Nike India closes more than one third of stores
To cut losses, US sportswear maker Nike India has closed about 35 per cent of its stores.
This has left it with about 200 stores, say observers.
Nike’s accumulated losses were around US$81 million, according to data filed with the Registrar of Companies. Its sales over 2014-15 were about US$120 million for a loss of $15 million.
Nike is believed to be also rethinking its strategy of sponsoring bats for top Indian cricketers. Nike’s largest partner in India is SSIPL (formerly Moja Shoes), which runs 80 per cent of the brand’s stores. Its second-largest partner is soft-drink mogul Ravi Jaipuria’s RJ Corp. Many of the closed Nike outlets have been converted into multi-brand stores by its partners.