Chinese sportswear brand Li Ning’s eponymous founder will take over as interim chief of the firm as part of a restructuring plan after it reported a net loss of RMB781 million (US$126.3 million) last year, South China Morning Post reported, citing a filing to the Hong Kong Stock Exchange. The company first ran into trouble in 2010, when a shift toward high end products led to overstocked warehouses and huge losses as consumers refused to buy into the company’s higher quality, higher prices strategy of former chief executive Zhang Zhiyong.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved