Monster Won't Change NASCAR Model Outfits NHL Signs PPG For New Leaguewide Category Four Brands Sign Up As WBC Global Sponsors Marketplace Roundup Ravens Offering $200,000 Sponsorship Package Lear Corp. Presenting Sponsor Of Detroit IndyCar Monster Focused On Younger Audience At Daytona Brands Seemingly Reluctant To Sponsor '18 World Cup Marketplace Roundup Turner Sports Selling Single-Sponsor Ad Breaks
SBD/December 18, 2012/Marketing and Sponsorship
Li-Ning Signs On As Heat Official Partner; Facing Substantial Net Loss In '13
Published December 18, 2012
AT A LOSS: Meanwhile, the WALL STREET JOURNAL’s Laurie Burkitt cites Li-Ning execs as saying that the company will “record a substantial net loss for the year,” as it attempts a “major turnaround of the struggling Chinese sportswear company.” Li-Ning CEO Jin-Goon Kim said that losses have been “caused primarily from the reset of trade credits, not by company operations.” Li-Ning is “in the midst of a three-year overhaul, aiming to win a bigger slice of sports-apparel sales on its home turf and to improve profitability.” It ordered “excess apparel years ago in anticipation of sportswear shopping sprees by Chinese consumers following the 2008 Beijing Olympics,” and the company has been “struggling since then to clear its shelves" (WALL STREET JOURNAL, 12/18). Analysts "expect Li-Ning to report a net loss" of $19.4M this year (BLOOMBERG NEWS, 12/16).