CHINA: Li Ning to sell 25% stake to Viva
The founder of Chinese sportswear retailer Li Ning plans to sell a 25% stake in the company to talent management group Viva China Holdings as he attempts to turnaround the business.
Viva China, which is controlled by Li Ning, will buy 266.374m shares from investment firms Victory Mind and Dragon City. After the agreement is completed, Victory Mind and Dragon City will not hold any shares in the sportswear retailer.
The company said the transaction is not expected to result in any change to its business strategies, management and day-to-day operation. The deal is subject to a number of conditions, the retailer added.
Li Ning's share price dropped 4.76% to CNY4.60 at the close of trading today (17 October).
Last week, Li Ning CFO Chong Yik Kay resigned from the troubled sportswear retailer but will remain an advisor. In August, the company saw its first-half profit slump 84.9% to CNY44.3m (US$7m) as it closed almost 1,000 stores.
The complicated mix of legal requirements, standards and certification schemes facing brands and retailers when managing chemicals in the apparel supply chain was outlined at the recent Prime Source F...
Two campaigns carried out over the past two years by two groups of activists have achieved very different results. Whereas Greenpeace has successfully corralled major brands and retailers into its Det...
The online and luxury segments are set to provide a silver lining in what is an otherwise gloomy outlook for Australia's fashion industry, according to research released by IbisWorld. ...
Ailing sportswear business Li Ning posted a big loss in 2012, beset by haemorrhaging sales and a period of strategic restructuring....
Chinese sportswear company Li Ning plans to raise up to HK1.87bn through the sale of convertible securities as it works to turn around the brand. ...
Trading in the shares of beleaguered Chinese sportswear company Li Ning was suspended today (24 January) pending "an announcement in relation to inside information of the company"....
- Synergies Worldwide CEO unravels sourcing shifts
- Bangladesh still needs reforms to fix factories
- First figures show Bangladesh exports climb
- Rana Plaza three years on – Timeline of change
- Why have US FTA imports fallen to a record low?
- Hanesbrands to buy Pacific Brands for $800m
- BHS lacks relevance as it files for administration
- US Q1 in brief: Carter's, Columbia Sportswear, Ske
- Improving traceability a key industry challenge
- Aeropostale delisted from New York Stock Exchange