Nike co-founder Phil Knight visited China nearly 50 years ago and dreamed of selling sneakers. He laid out an ambitious vision—“One billion people, two billion feet”— it was an ambitious strategy. By 2010, China was among Nike’s most lucrative markets, offering a blueprint for U.S. companies seeking to cash in on China’s rise. Today, Nike’s China business is bleeding. WSJ’s Jon Emont explores the cautionary tale of Nike’s rise and fall in China. Ryan Knutson hosts.

Further Listening:
- Can Nike Make Its Shoes Cool Again?.

- The Missteps That Led Nike Off Course

- The Chinese Coffee Giant Taking on Starbucks

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