Brillia (BRIA) Registration Filing summary

Company overview and business model

• Operates as a holding company with subsidiaries in BVI (Bra Pro) and Indonesia (MAP), 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 by developing the DIANA brand, targeting higher margins and direct-to-consumer sales in Southeast Asia and Europe.

• Business model is asset-light, relying on third-party manufacturers and suppliers.

Financial performance and metrics

• FY2024 revenue: $55.8M, up 8% from $51.6M in FY2023, driven by increased North American sales.

• Gross profit margin stable at 15.1% for both years; net income decreased from $4.2M to $3.2M due to higher operating expenses.

• Top three customers accounted for 82.5% of FY2024 revenue, indicating high customer concentration.

• Cash and cash equivalents at March 31, 2024: $6.0M; working capital: $4.2M.

Use of proceeds and capital allocation

• Net proceeds of $7.5M expected from IPO, allocated as: 15% to DIANA brand development, 10% to R&D, 35% to B2B business expansion, 40% to working capital.

• Focus on digital marketing, retail outlet openings, and product development.