In the latest rankings of the richest people in China, Li Ning – founder of one of the country’s most famous retail brands – has tumbled from 64 last year to 291.
The decline in fortune mirrors that of the Olympic gymnast’s eponymous brand, which last year had overtaken Adidas for second place in the Chinese sportswear market.
At that time, the chief executive was predicting it would be a top-five global sportswear brand by the end of the decade.
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