NIKE

Franchise News India,US-based sports shoes and apparel supplier and manufacturer Nike has made a proposal to the Department of Industrial Policy & Promotion (DIPP) under the commerce and industry ministry to set up fully-owned stores in India. Single-brand retail policy allows 100 per cent foreign direct investment (FDI).

Nike is listed on the New York Stock Exchange, is one of the world’s largest suppliers of athletic shoes and apparel in the world with a market capitalization of $68 billion.

The company has been present in India since 1996 and currently operates through a network of local distributors and retail partners. Nike’s entry into India was through a seven-year licence agreement with Sierra Industrial Enterprises, which was later done away with to become a 100 per cent-owned subsidiary of the US parent company.