Financial terms of the deal were not disclosed.
Though LNG players will not wear Clarks-branded shoes during the competition, the Clarks logo will be featured on the left shoulder of the team jerseys. In fact, LNG and Clarks have business interests because they are both owned by Li-Ning Group, one of the biggest sportswear brands in China. In July 2022, Li-Ning’s biggest shareholder China Viva Group acquired a controlling stake in Clarks, and Ling-Ning’s founder Li Ning and his nephew Li Qilin took control of China Viva Group.
According to the China Viva Group’s Q1 Financial report, the revenue of Clarks reached 2.6 billion HKD ($332M USD), which marks a 684.6% increase compared to the same period a year ago. Clarks’ revenue also reached 86% of the total revenue of China Viva Group.
This year, Li-Ning took over for Nike and signed a four-year apparel sponsorship deal with LPL, becoming its exclusive apparel sponsor. The sponsorship deal between LNG and Clarks will not affect the business interests between LPL, Li-Ning, and LNG.