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Nike A Case Study Executive Summary iNike has gone 35% digital and is planning to reach 50% by 3035. It has shown immense growth and

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Nike A Case Study Executive Summary iNike has gone 35% digital and is planning to reach 50% by 3035. It has shown immense growth and is expected to close year 2022 1with over 50-billiondollar revenue. Strategically Nike is also prioritising its DTC {directly to consumer] sales. Covid 19 has just showed an increase in its sales across all segments and brands. Nike also recently hit its first 5-billion dollar quarter. All these took place with recession in a lot of sectors and segments all across the world which makes us think about Nike with a fresh perspective. "Our goal isn't merely to take market share. I[Itur goal is also to grow the entire market." CEO John Donahoe said. To stay current. Nike continuously works on its trends. marketing and conmrunications. It has always been extremely competitive and up to date with the latest trends in the distribution network, growing its DTC' channels. setting trends on digital media like TikTok or Instagram reels. It also plans to take its brand. Jordan. to retail in pursuit of growth. So, will Nike be able to stay current? Will start-ups disrupt the market? Is Nike going to be relevant going forward'? Is ICovid 15" really a bane'? Or just a boon is disguise for Nike? Finally, why exactly Nike is going digital? Iike's Story Hike was created in 1904 by Bill Bowerman, a nationally known University of lEiregon track coach, and Phil Knight. a former track athlete. Originally known as Blue Ribbon Sports, the two began by distributing Netsuke Tiger sneakers to players around Oregon. After track and sporting events, Phil Knight would frequently sell sneakers from the trunk of his car. Their primary motivation for entering the athletic shoe industry was to eqttip athletes with higher quality footwear. Lo 1933, Blue Ribbon Sports officially became Nike, Inc., after immediately terminating its afliation with Onitsuka Tiger. The company was named after Nike, the Greek goddess of triumph, and it created the worldfamous "swoosh" emblem as well as a new creative athletic shoe design. Nike went public in 1930 after only two years. 1with a 50% market share of the U3 athletic shoe market. Nike is now the world's largest provider of athletic footwear and apparel. Globally. the company employs around 30,000 employees. More than 15,000 people work at the Nike World Headquarters, which is located near Beaverton, Oregon. Nike's continued success can be attributed to the company's unique designs, development, and marketing tactics for highquality footwear. apparel, accessories. and equipment. Nike reported record revenues of $13.15 billion for the scal year ended May 31. 3003.15L 1t't'orlrl's Shoe l'larket In 2030. the global footwear market was estimated to be worth 355.5 billion U31] and was forec asted to reach about 530.3 billion USD by 2031'. Exhibit 1 shows the size of the footwear market worldwide from 3020 to 303?- The other key players in the industry are Reebok, Adidas, Puma. and Under Armour. Living healthy and tness are the new mantra of life across consumer segments which is true across geographies. Most of the shoe manufacturers are now tying up with fashion designers to produce new clothing lines to 1widen their product portfolio in pursuit of growth and protability. As a result. consumption will continue to be driven by fitness trends. fashion trends. demand originating om specic demographics such as teenagers and baby boomers. Though India and China have the largest population and have caught up with fitness trends are considered to be large shoe markets of the world, however Nike's Sales are yet largest om North America and European Nations. This is largely due to the fact that India and China are still growing economies and have large unorganised markets catering to the needs of the nation. India and lChina are the focus markets of most of the global brands. but they do not have a market for high ranging shoes or highly athletics shoes causing this phenomenon. Ellie's Presence in the 1t'forlrl Market Nike. Inc. is a sportswear and equipment company based in the United States and is the world's largest producer of athletic shoes and gear. It also manufactures and sells signicant sports equipment. Nike is the global leader in athletic footwear and gear. Cole Haan Bauer Hockey, Converse, Hurley International. Starter, and Umbro are just a few of the footwear and apparel fmns that have been bought by the company, which is quoted on the New York Stock Exchange {141' SE} as NEE. The Nike swoosh is one of the most recognisable trademarks in the world, as well as one of the most wellknown athletic sponsors. Nike employed about Till-DIE! employees and has over LSD-U retail stores worldwide in 21321. Much of Nike's success may be due to the company's global marketing campaign. which involves signing sponsorship agreements with celebrities, professional sports teams, and collegiate