Li Ning says 2015 will be a year of growth
18/12/2014
It said its existing shareholders had already agreed to support the plan. This includes investment firm TPG Capital.
Founder and chairman, former Chinese Olympic gymnast Li Ning, said in the statement: “Next year will mark the beginning of the company’s growth phase. Adjustments made to date have resulted in an improvement in our operations and set the company on a clear path to growth.”
He said the company had “relentlessly adhered” to its strategic focus on the domestic market, on promoting Li Ning as a brand and on the five sports categories that it belives have the highest growth potential in China: basketball, badminton, running, training and “sports life”.
It has also developed new products for what it regards as the important and growing target market of middle-class sports consumers in China, which includes professional people and mass-market sports fans.
TPG partner Jin-Goon Kim stepped down as interim chief executive of Li Ning in November, having carried out the role since July 2012. A search for a new, permanence chief executive continues, but something else Li Ning said in the December statement was that he will take on “more of the company’s operations” himself in 2015.
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