Nike's CEO John Donahoe said the company is 'really focused' on Gen Z consumers in China and aims to see inventory levels normalized by the end of the fiscal year.
CEO John Donahoe said Thursday the company is "really focused" on Gen Z consumers in China and that the athletic apparel retailer is continuing to see strong demand in the region, even amid Covid-related disruptions.
Revenue in China – the sneaker giant's third-biggest market by revenue – was down 22% during the period from the same quarter in 2021, when Covid disruptions were more stable in the region.rescinded its zero Covid policy"We factored in some disruption in our outlook, but we view that as transitory, we still believe in the fundamentals of China," said Donahoe.
but Donahoe said the problem is primarily in North America and the company aims to see levels normalized by the end of the fiscal year in May. , but during its most recent fiscal quarter, wholesale revenue jumped 19% – largely because the company finally had the inventory available to sell to those partners.
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