Belle International (1880.HK)
Brands: Belle, Teenmix, Tata, Staccato, FATO, Senda, Basto, Millie’s, Jipijapa, Joy & Peace, Haorenyuan;
Licensed: Nike, Adidas, Reebok, Puma, Mizuno, Li Ning, Kappa, Converse, Bata, Elle, BCBG, Mephisto, Geox, Clarks, Merrell, Caterpillar, Sebago
1H 2009 results: Operating profit US$185.29 million, up 11% y/y; revenues US$1.36 billion, up 13%
No. of stores: 9,104 (-59 in 1H)
Stock performance (Sep 14): HK$7.61, up 123.53% so far this year
Lower-tier credentials: Large brand portfolio creates cross-tier flexibility
Li Ning (2331.HK)
Brands: Li Ning, Double Happiness, Aigle, Z-DO, Kason; Licensed: Lotto
1H 2009 results: Operating profit US$100.41 million, up 51.5% y/y; revenues US$593.24 million, up 32.4%
No. of stores: 6,809 (+564 in 1H)
Stock performance (Sep 14): HK$24.00, up 98.35% so far this year
Lower-tier credentials: Strong national brand identity, lower-tier presence
Giordano International (709.HK)
Brands: Giordano, Giordano [Junior/ Ladies/Concepts], BSX
1H 2009 results: Operating profit US$8.51 million, down 73% y/y; revenues US$258.44 million, down 14.5%
No. of stores: 912 (+53 since Sep 2008)
Stock performance (Sep 14): HK$2.19, up 12.31% so far this year
Lower-tier credentials: Expanding the reach of mid-range to affluent brands