New Belle to Purchase 5 Companies with CNY1.6bn

SHENZHEN, Nov 15, 2007 (SinoCast via COMTEX) -- BELLF | charts | news | PowerRating -- Belle International Holdings Ltd. (BIHL, SEHK: 1880), the largest retailer of ladies footwear in China, is to purchase five subsidiaries of Jiangsu Senda Group Co., Ltd. (JSG) with a total of CNY 1.6 billion, said a BIHL executive on November 13, 2007.

New Belle Footwear (Shenzhen) Co., Ltd., a wholly-owned subsidiary of BIHL, signed a restructuring agreement with Jiangsu Senda on November 11. New Belle will purchase five wholly-owned subsidiaries of the latter and they are: Jiangsu Senda Footwear Co., Ltd., Zigui Yongxu Footwear Co., Ltd., Jiangsu Senda Group Three Gorges Footwear Co., Ltd., Shanghai Basto Footwear Co., Ltd., and Shanghai Auston International Trade Co., Ltd.

BIHL, which has chain stores of eight brands such as Belle, Teenmix and Staccato, is also the largest sports shoes distributor for Nike and Adidas in China. Presently, BIHL has had more than 2,800 ladies shoe stores and over 1,000 chain stores of sports shoes across 150 cities in Mainland China; furthermore, it has built 35 retail stores in Hong Kong, Macao, and America.