Sep 24, 2008

Business - Nike to exit elite swimwear market

PORTLAND, Oregon (AP): Nike is leaving the elite swimwear market, and some believe it could have a domino effect on America's performance in the pool at the 2012 London Olympics.
The company will continue to provide swimwear for universities and sell to traditional retail customers. But it will not compete against the likes of Speedo to get the swoosh on the world's top swimmers.
``We will not invest in next-generation swim innovation, which is not in line with our stated category growth strategy,'' the company said in a statement on Monday.
Nike said it made a ``strategic decision as part of the company's long-term growth plan.''

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