Nike boss defends firm’s business in China

LONDON - The boss of Nike has made a robust defence of the firm's business in China after facing a consumer boycott there.

Chief executive John Donahoe said "Nike is a brand that is of China and for China" in response to a question about competition from Chinese brands.

Donahoe was speaking during a call with Wall Street analysts about Nike's latest earnings report.

The comments come after the sportswear giant was recently hit by a backlash over statements about Xinjiang.

Donahoe made the comments during  a discussion on Nike's fourth quarter earnings, which showed revenues had doubled to a better-than-expected $12.3bn for the three months to the end of March.

That helped it bounce back to a $1.5bn profit, from a $790m loss during the depths of the pandemic a year earlier.

The figures also showed that revenue in China rose to more than $1.9bn, but missed Wall Street expectations of $2.2bn.

Donahoe said he remained confident that China would continue to be a fast-growing market for the company due to its many years of investment there.

"We've always taken a long term view. We've been in China for over 40 years," he said.

"Phil (Knight) invested significant time and energy in China in the early days and today we're the largest sport brand there," he said in reference to Nike's co-founder and former chief executive who first saw the potential for growth in the country.

Nike did not immediately respond to a BBC request for further comment.

The company's shares rose by more than 14 percent during after-hours trade in New York.