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The Beijing-based company, founded by former champion gymnast Li Ning, generates nearly 70 per cent of its revenue from offline sales in mainland China, with around two-thirds coming from partnerships with distributors, according to its financial report.
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Inside China’s ‘shoe capital’: the Jinjiang brands running toward global markets
Inside China’s ‘shoe capital’: the Jinjiang brands running toward global markets
It closed 232 self-operated stores over the past year and opened 145 new stores in a bid to cut costs and improve operational efficiency. Qian said the effort to optimise offline presence through store closures would continue.
Gross profit improved 2.5 per cent to 7.4 billion yuan, while gross profit margin declined by 0.4 percentage points to 50 per cent due to adjustments in channel structure and heavier discounts amid intensifying direct-to-consumer competition, according to the financial report.
