NeuLion Announces Q2 Revenue Of $22.7M Streaming Service FuboTV Secures $4M Heineken Avoids Post-World Cup Hangover Rangers First Buys 600,000 Shares Alibaba, Kobe Bryant Team Up Lagardère Reports Revenue Increase Chime Agrees To $585M Takeover EPL Clubs Seemingly Losing Luster Advertisers Move On China Olympics Win IOC Picks Beijing To Host 2022 Games
Enter amount in full numerical value, without currency symbol or commas (ex: 3000000).
SBD Global/April 29, 2013/Finance
Chinese Sportswear Company Li Ning Holds 48-Hour Online Sale To Clear Stock
Published April 29, 2013
China News Service reported Chinese sportswear company Li Ning "held a 48-hour online sale on April 22, offering discounts of up to 80%," according to the WANT CHINA TIMES. The report said most items on sale were priced between 39-79 yuan ($6-13), "and everything was sold before the sale period ended." Online store JD market analyst Yan Yaolong said that "while Li Ning may have thought it was a good idea to offload its inventory, the plan could backfire in the long term, as consumers may now wait for future sales rather than pay full price for its products" -- or be reluctant to wear the brand if it becomes perceived as cheap. The sales could also hurt the relationship between Li Ning and its retailers, "who complained that the low prices offered online would prevent customers from coming to their stores" (WANT CHINA TIMES, 4/27).