On October 18th 2016, Li Ning and Willy Burkhardt, the President of Iconix Brand Group Inc’s international business, formally signed a new cooperation contract. The Li Ning Company and Iconix Brand Group established a partnership under which Li Ning will exclusively manage Danskin on the Chinese mainland and Macao. According to media reports, the signing cost Li Ning around RMB100m.
Danskin was founded in 1882 and produces dance clothing, as well as yoga and other sports apparel. It mainly targets the female market. It had long been the top ranked women's compression clothing company in the United States. However, Danskin also suffered bankruptcy and, in 2007, was acquired by the world's leading Brand Management Company, Iconix.
Danskin is still a relatively unknown brand in China and does not hold any official sales records in the country.
In 2016, Li Ning's earning results showed that the Li Ning Group had started to make up the deficits and achieve surpluses. It was the first time for Li Ning to make a profit since 2011. It ranked second among local sports equipment brands with revenue of RMB7.8 bn. Cooperating with Danskin is one of the steps it is taking to change its commercial layout. (Source: YuTang Sports)