Athletic-gear, shoes: India
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Sales of the Top 4
2014-16
John Sarkar, Nike's poor India run continues in 2016, Dec 24 2016: The Times of India
The world's largest athletic-gear maker Nike continues its poor run in India with declining sales and widening loss in 2015-16.
Nike's sales have fallen to Rs 764 crore in FY16 compared to Rs 803 crore in FY15, data from Registrar of Companies (RoC) showed. Its loss widened to Rs 170 crore in 2015-16 compared to aloss of Rs 101crore in 2014-15.
Nike's competitors Adidas and Puma have surged ahead with sales of Rs 899 crore and Rs 878 crore. In FY15, Adidas not hed up sales of Rs 805 crore, while Puma, whose year ended n December 2014, showed sales f Rs 769 crore.
“India is still not a fitness riented market, although it has great potential,“ said Dave Thomas, Adidas Group India.
Our good performance in India comes on the back of strong aunches. We have closed nonperforming stores (both Adidas and Reebok), and have focu ed on our athleisure brand Adidas Originals, which has gi ven us very good results.“ Sales of Reebok, which is an Adidasowned brand, have grown too, from Rs 332 crore in FY15 to Rs 355 crore in FY16. However, among all the four players, Reebok bears the burden of highest accumulated losses -Rs 2,198 crore in FY15.
Nike is on a consolidation spree in India. It has shut around 35% of its stores and has pulled out of expensive bat sponsorship deals of top Indian cricketers.
