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Li Ning to buy up Clarks footwear for $69 million

Clarks could soon be owned by ex-Olympic gymnast Li Ning’s investment arm Viva China, which aims to buy up 51 per cent of the British footwear retailer for a consideration worth $69 million (£51 million).

Viva said it had earlier helped facilitate the acquisition of the business out of voluntary administration by funding a loan to LionRock, which allows Viva, to convert this debt into equity in Clarks.

LionRock said the founding Clark family would remain key shareholders in the business, and aimed to help the business reposition for future long-term sustainable growth.

According to CGTN, Clarks posted a $111 million loss in 2019 and called in accountants to navigate a restructure through voluntary administration last November.

Viva said if the acquisition goes through it would be “very substantial”, but that so far no definitive agreement between it and LionRock has been reached.

Last year Li Ning also took control of Hong-Kong listed apparel group Bossini through Viva, and announced plans to expand the business into Mainland China. According to CGTN, Li is a non-executive director at LionRock.

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