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.
.jpg)
“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.
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,” Li adds. Friday night’s front row will feature Chinese and European KOLs, to amplify Li-Ning across global social media platforms, from Instagram to Xiaohongshu (Red).
For Li, the goal is affirming the power of Chinese sport and design, particularly amid the guochao (or “China chic”) movement, which celebrates Chinese heritage and encourages local consumers to buy into domestic brands. “While international expansion is part of a long-term vision, the immediate focus is on strengthening brand relevance and perception rather than short-term volume growth,” Li says. “We want to demonstrate how a Chinese brand uses a modern, style-led design language to convey Chinese athletic spirit and sports glory on an international stage.”
Li-Ning generates nearly 70% of its revenue from offline sales in Mainland China, with two-thirds of revenues coming from wholesale, according to the brand’s financials. The label is rethinking its monobrand retail footprint in response to market challenges. It closed 232 self-operated stores over the past year, while opening 145 new ones.
When asked whether there are plans to open in the West, in line with the Milan debut, Li remains diplomatic. “We take a selective and disciplined approach to physical retail. Any future openings or upgrades will be strategic, experience-led, and aligned with long-term brand positioning rather than rapid expansion,” he says.
The Milan show will feature 60 looks across two collections from the brand’s FW26 offering: its utilitarian everyday line Li-Ning Glory, and premium line Li-Ning China (LNCN), which draws inspiration from winter sports and archival Olympic podium suits, harking back to its heritage. The collection will be sold at select flagship stores, premium wholesale partners and across digital channels in China. “The runway serves as a narrative amplifier [of our existing collection] rather than a commercial capsule,” Li says. “There will be consistency between what’s on the runway and what’s available to consumers.”
The brand made its runway debut at New York Fashion Week for FW18, as part of e-commerce player Tmall’s China Day, created in partnership with the Council of Fashion Designers of America (CFDA). It then decamped to Paris, showing off-schedule during PFW Men’s for SS20 and FW23. “Those shows established a clear foundation: Li-Ning can operate credibly at the intersection of sport and fashion,” Li says. “New York introduced the brand to a global fashion audience through a strong cultural entry point, while Paris reinforced that legitimacy on a more established fashion stage.”
The outcome wasn’t just short-term sales, but a long-term repositioning, he says. “That groundwork is what makes Milan a meaningful next chapter today, rather than a one-off moment.”
