China key to Nike’s aims
In contrast with last quarter’s 2% US sales increase, Nike Inc.’s China sales are rising more than 50% annually and will total $1 billion within a year, according to CEO, Mark Parker. The country is central to the company’s aim of achieving sales of $23 billion by 2011.
Mr Parker told Reuters that China is to become its second largest market globally and that it is planning to open a studio in China to design products for the domestic and international markets.
The company opened its company-owned flagship store in Beijing in August. Its sales in the last quarter were highest in the Asia-Pacific region (+22%), followed by Europe (+16%) and the Americas excluding the US (+15%).
China is also responsible for approximately 45% of the group’s global sports apparel and shoe production.
