The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
BEIJING, China — Nike Inc.'s sales growth in Greater China outpaced those of Adidas AG and local rivals Li Ning Co. and Anta Sports Products Ltd. since the 2008 Beijing Olympics. Nike's China revenues were $3.79 billion in its most-recent fiscal year, a 117 percent increase from six years earlier. By comparison, Anta's sales rose 107 percent and Adidas's grew 103 percent from 2009 to 2015, while domestic revenue of Li Ning, founded by a former Chinese gymnast who lit the torch at the Beijing games, declined 9 percent in dollar terms in the period.
Nike sales growth in China outpaces sportswear rivals since Beijing Olympics | Source: Bloomberg based on companies' filings; converted into dollars
By Lee Miller; editors: K. Oanh Ha & Jake Ulick.
With consumers tightening their belts in China, the battle between global fast fashion brands and local high street giants has intensified.
Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand.
The French beauty giant’s two latest deals are part of a wider M&A push by global players to capture a larger slice of the China market, targeting buzzy high-end brands that offer products with distinctive Chinese elements.
Post-Covid spend by US tourists in Europe has surged past 2019 levels. Chinese travellers, by contrast, have largely favoured domestic and regional destinations like Hong Kong, Singapore and Japan.