Brillia (BRIA) Registration Filing summary

Company overview and business model

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

• Bra Pro manages customer relationships and order management, 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 and retail presence in Southeast Asia and Europe.

• Business model is asset-light, relying on third-party manufacturers and suppliers, with a vertically integrated supply chain.

Financial performance and metrics

• For the year ended March 31, 2024, pro forma combined revenue was $55.8 million, up 8% from $51.6 million in 2023.

• Gross profit margin remained stable at 15.1% for both years.

• Net income decreased to $3.1 million in 2024 from $4.2 million in 2023, primarily due to higher operating expenses.

• Cash and cash equivalents as of March 31, 2024, were $6.0 million for Bra Pro and $0.4 million for MAP.

• Customer concentration is high, with top three customers accounting for over 80% of revenue.

Use of proceeds and capital allocation

• Net proceeds of $7.5 million expected from the IPO, after offering expenses.

• 15% allocated to DIANA brand development and marketing, 10% to R&D, 35% to B2B business expansion, and 40% to general working capital.