Li Ning to buy up Clarks footwear for US$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 US$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 US$111 million loss in 2019 and called in accountants to navigate a restructure through voluntary administration last…