Nike deepens India push with new running shoe, seeking fresh growth engines
NKE•Nike unveiled the Vegam Run, its first running shoe designed specifically for India, and plans to release it on Flipkart on November 1 for ₹3,795 (about $40). The move comes as Nike seeks growth in India while sales in China have fallen for nine consecutive quarters.
1. India-focused shoe
Nike unveiled the Vegam Run, its first running shoe designed specifically for India. The shoe was developed in about five months and is set to launch on Flipkart on November 1, priced at ₹3,795, or roughly $40.
2. Growth and sales pressures
The launch follows Nike's announcement earlier this month that it plans to open a new campus in India, where it is seeking to make inroads amid a running boom. Sales in China, which account for about 15% of Nike's annual revenue, have fallen for nine consecutive quarters. Nike's global running business has grown by double digits for six consecutive quarters, while CEO Elliott Hill said the business is not yet large enough to offset pressure in Nike sportswear, Jordan brand and Greater China.
