Michelin Partners Chinese Gymnast in Shoe Deal

Playing a starring role at the Olympics opening ceremony meant a $30 million payout for former Chinese gymnast Li Ning. Investors reportedly snapped up shares in his Hong Kong-listed sportswear firm, Li Ning Co. Ltd., hoping that global recognition would follow the spectacle of the opening ceremony. However, tyre experts may be interested to learn taht Li-Ning Co. announced recently signed a tie up with Michelin to start technical cooperation to produce high-performance sports shoes.

According to the agreement, Michelin’s tyre techniques will be used for the soles of Li-Ning brand shoes in order to provide sports footwear with stronger grip and wear resistance. Elie Chkaiban, director and general manager of Michelin Lifestyle Ltd, says the company promotes travel and sports products other than Michelin tyres.

With a 10.5 per cent share of China’s sportswear market, Li Ning is keen to catch up to Adidas’s 15.6 per cent and Nike’s 16.7 per cent (Tire Review/Akron)