Li Ning’s CFO Nicholas Chong said the expansion “laid a solid foundation for the group's expansion into the overseas market”.
According to the company, Li Ning’s Singapore store, which opened on Tuesday, is a “badminton paradise” that focuses on the sport’s equipment and its maintenance.
It is the first flagship store to be opened outside China and precedes dozens of other new stores expected to be launched in Singapore, Brunei, Indonesia and Malaysia by the end of the year.
The news comes at the same time as Li Ning unveiled a sponsorship deal with Singapore’s national badminton team, giving Li Ning the right to clothe the professional players.
According to local reports, the initiative is part of Li Ning’s S$1 million (US$693,866) endorsement plan in the market for 2009, which includes the sponsorship of tournaments later in the year and the possibility of sponsoring the Singaporean table tennis team.
Reports add that additional pending deals would amount to a S$9 million ($6.24 million) investment over the next four years.
“The decision to launch our first Li Ning flagship store out of China, in cosmopolitan Singapore, is an important step of the group's strategy in sports category differentiation and brand internationalisation,” said Chong in a release. “Badminton is a popular, prevalent and influential sport in Southeast Asia, including Singapore, Indonesia, and Malaysia. Expansion into this market not only shows our determination to become the sports brand synonymous with badminton, it also lays a solid foundation for the group's expansion into overseas markets.”
Li Ning currently sponsors China’s national badminton team and several tournaments in the country.
For more on Asia’s sportswear market, see the current MediaTV series ‘The Olympic effect’, including interviews with Reebok and adidas.
According to the company, Li Ning’s Singapore store, which opened on Tuesday, is a “badminton paradise” that focuses on the sport’s equipment and its maintenance.
It is the first flagship store to be opened outside China and precedes dozens of other new stores expected to be launched in Singapore, Brunei, Indonesia and Malaysia by the end of the year.
The news comes at the same time as Li Ning unveiled a sponsorship deal with Singapore’s national badminton team, giving Li Ning the right to clothe the professional players.
According to local reports, the initiative is part of Li Ning’s S$1 million (US$693,866) endorsement plan in the market for 2009, which includes the sponsorship of tournaments later in the year and the possibility of sponsoring the Singaporean table tennis team.
Reports add that additional pending deals would amount to a S$9 million ($6.24 million) investment over the next four years.
“The decision to launch our first Li Ning flagship store out of China, in cosmopolitan Singapore, is an important step of the group's strategy in sports category differentiation and brand internationalisation,” said Chong in a release. “Badminton is a popular, prevalent and influential sport in Southeast Asia, including Singapore, Indonesia, and Malaysia. Expansion into this market not only shows our determination to become the sports brand synonymous with badminton, it also lays a solid foundation for the group's expansion into overseas markets.”
Li Ning currently sponsors China’s national badminton team and several tournaments in the country.
For more on Asia’s sportswear market, see the current MediaTV series ‘The Olympic effect’, including interviews with Reebok and adidas.
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