Nike Bets Its China Comeback on Michael Jordan's New $1,000 High-Tops [BNN Bloomberg (Canada)]
Nike, Inc. (NKE)
Last nike, inc. earnings: 3/24 04:15 pm
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Source: BNN Bloomberg
Affiliations with China's domestic basketball elite and limited-edition Jordan collabs with local street artists. These are the highlights of a new push for the Jordan brand in China, one that Nike Inc. hopes will lay the foundation of a permanent comeback there. Beyond the significant economic slowdown that's sapped sales for all the big brands, Nike's been buffeted by rising consumer nationalism — a trend fueled by legitimately hot products from local brands like Li Ning Co. and Anta Sports Products Ltd. At its peak in 2021, the Greater China region accounted for almost one-fifth of Nike's total global sales. It now accounts for less than 15%, compounding a difficult year for the company. Layoffs have hit headquarters and investors are concerned about weakening demand for Nike sneakers and sportswear. Shares are down 11% so far this year and management has warned that sales will fall over the next six months. As a testament to how badly Nike needs to reinvigorate its business
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News
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- NIKE, Inc. (NYSE: NKE) had its price target lowered by analysts at Citigroup Inc. from $115.00 to $102.00. They now have a "buy" rating on the stock.MarketBeat
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- 6/27/24 - Beat
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- 6/27/24 - Form 8-K
- 6/7/24 - Form 4
- 6/5/24 - Form 4
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