CVC buys into C.Banner’s organic growth story
Over the course of 17 years, C.Banner Holdings has become China’s third-largest ladies footwear retailer, building up a network of more than 1,800 outlets and four self-developed brands. Growth has been entirely organic: Chinese retailers habitually engage in M&A sprees in order to turn regional positions into national ones, but C.Banner doesn’t have an acquisition to its name.
"It always struck us as a good business - it has at least 10 years of net profit growth, steady margins and strong like-for-like sales growth," says William Ho, a partner at CVC Asia, which last week invested...
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