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Nike to set up a wholly-owned subsidiary

14-June-2001
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Nike to set up a wholly-owned subsidiary

Nike plans to set up a wholly owned subsidiary in India. A formal decision is yet to be taken on this. It is likely that the launch of Cole Haan, a premium leather footwear brand for both men and women, could be delayed till the new subsidiary is formed.

The Nike brand, which includes athletic footwear, apparel, equipment and accessories, reported a turnover of Rs 65 crore in India for fiscal 2000-01. The company broke even in 1999-2000 and is looking at registering a 50 per cent growth this year.

Nike entered the Indian market in 1995. Nike’s footwear business contributes around 60 per cent to the turnover in India, apparel 30 per cent and equipment around 10 per cent. The apparel section is growing at a faster rate than the footwear business in India.

Nike exported $80 million worth of apparel from India in 2000. The main export markets are Europe and the US. The company has about 100 exclusive outlets across the country and plans to increase this number by 30 per cent ever year.

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