Can Chinese Sportswear Label Li-Ning Win the Sportswear Race?

The Winter Olympics in Cortina D’Ampezzo begin on February 6, a few weeks after Milan Fashion Week Men’s. But for Li-Ning, the second biggest sportswear brand in China by revenue, the games begin a little earlier. The brand will stage a Winter Olympics-inspired immersive experience and runway show on Friday evening, as it continues to battle for Chinese sportswear market share from key competitors Anta, Adidas and Nike. For Li-Ning, the Olympics are personal. Launched in 1990 by gymnast and three-time Olympic gold medalist Li Ning, the sportswear label was conceived to provide Chinese athletes with a local brand to wear at the Olympic Games. Previously, China’s Olympic team had worn Western labels like Nike and Adidas, depending on individual athlete endorsements or equipment deals. But since the Barcelona Olympics in 1992, Li-Ning has been the official outfitter of Team China, from the opening to the closing ceremony. The brand is also the official apparel partner of the Chinese Olympic Committee. “Choosing to show in Milan, and choosing to do it now, is a strategic decision. We don’t approach runway shows as seasonal marketing exercises; we use them to mark meaningful moments for the brand,” says Colin Li, executive director of Li-Ning and nephew of the brand’s founder. “Fall/Winter 2026 represents a point where several forces converge for Li-Ning: our deep heritage in winter sports, our role as the official partner of the Chinese Olympic Committee, and our ability to express performance wear through fashion and culture.” Through the ’90s and the 2000s, Ning built China’s biggest domestic sportswear brand, bolstered by national pride and athletic achievement. But since the 2010s, more affordable Chinese sportswear labels like Anta (now the largest domestic sportswear player by revenue) and Xtep have gained ground. While international players like Nike, Adidas, Lululemon and most recently Alo have captured significant domestic market share, with large investment in local design and regional marketing initiatives. “Like much of the industry, we have been affected by macroeconomic pressures and intensified competition,” says Li, referencing the softening in Chinese consumer spending we’ve seen in the market since 2024 . Li-Ning’s net profit for the first half of fiscal 2025 fell 11% year-on-year to RMB 1.74 billion ($241.9 million), despite sales rising 3% to RMB 14.82 billion ($2.1 billion). But this was still up on the first half of fiscal 2024, during which net profit dropped 13.6%. By comparison, Anta hit RMB 38.54 billion ($5.3 billion) in revenue during H1 2025, up 14.3% year-on-year. Tariffs and shaky consumer sentiment: China’s Q1 pulse check The latest round of earnings show luxury’s performance in China is polarised. Experts predict that an ongoing period of uncertainty will continue to weigh on consumer confidence. Following the earnings, founder, executive chair and co-CEO Ning released a statement, noting Olympics-adjacent marketing as a key strategy to weather the headwinds and improve brand competitiveness in China. “We’ve [also] responded by refining product architecture, strengthening core categories, improving inventory discipline, and investing more deliberately in brand and innovation,”...

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