• Skip to primary navigation
  • Skip to main content
Hillhouse

Hillhouse

Hillhouse builds businesses that stand the test of time

  • About
    • Strategy
    • Team
    • Contact Us
  • Company Spotlight
  • News & Insights

Topsports, the Sportswear Division of Belle, Raises $1 Billion in Hong Kong IPO

Posted in Updates on

On October 10, 2019, Topsports listed on the Hong Kong Stock Exchange, raising $1 billion in proceeds. Topsports’ listing represents one of the largest IPOs in the region in 2019.  Despite a rocky macro environment, the quality of the Topsports business and the differentiation of Hillhouse’s tech-enabled approach impressed investors. The IPO resulted in a market capitalization of over $7 billion for the standalone Topsports.

A little over two years ago, Hillhouse privatized Belle, which consisted of the world’s largest ladies shoe company and also a sportswear division (Topsports), in a $6.8 billion take-private transaction.  Hillhouse’s efforts post-investment have focused on technology-enablement of Belle’s (and Topsport’s) one-of-a kind retail franchise.  Work from a digital transformation perspective has been focused around three core strands: enhancing store operations and merchandising management and empowering Belle (and Topsport’s) over 70,000 frontline staff.  Today, the company’s digital backbone is among the most innovative among retailers of comparable scale.

China’s sports sector remains vastly under-penetrated and continues to gain momentum.  Separating Belle’s segments and shining a spotlight on the company’s sportswear business unlocks hidden value from within the group.  Topsports continues to be a major beneficiary of growth within China’s sports sector as an important retail partner to Nike, Adidas and others. 

Filed Under: Updates

Copyright © 2023 Hillhouse • Terms of Use

  • LinkedIn
  • Instagram
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT