Belle's IPO offers a classic consumption story

The shoe manufacturer and retailer offers growth and strong brands, but the offering isn't cheap.

The IPO of Belle International Holdings, which kicked off yesterday, is a classic Chinese consumption story, offering large-scale, vertical integration, well-established brands, dominance in its sector and steady growth prospects as the Mainland economy continues to grow and the middle class gets wealthier.

However, the shoe manufacturer and retailer also has another feature that is fast becoming the norm among Chinese retail plays - high valuations. True, they are not as high as some of the most popular investment objects...

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