According to Chatterjee's LinkedIn profile, he resumed the role of the company CEO in February 2024. Chatterjee who has been associated with the brand for over 13 years, earlier held the position of Country Digital Leader for Decathlon Sports India.
Chief Executive Regis Schultz said in a statement on Thursday that the current trading environment "remained challenging due to less product innovation and elevated promotional activity, especially online".
Dykes highlighted the potential of India's vast domestic market, noting that 60% of Decathlon products sold in India are already made in the country. "We want to get to 90% to 95%, if possible," Dykes said. "India is already in the top 10 markets and we want it to get into the top five. I feel we are really on the right track at the moment. And let's hope within the five years it will be in the top five," he added. The company has 122 stores in 19 states.
Nike CFO Matt Friend told investors the company was cutting back on supplies of "classic" shoes, including the company's Air Force 1 sneakers, to focus on upcoming launches and new product development.
The sportswear giant has invested in selling more through its own sales channels, including stores and online, instead of increasing inventory at wholesalers to bolster its margins.
Adidas has been battling to right itself after it cut ties with Kanye West in October 2022, suspending sales of the highly profitable Yeezy sneaker line. In CEO Bjorn Gulden's first year in the role, he resumed sales of Yeezy sneakers to clear remaining stock while seeking to boost popular products like Samba and Gazelle shoes, and improve relationships with retailers. Shares in Adidas have staged a recovery, outperforming Nike and Puma since he took over.
The first tranche of a share buyback programme will begin in March 2024 and end on May 6 2025, the statement added, with Puma expecting to buy back and then cancel 100 million euros' ($108.43 million) worth of shares.
JD, which sells Nike, Adidas and other sports fashion ranges, now expects profit before tax and adjusted items of 915-935 million pounds ($1.16-1.19 billion) for the year ending Feb. 3.
“India is a crucial market for us and with the changing consumer landscape we see a huge potential with new and emerging demand for sports across different regions in India,” said Yasuhito Hirota, President, CEO and COO, Asics.
The Agilitas investment from Nexus underscores the growing trend of venture funds looking to back companies in the manufacturing and retail business that leverage technology as an additional layer.
"The company is not giving up on pricing while their competitors are...especially during this holiday centered season," Dave Wagner, portfolio manager at Aptus Capital Advisors said. He added, "the consumer is starting to hurt a little bit and even though they (Lululemon) focus more on the high-end consumer, they are probably seeing just a little less top line sales right now."
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