Asics Defies Nike’s China Underperformance in Return to Profit
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Sneaker maker Asics Corp. appears to have dodged the controversies in China that tripped up Nike Inc. last quarter, as the Japanese company’s performance there propelled it back to profit in 2021.
Foreign sports brands struggled in China last year as controversy erupted over cotton sourced from the Xinjiang region, with patriotic consumers ditching the likes of Nike and Adidas AG in favor of local brands.