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In the absence of Mark Parker, chairman of the board has put forward the core concept of the new plan. July 21, 2016, he has issued an open letter to shareholders, pointed out that Nike’s industry is about to usher in an unprecedented change, mobile innovation, personalized service will lead the change. For consumers, the connection between the digital and physical worlds will be closer than ever before.
So, what is the reason, let Nike choose to introduce Consumer Direct Offense plan at this time?
First of all, as the world’s highest market value of sporting goods company, Nike in recent years, growth slowed. Especially in the North American market, Nike is facing the old rival Adidas’s catch up, but also to deal with the rising star Andrea’s step by step pressing. In the already growing rapidly in the Greater China market, cheap nike huarache all green,Nike’s growth rate is far behind Adidas, but also the face of Anta and other Chinese brands eroded. At the same time, Nike’s share price all the way down, nearly a year and a half, the market value of evaporation of 24.6 billion US dollars. Adidas opponents of the old rival all the way up, the cumulative increase of 43%.
On Feb. 21, Nike posted its third quarter results in 2017 fiscal year, with gross margin down to 44.5%, down 1.49% from the same period last year; revenue rose 5%, with less than $ 30 million in the expected $ 8.47 billion gap. Capital market is not buy it, the results announced the same day, Nike shares fell 6.0%.
Choose to publish the annual report before the release of strategic adjustment plan, the first to digest part of the market pressure, it is wise to move. Nevertheless, June 15, 16, Nike stock price decline is still up to 6.35%, the famous investment bank JP Morgan is to quickly cut the Nike company’s rating, adjusted by the holdings to neutral.
More importantly, Nike has to have to change the time node. The end of 2014, the old rival Adidas announced “legislation” strategy, developed a core city, speed and resource opening three strategic principles. The new strategy for more than two years, Adidas gradually out of the trough, a substantial increase in performance. In 2016, the company ushered in the new CEO Rothschild, based on the three strategic principles, to further determine the five focus: corporate culture, digital, an Adidas, North American market and brand portfolio.
Comparison of the two companies have introduced a new strategy, can be said to be similar, even tit for tat, such as the core city, digital and other aspects of attention.
Although Nike has always been to innovation itself, in fact, compared to competitors, Nike in recent years has been rest on its laurels. To run shoes, for example, in addition to the popular moment Flyknit, little explosive products. CCTV this year, “3.15 party”, Nike because no air cushion basketball shoes also on the black list, brand reputation damage.