Nike Laces Up Its Track Shoes For This Summer's Olympics
[2008-4-10]
When Olympic swimmers line up in Beijing this summer, sneaker giant Nike (NKE) expects to be on the starting blocks with them.
The Beaverton, Ore., company is racing to get its high-tech, low-drag body suits available in time for the games to compete with offerings from Speedo and Adidas.
Of course, Nike doesn't want to compete just in the pool. This week, it announced new Olympic product lines for every sport. The company is planting its trademarked swoosh on thousands of athletes from 100 countries competing in 32 sports.
But when the athletes go home, Nike doesn't plan to.
It's locked in a fierce war with Adidas and others to dominate the huge and growing Chinese sports apparel market. China is Nike's No. 2 market behind the U.S. The company topped a billion dollars in revenue there over the past 12 months.
Nike's Chinese sales were up 50% in the last quarter vs. just 5% in the U.S. and 16% worldwide.
"The Olympics is always an important moment for Nike. We're launching our biggest communications campaign ever," said Don Blair, Nike's chief operating officer. "Beijing '08 also is an important moment for Nike in China as we continue to grow the brand and extend our market leadership there."
Nike also is pushing its brand in other growing markets such as Eastern Europe, Russia and South Africa. That's helping the athletic giant weather slowing sales at home.
The Beaverton, Ore., company is racing to get its high-tech, low-drag body suits available in time for the games to compete with offerings from Speedo and Adidas.
Of course, Nike doesn't want to compete just in the pool. This week, it announced new Olympic product lines for every sport. The company is planting its trademarked swoosh on thousands of athletes from 100 countries competing in 32 sports.
But when the athletes go home, Nike doesn't plan to.
It's locked in a fierce war with Adidas and others to dominate the huge and growing Chinese sports apparel market. China is Nike's No. 2 market behind the U.S. The company topped a billion dollars in revenue there over the past 12 months.
Nike's Chinese sales were up 50% in the last quarter vs. just 5% in the U.S. and 16% worldwide.
"The Olympics is always an important moment for Nike. We're launching our biggest communications campaign ever," said Don Blair, Nike's chief operating officer. "Beijing '08 also is an important moment for Nike in China as we continue to grow the brand and extend our market leadership there."
Nike also is pushing its brand in other growing markets such as Eastern Europe, Russia and South Africa. That's helping the athletic giant weather slowing sales at home.
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