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Hongxing Erke's performance against the market fell too quickly to cause disaster
In the past decade, the Chinese sports apparel market has seen a significant transformation, with domestic brands gradually establishing their positions. A large and growing market has allowed various brands to carve out their own niches. Today, after ten years of development, China’s sportswear industry is now showing a clear hierarchy. Just as Nike and Adidas dominate the top tier among international brands, Reebok and Puma occupy the second level, while Diadora is slowly fading into the background.
Amid this evolution, several Chinese brands have stood out with impressive growth. In 2009, companies like Li Ning, Anta, Peak, and Xtep all reported sales increases of over 20%. However, Hongxing Erke was notably absent from this success. Not only did it fail to keep up in 2009, but its performance continued to decline. In the first quarter of this year, revenue fell by 13.5% year-on-year, and gross profit dropped by 31.9%, signaling serious challenges for the brand.
The situation worsened when Hongxing Erke faced quality inspection issues in cities like Harbin and Shenzhen. These problems not only affected consumer trust but also highlighted deeper operational and strategic concerns. While the market environment improved in 2010, with government policies aimed at boosting consumption and major sporting events creating opportunities, Hongxing Erke's performance did not reflect these positive trends.
According to its Q1 2010 financial report, Hongxing Erke generated just 491 million yuan in revenue, down 13.5% from the previous year. Gross profit fell even more sharply, dropping 31.9% to 155 million yuan. This stark decline contrasts sharply with the strong performances of competitors like Anta and Peak, which saw significant gains in both sales and profits.
While Hongxing Erke has maintained a presence in the tennis equipment market—where it ranked ninth in a recent survey—it still lags behind many foreign brands. Industry analysts suggest that the brand's struggles are not just about product quality but also about expansion strategy. According to Liao Jierong, an independent apparel analyst, the issue lies in the pace of store expansion. Compared to other major players, Hongxing Erke has been relatively slow in opening new outlets, with only 27 new stores added in the first quarter of 2010.
This slower growth can be attributed to reduced investment due to declining sales. The company itself cited weakening domestic demand and oversupply as reasons for lower profits. Some insiders also point to past rapid expansion, which led to overstocking and forced price reductions for dealers. As a result, many stores are now struggling to maintain profitability.
Despite its challenges, Hongxing Erke remains a well-known name in China. However, the combination of poor financial results, quality issues, and slow expansion suggests that the brand must re-evaluate its strategy if it hopes to regain its footing in a competitive and rapidly evolving market.