On July 9, many Spanish mainstream media reported that Li Ning’s subsidiary in Spain has filed for bankruptcy. This subsidiary company in Spain has agreements with several Spanish football clubs in the name of Li Ning, including the Sevilla team known to domestic fans.
"Daily Economic News" subsequently verified with Li Ning that Li Ning relevant media officials clarified that "the bankruptcy of Li Ning is not a subsidiary, but Li Ning's authorized dealer in Spain."
However, one person in the industry pointed out that "this incident shows that Li Ning's performance in Spain is not enough. Prior to this, the performance of North American branch companies was also bleak."
According to Li Ning’s own data, Li Ning’s overseas market accounted for 1.9% of its business in 2011. "The Li Ning Group will focus on the development of the core China market." Li Ning, head of the relevant media said. With the end of Zhang Zhiyong's era, Li Ning began the reform of the domestic market.
On the 9th of the overseas dilemma, Li Ning said in an interview with reporters that the headquarters had received the LNPLUS IBERO AMERI-CAS, a Spanish licensee, on July 4, 2012. L. The e-mail notice filed for bankruptcy due to the deterioration of the Spanish market environment and its own mismanagement.
At the same time, Li Ning added that the Spanish licensee had signed some clubs' sponsorship agreements in his own name. Li Ning is now actively assisting licensees in resolving their remaining issues after bankruptcy, including assisting their sponsored clubs in obtaining equipment.
It is difficult for the international market to become a common problem in domestic sports brands. As a leader in domestic sports brands, Li Ning’s desire for the international market is high.
Li Ning’s internationalization began with Zhang Zhiyong’s layout. Although he also entered the European market and the US market, his attempts at internationalization have been criticized by the media.
"In order to open up the international market, domestic sports brands have made many attempts, but these attempts are not truly international." A sports brand executive pointed out that because of the lack of core technology, domestic sports brands have gone the way of swords. Hope to achieve a certain effect, and its ultimate goal is still "walls of flowers outside the wall incense" - the domestic brand to do the purpose of the international market or to create a certain influence and thus affect the domestic market sales.
In the face of the slow opening of the international market, Li Ning also said in an interview with reporters that it is still focused on the domestic market. “The Li Ning Group will focus on developing the core China market. In the international market, it will explore in a risk-controllable way.â€
The departure of Zhang Zhiyong from the domestic reforms is considered to be a sign of the previous failure to reshape the brand. Faced with the legacy of reforms left over from this, Li Ning has disclosed the latest "rescue" measures.
Li Ning said that the latest reform measures will be carried out in three steps. "The first phase measures the company has started, including focusing on retail terminal sales and clearing channel inventory, improving the cost structure of products and operations, strengthening organization and execution capabilities, improving channel efficiency, profitability and performance, focusing on core products and domestic Market, and strengthen brand investment and improve marketing efficiency."
An industry insider who has followed Li Ning for a long time pointed out that Li Ning’s current problem is a serious inventory shortage and financial constraints. Li Ning annual data show that the average inventory turnover days in 2011 was 73 days, an increase of 21 days compared with 52 days of the previous year, which is almost twice as fast as ANTA Sports with the fastest turnover rate. Li Ning is overwhelmed by high inventory.
The annual report shows that Li Ning’s 2011 inventory was 1.133 billion yuan, an increase of 40.64% from the 806 million yuan in 2010. In addition, Li Ning's retail outlets in 2011 reached 8,255, a net increase of 340, the calculated single-store revenue was 10.816 billion yuan, a year-on-year decrease of 9.68%. In addition, the higher inventory increased Li Ning's inventory provision for 2011 to 188 million yuan, a substantial increase of 63.48% over the same period in 2010.
Clearing inventory has become a step LiNing has to take now. "Only after the inventory is cleaned up and the channels are guaranteed to be healthy can we talk about other plans. Otherwise, everything is empty talk," said the person in the industry.
After solving the urgency, Li Ning’s long-term reforms have gradually become clear.
The second phase is scheduled to be implemented from 2013 to 2014 and is now in trial phase, including improving supply chain management, marketing and product planning models, and providing more first-rate products and customer experience.
The third phase is scheduled to be implemented in the next 2 to 4 years and is already planned. The plan is to focus on transforming the business model to improve the profit structure of the company and the channel, better meet the market demand on product and consumer brand experience, and increase retail sales. Efficiency and cash and ROI create a virtuous circle.
The latest plan of Li Ning was also interpreted as one of the important changes made by TPG after he stepped into management. In January 2012, Li Ning issued 5-year convertible bonds with a 5-year annual interest rate to private equity ** TPG and investment company GIC; at the same time, Li Ning’s short-term bank loans grew by 168% year-on-year. Li Ning’s 2011 ** costs increased by 90% year-on-year. Among them, TPG has been involved in Wumart, Daphne and other companies, through management intervention, once helped Daphne significantly improved performance.
The aforementioned industry sources pointed out that this reform is most likely to be carried out by a strategic investor just introduced by Li Ning. According to the conditions signed by TPG and Li Ning, TPG has the right to nominate two non-executive directors to the board of directors and has the right to nominate one director (or other independent non-executive director) to serve as a member of the audit committee, nomination committee and remuneration committee, and to nominate The two executive directors serve as members of the Executive Committee. Today, Li Ning announced that TPG member Jin Zhenjun will be responsible for the CEO with Li Ning.
Independent analyst Ma Gang pointed out that the earliest time, Li Ning, the problem is that high-level decision-making direction is not uniform, the implementation is not resolute, and later inventory problems, dealer channels, brand value issues, marketing issues have emerged. Now that Li Ning is reorganizing the senior team, it is trying to solve the problem at the root. The unity of thought and direction can solve the problem of good actions and execution. The following need to pay attention to how the Li Ning team performs the return to professional sports, and from the products and channels with the professional sports strategy.
