Nike Exec Assures China: ‘Nike Is a Brand That Is of China and for China’
Nike CEO John Donahoe rushed to reassure China’s communist rulers that his sportswear company is all about working with them, saying that, “Nike is a brand that is of China and for China.”
Donahoe made his comments during a phone conference with Wall Street analysts about Nike’s fourth-quarter earnings report.
According to the BBC, Donahoe told analysts that the recent report showed revenues doubled to $12.3 billion, beating expectations. The revenue helped push Nike to a $1.5 billion profit compared to the $790 million loss the sports apparel giant suffered at end of 2020.
Donahoe also reported that revenue in China alone had risen to $1.9 billion, though that missed the expected $2.2 billion.
Regardless, Donahoe insisted that China was a vital part of Nike’s customer base. “We’ve always taken a long-term view. We’ve been in China for over 40 years,” Donahoe said, adding that Nike co-founder Phil Knight “invested significant time and energy in China in the early days, and today we’re the largest sport brand there.” (Read more from “Nike Exec Assures China: ‘Nike Is a Brand That Is of China and for China’” HERE)
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