耐克中国换帅：继任者在华经验相对有限丨消费一线

Core Viewpoint - Nike is undergoing a leadership change in its Greater China region, with Angela Dong stepping down and Cathy Sparks appointed as the new Vice President and General Manager, amid declining sales and increasing competition in the Chinese sports market [2][6][15]. Group 1: Leadership Change - Angela Dong will officially resign on March 31, 2026, after over 20 years in various leadership roles in Greater China, during which Nike witnessed significant milestones in the region [3][5]. - Cathy Sparks, with 25 years of experience at Nike, previously served as Vice President and General Manager for the Asia Pacific and Latin America regions, and is expected to deepen consumer connections in Greater China [4][16]. Group 2: Performance Challenges - Nike's sales in Greater China fell by 16% year-on-year to $1.423 billion for the latest fiscal quarter ending November 2025, with EBIT down 49% [6]. - Direct sales dropped 18%, with digital sales down 36% and store sales down 5%, while wholesale business decreased by 15% [6]. Group 3: Market Dynamics - The Chinese sports market is becoming increasingly competitive, with a decline in consumer spending willingness, as indicated by a drop in the percentage of consumers inclined to spend more from 23.3% in Q2 2025 to 19.2% in Q3 2025 [8]. - Major competitors like Anta and Li Ning are also facing growth pressures, with Anta's sales showing low single-digit declines [9]. Group 4: Strategic Adjustments - Nike is implementing store upgrades and reducing inventory, with a 20% decrease in total inventory compared to the previous year, and plans to expand successful upgrade models to more stores [12][13]. - The company is adjusting its spring product distribution and cutting summer product purchases to improve sales rates and full-price sales ratios [13]. Group 5: Future Outlook - The leadership change raises questions about potential shifts in Nike's operational strategy in China, especially as the North American market shows signs of recovery with a 9% sales increase [16]. - Cathy Sparks' global experience may help integrate resources across regions, but she will face challenges from strong local brands and the need for more localized strategies [17][18].