Li Ning determined to keep developing
Chinese sportswear brand Li Ning has posted positive results for 2009 and says it is determined to keep developing new products and investing in research.
For the full year, revenue grew 25.4% to RMB8.4 billion ($1.2 billion), while profit rose 31% to RMB944.5 million.
"China was also impacted by this crisis in 2009, especially in the first half of the year. In addition, the post-Beijing Olympics effect impacted the pace of growth of the sporting goods industry during the year," said Li Ning, chairman of the group. However, he adds that the group fought back well and achieved “solid business and financial growth”.
As the group's core brand, Li-Ning brand sales accounted for 91.7% of total revenue. Revenue for the brand grew 21.1% to RMB7.7 billion. Sales of Li-Ning brand footwear products, apparel products and accessories grew 19.1%, 22.3% and 27.4% respectively.
Having made important business and product decisions in 2009, the company is gearing itself to push the boundaries even more in 2010. "Achieving constant breakthroughs is the lifeblood to Li Ning,” Mr Li explains. “We will continue to adopt a proactive, yet prudent, strategy to deploy more resources in building our core competencies and competitiveness relating to brand and product.”
