(Yicai) Sept. 19 -- Chinese sportswear firm Peak Group has set ambitious long-term goals to increase sales at home and abroad, aiming to establish itself as a leading international brand, according to a source close to the company.

Peak plans to boost overseas sales to CNY10 billion (USD1.4 billion) and reach CNY20 billion in domestic sales over a 10-year period, the source cited Chairman Xu Jingnan as saying at a recent company meeting. Overseas shoe sales increased by more than 200,000 pairs from January to August, Xu also said.

Peak does not publicly disclose its earnings after delisting from the Hong Kong Stock Exchange in 2016. The Fujian province-based company went public in 2009. It had operating revenue of CNY5.86 billion in 2023, according to data released by the Fujian Federation of Industry and Commerce.

Xu also noted that Peak has been cutting salaries since May, targeting loss-making departments and higher-salary positions. The source told Yicai that there have been pay cuts, but less than 10 percent of the workforce has been affected.

Market observers have said that although the sports consumer goods market appears to be booming in China, competition has become extremely fierce, and many companies have resorted to price cuts to boost sales. 

Editor: Tom Litting