A Hong Kong shoemith, a Ningbo in Zhejiang, how to create China’s first female shoe brand?



On July 27, 2017, Belle International Holdings Co., Ltd. announced the official delisting on the Hong Kong Stock Exchange.

Yu Wuhe Fang Fang, an executive director of Gao Yan Group, Dinghui Investment and Belle International Holdings Co., Ltd., formed a consortium, announced that it was privatized for HK $ 53.1 billion.

The total acquisition refreshed the largest privatization transaction in the history of Hong Kong stocks, and the market value of Belle has therefore shrinking to less than 40 billion.

Compared with HK $ 150 billion at the peak of the market value, Belle International has fallen to 100 billion yuan.

The two founders Deng Yao and Sheng Baijiao cash out 11.03 billion Hong Kong dollars and HK $ 3.177 billion after privatization.

Honestly, this money is not much compared to 100 billion yuan, and many people are still embarrassed afterwards.

The 65 -year -old CEO Shengbaijiao took all the responsibilities to herself: Belle’s transformation was unsuccessful, and the responsibility was all on herself.

He frankly said: “He has not made a good prediction of the market changes, and lacks the ability to respond to the market more complicated.”

The 85 -year -old Deng Yao chose to leave the field because of his age. Sheng Baijiao chose to stay in the company as the CEO. Because he did not participate in the privatization, he turned to become a “senior wage earner” of the company.

From a small factory established in 1992, Belle has developed into a company with a market value of more than 100 billion Hong Kong dollars in 20 years, and has ranked second in global shoe listed companies.

This private listed company has the third market value in the market, and it is also the most important channel dealers of Adi and Nike. The brand is almost a king in the domestic shoe industry.

Once, Belle has no one in the domestic retail industry.


No matter which city, as long as there is a shopping mall, there must be a Berry brand. With a huge facade and series of products, it has occupied more than half of the market share of domestic shopping malls.

In addition to Belle, the flagship brand of the same name, Belle, as well as STACCATO, Joy & Peace, TATA, Teenmix, Senda, Basto and other self -employment, Brand, and also represented international brands such as BATA, Clarks, etc. in China.

During the period when e -commerce has not yet developed, women often find that the shoes that they have carefully selected are the Belle brand.

Because of this, Belle once proudly shouted: “Everyone where a woman passes by has Belle.”

With the strategy and brand matrix of the channel, and the super high gross profit and net interest rate, Belle has stabilized the “throne” of the king of the domestic shoe industry.

In 2007, Belle was listed on the Hong Kong Stock Exchange with a market value of HK $ 67 billion. In 2014, the number of Belle International stores exceeded 10,000, and the market value exceeded HK $ 150 billion.

Unfortunately, under the impact of the Internet platform, Belle has not succeeded in several transformations, and huge retail terminals and sub -brands have eventually become a cost burden that it is difficult to maintain by enterprises.

Facing the crushing of the times, the king of the shoe industry has no power to fight. It’s not just Belle, but also the market baptism of Daphne, Daphne, and Saturdays, who are also competitors in the shoe industry, quietly ended.

“One -generation shoe king” Shengbaijiao has also become a witness to the end of the retail era of the shoe industry.


Speaking of Belle, I have to mention the founder of the brand Deng Yao.

In 1932, Deng Yao was born in a poor family in Hong Kong.

At the age of 15, he entered a private shoe workshop as an apprentice. When he was 20 years old, he opened a small shoe workshop with his wife at Wusong Street, Kowloon.

The couple first rely on shoes to make a living, because they earned too little, they had to take a few dollars.

Old neighborhood recalled: “The wife of Qu has made up my shoes, so I want to bargain.

With the development of Hong Kong’s economy, more and more international tourists arrived, Deng Yao began to imitate some big -name leather shoes and sold it to tourists at a very low price.

It’s just that these people stay in Hong Kong for a short time and must be delivered within two days.

The couple subsequently recruited two apprentices. Several people had no time to work day and night, and at most, they could only drive out three finished products every day.

During that time, Deng Yao held a foreign leather shoe map to sell at the airport dock. When he got the order, he hurried back to the store to start work overnight, and immediately sent it to the customer.

Because there is only a meal every day, there is no work money, and there is no scolding Deng Yao to “shrink” (吝) behind the apprenticeship.

Relying on saving and diligence, Deng Yao finally owned a small shoe factory in the 1960s.

