Nike CEO defends company’s business in China
Nike CEO John Donahoe has defended the company’s business in China, saying that “Nike is a brand that belongs to and serves China.”
On June 24, the company released its financial statements for the fourth fiscal quarter and 2021 fiscal year. In the three months from March to May, the company’s revenue increased by 96% to $12.3 billion, which surprised market participants.
Donahoe said in a conversation with analysts that he believes that due to Nike’s many years of investment in China, China will continue to become a rapidly growing market for the firm.
He pointed out: “We have always had a long-term vision. We have been working in China for more than 40 years.”
When asked about competition with Chinese brands, he replied that Nike was also a Chinese brand now and its purpose included serving the most populous country.
Previously, the world’s largest sportswear brand faced consumer resistance in China for refusing to use cotton from Xinjiang.
