check the annual report for Li Ning, Anta, Xtep, 361. These are the 4 largest Chinese sportwear brand.
XPD business is not that much dissimilar to these big boys.
* They all distribute to retail stores which they don’t own.
* More than 51% of the share is held by the founders family.
XPD are the poor man’s soccer shoe choice, much like Dunlop. Cheap & reliable.
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