athletic programmes to promote their technology and design through their goods. Nike and Adidas are driving development in the global sportswear and athletic clothing industry, thanks to their instantly identiable emblems. A variety of indications can be used to determine who is winning the battle of the retail behemoths. A basic brand comparison of Nike and Adidas reveals that Nike is currently the market leader. with a brand worth of more than 3-1 billion dollars. Adidas, on the other hand, was valued at slightly over $12 billion. Nike has a market share of more than three times that of Adidas in the United States. Nike complemented its organic growth by acquiring sport apparel companies such as Converse in Bil-US and Umbro in 2130?. As a major global brand. Nike has continuously paid attention to emerging digital technologies and innovations such as mobility, social media, analytics. and smart products since the late 1999s. The Athletic goods Industry over the years has also seen many mergers and acquisitions. Sports and fitness gear industry has generally been fragmented over the years, with a wide range of brands competing. from lowco st discounters to hi ghend fashion labels. Even the most wellknown rms must work hard to keep their market share. Customers are expecting more versatile clothing with greater usefulness; therefore, retailers are continuing to develop new sportswear styles for men and women. Nike closed Year Eil with a revenue of US]:I 44.5. In United States Nike leads the Footwear sales with a huge margin. Nike is 5 times its next competitor [Refer Exhibit 2] It clearly shows Nike is the biggest player in the market and by a big margin. Nike is also increasing its world revenue share each year and more specifically it has been increasing its BITE market. The DTC channel grey from 35% in Year 213116 to sass Year 2021 [Refer Exhibit 4). Since Nike has continuously innovated and evolved its proth portfolios and distribution channels it has been able to grow its revenue from USE: 13 Billion in Year 2905 to USD 44.5 in Year 2G2] and remain relevant in the market [Refer Exhibit 5). In 2021. The company has over T3 thousand people working for it worldwide. The company sponsors many high-profile professional athletes such as Cristiano Ronaldo, Rafael Nadal, Lebron James, and Rory hicllroy to use their products and promote and advertise their technology and design. On top of that, Nike also manufactures and provides kits [uniforms] for a wide range of sports teams like Barcelona Chelsea, and Paris SaintGermain and many US. colleges as well. Is Cotidl a Boon or a Bane? CUIVIDl lockdown had a signicant impact on Nike in line with others in the consumer and fashion industry. Nike, a global brand with 1-100 shops, closed more than half of its stores in lChina as early as February to safeguard its staff, and by mid-March, it had decided to close all of its stores in the United States as the virus swept across the country. Even those establishments that had remained open, foot trac had decreased dramatically. In the aftermath of the coronavirus outbreak- Hike Inc. is doubling down on efforts to expand its online operations. with plans to bolster its own ocommerce platforms while expanding collaborations with key retailers like Foot Locker Inc. and Nordstrom Inc. to increase digital sales. Experts believe the measures will help Nike to become more agile and digitally focused in the wake of a pandemic and forced store closures across North America, Europe, and China, which resulted in a reduction in revenue and a net loss in the company's most recent quarter. Even before the pandemic. the global athletic apparel behemoth proted from a burgeoning internet company. which grew as customers switched online during the months that stores were closed. Hike's aim of having 50% of its sales come om digital channels is a tall one, but analysts say it's achievable because the company anticipates digital sales will account for 30% of revenue in scal 2021, two years earher than expected. Nike's internet sales rose I5 percent despite a 33 percent dip in total sales in the fourth quarter. Meanwhile, the Ii'ike EConmlerce app has been downloaded over 3 million times since February, and income om the EMS app surpassed $1 billion for the rst time in scal 202D. In the fourth quarter, Nike added 25 million new members. half of whom came via exercise apps. According to Hike, women made up half of the new recruits."" Even though all this information makes us believe Nike did well and thrived in the face of CUIVID, its untrue- Exhibit 7\" here shows its sales growth rates. They declined for most of the entire second half of the year. The silver lining was their digital sales increased but total sales took a hit along with its share prices. Even after two years in such tense situations while reopening its stores with either full capacity or reduced hours, Nike says it will have a material problem. It will take a hit just hke its peers. Mainly this hit is due to a lot of Nike store closures have caused stalled shipments to their wholesalers which indeed end