Nike Shares Lose Out to Chinese Sneaker Rivals After Xinjiang Cotton Boycott
- Anta’s record climb has driven its market cap over $60 billion
- Shares of 361 Degrees, Xtep have surged since late March
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A wave of patriotic buying fueled by the Xinjiang cotton controversy is helping shares of Chinese sportswear makers outperform global peers.
Chinese consumer support in response to the alleged human-rights issues in Xinjiang region has boosted at least one local sneaker maker by some 250% since the controversy escalated in late March. A Bloomberg gauge of Hong Kong-listed apparel and retail stocks touched the highest level since 2015. And while Nike shares popped after earnings last month, they are only up 20% since end-March.