Sportswear brand NIKE continues its poor performance in India with declining sales and stretching loss in 2015-16. As per the Registrar of Companies (RoC), the retailer’s sales have dropped to Rs. 764 crore in FY 2016 as against Rs. 803 crore in FY 2015.
NIKE, which is on a consolidation spree in India, has shut around 35 per cent of its stores and has pulled out of expensive bat sponsorship deals of top Indian cricketers in the current year. Despite India’s not being much of a fitness-oriented market, NIKE’s competitors – Adidas and Puma, have moved ahead with sales of Rs. 899 crore and Rs. 878 crore, respectively. In FY 2015, Adidas notched up sales of Rs. 805 crore, while Puma, whose year ended in December 2014, showed sales of Rs. 769 crore.
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Defying all odds, NIKE is very optimistic about the Indian market and is very patiently dealing with the losses around since it can’t afford to ignore one of the biggest markets in Asia.
