According to the data presented by FinancePR.com, Nike’s North American business is said to be the most lucrative one. The region contributed over $17 billion of the firm’s 2021 revenues. Again, the US market is its most significant one, accounting for about 40 per cent of its global earnings, Nike said in a press release.

“The apparels sector continues to thrive amidst the global economic downturn. Nike continues to hold the upper hand here because it faces moderate competition. That’s because it has a highly differentiated product offering and consumer switching costs have remained low within the sector,” Edith Reads from financePR.com, said.

Moreover, Nike generates income from three significant segments. These are the apparel, footwear, and equipment segments, of which the footwear segment is the largest and most profitable of them all. It earned the company about $28 billion from sales in 2021.

Today, three factors continue shaping the world’s clothing market. First, there’s been significant growth in developing economies. Secondly, the American economy has been slow in recovering from COVID-19 effects. There’s been a noticeable decline in the European market, the release added.

Nike trounced other reputable brands by a mile in getting to that spot. For instance, the second-placed brand GUCCI attained a valuation of about $16 billion. Louis Vuitton came in third at about $15 billion. Nike’s closest competitor in the sports segment, Adidas, closed at slightly above $14 billion.

Fibre2Fashion News Desk (RR)