This is Nike's 1st-ever running shoe made for India
What's the story
Nike has unveiled its first-ever running shoe specifically designed for the Indian market. The new product, called Vegam Run, comes as part of the company's strategy to tap into the country's growing running culture. The shoe will be up for grabs on Flipkart from November 1 at a price of ₹3,795.
Local design
Vegam Run developed in 5 months
Nike said the Vegam Run was developed in about five months, highlighting the company's commitment to local innovation.
This launch comes soon after Nike's announcement of a new campus in India, further emphasizing its focus on this market.
The move is part of CEO Elliott Hill's strategy to revitalize the company with a revamped product pipeline and locally-led designs for key markets.
Market dynamics
Nike's global running business has seen double-digit growth
Despite a sales slump in China, which accounts for about 15% of its annual revenue, Nike's global running business has been growing.
The company has seen double-digit growth for six consecutive quarters in this segment.
However, Hill had warned analysts earlier this month, "Our Nike performance business is not yet large enough to offset the pressure we're seeing in Nike sportswear."