Li Ning sells $175 million stake - sportstextiles: Lea SportsTextiles

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Li Ning sells $175 million stake

18/10/2012
China’s largest sportswear brand, Li Ning, has sold a 25% share to a sports talent management firm.

Viva China Holdings is owned by the sportswear giant’s CEO and namesake, Li Ning.

The £175 million deal is the latest in a string of measures aimed at boosting sales and selling mounting inventory.

The company recently announced the departure of its chief financial officer, as well as an endorsement deal with US basketballer Dwayne Wade.

Li Ning reported a 65% drop in profits last year as competition escalated from Nike, adidas and China-based Anta Sports.

Gymnast Li Ning was the final torchbearer at the opening ceremony of the 2008 Beijing Olympic Games. He won three gold, two silver and one bronze medals in the 23rd Los Angeles Olympic Games in 1984, and founded the company after retiring from athletics, according to the retailer’s annual report.

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