MW How much Nike, Adidas and Puma source from Asian countries including Vietnam

By Steve Goldstein

Athletic apparel stocks hammered in global trade

Apparel makers reliant on Asian sourcing got hammered on Thursday, slammed by President Donald Trump's hefty new round of tariffs.

Adidas shares (XE:ADS) fell 11% in Frankfurt trade as cross-town rival Puma (XE:PUM) saw its stock retreat 9%. Shares in Dow industrials DJIA component Nike $(NKE)$ fell 9% in premarket trade.

Analysts at Citi calculated that Puma and Adidas each source more than 60% of their goods from China, Vietnam and Indonesia.

Nike's annual report shows that factories in Vietnam accounted for 50% of Nike-branded footwear production last year, as factories in Indonesia accounted for 27% and factories in China accounted for 18%.

China's tariff rate now stands at 54% as Vietnam's tariff rate is 46% and Indonesia's is 32%.

They pointed out that over the last decade, the sourcing mix of U.S. apparel imports has shifted from China, whose share has fallen to 21% from 36%, to Vietnam, which now has a 19% share, and Bangladesh, which is now at 9%.

It was not just apparel makers that are hit hard. Watch and jewelry makers Richemont (CH:CFR) and Swatch (CH:UHR) were under pressure, since Switzerland faces a tariff rate of 31%; Pandora (DK:PNDORA) shares slumped as it makes its jewelry in Thailand, which faces a 37% tariff rate.

-Steve Goldstein

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April 03, 2025 05:08 ET (09:08 GMT)

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