இவன் சு News Today : Breaking News, Live Updates & Top Stories | Vimarsana
4 Very Undervalued Wide-Moat China Stocks
morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.
Violence in Israel and Gaza Becomes Flashpoint for Fashion in the Middle East
businessoffashion.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessoffashion.com Daily Mail and Mail on Sunday newspapers.
Adidas, Nike Online Sales Plunged in China Amid Xinjiang Boycott
businessoffashion.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessoffashion.com Daily Mail and Mail on Sunday newspapers.
Adidas and Nike sales suffer from Chinese backlash
Sales of Adidas and Nike in China have fallen, as consumers continue to boycott the brands in favour of domestic operators.
Ivan Su, equity analyst at investment company Morningstar, said overall sales of sports clothing and footwear has declined 11% year on year in April at Chinese ecommerce site Tmall. Morningstar attributed the fall to Chinese consumers’ boycott of international sportswear brands.
In the month Adidas’s online sales showed the biggest fall of the brands tracked by Morningstar: 78% in April compared with the same month in 2020. Nike showed the second-largest drop of 59%, while Uniqlo s Tmall sales were down by 21%.
China against western brands
Adidas and Nike are feeling the effects of a consumer boycott in China.
According to a note from Morningstar analyst Ivan Su, online sales of Adidas and Nike products on Alibaba s Tmall platform fell by 78% and 59% respectively year-over-year in April.
Chinese consumers snubbed the sportswear brands over statements they had made expressing concerns over alleged forced labor practices in the Xinjiang region in China. Tmall is China s largest online business-to consumer-platform.
Advertisement
Meanwhile, Chinese athleticwear brands Anta and Li Ning reaped the rewards of these consumer boycotts, Su said. China Lining (Li Ning s premium fashion arm) is by far the biggest beneficiary, with Tmall sales up more than ninefold in April, Su wrote in the note. We estimate Tmall sales for Anta group were up by about 59% in April, while for Li Ning group, they rose a whopping 92%.