Report: Li Ning Sees Fall Orders Slump
Sportswear manufacturer and retailer Li Ning (2331.HK) recorded a more-than-14% y-o-y drop in the wholesale value of orders taken from distributors at its third quarter products fair, while third quarter pre-orders valued at retail label price reduced 8% y-o-y, Sina reports citing unnamed Hong Kong media. The drop resulted from a 17% y-o-y decline in pre-order volume, offset by a 10% rise in average retail price of the company's products, the report said. In previous reports, Li Ning had announced its intention to adjust its discount structure, allowing its distributors a higher spread between wholesale and retail label prices.
Competitor 361 Degrees (1361.HK) saw the value of orders for its autumn collection increase 60% over the same period last year, the report said.