耐克，在大中华区少卖了10个亿

Core Viewpoint - The article discusses the competitive landscape of the global sports footwear and apparel industry, primarily focusing on the rivalry between Nike and Adidas, and highlights the rise of domestic brands in China, which has intensified competition and impacted the market shares of these global giants [1][9]. Group 1: Historical Context and Market Dynamics - The global sports footwear and apparel industry was historically dominated by German, American, and Japanese brands before Nike's rise in the 1980s, when it first surpassed Adidas in North America with a market share of 50% [1]. - Adidas faced challenges in the 1990s but revived its brand through the Originals retro series and strategic acquisitions, leading to a competitive duopoly with Nike [1]. - In China, the competition has shifted since 2017, with domestic brands like Anta, Li Ning, and FILA gaining market share, resulting in Adidas's market share dropping below that of Nike, Anta, and Li Ning by 2024 [1]. Group 2: Nike's Performance and Challenges - Nike's revenue in Greater China for the latest fiscal quarter fell by 10% year-on-year to $1.512 billion (approximately 10.775 billion RMB), with a decline in both direct and wholesale channels [3][4]. - The company is facing structural challenges, including decreased foot traffic and a highly promotional market environment, which have pressured sales and profitability [4][5]. - Despite a strong performance in the running category, Nike's overall business in China is under pressure, necessitating increased investment to maintain market order [3][4]. Group 3: Competitive Landscape and Domestic Brands - The intensifying competition in the Chinese market is attributed to both overall market pressures and the rapid rise of domestic brands, which are increasingly seen as offering comparable products to Nike [5][6]. - Domestic brands are leveraging local manufacturing and innovative marketing strategies to enhance their market positions, further eroding Nike's pricing power [6][7]. Group 4: Adidas's Strategic Moves - Adidas has reported a 2.2% year-on-year revenue increase to €5.952 billion (approximately 49.625 billion RMB) in Q2, with Greater China being a significant growth driver, showing an 11% increase to €798 million (approximately 6.653 billion RMB) [9][10]. - The company's operating profit margin in China reached 22.7%, surpassing that of its European and North American markets, indicating a strong recovery in this region [9][10]. - Adidas's CEO has made multiple visits to China, emphasizing the strategic importance of the market and the company's commitment to local production and design [10][11]. Group 5: Future Outlook and Strategic Responses - Both Nike and Adidas are increasing their investments in China to counteract competitive pressures, with Nike focusing on enhancing its retail experience and product offerings [14][15]. - Nike's recent leadership changes, including the appointment of a new CEO for Greater China, reflect its strategy to strengthen its market presence and adapt to local consumer preferences [15]. - The competitive landscape in the domestic sports market is becoming increasingly heated, with both global brands and local players vying for market share [15].