In the midst of the coronavirus pandemic, Nike and adidas are joining a massive list of retailers to temporarily close half of its stores in China and cutting hours at the rest. Set to go live as soon as possible, this preventative measure was also executed by the likes of Apple, McDonalds, and Starbucks.,In a statement by John Donahoe who succeeded Mark Parker as Nike CEO at the end of last year, he explained, “First and foremost, our thoughts are with the people affected and we remain focused on the health and safety of our teammates and partners. Despite this difficult situation, Nike’s long-term opportunity to continue to serve consumers in Greater China with inspiration and innovation remains exceedingly strong.“,At this moment in time, it's hard to say how this move will impact the two sneaker giants. China was the Swoosh's third-largest market with $6.2 billion in sales in the most recent fiscal year, so they'll definitely be facing some major financial difficulty as we head into the next quarter. In fact, according to Capri Holdings, both brands are expected to face a reduction of $100 million in revenue, and this could further increase if “the severity of the situation worsens.“,Let us know what you think of this news, and while you're here,...
