Brillia (BRIA) Registration Filing summary

Company overview and business model

• Operates as a holding company in the Cayman Islands with subsidiaries in the BVI and Indonesia, focusing on sales, marketing, and fulfillment of ladies' intimate apparel for global brands.

• Bra Pro manages customer relationships and order sourcing, while MAP handles design, prototyping, and quality control.

• Plans to diversify into direct-to-consumer sales under the DIANA brand, targeting higher margins and expanding product lines to sleepwear, babywear, activewear, and period panties.

• Intends to establish retail stores and e-commerce platforms in Indonesia, Singapore, ASEAN, and Europe.

Financial performance and metrics

• Pro forma revenue for the year ended March 31, 2024 was $55.9 million, up 8% from $51.6 million in 2023.

• Net income for 2024 was $3.1 million, down from $4.2 million in 2023, with gross margins stable at 15.1%.

• Cash and cash equivalents as of March 31, 2024 were $6.0 million; working capital was $4.2 million.

• Customer concentration is high, with top three customers accounting for 82.5% of 2024 revenue.

Use of proceeds and capital allocation

• Net proceeds of $7.5 million expected from the IPO, with 15% for digital marketing, 10% for R&D, 35% for B2B expansion, and 40% for working capital.

• Plans include developing the DIANA brand, expanding product offerings, and opening flagship and pop-up retail outlets.