Lex专栏:李宁和耐克差在哪？ Li Ning
“China’s Nike”? Not exactly. If Li Ning continues on its current trajectory, the similarities will start and end with the swoosh-alike logo. | “中国的耐克(Nike)”？不尽然。如果李宁(Li Ning)因循当前的发展轨迹，它与耐克的相似点就将止于那个与耐克相似的商标。 |
Named after its gymnast founder, the Beijing-based sports manufacturer/retailer increased revenues by nine times, and earnings-per-share by ten, between 2002 and 2009. By January last year, though, as Li Ning opened its first US store in Portland, Oregon – Nike’s backyard – the flaws in the routine were becoming obvious. | 由体操运动员李宁创立的同名运动产品制造零售商总部位于北京，在2002年至2009年之间，公司营收增加了9倍，每股收益增长了10倍。然而，到去年1月李宁在耐克的大本营——俄勒冈州波特兰市开设第一家美国零售店时，这种发展定式的弊端开始显现无疑。 |
Li Ning had built the biggest sports brand sales network in China, with 7,748 outlets. Just 474 were managed directly, though; 60 per cent of the remainder were run by about 2000 inexperienced retailers who were reluctant to cut prices to shift old inventory, leaving little room for new, higher-priced products. In June, confronting persistently weak order books, Li Ning gave itself a slightly different logo and a new slogan, “Make the change”. | 李宁打造了中国最大的运动品牌销售网络，拥有7748家零售店铺，但其中只有474家 由李宁公司直接管理，其余的店铺中有60%由约2000家缺乏经验的零售商运营，他们不愿意降价清空过季存货，因此留给新款高价产品的空间很少。去年6 月，订单疲软问题始终未能解决的李宁对商标进行了轻微改动，并推出了新口号：“Make the change”（让改变发生）。 |
Investors did just that, selling not just Li Ning (down 42 per cent since then) but rival manufacturer/retailers with similar distribution problems like Anta, Xtep and 361 Degrees. The only Chinese sportswear stock in positive territory over that period is pure retailer Pou Sheng (+37 per cent), a big outlet for Nike, Adidas, Reebok and Puma. | 投资者正是这样做的。他们不只抛售李宁（自那以来股价已下跌42%），也抛售存在类似 分销问题的其他制造商和零售商，如安踏(Anta)、特步(Xtep)和361度(361 Degrees)等。在此期间唯一上涨的中国运动服装类股票是宝胜(Pou Sheng)，其股价上涨了37%。宝胜是一家纯零售商，经销耐克、阿迪达斯(Adidas)、锐步(Reebok)和彪马(Puma)等品牌的大型零售 店。 |
Handing favoured franchisees another few percentage points of wholesale discounts could protect Li Ning’s market share while it rationalises domestic distribution over the next two years. But Nike will also be spending heavily in what is easily its most profitable territory. Meanwhile, Credit Suisse data on Chinese sportswear consumption shows the scale of Li Ning’s challenge. Preferences switch from domestic brands to foreign as monthly household income exceeds Rmb7000 ($1000). In sneakers and vests, as in bigger-ticket items, China’s would-be global champions seem a long way from conquering their own turf, let alone anyone else’s. | 如果能向偏爱的特许经销商再出让几个百分点的批发折扣，李宁或许能在未来两年对国内分 销网络进行合理化改革的同时保住市场份额。但耐克也会在轻松成为其最盈利市场的中国大举投资。与此同时，瑞信(Credit Suisse)有关中国运动服装消费的数据显示了李宁面临的挑战难度。当家庭月收入超过7000元人民币（合1000美元）时，中国消费者的偏好便会从国 内品牌转向国外品牌。和其它大额消费品一样，在运动鞋和运动背心市场，中国那些想要成为全球冠军的企业似乎还远未征服本土市场，更不用说其它国家了。 |
Lex专栏是由FT评论家联合撰写的短评，对全球经济与商业进行精辟分析 | |
译者/何黎 |
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