TCF POST Report
BEIJING — August 22, 2026: Li-Ning’s footwear and apparel businesses are strengthening the Chinese sportswear brand’s position at the intersection of performance, technology and fashion, as the company expands its product portfolio across running, sports casual, women’s wear and outdoor categories.
The development comes just days after the prestigious Brand Finance Apparel 50 ranking highlighted Li-Ning as a standout brand, underscoring its growing presence in the global apparel and fashion landscape. Against this backdrop, the company’s first-half 2026 performance shows how footwear innovation and apparel development are working together to build a broader sports-fashion proposition.
For the six months ended June 30, Li-Ning reported revenue of RMB15.24 billion (approximately USD2.12 billion), up 2.8% year on year, while gross margin rose to 50.9%. Net profit attributable to shareholders reached RMB1.82 billion (approximately USD252 million).
Footwear remains the largest business
Footwear generated RMB8.28 billion (approximately USD1.15 billion) in first-half revenue, compared with RMB8.23 billion a year earlier. Apparel, meanwhile, recorded stronger growth, reaching RMB5.80 billion (approximately USD806 million), up from RMB5.19 billion. The figures demonstrate the complementary role of the two categories: footwear remains Li-Ning’s largest revenue contributor, while apparel is becoming an increasingly important growth and lifestyle platform.
Technology drives footwear innovation
Running continues to be a major focus of Li-Ning’s footwear strategy. Sales of professional running shoes exceeded 14.8 million pairs during the first half of 2026, while the company continued to strengthen its position in carbon-plate racing footwear. The company also commercialised its Super BOOM Capsule technology, designed to deliver high energy return, rapid rebound and durability. The technology has been incorporated into flagship Feidian models and extended into competitive-training products.
Apparel moves deeper into fashion
While technical performance remains central, Li-Ning is increasingly using apparel to strengthen its fashion credentials. Its women’s training collections combine functional fabrics with minimalist silhouettes, while versatile products such as the “one pair of trousers, three ways to wear” concept are designed to move between exercise, training and everyday styling. In sports casual, the Bai Lu x Feeling Girl collection helped drive growth in female consumer share and series revenue, with its accompanying apparel becoming the top-ranked style in the second quarter.
Women and outdoor become key growth areas
Women’s consumers are becoming an increasingly important target across both footwear and apparel. In running, lightweight footwear is being positioned for commuting, light running and outdoor scenarios, helping expand the women’s business.
Outdoor is another growth opportunity. Li-Ning is focusing on trail running, lightweight hiking, urban functional wear and women’s outdoor products. During the first half, it launched its first women’s outdoor shoe, Linxi, while expanding its outdoor apparel and footwear matrix.
Sportswear becomes lifestyle wear
Li-Ning’s strategy increasingly connects performance technology with everyday fashion. The company is developing products that can transition between sport, commuting, travel and casual use, reflecting the broader convergence of sportswear and lifestyle fashion.
The company’s overall strategy—described as “single brand, multi-categories, diversified channels”—covers running, basketball, training, badminton, table tennis and sports casual, while expanding into outdoor, tennis and pickleball.
Healthy retail position
Li-Ning’s overall retail sell-through increased by low single digits year on year, while new products accounted for 83% of offline sell-through. Channel inventory-to-sales remained at four months, with inventory levels and ageing structure described as healthy.
First-half revenue included RMB7.00 billion (approximately USD973 million) from franchised distributors, RMB3.53 billion (approximately USD490 million) from directly operated channels and RMB4.52 billion (approximately USD628 million) from e-commerce.
Building a complete sports-fashion proposition
Li-Ning’s first-half performance highlights the increasingly interconnected roles of footwear and apparel in its brand strategy. Footwear provides the technology and performance credentials, while apparel, sports-casual collections, women’s ranges and outdoor products broaden the brand’s lifestyle appeal.
With its recent recognition in the Apparel 50 ranking and continued investment in product innovation, Li-Ning is positioning itself not simply as a Chinese sportswear company, but as an increasingly influential sports-fashion and lifestyle brand.
