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Nike sales in China have fallen 30% as consumer tastes shift
CNBC Markets attributes the decline to Nike losing relevance with younger shoppers and giving up share to smaller domestic brands.
Nike’s business in China has deteriorated, with sales down 30%, as the market that once boosted the company’s growth moves to other brands, according to CNBC Markets.
The outlet says China had been Nike’s fastest-growing region, but the company has struggled to stay aligned with younger consumers’ preferences.
CNBC Markets also links the slowdown to Nike ceding market share, particularly to smaller, China-based brands that have gained traction with shoppers in the region.
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