The sportswear heavyweight, Nike has cut-down stores in India counting to around 150. Nike has ahead planned to further slash the number to around 100.
The US-headquartered company, which hit $10.7 billion in global revenue lifted by its sales in China during the first quarter ended August 31, has all but withdrawn from most of its franchise agreements in India and has decided to go along with only one strategic partner New Delhi-based SSIPL (Sports Station), which will operate its offline stores.
Nike will directly focus on online sales in India, mainly through Flipkart Group and Amazon.
Subsequently, the company downsized its workforce in India, asking many to join its operations in Southeast Asia. Currently, its rivals Puma and Adidas run around 360 and 600-700 stores in India.
The move was part of a global-restructuring process that saw the company focusing on 12 key global cities including New York, Shanghai, London, Tokyo, Paris and Mexico City to achieve 80% of its projected growth by 2020. Not even one Indian city featured on that list.
Nike India notched up sales of around Rs 829 crore during the year ended March 2018.
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