Li Ning Co., China’s largest sportswear maker, will raise prices again in the fourth quarter to counter higher costs and inflation, Radio Television Hong Kong reported today, citing the company’s chief executive.
Li Ning raised prices for third-quarter orders by 10 percent and will lift them further, Chief Executive Officer Zhang Zhiyong said, according to the broadcaster.
Orders for the fourth quarter will likely be flat from a year earlier, Zhang said. The report didn’t say how much prices would rise.
Three calls to Zhang Xiaoyan, spokesman for Beijing-based Li Ning, went unanswered.
China’s consumer prices rose 5.3 percent in April, according to government data released May 11, exceeding economists’ estimates and the government’s full-year target of 4 percent. Yesterday, China’s central bank raised banks’ reserve requirements for the fifth time this year in an effort to control inflation.
China last week fined Unilever, the world’s second-largest consumer-goods maker, 2 million yuan ($308,000) for telling the media about plans to raise prices, which the government said led to hoarding.