Li Ning launches premium brand to counter declin - sportstextiles: Lea SportsTextiles

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Li Ning launches premium brand to counter declines

24/03/2014
Chinese sportswear group Li Ning has reported sales fell 13% in 2013 to RMB5.8 billion ($940 million), which it blamed on resizing its retail network and inventory clearance.

It closed underperforming stores and launched a premium brand for basketball, running, badminton, training "and sports life"
 
Despite the decline it said its transformation plan had achieved favourable results.

CEO Li Ning said: "Chinese consumers have become more sophisticated and expect better quality and value, as well as great performance in their sportswear. By promoting a sports culture and combining sports functionality and fashionable design in our products, we enhanced the overall experience for consumers that's quickly resonated with the rapidly growing middle-class consumers."

However, he added that “market uncertainties could pose challenges to the continued progression of our transformation”.

Related stories:

Li Ning breaks even following losses in 2014 11/01/2016
Li Ning tie-up to create ‘smart’ shoes for runners 18/03/2015
Chinese sportswear retailer defies gloom 02/05/2014
Xtep revenues plunge 20% 14/03/2014
Belle avoids wage increase by moving manufacturing inland 24/02/2014
Chinese brand bucks trend with 15% revenue increase 29/01/2014
Chinese sports brand issues profit warning 28/05/2013
Li Ning launches revival plan 17/12/2012
Belle is "well positioned" despite slowdown in growth 15/10/2012
Li Ning CEO steps down 06/07/2012

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