Belle Fashion Group is targeting to bring about $1 billion up in its Hong Kong initial public offering, individuals familiar with the matter said, five years after private value firms took China’s greatest ladies’ footwear retailer private. The organization filed for the proposed share deal on Wednesday without subtleties of the offering. Deliberations are progressing and the fundraising size might in any case change depending on market conditions, said individuals, who asked not to be distinguished as the data is private. A representative for Belle Fashion wasn’t promptly accessible for comment. The IPO would end a hitaus of sizable sales deals by consumer-sector firms in Hong Kong’s capital market, which has been dominated by postings of Chinese technology and health care companies.

Belle Fashion is owned by buyout firms Hillhouse Capital and CDH Investments as well as the retailer’s management, according to its preliminary filing. The consortium bought out Belle International Holdings Ltd., formerly traded in Hong Kong, in a $6.8 billion deal and took it private in 2017. The owners spun off Belle’s sportswear unit for a seperate listing two years later.

At $1 billion, Belle Fashion’s IPO would be the largest by a consumer brand since detergent maker Blue Moon Group Holdings Ltd.’s $1.46 billion offering in December 2020.

Belle Fashion’s brands include Staccato, Tata and Basto, the filing shows. Its net income was 2.3 billion yuan ($362 million) for the nine months ended Nov. 30. Bank of America Corp. and Morgan Stanley are joint sponsors of the listing.