‘Shoe King’ Belle Down on Its Heels
China’s king of shoes, the retail giant and footwear manufacturer Belle International Holdings Ltd., faces an uncertain future in a business realm under threat.
At the height of its power six years ago, Belle boasted a retail network of more than 20,000 stores across China. It was selling more than 40 billion yuan ($6 billion) worth of shoes every year. And it was the biggest mainland retailer on the Hong Kong Stock Exchange in 2011, only four years after listing, with a market capitalization of about HK$150 billion ($19.2 billion).
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