Nike applies to open its own stores in india

Nike applies to open its own stores in India Nike, which already has stores in India through franchisees, can gain more control over its business if its application is approved Mihir Dalal inShare 1 1 inShare Comments Subscribe to: Daily Newsletter Breaking News Latest News 10:21 PM IST Jaiprakash Associates seeks nod for higher loan guarantee to associate firms, JVs 10:14 PM IST Congress criticizes Narendra Modi’s Teachers’ Day telecast 10:01 PM IST Factory activity in Europe, Asia cools; demand lull a concern 09:57 PM IST Sharda Cropchem plans IPO to raise around Rs352 crore 09:38 PM IST China reacts guardedly to Modi’s ‘expansionist’ remark in Japan Editor's picks Narendra Modi goes to Japan chasing foolish crush Current account deficit narrows in first quarter Nifty breaches 8,000, Sensex at new high as investors cheer GDP data Govt urges Supreme Court to not cancel some ‘illegal’ coal mines The great Indian financial inclusion circus Nike reported sales of Rs385.48 crore for the ten months ending March 2013, documents filed with the registrar of companies showed. Photo: Bloomberg Bangalore: Sportswear brand Nike has filed an application with regulators to open company-owned stores in the country, nearly two years after India allowed 100% foreign direct investment (FDI) in single-brand retail. Nike India Pvt. Ltd filed an application with the department of industrial policy and promotion on 29 August, the department’s website showed. In September 2012, India allowed 100% FDI in single-brand retail and 51% in multi-brand retail—with riders. Several single-brand retailers including furniture maker Ikea AB, clothing brand Hennes and Mauritz (H&M) and others have since applied to enter India. Single-brand retail in the country has attracted far more takers than multi-brand retail, which has suffered from difficult riders and a lack of clarity over rules. Nike, which competes with the likes of Adidas and Puma, already has stores in India through franchisees. If the company’s application is approved, it can open owned stores in the country and gain more control over its business. Nike reported sales of Rs.385.48 crore for the ten months ending March 2013, documents filed with the registrar of companies showed. Heavy marketing spending resulted in a loss of Rs.83.24 crore.