Li Ning’s First Quarter Revenue Up More Than 80%

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Li Ning’s Way of Wade sneakers have seen massive price increases on Chinese sneaker resale platforms. Li Ning

In the first quarter of the year to March 31, Li Ning’s offline retail business experienced “low-eighties growth” year-on-year, while e-commerce registered about 100 percent growth over the year, the Chinese sportswear giant reported. in an operational update.

Chinese sportswear players have seen impressive growth in recent months, helped by broader factors – including a boom in fitness-related categories in China, as well as a backlash against international brands (including Nike and Adidas) for their stance on sourcing cotton from the Xinjiang region . That said, China also saw widespread store closings during the same period last year, as the country fought the worst of its Covid-19 outbreak in the opening months of 2020, meaning this growth is coming from a lower base.

As of March 31, the total number of outlets for Li Ning was 5,784, a net decrease of 128 since the beginning of this year. This was largely explained by a consolidation of wholesale accounts, which decreased by 104 on a net basis.