up causing losses which are only set off by the strong online demand that has yet not dwindled. The stalled shipments caused signicantly lower wholesale revenue and higher inventory stagnation." lCovidlI helped Nike by fast forwarding its digital strategy and focusing on their longterm goals of going digital instead of digital being just another revenue channel. At the same time it did take a huge hit towards its traditional revenue channels and thus one cannot conclude yet that whether it was a Boon or a Bane. However. one thing that has restrained constant is that Nike has been able to keep its leadership position as the market leader with over USD 145 Billion as its valuation. \"1111's Ellie going Digital? \"Digital is fuelling hov.r we create the future of retail," CEO John Donahoe said- He also said \"Digital is nov.r woven into everything we do as a company" Nike's growth has typically been ba sed on a foundation of strong new products, extensive brand marketing across numerous media channels and effective and efcient operational processes. Nike was extremely fast to adopt the possibilities of nev.r digital media as they became available. Nike has always developed its own digital initiatives to satisfy unique requirements with Marketing of Nike embracing social media. The company began using technology into its products. Product Development adopted digital design techniques and facilitated cross-supply chain collaboration. Nike+ is a classic example of how Nike has set trends for the industry in Digital strategies to connect with customers. In the similar pursuit and to enable continuous improvement and connecting to the athletes Nike's Global Digital Brand and Innovation Director J'esse Stollak says "i \"The goal hasn't changed since the beginning of Nil-re\". Nike wants to connect with athletes to inspire and enable them to be better. The rise of social media provides new ways to do this.\" Nike has also created very innovative social offers for the running community in addition to joining public social forums. A. shoe, an Internet platform and a gadget {such as an iPod, iPhone. GPS watch or FUEL band) that can geotraclc a runner is all part of the Nike+ concept. Runners can post their results online and even get personalized advice from trainers. Nike+ is also an opportunity for the company to have a better understanding of its customers' wants and preferences. Large amount of data is available on Nike+ platform and hence Nike says. "With such a large group, Nike is discovering stuff we've never known before" People in the United States run more frequently in the winter than those in Europe and Africa, but for shorter distances. The average length of a run in the world is 35 minutes and the most well-known Nike+ Runners can create a powerful song to give them a boost of motivation The Black-Eyed Peas' 'Pump It'. All this information was previously not available and since going digital "Internal procedures, as well as consumer-facing processes. have been altered by digital technologies. The transition from paper-based to totally digital product design was a significant internal upheaval. Nike began using 3D design in the early 2000 s. It also backed environmental policies and drew in younger designers who expected digital design talents. "Materials, componentry, construction procedures, manufacturing methods. the entire digital revolution " said CED Mark Parker. Knitting technique that eliminates the need for cutting and stitching, as well as obsolete production procedures, to create totally sustainable design and footwear. All of that thought is being included into the product." By implementing a digital-first strategy, the forward-thinking company was able to increase its share price and reestablish the exclusivity and covetability of its brand. Covid caused mo st of Nike's stores to close but even as most of its stores were reopened. Nike's digital sales soared 32% during the fiscal first quarter- Covid therefore has further pushed the digital strategy at Nike. This leads us to believe Nike's digital strategy is long term and here to stay. The company states that it is on track to have its digital sales represent 50% of total revenue in coming years. Nike said its online sales are more protable than sales in wholesale channels. like department storesl'\". Nike went digital by firstly creating an online presence for all to relate and interact. Secondly, they closed most of their shops, but they didn't underestimate the importance of brick-and- mortar shops. They innovated a lot in their shops integrated them with their digital presence. They opened a scan it yourself code that allows you to directly pay and leave and skip checkout completely. These are innovations that they have used in their Hike app which fmally makes you pick options like curbside pickups for your purchases or simply walk into the store to make your own Nike. They also extended beyond the core ecommerce apps to go digital in their motive. Creating an ecosystem helps with this objective a lot like Apple does this best. Hike has a lot of points for entry into its