SHOP WINDOW
Belle International buys into Japan Baroque Japan consolidated sales 2008, to 18,000, and annual sales have grown to about 33 billion yuan (¥530 billion). Baroque is a good buy even for just its potential in the 60 Japanese market, let alone in the rest of Asia. It is one of 50 a small cohort of fashion retailers that grew from nothing at the start of the new millennium to dominate the 40 trade in young women’s fashion in city centres. Formerly 30 known as Fakedelic, the company was acquired by CLSA, which put the business under professional manage20 ment. Since then it has added new brands to reach a 10 wider catchment area, creating a fashion retail group with 350 stores and sales of ¥59.8 billion in fiscal 2012. 0 Its key brands also include Rodeo Crowns, Shelter, Black 2008 2009 2010 2011 2012 and Rienda. The new deal suggests serious potential for Baroque, With brands like moussy and SLY, Baroque Japan is not only given Belle’s reach, supply chain network and logistics a well-respected fashion design firm, it is also one of the – with more than 100 distribution centres across China most shareholder-oriented fashion retailers in Japan. CLSA, – and access to capital through CDH and other invesan investment fund linked to France’s Crédit Agricole and tors. Belle already has footwear stores in 80% of China’s previously Baroque Japan’s largest shareholder, recently sold shopping centres, making it easy work to propose its stake to CDH Investments and Chinese footwear retailer Baroque stores. Baroque plans to open 100 outlets Belle International, both of Hong Kong. CDH took a 23.00% a year in China, building to several thousand in the stake in Baroque Japan, while Belle International paid medium term. almost $94 million for a 31.96% stake. For Belle International, Baroque is the key to a longstandROY LARKE ing ambition to expand beyond footwear into apparel and JapanConsuming is the leading proaccessories while continuing to exploit the Japanese shoe vider of intelligence on consumer and market. Belle International owns mid-range brands like retail markets in Japan. The monthly Staccato, Joy & Peace and Millie’s, in addition to distributreport provides news about, and in depth analysis of, current trends. ing foreign brands such as Nike, Clarks, Merrell, adidas, Puma and BCBG. It is already a huge company, with a 20 to JC 25% share of the market for women’s shoes in China. The number of its stores is said to have more than tripled since For more information, please see www.japanconsuming.com or ¥ billion
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contact Sally Bedown at subs@japanconsuming.com
October 2013
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