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Allbirds, the Silicon Valley fashion brand, has fallen out of favor and its exclusive operating rights in China have been handed over to the Belle Group.
After three years on the market, Allbirds is now on the verge of delisting, and its market cap of 4 billion US dollars has evaporated.
Take over operation rights in China, "Shoe King" Belle Fashion and "Silicon Valley newcomer" Allbirds both win.
Allbirds, a once popular global sports leisure footwear brand, is looking to restart its presence in the Chinese market with shoe giant Belle International Holdings Limited (Belle).
Allbirds Announces Agreement With Belle Fashion Group in China
Belle, the “king of shoes,” owes more than 10 billion dollars and is frequently accused of ungluing and breaking the bottom due to quality complaints
“Wherever a woman passes by, there must be Belle” - this is the slogan “King of Shoes” Belle International once shouted. At 16:00 on July 27, 2017, Belle International, the largest footwear company in China, announced its delisting from the Hong Kong Stock Exchange and was officially privatized for HK$53.1 billion, setting the record for the largest privatization transaction in the history of the Hong Kong Stock Exchange. Today, after being away from the capital market for 7 years, Belle Fashion, the “king of shoes for the generation” of Gao Lin Capital, is entering Hong Kong stocks again. According to the prospectus, Belle Fashion was founded in Hong Kong in 1981 and first engaged in the footwear trade business.
Belle Fashion: Back in Vogue, or Yesterday's Shoes in New Wrapping?
Belle Fashion, China's largest fashion footwear group, returns to the Hong Kong Stock Exchange and submits an IPO prospectus to be listed in Hong Kong, co-sponsored by Merrill Lynch and Morgan Stanley
On March 1, 2024, Belle Fashion Group (“Belle Fashion” for short) from Shenzhen, Guangdong submitted a prospectus to the Hong Kong Stock Exchange to be listed on the Hong Kong Main Board. This is another application almost two years after it was submitted on March 16, 2022.
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