Nike reduces India store count to 150
today Oct 3, 2019
Sportswear brand Nike has shifted its focus to online sales in India and reduced its number of brick-and-mortar stores to 150. Nike has also withdrawn from a number of its India franchise agreements.
Nike aims to focus on online sales in India moving forward, TNN reported. The brand retails on a number of e-commerce platforms including Flipkart and Amazon.
After reducing its India store count to 150, the brand may further reduce it to 100, sources told TNN. Nike has withdrawn from most of its franchise agreements in the country to focus on its partnership with SSIPL (Sports Station). The business has also downsized its India workforce.
Nike is currently restructuring its global business and said in a statement that it will focus on 12 key cities across the globe to achieve 80% of its next wave of growth in 2020. The cities included London, Tokyo, and New York, and did not include any Indian cities.
Nike first entered the Indian market 15 years ago with SSIPL, which was formally Moja Shoes. Nike India reported sales of around Rs 829 crore ($124.61 million) during the 2018 financial year and competes with other international sportswear brands in India such as Adidas and Puma.
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