China’s Li Ning Stumbles From Gold Medal Position To No Man’s Land
In 2010, former Chinese gymnast Li Ning led a surging $4 billion sportswear business, a gold-medal pinnacle echoing his victories at the 1984 Olympic Games. Now, the Li Ning business is more reminiscent of the ex-sportsman’s exit from the 1988 Olympics without a podium finish. As customers have turned to aspirational global brands like Nike or cheaper local firms, Li Ning has racked up heavy losses, losing four-fifths of its market value.
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