Brillia (BRIA) Registration Filing summary

Company overview and business model

• Operates as a holding company with subsidiaries in the BVI and Indonesia, focusing on the design, sourcing, and supply chain management of ladies' intimate apparel for global brands, and expanding into direct-to-consumer sales via the DIANA brand.

• Bra Pro acts as a sales and marketing entity, while MAP provides fulfillment, design, and quality control services; both have evolved from ODM to comprehensive cross-border solution providers.

• Key customers include major international brands such as Fruit of the Loom, Hanes Brands, Jockey, H&M, Canadelle, and Li & Fung.

• The DIANA brand targets premium and younger consumers in Southeast Asia, with plans for further expansion into sleepwear, activewear, and other adjacent categories.

• The company leverages a vertically integrated, asset-light model, relying on third-party manufacturers and suppliers, and emphasizes design innovation and quality.

Financial performance and metrics

• Revenue increased 15.06% to $64.39 million in FY2025, driven by higher sales in North America and new customer onboarding.

• Gross profit rose 23.15% to $10.11 million, with gross margin improving from 14.78% to 15.78% due to cost control and efficient sourcing.

• Net income declined 14.16% to $2.82 million in FY2025, impacted by higher operating expenses related to listing and professional fees.

• Cash and cash equivalents stood at $7.70 million as of March 31, 2025, with net current assets of $16.66 million.

• Customer concentration remains high, with two customers accounting for nearly 80% of revenue in FY2025.

Use of proceeds and capital allocation

• The company will not receive any proceeds from the resale of Class A Shares; all proceeds go to the selling shareholder.

• Net proceeds from the IPO were previously used to finance working capital and business operations.