China’s Topsports takes eye off e-commerce ball

Giordano International

17/07/2019 02:39

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Sharon Lam
    HONG KONG, July 17 (Reuters Breakingviews) - Two years after
a $6.8 bln buyout of Belle, the shoe retailer has unveiled IPO
plans for its athletic-wear chain. A Beijing-backed fitness push
should help sustain sales growth. A dependence on Nike and
Adidas is a worry, though, as is the lack of emphasis on its
online strategy. 
    Full view will be published shortly.
    On Twitter https://twitter.com/sharonlamhk
    
    CONTEXT NEWS
    - Chinese footwear retailer Belle International on June 27
filed plans to spin off its sportswear business, Topsports
International Holdings. The deal could raise $1 billion, Reuters
reported, citing unnamed sources.  
    - A group led by Hillhouse Capital and CDH Investments took
Belle International private in July 2017.
    - Bank of America and Morgan Stanley are joint sponsors of
the Topsports offering.
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Draft prospectus    https://www.hkexnews.hk/app/SEHK/2019/2019062704/Documents/SEHK201906270017.pdf
China footwear retail unit files for Hong Kong IPO to raise $1
billion     urn:newsml:reuters.com:*:nL8N23P0MF
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 (Editing by Jeffrey Goldfarb and Katrina Hamlin)
 ((sharon.lam@thomsonreuters.com; Reuters Messaging:
sharon.lam.thomsonreuters.com@reuters.net))