Since 2023, various outlets of China’s sportswear brand Guirenniao have begun clearing out inventory one after the other. And as of March 2024, they’re still clearing them out. Items originally priced at 399 yuan (about $55.4 US dollars) are now being sold for 59.9 yuan (which is about $8.3 US dollars), and you could buy four 100% cotton short-sleeved shirts for 100 yuan (which is about $13.9 US dollars). Videos show Guirenniao’s stores crowded with customers buying clearance items.
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Losing $5 Billion in Just 5 Years! China’s “Shoe King” Guirenniao Announces Delisting
