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Transformation and rebranding have never been a one-time event.
Just after the Spring Festival, Li Ning immediately announced that it would lay off staff. “The reason why Li Ning’s layoffs showed that the company’s open source has caused problems and the company’s funding has been very stressful,†said a chief consultant of a domestic garment consulting company.
The big move this time and Li Ning's sales performance in recent years fell. Li Ning, which announced the closure of its stores one after another, recently issued a performance forecast. In 2011, the Group's revenue is expected to decline by 6%-7% from 2010, and the profit rate will decrease by approximately 7-8 percentage points from 11.7% in 2010.
Li Ning, adidas adidas overtaking with “everything is possibleâ€, was caught up in the aftermath of being chased by latecomers and struggling to cope with it. The capital's share price plummeted on the other extreme.
However, in the long run, we cannot deny Li Ning’s efforts to explore the transition.
In a hurry to seek change
With the Olympics, Li Ning overtook Adidas in 2009 and became China's sportswear brand second only to Nike's second place. However, his status has not yet been consolidated. Adidas has already strided to catch up and there are strong competitors in the domestic brand Anta, 361 degrees. Peaks, etc. are also forming a comprehensive catch-up trend.
In the 2011 NBA arena, Li Ning has also won the limelight by many local brands. Li Ning signed the 76ers Evan Turner and released the All-Stars Rivals for Evan Turner before the All-Stars. Anyone who knows that this child is not alive and is the draft of the season's draft, but because of poor performance in the regular season, lost the rookie game, and Tay Bitty signed by Li Ning in 2009 exactly the same.
However, even more tragic than in 2009, Li Ning sat on the sidelines in 2011. Not only did Nike's players fly all over the field, but even more dazzling, Garnett watched wearing a red sheep with an ANTA logo. Sweaters, and McKee had to exchange a pair of shoes before each dunk, even the most exaggerated once wearing two different colors of the Peak shoes.
The NBA arena is just a small stage. Li Ning is worried about the extremely cruel and competitive environment of sports brands. Li Ning is eager to find a strategy to get rid of competitors and hastily made decisions to move towards the post-90s and the high-end. In order to please the young people, Li Ning launched a new logo and directly added the word “post-90s†to the brand. However, this frivolous decision led to the "two ends of no favor".
First of all, after the move of “changing the markâ€, it did not buy it. Not only did none of the spokespersons in the new commercials appear to be “post-90s,†none of the spokesmen signed by Li Ning was “post-90s,†or even "Idol after 90" idol.
Secondly, the first ad after Li Ning's remodeling was “Li Ning in the 90s†was filled with rebellious words such as “Don't take me to compare with others†and “The way you arrange for me always got me lost†and other rebellious words that echoed after 90, Instead, the original middle-level consumers who have been following the Li Ning brand have completely abandoned it.
Most dealers believe that "Li Ning's steps are a bit big." Before the new consumer groups have been cultivated, they will "cold out" the original consumers. This "ingratitude" destroys many "after 80", "70 after" Li Ning's original goodwill, the desire to purchase will also fall.
From the market reaction, consumers do not seem to buy it. “In fact, Li Ning is an international brand or a localized brand. It has been very vague.†Zhang Qingwei, a former consumer of Li Ning, expressed his understanding that “an excellent brand should be clearly communicated to consumers and The public has some impressions, but Li Ning has changed and changed. It is no longer the same as it was."
In addition to chanting slogans, they began to raise prices with real swords and started to maintain the "first-degree" status of Chinese companies at least in attitude and price. In April 2010, Li Ning Company was the first to announce a 11.1% price increase for footwear products and a 7.6% price increase for apparel products. In June of the same year, Li Ning also announced an average selling price increase of 7.8% for footwear products and a 17.9% price increase for apparel products. . In September of the same year, Li Ning announced once again that the footwear and apparel products had a price increase of 7% and 11% respectively. On March 17, 2011, at the 2010 performance announcement of Li Ning, the chief executive officer of the company, Zhang Zhiyong, predicted that the price of the product will also increase by double digits.
