"It's clear that we need to reset our approach to the China marketplace."
"We're acting decisively to accelerate the lagging areas, with China at the top of that list,"
"brand that is not connecting culturally in a way that rivals are,"
"needs to move beyond traditional sports marketing and genuinely understand and integrate into the cultural confidence, sense of community belonging, and lifestyle aspirations of China's younger generation,"
Nike reported Q2 results showing North America sales up 9% to $5.63 billion and Greater China sales down 17% to $1.42 billion, triggering a 9% stock drop. CEO Elliott Hill said the company must reset its approach to the China marketplace and is prioritizing China in corrective actions. Short-term operational fixes include reduced promotions and improved inventory management. A deeper challenge is loss of cultural relevance among young Chinese consumers, who increasingly prefer local brands and the Guochao movement that emphasizes Chinese heritage, community belonging, and lifestyle identity.
Read at Business Insider
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