Image via China Daily/Asia News Network //
As the death toll from the deadly Coronavirus continues to climb towards 500 and China still largely in lockdown, many eyes have turned to the economic impact of the disease. Sportswear giant Nike has been forced to close doors of around half its stores in Greater China, with many that remain open operating under restricted hours.
“First and foremost, our thoughts are with the people affected and we remain focused on the health and safety of our teammates and partners,” Nike CEO John Donahoe said in a statement. “Despite this difficult situation, Nike’s long-term opportunity to continue to serve consumers in Greater China with inspiration and innovation remains exceedingly strong. At the same time, we continue to have extraordinary brand and business momentum in all other geographies.”
It’s a definite blow for Nike who generated more than $6.2 billion, or about 16% of total sales, in China during the company’s fiscal 2019 year which ended in May.