The operation is good at calculation, but in politics, Deng Yao’s pattern is not ordinary.

During the turmoil of ten years, Deng Yao, who was holding the mentality of “not afraid of the sky,”, actually ran to the Mainland to share the information and design of the foreign shoe industry.

This is the most distinctive place in Deng Yao. At that time, there was no business relationship between the Mainland and Hong Kong. The shoes he produced could not be sold to the Mainland. This was purely “learning Lei Feng”.


However, the shoe factory in the Mainland has such information in urgent need of such information. Deng Yao’s move can be described as charcoal in the snow.

These unbelievable behaviors have made Deng Yao establish a good relationship with the relevant parties in the Mainland, and laid a broad road for his subsequent business development.

Throughout the 1970s, Deng Yao’s shoe factory also encountered opportunities with the entire Southeast Asian economy, and there were endless orders every day.

After the reform and opening up of the Mainland in 1979, Deng Yao quietly transferred the order to the mainland shoe factory with his previous relationship, and then shipped it back to Hong Kong to sell it, becoming the only shoe businessman in Hong Kong at that time in the Mainland.

In terms of Deng Yao’s “Lei Feng” spirit for many years, the work expenses given to him in the Mainland are too low, and a pair of shoes will collect a few cents of labor.

In the same year, Deng Yao, who was not satisfied with the foundry, began to create his own brand. He registered French Belle (beauty) as a “Belle” trademark and officially embarked on the brand development path.

Through this Mainland production and Hong Kong sales model, Deng Yao made a lot of money, but he still encountered a realistic problem.

As the “Hong Kong Design -Mainland Production -Hong Kong Sales” cooperation model takes up to one year, the just -produced shoes are often transported to Hong Kong.

Therefore, in 1987, Deng Yao rented the land of Shekou Merchants in Shenzhen and founded the Belle Shoe Factory. The production and sales cycle was shortened from 1 year to 3 months.

At that time, Hong Kong merchants invested a lot in the Mainland. Because of the policy relationship, the Mainland is responsible for land and population, and Hong Kong business enterprises are responsible for production and sales.

Deng Yao’s company is more complicated, and technology is also responsible for a Shanghai shoe factory.

Companies with multiple backgrounds are often unclear because of various personnel and finances, especially in the Mainland partners who value power more, and often make noise for who chairman.

Deng Yao is very enlightened. Although he has the most shares, he gives the chairman’s position to the mainland partners. He only produces and operates, and put forward a principle: no matter who manages, he must ensure the quality of the product, otherwise he is willing to withdraw his own withdrawal, and he is willing to withdraw from himself. Fore stocks.

Deng Yao’s attitude is very clear. He only cares about making money and doesn’t care about who the chairman.


Production and operation can be decentralized, and you must expand the consumer market if you want to make money.


In 1991, Deng Yao set up a Sino -foreign joint venture Shenzhen Belle Shoe Industry Co., Ltd. in Shenzhen to enter the mainland market.

At that time, Hong Kong merchants who opened factories in the Mainland could only get 10%to 15%of domestic sales rights. Due to the relationship accumulated by Deng Yao’s early years, he won 30%of the domestic sales rights for himself. The inside has gained rapid growth.

Due to the identity of Deng Yaang’s businessmen, he encountered various inconvenience and fraud in the process of expanding the market, and he was eager to find a partner who understands the market and also developed the mainland market together.

In this way, he remembered Sheng Baijiao he knew at work.


Shengbaijiao was born in 1952. In Shanghai, he was born in Ningbo. He was born with a smart mind for Jiangsu and Zhejiang people to do business.

After graduating from Shengbaijiao University, he has been engaged in management and management at the enterprise. He was selected to study in the Shenzhen Shekou management cadre training course in the 1980s.

After the study, due to the urgent need for development in Shenzhen, after soliciting his wishes, he stayed in the Shekou Industrial Zone in Shenzhen.

Shengbaijiao is responsible for the investment promotion of light industry in the industrial zone, and has business with Deng Yao.

In contact with each other, Sheng Baijiao admired each other’s pattern and style of doing things.

Deng Yao also appreciated Shengbaijiao very much, and he fancy his practical and rich management experience, so Xu persuaded Shengbaijiao to resign from his office with high salary.

Shengbaijiao was transferred to a college at this time. He was hesitant in the incident of his career or resigning and starting a business.