eco system that are not core footwears like Hike running club or Nike training club which allow home workouts and strength trainings too. Nike conmiercialieed on such apps early in the pandemic. As you can see it's not just about the shoes it's about keeping your customers engaged and know what they want, make them the center of your business which Nike not only says but does by various ways. One such way is by newer product launches to keep them interested. Even in the pandemic Nike continued to make new products and launch them. It recently launched maternity activeweari Hike's continuous pursuit of innovation, excellence and hunger to be connected to the customers has always led it to keep itself ahead of the curve in Marketing and Communication trends. Digital is one such strategy where it has continuously innovated and Covid has only pushed this further. With connectivity infrastructure getting cheaper than ever, 5G technology already in execution and every customer now interacting more than ever on a screen Digital is the way forward and Nike has been only a leader in this space and hence not a surprise to see that Nike has gone Digital and is large part of its strategy. 1Will Elke stay current or will start-u )5 rlisrn t the market\"? Hike is the largest sneaker manufacturer in the United States. surpassing Adidas and Under Armour. Its dominance in the sporting goods industry is unquestionable. It's also a wellliked brand among teenagers- adults. and everyone in between?1 Unique designs, great product quality- product and process innovation and marketing have helped it achieve a strong competitive edge- Its nancial performance has kept growing over the years which is evident in how Nike's revenue has grown over the past five years" Hike's stated goal is to sell more directly to consumers on digital platforms. its a result, it's been investing into e-commerce. developing technology like a foot-scanning software that tells consumers their exact sizes. expanding its storefronts, and attempting to clean up third-party marketplaces like Amazon. Hike is also focusing on female consumers because the entire market for women's shoes and clothing in the United States is signicantly larger than that for males. Female buyers still account for less than a quarter of Nike's total revenue. Nike continues to grow at more than 10% annually even with sales of USD 44.5 Billion in 1ifear Ed? 1. Three ways I feel they have stayed current and continue to do so is: 1. Mission: "Bring inspiration and innovation to every athlete* in the world (* if you have a body, you're an athlete)." Nike understands the fact that they are not just catering to athletes but anyone who wants to achieve their personal best. Their inspiring mission goes beyond anything that they could have imagined while writing it and they inspire every person and will do so for the coming future so that people can achieve their aspirational goals. 2. Strategy: Nike's "category offence" is also an important aspect of the company's strategy. Nike realigned its operations around individual sports in 2008, and sales have increased by 70% since then, according to the firm. They dominate the athletic shoe market in a variety of sports, with a market share of 62 percent compared to Skechers' 5 percent. 3. Customer Focus: CEO of Nike, Mark Palmer, believes the reason why they are successful is only because they focus on what every athlete needs in every sport. Nike integrates researchers into sports teams at various levels. The researcher studies what athletes are seeking to achieve and determine where different items may fall short in assisting them in achieving their goals. Existing items aren't always enough, and occasionally a void remains unfilled owing to a lack of a product. This understanding of their target consumers' unmet demands allows Nike to apply their whole suite of technologies and skills to the market's most promising prospects, allowing them to fulfil their objective of "bringing inspiration and innovation" to athletes while dominating their markets.* MANUFACTURING Virtually all of Nike's footwear and apparel products are manufactured outside the United States by independent manufacturers with whom they contract and refer to as "contract manufacturers." Many of these contract manufacturers operate multiple finished goods contract factories. They are also supplied, primarily indirectly, by a number of materials, or "Tier 2," suppliers, who provide the principal materials used in footwear and apparel finished goods products. As of May 31, 2022, Nike had 139 strategic Tier 2 suppliers. As of May 31, 2022, Nike was supplied by 120 finished goods footwear contract factories located in 11 countries. For fiscal 2022, contract factories in Vietnam, Indonesia and China manufactured approximately 44%, 30% and 20% of total NIKE Brand footwear, respectively. The largest single footwear contract factory accounted for approximately 8% of total fiscal 2022 NIKE Brand footwear production. For fiscal 2022, four footwear contract manufacturers each accounted for greater than 10% of footwear production