1984 Olympic gold medalist Li Ning has seen heavy losses at his sportswear business, Reuters reported. Business at Li Ning (2331.HKG) has stumbled from its previously surging profits of US$4billion back in 2010 now that customers have turned to aspirational global brands like Nike (NYSE.NKE) or cheaper local firms. Li Ning has racked up heavy losses, losing four-fifths of its market value. The company hopes to attract younger consumers with a mid-range pricing strategy, but company watchers fear what Li Ning sees as the middle ground could turn out to be a no-man’s land, while still-loyal older customers may be turned off by the focus on youth goods.
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