"Daily Economic News" subsequently verified with Li Ning that Li Ning relevant media officials clarified that "the bankruptcy of Li Ning is not a subsidiary, but Li Ning's authorized dealer in Spain."
However, one person in the industry pointed out that "this incident shows that Li Ning's performance in Spain is not enough. Prior to this, the performance of North American branch companies was also bleak."
According to Li Ning’s own data, Li Ning’s overseas market accounted for 1.9% of its business in 2011. "The Li Ning Group will focus on the development of the core China market." Li Ning, head of the relevant media said. With the end of Zhang Zhiyong's era, Li Ning began the reform of the domestic market.
On the 9th of the overseas dilemma, Li Ning said in an interview with reporters that the headquarters had received the LNPLUS IBERO AMERI-CAS, a Spanish licensee, on July 4, 2012. L. The e-mail notice filed for bankruptcy due to the deterioration of the Spanish market environment and its own mismanagement.
At the same time, Li Ning added that the Spanish licensee had signed some clubs' sponsorship agreements in his own name. Li Ning is now actively assisting licensees in resolving their remaining issues after bankruptcy, including assisting their sponsored clubs in obtaining equipment.
It is difficult for the international market to become a common problem in domestic sports brands. As a leader in domestic sports brands, Li Ning’s desire for the international market is high.
Li Ning’s internationalization began with Zhang Zhiyong’s layout. Although he also entered the European market and the US market, his attempts at internationalization have been criticized by the media.
"In order to open up the international market, domestic sports brands have made many attempts, but these attempts are not truly international." A sports brand executive pointed out that because of the lack of core technology, domestic sports brands have gone the way of swords. Hope to achieve a certain effect, and its ultimate goal is still "walls of flowers outside the wall incense" - the domestic brand to do the purpose of the international market or to create a certain influence and thus affect the domestic market sales.
In the face of the slow opening of the international market, Li Ning also said in an interview with reporters that it is still focused on the domestic market. “The Li Ning Group will focus on developing the core China market. In the international market, it will explore in a risk-controllable way.â€
The departure of Zhang Zhiyong from the domestic reforms is considered to be a sign of the previous failure to reshape the brand. Faced with the legacy of reforms left over from this, Li Ning has disclosed the latest "rescue" measures.
Li Ning said that the latest reform measures will be carried out in three steps. "The first phase measures the company has started, including focusing on retail terminal sales and clearing channel inventory, improving the cost structure of products and operations, strengthening organization and execution capabilities, improving channel efficiency, profitability and performance, focusing on core products and domestic Market, and strengthen brand investment and improve marketing efficiency."
An industry insider who has followed Li Ning for a long time pointed out that Li Ning’s current problem is a serious inventory shortage and financial constraints. Li Ning annual data show that the average inventory turnover days in 2011 was 73 days, an increase of 21 days compared with 52 days of the previous year, which is almost twice as fast as ANTA Sports with the fastest turnover rate. Li Ning is overwhelmed by high inventory.
The annual report shows that Li Ning’s 2011 inventory was 1.133 billion yuan, an increase of 40.64% from the 806 million yuan in 2010. In addition, Li Ning's retail outlets in 2011 reached 8,255, a net increase of 340, the calculated single-store revenue was 10.816 billion yuan, a year-on-year decrease of 9.68%. In addition, the higher inventory increased Li Ning's inventory provision for 2011 to 188 million yuan, a substantial increase of 63.48% over the same period in 2010.
Clearing inventory has become a step LiNing has to take now. "Only after the inventory is cleaned up and the channels are guaranteed to be healthy can we talk about other plans. Otherwise, everything is empty talk," said the person in the industry.
After solving the urgency, Li Ning’s long-term reforms have gradually become clear.
The second phase is scheduled to be implemented from 2013 to 2014 and is now in trial phase, including improving supply chain management, marketing and product planning models, and providing more first-rate products and customer experience.
The third phase is scheduled to be implemented in the next 2 to 4 years and is already planned. The plan is to focus on transforming the business model to improve the profit structure of the company and the channel, better meet the market demand on product and consumer brand experience, and increase retail sales. Efficiency and cash and ROI create a virtuous circle.
The latest plan of Li Ning was also interpreted as one of the important changes made by TPG after he stepped into management. In January 2012, Li Ning issued 5-year convertible bonds with a 5-year annual interest rate to private equity ** TPG and investment company GIC; at the same time, Li Ning’s short-term bank loans grew by 168% year-on-year. Li Ning’s 2011 ** costs increased by 90% year-on-year. Among them, TPG has been involved in Wumart, Daphne and other companies, through management intervention, once helped Daphne significantly improved performance.
The aforementioned industry sources pointed out that this reform is most likely to be carried out by a strategic investor just introduced by Li Ning. According to the conditions signed by TPG and Li Ning, TPG has the right to nominate two non-executive directors to the board of directors and has the right to nominate one director (or other independent non-executive director) to serve as a member of the audit committee, nomination committee and remuneration committee, and to nominate The two executive directors serve as members of the Executive Committee. Today, Li Ning announced that TPG member Jin Zhenjun will be responsible for the CEO with Li Ning.
Independent analyst Ma Gang pointed out that the earliest time, Li Ning, the problem is that high-level decision-making direction is not uniform, the implementation is not resolute, and later inventory problems, dealer channels, brand value issues, marketing issues have emerged. Now that Li Ning is reorganizing the senior team, it is trying to solve the problem at the root. The unity of thought and direction can solve the problem of good actions and execution. The following need to pay attention to how the Li Ning team performs the return to professional sports, and from the products and channels with the professional sports strategy.
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