and in the aggregate accounted for approximately 58% of NIKE Brand footwear production. As of May 31, 2022, Nike was supplied by 279 finished goods apparel contract factories located in 33 countries. For fiscal 2022, contract factories in Vietnam, China and Cambodia manufactured approximately 26%, 20% and 16% of total NIKE Brand apparel, respectively. The largest single apparel contract factory accounted for approximately 10% of total fiscal 2022 NIKE Brand apparelproduction. For fiscal 2022, two apparel contract manufacturers each accounted for more than 10% of apparel production, and the top five contract manufacturers in the aggregate accounted for approximately 54% of NIKE Brand apparel production. NIKE's contract manufacturers buy raw materials for the manufacturing of our footwear,apparel and equipment products. Mostraw materials are available and purchased by those contract manufacturers in the countries where manufacturing takes place. The principal materials used in the footwear products are natural and synthetic rubber, plastic compounds, foam cushioning materials, natural and synthetic leather, nylon, polyester and natural fiber textiles, as well as polyurethane films used to make NIKE Air- Sole cushioning components. During fiscal 2022, Air Manufacturing Innovation, a wholly- owned subsidiary, with facilitiesnear Beaverton, Oregon, in Dong Nai Province, Vietnam, and St. Charles, Missouri, as well as contract manufacturers in China and Vietnam, were suppliers of NIKE Air-Sole cushioning components used in footwear. The principal materials used in apparel products are natural and synthetic fabrics, yams and threads (both virgin and recycled); specialized performance fabrics designed to efficiently wick moisture away from the body, retain heat and repel rainand/or snow; and plastic and metal hardware. In fiscal 2022, COVID-19 had impacts throughout Nike's supply chain, including loss of production as well as production and transportation delays. However, COVID-19 has not materially impacted the number or concentration of finished goods factories, contract manufacturers, or Tier 2 suppliers in countries where footwear and apparel products were sourced. Despite competition for certain materials during fiscal 2022, contract manufacturers were able to source sufficient quantities of raw materials for use in footwear and apparel products. Since 1972, Sojitz Corporation of America ("Sojitz America"), a large Japanese trading company and the sole owner of redeemable preferred stock, has performed import-export financing services for Nike. INTERNATIONAL OPERATIONS AND TRADE Nike's international operations and sources of supply are subject to the usual risks of doing business abroad, such as the implementation of, or potential changes in, foreign and domestic trade policies, increases in import duties, anti-dumping measures, quotas, safeguard measures, trade restrictions, restrictions on the transfer of funds and, in certain parts of the world, political tensions, instability, conflicts, nationalism and terrorism, and resulting sanctions and other measures imposed in response to such issues. Nike has not been materially affected by any such risk but cannot predict the likelihood of such material effects occurring in the future. In recent years, uncertain global and regional economic and political conditions have affected international trade and increased protectionist actions around the world. These trends are affecting many global manufacturing and service sectors, and the footwear and apparel industries, as a whole, are not immune. Companies in the industry are facing trade protectionism in many different regions. Protectionist measures have resulted in increases in the cost of Nike's products, and additional measures, if implemented, could adversely affect sales and/or profitability for NIKE, as well as the imported footwear and apparel industry as a whole. Nike monitors protectionist trends and developments throughout the world that maymaterially impact the industry, and engage in administrative and judicial processes to mitigate trade restrictions- NIKE also advocates for trade liberalization for footwear and apparel in a mimber of regional and bilateral free trade agreements. Changes in_ and responses to, US. trade policies, including the imposition of tariffs or penalties on imported goods or retaliatoryr measures by other countries, have negatively affected, and could in the rture negatively aect, US. corporations, including NEE, with business operations and"or consumer markets in those countries, which could also make it necessary for Nike to change the way it conducts business, either of which may have an adverse effect on its business, nancial condition or results of operations. In addition, with respect to proposed trade restrictions, Nike work with a broad coalition of global businesses and trade associations representing a wide variety of sectors to help ensure that any legislation enacted and implemented (i) addresses legitimate and core concerns, (ii) is consistent with international trade rules and [iii] reects and