GMG Nike store opening in Hong Kong taps into a $917.5m market
The new store opening is the latest in a series of investments across Asia as GMG grows its sports division across global markets
HONG KONG, June 13, 2022 /PRNewswire/ -- GMG - a global well-being company retailing, distributing and manufacturing a portfolio of leading international and home-grown brands across sports, food and health sectors, today announced the opening of its newest Nike concept store in Hong Kong. The store, located in the East Point City shopping mall in the Hang Tau district, represents GMG's latest strategic investment in Asia, tapping into a huge potential market and leveraging the rising personal well-being trend in the region.
Nike's latest store in Hong Kong boasts over 2,171 square feet and offers sports apparel for both men and women in categories including running, training and basketball.
According to a report by Statista, revenue for the sports and outdoor segment in Hong Kong is projected to reach US$917.50 million in 2022, given the growing demand for leisurewear. It is further expected to show an annual growth rate of 17.99%, resulting in a projected market volume of US$1,507 million by 2025. The number of consumers in the sports and outdoor segment is expected to touch 2.3 million over the next three years.
Mohammad A. Baker, Deputy Chairman and CEO of GMG, commented: "Asia is propelling the retail industry forward, generating a substantial portion of global growth in the sector and offering immense potential and expansion opportunities for GMG. The opening of our new Nike store in a key market such as Hong Kong, the first in two years, further signifies the recovery of a post-pandemic economy while allowing us to strengthen our physical retail presence in Asia, and empower even more people to embrace 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 UAE and then distributing and retailing Nike products across the GCC region as the company expanded. After establishing a strong presence in the Middle East, GMG entered Asia in 2020 through the acquisition of Royal Sporting House, a leading multi-sports retailer. Keeping up with the momentum, it recently acquired Nike retail stores from SUTL Corporation, expanding its presence in Singapore and Malaysia, while further solidifying its position in Asia. To date, GMG has over 25 Nike stores in Asia and with the opening of the East Point City shopping mall, 11 Nike stores in Hong Kong alone.
GMG has introduced more than 120 brands into 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 under a purpose-centric vision for GMG to inspire people to win in ways that make the world better.
About GMG
GMG is a global well-being company whose vision is to inspire people to win in ways that make the world better. GMG retails, distributes, and manufactures a portfolio of leading international and home-grown brands across sport, 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, a leading multi-brand sports retailer in Singapore and Malaysia, extending its reach into key Asian markets with a potential customer base of up to 700 million people. In 2022, GMG 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 become a leading global company, affiliated with the world's most successful and respected brands in the well-being sector. Working across the Middle East, North Africa, and Asia, it has introduced more than 120 brands into its markets, including international brands such as Nike, Under Armour, and Timberland.
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