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Nike and Adidas will reduce their order volumes by 30 percent to 40 percent beginning next summer due to pandemic-related hurdles in China and the pullout of Russia.
Both companies have reportedly notified their manufacturing plants.
The volume decrease is expected to last until the winter, resulting in less footwear on the market until the summer of 2024.
Russia and Ukraine accounted for less than 1 percent of Nike’s total revenue. Nike exited the Russian market in June.
Adidas made up about 2 percent of its revenue in Russia, where it suspended Russia operations in March. The country.
The footwear giants also expect sales to drop in North America and Europe.
Meanwhile, average factory operation rates in Vietnam and Indonesia have already been reduced from between 82 percent and 84 percent to 61 percent.
Over 60 percent of Americans complain that the sluggish economy is impacting their holiday spending.
