The BBC published a story on Saturday regarding comments made by Nike CEO John Donahoe concerning the connection between Nike and China:
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.
Mr Donahoe was speaking during a call with Wall Street analysts about Nike’s latest earnings report.
“Of China and for China.”
Well, okey-dokey. We can see just where Nike places its loyalty.
I recall back in the day that Nike was this little shoe company started in a rural area of Oregon by a couple of guys who poured rubber into a waffle iron to create a uniquely cushioned bottom for Japanese manufactured running shoes used by track athletes at the University of Oregon.
But it seems like that little company has grown up to be in a co-dependent relationship with the killers of millions around the world — members of the Uighur ethnic minority in Xinjiang, and a pretty decent number of people among the population of the planet via a virus.
Thank God Nike hit its quarterly projections for earnings and revenue, otherwise those problems with embracing a totalitarian dictatorship responsible for millions of deaths might have hurt the stock price and the value of the unexpired options held by senior Nike executives.
Not to mention LeBron and the rest of the NBA.
Mr 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 (£8.8bn) 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.
The problem for Nike — and LeBron and the NBA as well — is that they know the Chinese Communist Party is not “all bark and no bite.”
They have so much of their future
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