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In 2008 Beijing Olympics, the Prince of Gymnastics, Li Ning perched high in the air at the 'Bird's Nest stadium' for lighting the Olympic flame. With that, the fortunes of the eponymous sportswear company founded by Li Ning in 1990 also rose high and LI-NING became one of the best known sportswear brands in Mainland China. But by 2011, profits began to fall as its strategy to expand overseas and to tap the high-end market dominated by Nike and Adidas had hurt its sales and landed the company in financial troubles. Subsequently, Li-Ning lost its domestic market share to Anta and other local rivals. With problems mounting, the company had failed to implement a turnaround strategy and posted losses during the years 2012-14. After unsuccessful attempts by the then CEO Jin-Goon Kim, to revive the company, the founder Li Ning returned to lead a turnaround drive and brought in reforms. He stressed the need for the company to evolve with the changing times as the market was reinvigorated by China’s renewed passion for fitness and sports. The company reported its first net profit in 2015 after its slump and Li Ning himself had admitted that only 30% of the turnaround was complete. Would Li-Ning learn from the mistake of over-expanding its business and finally make a comeback? Would the wave of reforms brought in by Li Ning save the beleaguered brand and bring in sustainable growth?