NIKE TO ASSUME DISTRIBUTION CONTROL IN SWITZERLAND
NIKE TO ASSUME DISTRIBUTION CONTROL IN SWITZERLAND BEAVERTON, Ore., June 15 /PRNewswire/ -- NIKE Inc.
(NYSE: NKE; PSE), the world's leading sports and fitness company, today announced plans to add Switzerland to the growing list of countries where the company directly controls distribution rights to the NIKE brand. NIKE will assume distribution rights from the current independent distributor effective Jan. 1, 1993.
NIKE President Richard K. Donahue said, "The European market offers great growth potential for NIKE. The company's European revenues will approach $900 million in fiscal 1992 (ended May 31), up from $334 million two years ago. At these levels, it is critical that we directly control the distribution and positioning of the NIKE brand and, thereby, control our own destiny as these markets continue to grow." NIKE vice president and general manager in Europe, David W. Edwards, added, "Switzerland becomes NIKE's 20th owned territory and joins with 11 other NIKE-owned operations in Europe which, combined, represent approximately 95 percent of NIKE's revenues in the region. NIKE enjoys outstanding name recognition in Europe. Extending our control of the brand ensures that it will be consistently understood as the most innovative, authentic sports and fitness brand on the globe." NIKE products have been sold in Switzerland since 1978 through Sevysa S.A., an independent distributor based near Lausanne. As NIKE establishes its Swiss operations during the next six months, it will work closely with Sevysa to ensure an orderly transition and uninterrupted service to the Swiss retail trade. NIKE Inc., based in Beaverton, generated worldwide revenues of $3.3 billion during the 12-month period ended Feb. 29, 1992; $1.1 billion, or 33 percent, came from international operations. -0- 6/15/92 /CONTACT: Ron Parham of NIKE, 503-671-3079/ (NKE) CO: NIKE Inc. ST: Oregon IN: HOU SU:
SC-LM -- SE006 -- 0244 06/15/92 14:31 EDT
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|Date:||Jun 15, 1992|
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