Li-Ning Opens First Global Flagship Dragon Store in Shanghai, Debuts Gold Label Line

September 21 – Li-Ning (02331.HK) officially opened its first global flagship "Dragon Store" on East Nanjing Road in Shanghai, simultaneously unveiling its full range of Gold Label products. The launch represents more than just a new store opening—it marks a strategic move by Li-Ning to elevate its brand and build a new growth curve.

Since the debut of the Beijing Sanlitun Dragon Store in late 2025, Li-Ning has, in less than a year, deployed a full-chain marketing strategy encompassing "rights activation + product conversion + terminal monetization." The approach aims to extend national-level professional sports technology into high-quality consumer scenarios, targeting the emerging functional business commuting segment.

Gold Label and Dragon Store Synergy: Building a Full-Chain Commercial System

As an official partner of the Chinese Olympic Committee (COC), Li-Ning provides professional sports equipment for the Chinese sports delegation. Leveraging this partnership, the company has undertaken a comprehensive layout across professional technology application, product development, and channel upgrades.

In December 2025, Li-Ning opened its first global Dragon Store in Beijing's Sanlitun, where the Gold Label debuted by jointly applying the COC logo and the Li-Ning brand logo on products. In 2026, with the advancement of events such as the Asian Games, the Gold Label product matrix and Dragon Store channel planning have been further refined.

On the product side, the Li-Ning Gold Label has become an independent category focused on functional business commuting. Professional technologies used by the Chinese sports delegation and national teams—validated through competitions—are gradually applied to Gold Label products, covering daily scenarios such as business socializing and travel commuting. The professional endorsement gained during events also helps boost product sales.

On the channel side, the Dragon Store serves as the core carrier for Gold Label products and a physical space connecting with consumers. The Beijing Sanlitun Dragon Store completed its initial market test, while the Shanghai global flagship store takes on additional functions of brand display, technology experience, and comprehensive product experience. Together, the Gold Label ensures precise matching between products and target consumers, while the Dragon Store completes the full chain from consumer touchpoint to experience to purchase conversion. The two elements link partnership rights, professional technology, and retail operations into a closed commercial loop.

Currently, Li-Ning Dragon Stores have developed into multiple independent store formats, including flagship and standard stores. The initial focus is on the Northeast and North China markets, with nationwide coverage expected by 2028.

As a new category, the Li-Ning Gold Label has already received positive market feedback. During the opening of the Sanlitun Dragon Store, approximately 60% of the main models in the Gold Label "Chao" series sold out within one week of launch. According to the 2026 interim performance report, Li-Ning's apparel category revenue grew 12% year-on-year, with outdoor categories and the Gold Label achieving high growth, contributing incremental elasticity to the apparel segment.

Core Assets Continue to Accumulate: Brand Building Drives Long-Term Growth

The rapid implementation of the Dragon Store business model stems from Li-Ning's long-term accumulation in technological innovation, product development, and channel operations. Over the past decade, Li-Ning has invested a cumulative total of over RMB 4 billion in R&D. Proprietary technologies such as the Li-Ning䓇 technology platform have continued to lead industry innovation, providing a solid technical foundation for the company's multi-category, cross-scenario business expansion.

Product agility and channel operation capabilities also serve as key supports. Li-Ning has long adhered to a "single brand, multi-category, multi-channel" business strategy, continuously expanding into new categories and scenarios beyond its core segments of running, basketball, and comprehensive training. Leveraging the brand's multi-scenario, cross-category migration capabilities, Li-Ning has been able to quickly deploy R&D, design, supply chain, and retail channels in response to the emerging demand for functional business commuting, achieving efficient implementation of new categories and store formats.

According to 2026 interim results materials, Li-Ning is continuing to advance channel structure optimization, product mix refinement, and shopping experience upgrades.

The opening of the global flagship store on East Nanjing Road in Shanghai also marks further implementation of Li-Ning's layout around Gold Label products, Dragon Store channels, and COC partnership rights. Going forward, Li-Ning will continue to deepen resource allocation and asset conversion, accelerate model validation in new scenarios and tracks, and strengthen the brand's core competitive barriers.

Source: Financial Reporting Network