A holder for an apparel belt which can be used as both a display holder and as a storage package. When used in either the display mode of the storage mode, the holder protects the belt from being scratched or otherwise physically damaged. The holder has a sleeve with an opening at one end thereof for receiving the strap of the belt, and a sleeve extension attached to the open end of the sleeve which acts as a backdrop for the exposed portion of the belt when the holder is used in its display mode and acts as a cover for the buckle when the holder is used in its storage mode. In the display mode, the holder is hung on a merchandising display rack from an orifice in the free end of the sleeve extension. .[.The sleeve extension has a means for retaining the buckle and a portion of the belt strap outside the sleeve to expose that portion of the belt. In the storage position, the buckle end of the belt is detached from the retaining means on the sleeve extension and the strap is more fully inserted into the sleeve. The sleeve extension is then folded over the top of the buckle and held to the front of the sleeve by a suitable attachment means..].