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Li-Ning


            
             Li-Ning is a Chinese gymnast who took home 3 Gold medals from the 1984 Los Angeles Olympics. He is a highly respected household name in China as Michael Jordan is to Americans. After an inspirational chat with one of China's top businessmen, Li-Ning decided to start utilizing his name into a business. Beijing Li-Ning Sports Goods Co. was established. In China his company has already surpassed every sneaker company in sales, including Nike. But now he is determined to go for the gold mine (international sales). Li-Ning is starting to sponsor national sports teams all over the world such as France, Spain, Russia, and others. He also signed up some European designers for enhanced styles. He is paving the way for Chinese businesses to build global brands. Currently Li-Ning has 1,300 single-brand stores and his products are sold in 2,000 other locations. As China is getting wealthier, the country is giving foreign companies a run for their money in the markets. Beijing will be hosting the 2008 Olympics, which supposedly would make that region of the world second largest in the sneaker market. It started as a business with family members and friends in high ranks of the company and ended up making $76 million in 1997. But when Li noticed the first drop in 1999 to $60 million he decided to make some drastic business moves. He fired some close people in his life to replace them with more professional managers. He invested a lot of revenue (11%) in marketing, European designers, and in research and development. Revenue boosted to $89 million in 2001, and surpassed $120 million in the past year.
            


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