After all, entrepreneurship is not a trivial matter, and he is not familiar with the shoe industry. There are also many negative evaluations of the private economy, which makes Shengbaijiao peppers who have worked in the system for many years.

In 1992, with the southern tour of a great man, the market economy began to emerge, and China’s consumer market changed dramatically.

A large number of institutions’ cadres went to the sea to start a business. It also inspired Shengbaijiao’s restless heart. Forty, he finally decided to join Belle and open a new path of life.

In the early days of the establishment, Belle Shoe Industry was only a company with more than 2 million HK $ 2 million in assets. But there is no market, no matter how much domestic sales, it only produces a bunch of shoes in vain.

Deng Yao was very happy to join Shengbaijiao, and encouraged Shengbaijiao to let go to open up the mainland market, and he would do his best to support him.

Both were very clear at the time that the Chinese shoe industry has no strong brands. People buy shoes in the department store and some street stores. As long as these terminal market channels are occupied, the market will naturally win.

The paving channels are also very simple. Just find retail channels to cooperate. Anyway, there is no famous shoe brand at that time. This road is not difficult.

It is difficult to be that Belle is the background of Hong Kong -funded. The mainland has not opened the retail industry in the Mainland, and there is no door to find someone to cooperate.

The strategy given by Shengbaijiao is to secretly distribute Belle’s shoes through the family members recruited.

And more products are sold to wholesalers in Shenzhen and Guangzhou and other shoe industries with their wholesale models, trying to open up channels.

At first, such models were indeed effective. The sales of Belle Shoe Industry soared, and the output value reached tens of millions.

But the trouble came immediately, because the dealers could not be effectively controlled, the counterfeit layer was endless, and some people even sold fakes and genuine products directly.

Deng Yao and Sheng Baijiao had a headache for this, but there was no specific countermeasure.


In 1994, Deng Yao used the Hong Kong store model to build a number of Belle monopoly outlets across the country.

The brand seems to have been promoted separately, but these stores are not the real direct business model, but also a proxy model. The business depends entirely on the agent consciousness. When someone does not follow the agreement, Belle has nothing to do.

In fact, because of the lack of effective management, such specialty stores have either violated the agreement to steal other products; or to reduce the cost, skipping the company and transferred from Hong Kong wholesalers to take the goods back to the Mainland for sale.

In order to maintain the brand image, Deng Yao immediately split with Sheng Baijiao and interviewed those illegal partners.

Deng Yao is responsible for negotiating with the wholesalers in Hong Kong to buy all its goods so that they cannot continue to sell them to dealers in the Mainland; The product has a certain sales volume. Their behaviors not only harm the interests of the brand, but they can’t make money when they look at them for a long time.

Through the continuous understanding of reason, the two resolved the crisis a little bit, the distribution channels slowly returned to normal, and they also selected reliable partners from it.

In 1999, the state issued the “Pilot Measures for Foreign Investment and Commercial Enterprises”, allowing some Hong Kong, Macao and Taiwan enterprises to engage in the retail industry in the Mainland.

After the ecstasy two people studied the relevant provisions, the heart was half cold.

The regulations stipulate that if foreign -funded enterprises want to open a retail business in China, the average sales of the previous three years must exceed $ 2 billion, but at that time, Belle was far from meeting this condition.

At this time, how can it not only expand new channels and meet new rules, and become a tricky issue in front of the two.

After studying for a long time, Shengbaijiao gave suggestions: “Choose individual dealers with common business philosophy to become the exclusive retail agent of the local area, and sell a series of products under the brand.”

To put it plainly, this is a “curve opening” model of Belle. In the context of inconvenience, Belle chooses a well -represented and large -scale dealer in the Mainland, signed an exclusive distribution agreement to develop and sell the network with a franchise model. mutual benefit.

In the end, Belle carefully selected 16 dealers to form a franchise cooperation team to start a new round of journey.

In 1997, the chaos caused by the previous agent caused the two to be worried, so Deng Yao and Shengbaijiao jointly established Belle Investment with all dealers, and fastened the dealers in their hands in a common interest.

It didn’t take long for a real good news that the mainland retail industry was completely open to foreign capital.

Belle immediately acquired most of the shares of 16 dealers through negotiations, and established Belle retail physical Belle International to truly control the initiative of the company’s sales.

