Nike to exit partner-operated online stores in China from January 2027

Analyst
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Summary · why it matters

Nike will stop selling through partner-operated online storefronts in China starting January 2027, a move Bernstein analysts say should lift the company's China operating margins by 200 basis points to 24% in fiscal 2027 but will also erase roughly $1 billion in revenue as the wholesale online channel is wound down. The channel represents a high-teens percentage of Nike's China business, and its elimination is expected to cause a low-teens constant-currency decline in China for fiscal 2027, dragging total company growth by 2 percentage points. Nike's digital presence in China will thereafter be limited to its direct web and app channels and official flagship stores on Tmall, JD.com, and Douyin, a shift aimed at curbing gray-market resellers and deep discounting that management says has hurt brand perception. Bernstein cut its Nike price target to $68 from $72 and lowered fiscal 2027 earnings-per-share estimate to $1.96 from $2.10, while maintaining an outperform rating. The broker named Adidas as the biggest near-term beneficiary, as partners like Topsports and Pou Sheng will need to replace lost Nike online volume, and also sees domestic brands Anta and Li Ning gaining at lower price points.

Impact on stocks 6

Consumer Discretionary± Mixed · 6 stocks
Nike Inc
NKE
▼ NegativeDemandrelevance

Nike will exit partner-operated online stores in China, cutting ~$1B revenue and causing low-teens decline in China sales.

adidas AG
ADS
▲ PositiveCompetitionrelevance

Named as biggest near-term beneficiary as Nike exits partner-operated online stores in China, forcing partners to replace lost volume.

ANTA Sports Products Ltd
2020
▲ PositiveCompetitionrelevance

Bernstein sees domestic brands like Anta gaining at lower price points as Nike exits partner online stores.

Li Ning Co Ltd
2331
▲ PositiveCompetitionrelevance

Bernstein sees Li Ning gaining at lower price points as Nike exits partner online stores.

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