GMG Nike store opening in Hong Kong taps into $917.5 million market
Nike’s last store in hong kong is over 2,171 square feet and offers activewear for men and women in categories such as running, training and basketball.
According to a report by Statista, revenues from the sports and outdoor segment in hong kong should reach $917.50 million in 2022, given the growing demand for leisure wear. It is further expected to show an annual growth rate of 17.99%, which would translate into an expected market volume of US$1,507 million by 2025. The number of consumers in the sports and outdoor segment is expected to reach 2.3 million over the next three years.
Mohammad A. BakerVice President and CEO of GMG, said: “Asia propels the retail industry forward, driving a substantial share of the sector’s global growth and providing immense potential and expansion opportunities for GMG. The opening of our new Nike store in a key market like hong kongthe first in two years, further marks the recovery of a post-pandemic economy while allowing us to strengthen our physical presence in retail Asiaand enable even more people to lead an active and healthy lifestyle.”
GMG has a long history of partnership with Nike, signing an agreement in 1982 to bring Nike products to the United Arab Emirates, then distributing and retailing Nike products in the GCC region as the company expanded. ‘company. After establishing a strong presence in the Middle EastGMG entered Asia in 2020 through the acquisition of Royal Sporting House, a leading multi-sports retailer. Continuing this momentum, it recently acquired Nike retail stores from SUTL Corporation, expanding its presence in Singapore and Malaysiawhile consolidating its position in Asia. To date, GMG has more than 25 Nike stores in Asia and with the opening of the East Point City mall, 11 Nike stores in hong kong only.
GMG has introduced more than 120 brands to its markets, promoting healthier and more active lifestyles through four business categories: GMG Sports, GMG Food, GMG Health and GMG Consumer Goods. These categories come together in a vision focused on GMG’s goal to inspire people to win in ways that make the world a better place.
GMG is a global wellness company whose vision is to inspire people to win in ways that make the world a better place. GMG retails, distributes and manufactures a portfolio of leading international and local brands in the sports, food and health sectors with investments spanning four key verticals: GMG Sports, GMG Food, GMG Health and GMG Consumer Goods.
In 2020, GMG acquired Royal Sporting House, one of the leading multi-brand sports retailers in Singapore and Malaysia, expanding its reach into key Asian markets with a potential customer base of up to 700 million people. In 2022, GMG has further expanded its Asia footprint with the acquisition of Nike-only stores from SUTL Corporation.
Under the ownership and management of the Baker family, GMG has grown into a leading global company, affiliated with the world’s most successful and respected brands in the wellness industry. Work through the Middle East, North Africaand Asiait has introduced more than 120 brands in its markets, including international brands such as Nike, Under Armor and Timberland.
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