Unfortunately, for two years, because from wholesale to self -employment, Belle’s performance not only did not increase, but also lost money.

However, Deng Yao still gave Shengbaijiao enough trust to let him continue to manage the operation of the entire Belle Group.

Shengbaijiao is also constantly exploring the market, summing up a market trial and error mechanism that integrates design, development, production, and sales.

Each new product produced by Belle, Shengbaijiao first puts 50%of the planned production of the market to test water, and then gives the collected questions to the design to modify and adjust it according to market feedback, and avoid risks in the formula.

At the same time, Shengbaijiao instructed the team to refer to the most popular big -name elements. Each shoe is not inferior to the world’s famous brand in terms of style, but the price is less than one -tenth of others.

Not only that, but countless competitors at the same time rely on advertising to open up the market. Berry has rarely launched advertising, but products are always selling well in the market.

This is because Shengbaijiao has adopted a more forward -looking model. Selected marketing supervisors served as the supervisor and design director, and transformed the market sensitive information into product driving force.

This model was originally from Huawei. Ren Zheng ignored this model. Today is called the “retail guide model”, and it was used by Belle 20 years ago to learn from it.

Perhaps because of the “stealing teacher” Huawei, Sheng Baijiao has always admired Ren Zhengfei.

As early as many people criticized Huawei’s overtime system, he disagreedly said: “China should allow overtime at this stage, and at the same time, more overtime salary should be given, because Europe and the United States today are based on the overtime overtime in the past decades. This is now lagging behind others. Why not surpass others without working overtime? “

With such a partner management, Deng Yao does not have to worry about anything, just wait for a few money.


It ’s good to copy plagiarism, and it’ s a novel Belle shoes industry.

In 1998, as Mainland sales had surpassed Hong Kong, Deng Yao officially stopped Belle’s sales in Hong Kong and fully pushed in the mainland market.

When it comes to the shoe industry, it is undeniable that women’s shoes are the main market for sales.

With the women’s shoes market, you can basically establish the absolute advantage of the brand in this industry.

During the rise of Belle, it was the pursuit of young Chinese women in fashion in Europe and the United States. A pair of beautiful shoes are often the most fashionable symbol of their own brand bags.


Moreover, compared to a brand -name bag with tens of thousands of yuan, even thousand pairs of Bailey shoes, it is not difficult to buy a few pairs a year.

Belle happened to enter the Chinese mainland market at this time. In the context of no opponents, she fully enjoyed the strong purchase dividends that young Chinese women burst out for fashion, thereby seizing the half of the Chinese shoe industry market.

In 2007, Belle’s directly controlled offline sales terminal reached more than 1,000, with a total revenue of more than 7 billion yuan, winning the favor of capital.

In May of this year, Belle International was listed on the Hong Kong Stock Exchange with a market value of over 61 billion, which was 1.5 times the market value of Gome, which was just listed at the time.

However, because many mainland companies were listed in Hong Kong before, Belle was not the most dazzling one, and there were few media reports.

Who knows, when people know that the funds frozen in the past were as high as HK $ 438 billion, then they were stupid.

The ICBC, which is known as the “largest bank in the universe” in the previous year, was listed in Hong Kong in Hong Kong, and the frozen funds were 415.6 billion Hong Kong dollars.

A person who sells shoes is so profitable?

The men were curious, and they checked their wives’ Belle shoes, and wanted to see what the shoes were different.

Women are also very happy, because women’s shoes in Belle feel a lot more distinguished.

Deng Yao and Shengbaijiao were even more happy. Not only did he become a billionaire, he also embarked on the express train of capital.

Under the blessing of capital, after the listing, Belle fast -moving whip, frequently settled in major shopping malls in the Mainland, and the sales outlets continued to expand.

Belle immediately launched a series of acquisitions, 380 million acquisition of Feile, 600 million acquisition of Miaoli, and 1.6 billion acquisitions of Saida.

By 2011, Belle International revenue reached 28.95 billion, and its net profit soared from 980 million 5 years ago to 4.24 billion.


In the same year, the French LVMH Group announced that it had spent $ 30 million to acquire a 3%equity of Belle, and Belle’s stock price soared again.


At the end of 2011, 79 -year -old Deng Yao won the top ten super rich list of Hong Kong’s top ten super -rich in Hong Kong. It is a retail industry that has long been monopolized by individual families in addition to the real estate, power, and transportation.

