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Belle Intl to take over Hong Kong Mirabell Holdings
May '08
Belle International Holdings Limited, one of the biggest shoes enterprises in China will soon purchase the largest in Hong Kong, Mirabell International Holdings.

Industrial sources reported that after the purchase, Mirabell International Holdings Limited would secede from Hong Kong stock market and become an integral part and subsidiary enterprise of Belle.

The law of Hong Kong enunciates that the purchase and transfer of power must finish before May 23, 2008. This entire channel of transfer will involve funds amounting to 1.6 billion Hong Kong dollars.

The company's total turn over in 2007 reached 11.67 billion yuan, up by 87 percent than 2006, while its net profit was nearly 1.979 billion yuan, up by 100 percent than the previous years. The total net profit arising from shoes business accounted for 90 percent.

It has been reported that after Belle was listed on Hong Kong stock market on May 7, it actively and successfully acquired a number of shoes brands including Fila China and Senda. Presently, Belle owns some 6000 franchise shops on domestic and international grounds.

Fibre2fashion News Desk - China

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