Revenue of sportswear brand Nike doubled to over $12 billion in the fourth quarter, overshadowing its weaker-than-anticipated performance in its fast-growing China market. As per Cristina Fernandez, Analyst, Telsey Advisory, growth is being boosted by a rapid vaccination drive and easing of restrictions in Europe and the United States that have encouraged people to go on a shopping spree, unleashing demand for expensive items, including sneakers. This strong momentum globally is helping the brand offset its losses in China.

However, analysts are optimistic of a swift demand rebound China as sales trends in the country during June were already reaching 2020 levels. The American multinational corporation t is the world's largest supplier of athletic shoes and apparel and a major manufacturer of sports equipment, with revenue in excess of $37.4 billion in its fiscal year 2020. As of 2020, the brand alone was valued in excess of $32 billion, making it the most valuable brand among sports businesses.