
Belle’sslightlydisappointingfootwearSSSG(3%)in4Q12wasdraggedbyweaker-than-expectedperformanceinDec(partlyduetoalaterCNYin2013).However,itsstronger-than-expectedsportswearSSSG(10%)underpinnedbylowsingle-digitincreaseinrealisedASPhasindicatedthemarketsharegainsofinternationalbrandsfromdomesticpeers,ratherthanapronouncedrecoveryofChinasportswearsector.BelleandGoldenEagleremaina...