considers domestic economies and the important role they may play in the global economic community. Nike's international operations are also subject to compliance with the US. Foreign Corrupt Practices Act, or "FCPA", and other anti- bribery laws applicable to its operations. Cl'rIPE THIGH The athletic footwear, apparel and equipment industry is highly competitive on a worldwide basis. Nil-re competes internationally with a significant mimber of athletic and leisure footwear companies, athletic and leisure apparel companies, sports equipment companies and large companies having diversified lines of athletic and leisure footwear, apparel and equipment, including adidas, Anta, ASICS, Li Hing, lululemon athletica, Puma, Under Armour and HF. Corporation among others. The intense competition and the rapid changes in technology and consumer preferences in the markets for athletic and leisure footwear and apparel and athletic equipment constitute signicant risk factors in the operations- NEE is the largest seller of athletic footwear and apparel in the world. Important aspects of competition in this industry are: - Product attributes such as quality; performance and reliability, new product style, design innovation and development; as well as consumer price-"value. - Consumer connection, engagement and affinity for brands and products, developed through marketing, promotion and digital experiences; social media interaction; customer support and service; identication with prominent and inuentialathletes, inuencers, public gures, coaches, teams, colleges and sports leagues who endorse our brands and use ourproducts and active engagement through sponsored sporting events and clinics. - Eective sourcing and distribution of products, with attractive merchandising and presentation at retail, both instore and on digital platforms. We believe that we are competitive in all of these areas. Exhibit 1: Footwear market size worldwide from 2020 to 2027 (in billion U.S. dollars) 600 530.3 502.84 500 475.8 452.12 428.71 406.51 385.46 365.5 Market size in billion US, dollan 30 20 2020 202 1 2022 2023 2024 2025 2026 2027 Source: https://www.statista.com/statistics/976367/footwear-market-size-worldwide/ Exhibit 2: Leading footwear companies in the United States in 2020, by tumover (in million U.S. dollars) Nike 37,403 Foot Locker 7,548 Skechers U.S.A. 4.597.4 Caleras 1,117.1 The Finish Line, Inc. 1,839 5,000 10,000 15,000 20,000 25,000 30.000 35,000 40,000 45... Turnover in million U.S. dollars Source: https://www.statista.com/statistics/939609/leading-footwear-companies-us-by- turnover/Exhibit 3: Forecast of Nike's global market share in athletic footwear from 2011 to 2025 28% 26.94% 2748 2748 2748 2748 274% 274% 274% 25.448 25.01% 23.95% 24% 22.49% Global market share 19.66% 18.39% 16.77% 16% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Year Details: Worldwide; Trefis.com; 2011 to 2019 Source: https://www.statista.com/statistics/216821/forecast-for-nikes-global-market-share-in- athletic-footwear-until-2017/ Exhibit 4: Nike's revenue worldwide from 2016 to 2021, by sales channel 50,000 40,000 16.370 30,000 11,753 10,428 12,382 7,857 9,082 Revenue in million US. dollars 20.000 22,577 23,078 23 969 25,423 23,156 25,898 10,000 2016 2017 201 8 2019 2020 2021 Sales to Wholesale Customers @ Sales through NIKE Direct @ Global Brand Divisions* Source: https://www.statista.com/statistics/888725/mikes- -by-sales-channel-Exhibit 5: Nike's revenue worldwide from 2005 to 2021 50.000 44.538 40,000 39,117 36,397 37,403 34,350 32,376 30,601 30 000 27.799 25,313 Revenue in million U.5, dollars 23,331 20,117 20 000 18,62718,52818,324 14.95 5.326 13,740 10,000 200S 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2010 2020 202 Details: Worldwide; Nike; 2005 to 2021 Statista = Source: https://www.statista.com/statistics/241683ikes-sales-worldwide-since-2004/ Exhibit 6: Nike's revenue worldwide from 2017 to 2021, by region 50.000 42.29 40.000 37,218 5,343 34,485 35,568 32,213 88 5,254 30 73 5,166 5,028 6,290 30 000 4,737 6,208 1.237 6.134 6,679 Revenue in million U.S. dollars 11,456 20 000 7.970 9,812 9,347 10.000 15,216 14.855 15.902 14,484 17,179 2017 2018 2019 2020 2021 North America Europe, Middle East & Africa . Greater China Asia Pacific & Latin America . Global brand divisions Details: Worldwide: Nike: 2017 to 2021 Statista : Source: https://www.statista.com/statistics/241692ikes-sales-by-region-since-2007/Exhibit 7: Nike's Sales growth for its full fiscal year 2019-20 Nike's sales growth for its full fiscal year 10% 8 6 4 12 O -2 -4 10 12 "13 14 15 "18 19 "20 Quartz | qz.com | Data: Company filings Source: https://qz.com/1874014/sales-at-normally-resilient-nike-plunged-due-to-covid-19/ Note: a. The World footwear market is distributed at 33%, 33%, 26% and 8% respectively in North America, Europe & Africa, Asia Pacific & Latin America and China. b. The Assets spread of the footwear industry is assumed to be 21%, 24%, 37% and18% respectively across North America, Europe & Africa, Asia Pacific & Latin America and China

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