CHINA: Italy’s Lotto signs sportswear deal with Li Ning
The agreement, which begins in September 2008, raises Lotto's profile in China and also gives sportswear company Li Ning an opportunity to secure a footing at the more expensive end of the market.
It will see Lotto's products sold in monobrand stores and counters in the most prestigious department stores in China's largest cities.
Lotto Sport Italia has set itself a target of more than EUR60m in sales in China by 2013 through at least 600 Lotto stores around the country.
Andrea Tomat, president and chief executive officer of Lotto Sport Italia, said: "China represents a key market for all companies so it is naturally at the centre of Lotto's worldwide expansion activities."
Lotto currently has a direct presence in the Asian market through its Lotto China Ltd joint-venture and will continue to distribute its own products through its subsidiary Lotto Sport HK Ltd in Hong Kong and Macau.
With headquarters in Beijing and offices and logistics centres throughout China, Li Ning Company was named after its namesake founder, one of China's most famous gymnasts.
Li Ning is the third largest sportswear brand operating in China, with sales of EUR400m in 2007 and a goal of more than EUR600m.
Help test our new apparel sourcing tool.
- Unlocks for the future fashion sourcing landscape
- EU eyes mandatory due diligence for apparel supply
- Geo-political uncertainty and how to survive it
- What TTIP might mean for US, EU textiles & apparel
- Where next for Corporate Human Rights Benchmark?
- Li & Fung forms supply chain partnership with PVH
- US Q4 in brief – Finish Line, Oxford Industries
- Sears has "substantial doubt" of future
- World Bank commits $57bn to sub-Saharan Africa
- Target unveils "ambitious" store re-design plans
- Central and East Europe Report Package
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective