Red Dragonfly shoe group sponsors World Cup
Red Dragonfly (Hongqingting) Group, a leading shoe-manufacturing group in China, is to co-sponsor the live broadcast of Asia's World Cup Qualifying Tournament (second round), according to the Wenzhou Daily. The competition is also being sponsored by international companies such as Adidas, Coca Cola and Samsung. The sponsorship will cost Red Dragonfly Group Rmb 2.18 million (US$264,000) and is the first time a Chinese shoe company has gone into major sponsorship in sports.
Founded in 1995, Red Dragonfly has quickly expanded into a large transregional group with 18 branches, and a staff of around 2500 people. In 1999 the "Red Dragonfly" shoe brand achieved sales of over Rmb 300 million and in 2001 sales are predicted to grow at a rate of about 20%. The Red Dragonfly Group is also currently diversifying into printing, packaging and health products.