As a shoemaker, he grew up as a super rich, and Deng Yao, who was rare, became another inspirational story under the Lion Mountain.

At this time, although Shengbaijiao did not have Deng Yaodo, he also won the list of Chinese rich people with nearly 10 billion (RMB).


It is obviously unfair to say that Belle’s response in the Internet field is slow.

In 2011, Belle launched the e -commerce project, opened a Tmall store, and founded Youshou.com, which specializes in fashion shoes and bags. It was once considered a model of vertical B2C.

Sheng Baijiao also dug the current president of JD, and then Xu Lei, then Jingdong CMO.

Xu Lei is a child of a large courtyard. The big flower arm also likes to play rock and looks incompatible in Jingdong.

After Sheng Baijiao invited Xu Lei to drink a few big wine, the other party did not hesitate to join the Belle Group as the CMO of Youshou.com.

Xu Lei later explained that he was interested in this global market value company with the second market value. It was because the company was big enough and the boss was mysterious. Except for an exclusive interview, there was almost no other news.

He also said: “The boss chats is very easy -going, and you can say swear words and smoke together to follow us. Lao Sheng’s smoke addiction is as big as me.”

This is Xu Lei’s speech. His identity is enough to let Sheng Baicheng accompany drinking and scolding swear words.

However, in the eyes of most Bellers, Sheng Baijiao is far more severe than the kind “Deng Dong”.

A employee who has worked in Belle for ten years recalled that since he joined the job, he has almost never seen Sheng Baijiao laughed. Every time, he faces a task and listened to the report.

Compared to Shengbai Bea, everyone still prefers smiles. Every year, the New Year stands on time to send “Li is” Deng Dong.

If Shengbaijiao has no sense of e -commerce, he has a habit of almost the same as Internet companies: vigorously advocating “996”.

Encouraging others to work overtime, he is also full of year, and it is also the kind of “workaholic” to convene everyone to meet in the middle of the night in the middle of the night.

But because Shengbaijiao focused on management, Belle grew rapidly, and the managers trained were the object of everyone’s competition no matter where they were.

Even the internal management textbooks compiled by Shengbaijiao personally can sell tens of thousands of yuan in the shoe and clothing circle.

In 2013, after the listing of highlights, Belle’s revenue was 32.8 billion, the net profit was 4.3 billion, and the market value exceeded HK $ 150 billion.

Unfortunately, the offline performance of the glorious photos eventually caused Belle to miss the best time to develop the e -commerce business.

Shengbaijiao has also worked hard to understand the e -commerce channel. He said: “I really work hard, as long as the report on e -commerce will be read, it will also communicate with major e -commerce companies last year. What kind of synergy can be produced? “

But he still underestimated the channel of e -commerce. He simply thought that the shoes had to be tried to buy, and the e -commerce platform could not provide physical services.

Even if Tmall and Youshou.com opened, it was just a platform for him to deal with the season.

He did not realize that the emergence of e -commerce channels became more transparent and more selective.

A pair of thousands of dollars of Belle shoes are purchased online. As long as the price is half the price, this is obviously more tempting for young consumers.

Especially after China’s shoe industry entered the same period, the style became more and more similar, and the design advantage of Belle once relying on the proud design has no longer existed.

Frozen three feet is not a day cold. Shengbaijiao not only underestimated the Internet, but also ignored another newly rising business form -shopping center.

The rise of Wanda Plaza and other large shopping malls made Shengbaijiao very happy at first, and felt that the brand had another marketing terminal.

However, he failed to see that the shopping mall and the former department stores have changed in the business format. Consumers’ shoe purchase channels have gradually increased foreign brands and a large number of young domestic brands. Belle is not the only choice.

The channels were scattered, the cost performance was weakened, and the brand effect and advantages of Belle’s once were broken by the emerging business model.

Ke Shengbaijiao still holds the “channel as king” routine, continuously acquisitions in the shoe industry, and continues to expand offline self -operated outlets.

As of 2017, Belle has more than 20,000 self -operated outlets in mainland China, of which 13,000 outlets have really responded to the “tail”.

In the business model of continuously upgraded consumption scenarios, Belle finally fell into the giant pit he dug.


Starting in June 2016, Belle began the wave of closure.


In just two months, Belle closed 276 stores in the Mainland, with an average of 3 stores every day.

Compared to the peak period, Belle, who opened a new store every two days, suddenly arrived at the point of stopping the store stop loss, which was really sighing.