According to analysis by industry insiders, Li Ning’s price increase is not only to fight rising costs, but also to transform from the basic consumer market to the value consumer market. It intends to first move closer to international brands in terms of price. However, the main customer groups of the Li Ning brand are still concentrated in second- and third-tier cities. Continuous price increases have made Li Ning’s original cost-effectiveness advantages, making consumers who are already quite sensitive to prices have to turn to cost-effective sports such as Anta and Peak. Brand.
In 2011, the capital market also lost confidence in Li Ning. On December 20, 2010, Li Ning’s stock price plummeted as a result of the agency's dramatic lightening of its position. Within a day, it fell by 23% and its market value evaporated by nearly HK$4.5 billion. This is the darkest time the Li Ning Company has experienced in the capital market since its listing in 2004. Among them, JP Morgan Chase reduced its holdings of 12.883 million shares at a price of HK$18.24 per share. At the same time, Li Ning’s target share price fell by 23%. The data shows that as of the beginning of 2011 as of December 23, 2011, Li Ning's stock price fell by 61.5%.
Qiang Qiang gradually returned
Li Ning’s best news in recent days was that he successfully introduced TPG, a US private equity fund, as a strategic investor. From the perspective of the response of the capital market, TPG's strategic investment has played a role in Li Ning's immediate effect. After the news came out, Li Ning's stock rose 21% in the next two trading days.
The introduction of experienced strategic investors willing to participate in the management of the company's board of directors will help promote the company to further improve the corporate governance structure and promote the company's strategic changes.
It is reported that TPG has 17 years of investment experience in China and has strong resources in the consumer goods and retail industries. One of the most worth mentioning is that in 2009, TPG assisted Daphne, a Taiwan-funded footwear company, in the successful transition. Therefore, people generally hope that Daphne's successful reorganization and transformation of the legend will be repeated in Li Ning.
In addition, investors such as TPG and GIC will bring RMB 750 million to Li Ning, which will also provide financial protection for Li Ning’s further changes.
“TPG and GIC have become Li-Ning investors, adding more flexibility and flexibility to Li Ning in terms of investment, and providing us with a fund to invest in deepening corporate transformation, developing brand, continuing development and possessing more The company's sports resources, improved product R&D capabilities, promotion of material innovation, and market-competitive sixth-generation stores have been brought to the market on a large scale." Li Ning CEO Zhang Zhiyong said that by the end of 2012, Li Ning will have 1,500 companies in the country. On behalf of the store, this renovation project accounts for about 18% of its nationwide 8300 retail stores.
2012 was the "Olympic Year" that brought good luck to Li Ning. It was also a barrier for Chinese sports brands to overcome. In 2011, domestic sports brands collectively experienced a phenomenon of “big stocksâ€. In 2012, the pressure of shipping and new orders will appear on major brands.
In the domestic market, Nike, Adidas, Anta, Peak, 361 Degrees, Xtep and a series of powerful brands are eyeing Li Ning. With TPG brings confidence and capital to Li Ning, it is expected to change the fate of Li Ning's decline.
In fact, the story of Li Ning's growth reflects the plight of the entire Chinese manufacturing industry. After the failure of rebranding, the prominent problems are also the dilemmas faced by the domestic industry: the core value of the brand itself has not been improved, and homogeneity has become serious. The lack of irreplaceability.
According to industry analysts, when the major brands trade off their inventory in the form of low-price discounts, the competition of local sports brands will become even fiercer. Brands that are not well-known will be even more difficult. In addition, in recent years, brand owners have been frenzied to open stores to push up rents and operating costs of retail stores. Even if it is a listed company with financing channels that can ease the pressure on the capital chain, the days are not necessarily better.
In view of this, although there are many risks in transition, it is imperative.
Li Ning test: hurry to change the minds of the minds of the people
With the Olympics, Li Ning overtook Adidas in 2009 and became China's sportswear brand second only to Nike's second place. However, his status has not yet been consolidated. Adidas has already strided to catch up and there are strong competitors in the domestic brand Anta, 361 degrees. Peaks, etc. are also forming a comprehensive catch-up trend.
Li Ning’s story of growth is a microcosm of Chinese brand transformation