Nike down on tightening online sales in China
BUZZ-Nike down on tightening online sales in China ** Shares of sportswear giant Nike NKE.N down 2% at $42.06
** Co tightens China's online sales, with major retailers stopping online sales from January to drive consumers to official Nike channels
** Co aims to rebuild trust with Chinese shoppers and sell its products at full price - Cathy Sparks, vice president and general manager of Greater China
** China, Nike's third-largest market, remains a key challenge, with Greater China sales down 17% in fourth-quarter results
** "Nike pulled back on wholesale partners in the west, and that opened up shelf space for competitors," says Laurent Vasilescu, analyst at BNP Paribas
** "Nike doesn't have a distribution problem in China and elsewhere. It has a product problem," Vasilescu adds
** As of last close, Nike down ~33% YTD
(Reporting by Sanskriti Shekhar in Bengaluru)
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