International Sports Brands Nike, Adidas Putting Squeeze On China Market
Int'l sport brands "continue to make gains in China despite a shrinking market," with Nike posting profits in its third quarter financial report, according to WANT CHINA TIMES. Adidas "also reported a 15% jump in its China sales last year." Chinese Key Solution Sports Consulting Founder Zhang Qing said that Nike's orders have increased by 4%, although "its overall revenue in the mainland has decreased due to its price war with its rivals." However, Nike has announced that it will "open 40-50 factory stores in China this year offering heavy discounts of up to 70% off and shifting its retail focus to second- and third-tier cities." Adidas has "announced a similar move and will open 800 new stores, with the majority located outside major cities" (WANT CHINA TIMES, 3/27).