Zhang Zhiyong, the chief executive of Li Ning, recently stated that in April this year, it began to launch the low-end sportswear brand "Z-DO" business. At present, it has opened 70 stores with a gross margin of 40%, and sales can reach 1 billion yuan within three years.
Zhang Zhiyong stated that since April of this year, the company has set up more than 70 “Z-DO†hypermarkets in large supermarkets through distributors. Single-store sales have reached its target in more than one month, and the gross profit rate is as high as 40%, and it is expected to rise again.
He pointed out that exploring low-end markets will not affect the overall gross profit margin, and it can absorb the needs of people from different sectors of the Mainland market. It is estimated that the business will not bring any losses this year. He hopes that the sales of the relevant brands can reach 1 billion yuan within three years.
In addition, the company acquired a 20% interest in Guangdong Li Ning from Guangdong Jianlibao for 17.817 million yuan. Upon completion, Guangdong Li Ning will become an indirect wholly-owned subsidiary of Li Ning. The company believes that this acquisition can accelerate the implementation of Guangdong Li Ning's strategy of becoming the group’s apparel sample technology center and supply chain rapid response center.
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