Li-Ning Will Focus Its Development On Stores In China
Following the closure of its only store in Hong Kong, sports apparel brand Li-Ning announced it "will concentrate on the Chinese mainland market for its future development," according to Zhang Ye of the GLOBAL TIMES. A Li-Ning spokesperson confirmed that the store in Tsim Sha Tsui, a busy shopping area in Hong Kong, closed at the beginning of the month. The source added, "The operations in Hong Kong and overseas markets can be carried on only if the risks they bring are controllable. The company will instead focus on the business in the mainland according to its development strategy." According to the company's interim report released on Aug. 22, Li-Ning closed 1,200 stores worldwide in the first half of the year "in order to invest in more profitable stores" (GLOBAL TIMES, 9/12).