As of February 28, 2017, Belle Jing’s profit decreased by 15%-25%, a year-on-year plummeting 19.72%to 1.733 billion yuan.

“I am Belle, Baichang, so beautiful” -Thisy’s familiar slogan seems to be still in her ears, but the once -ups of Belle have been delisted and completed privatization.

Belle was not lost to e -commerce, but was defeated to too self -confidence that failed to conform to the trend of the times and transform in a timely manner.

After privatization, the 85 -year -old founder Deng Yao had already held money and started to enjoy his old age.

And Shengbaijiao continued to stay as CEO of Belle, but the company’s business power was in the shoe business department and the president of the new business division, and it was called “President Xiaosheng”.

Sheng Fang is the nephew of Shengbaijiao. There is also a board of directors Deng Jinglai. He is Deng Yao’s son. They have worked in Belle for many years.

After Belle’s privatization, Deng Jinglai chose to start a separate business, and is currently the founder of Tot.

When privatized, Deng Yao said to Zhang Lei’s capital of Gao Yan Capital: “I don’t care if I quit, and I have no intention of money. What I care about whether the company can work with better partners and lead more than 100,000 employees in Pepurin’s Phoenix Nirvana Nirvana ,reborn.”

After Belle’s delisting, many people worried about whether Gao Yan’s capital who took over was encountered a hot “hot potato”, but later he found out that he had thought too much. People bought the “gold mine”.

As soon as Belle’s privatization was completed, Zhang Lei sent a digital team to join Belle and began to re -sort out Berry’s business.

In 2019, the spin -off sports business company Tao Bolong was re -listed in the Hong Kong Stock Exchange. The market value was as high as HK $ 57.4 billion, and a year later, it exceeded 74 billion Hong Kong dollars.

According to Zhang Lei, this is only one of the three major business sectors of Belle International’s shoes, sports and clothing, and Gao Zong Capital will benefit three times in this privatization transaction.

In the past, it was often said that “I didn’t buy it for sale”, but in the capital market, it was necessary to say: “I did not buy the essence of buying.”

E -commerce and big data that Shengbaijiao did not understand and was not familiar with, and played under Zhang Lei’s hands.

From 2018 to 2020, Belle has implemented lean projects in the production system, and all stores are digitized.

Through the industrial chain built by big data, Belle can directly feedback the information of the store customers in real time to the factory. It is no longer necessary to wait for the quarter, which greatly reduces inventory and improves efficiency.

This method called “C2M Flexible Supply Chain” is actually similar to that of Shengbaijiao’s early product testing market. It is just that with the changes in the times, the technical means have been completely the same.

Relying on the decision -making decision to transform into e -commerce in 2017, “Small steps, fast trial and error, digital centralization, terminal decentralization” decision -making.

From the data point of view, Belle has successively won the first single brand and collective scale of the 2018 and 2019 Double 11 Tmall Fashion Shoes and Boot Industry List.

Even after the revenue of the 2020 store was broken due to the epidemic, Belle still issued the salary of the clerk and issued the 2019 year -end award in full.

Behind this is Sheng Baijiao, who continues to stay, and the entrustment of the founder Deng Yao.

No one can stand at the top of the times forever.

Perhaps it is just the case that Belle’s future is new.

Author of this article: Windshengjun by the sea, exclusively authorized Wan Xiaodao headlines to be released by Windsheng Island.

Write stars, write gossip, and have evidence; the image is positive and shadow oblique, all of which are taken by themselves. Welcome to follow

@万 小 万

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Reference materials:

CEO of CEO, the founder of the privatization than Ali Wanda, cash out 10 billion yuan, China Fund News

Shengbaijiao: After taking office and Wang Wei, he is the most mysterious entrepreneur in China, Wise Finance

One generation shoe king, goodbye! Belle announced the delisting, affected by e -commerce, the founder was cash out for the leaving the market, the Yangtze Evening News

Tongjin and retreat, Deng Yao and Shengbaijiao’s love, e -commerce newspaper

Belle CEO Shengbaijiao to the employee: Based on the long -term, reconcile Berry, Belle official website

The Belle Shoes industry, which was once worth hundreds of billions, ended, and the truth failed is worth pondering.

The revenue in the epidemic once fell sharply, how did the shoe Wang Baili come back against the wind, Lian Shang.com