Bloomberg Intelligence Nike Sinks After China Sales Plunge, Delaying Turnaround
Dec 19, 2025
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Nike's China Problem Delays Turnaround
- Nike's turnaround is working in the U.S. but China sales have plunged and likely won't rebound quickly.
- Poonam Goyal expects any meaningful recovery in China might not occur until 2027 or later.
Brand Positioning Trumps Macro In China
- Nike's China weakness is largely brand specific, not purely macro-driven.
- Over-discounting and heavy off-price distribution damaged Nike's premium positioning in China.
Execute A Retail Playbook In China
- Clean up inventory, stop discounting, and refocus product and marketing to rebuild brand heat in China.
- Poonam Goyal says execution of a U.S.-style playbook with direct regional oversight is essential.