Two new Belles of the Billionaire Ball

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The old Tang Dynasty (618-907) may have been responsible for starting the practice of foot binding, but the new Tang Dynasty, 3,828 retail outlets strong, is responsible for binding women's feet in pure comfort.
Tang Yu, the chairman of Belle International Holdings, and daughter Tang Ming Wai are the world's latest paper billionaires, controlling 34% ($2.9bn worth) of the leading retailer of ladies footwear in China. Belle began trading yesterday on the Hong Kong exchange. Shares of the company shot up by almost a third, giving Belle a $8.6bn market cap and culminating an IPO process that was 500 times oversubscribed. The IPO brings the number of billionaires in the world closer to that 1,000 mark (from 946 last year).
Even though gals are not as shoe crazy in China (they only purchase 2.3 pairs of shoes a year on the Mainlaind, opposed to the 7.3 pairs a year of furry, pointy or jellied abominations American girls "need"), Belle International does considerable business, offering 300-400 new styles a year in several brands commanding prices up to $260. Spending $260 for shoes in China has to be the equivalent of something insane in the US with the lower cost of everything over there.
Tang Yu is seen as a visionary of sorts, or at least one of the first people who realized that Chinese women would not always be wearing tightly bound ropes and cloths on their feet, kidnapped into villages (most sandals are built in-house) or aborted. Eventually these women, sans deformed lower extremities, would need shoes. Tang got a late start into the shoe game, starting in 1981 at the age of 46. His daughter went to UT-Austin with a degree in business administration, proving that even Longhorns can be billionaires if they just move to China.
Belle IPO Makes Tangs Billionaires [Forbes]

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