle East markets, continuing to strengthen its core competitiveness as a brand growth platform. The transformation from traditional footwear company to fashion ecosystem platform provides valuable reference for Chinese retail enterprises.
