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Li Ning denies bankruptcy of its Spanish subsidiary
Jul '12
Li Ning Company Limited, the leading Chinese sportswear company, has denied recent media reports about its subsidiary in Spain filing for bankruptcy.
The sportswear manufacturer has clarified that Ln Plus Iberoamerica Sl, which has gone bankrupt, is a licensee, and not a subsidiary of Li Ning.
Earlier this month, the licensee had notified Li Ning that it had filed for bankruptcy due to deteriorating market conditions in Spain and its poor operations, the Chinese firm said.
Plus Iberoamerica had singed sponsorship contracts on its own behalf with various Spanish sports clubs. However, Li Ning is actively assisting the licensee to resolve issues caused by bankruptcy, including helping the sponsored clubs to obtain their sports gear.
Li Ning’s sponsorship agreement with the Spanish Basketball Federation is directly handled from the company’s headquarters and hence, the agreement will not be affected in anyway due to the firm’s licensee filing for bankruptcy, Li Ning said.
Li Ning had earlier announced that the company will focus its business development on its core market in China. As for the international market, the Group will explore business abroad in a risk-controlled manner.
Spain accounts for a very minute share in Li Ning brand’s earnings.

Fibre2fashion News Desk - India

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