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SBD Global/October 26, 2012/Finance

Chinese Government Fines Nike $780K, Saying It 'Misled Customers'

Nike has been fined 4.87M yuan ($779,000) for selling sneakers in China "at a higher price and of a lower standard," according to the CHINA DAILY. Nike set the price for one of its basketball sneakers, which it advertised with double air cushions inside, at 1,299 yuan ($208) in China, "more than 500 yuan ($80) higher than the same one in other countries." It was later discovered the company "misled customers with an advertisement as the footwear only contained one air cushion." The Beijing Administration for Industry and Commerce said that Nike "applied double standards between Chinese consumers and other places" (CHINA DAILY, 10/25).
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