Officially joins Sequoia China, Nike Greater China Chairman Dong Wei transitions to consumer investor

Brought to you by | Li Lei    Edited by @E1@ | Peng Shui-Ping

Nike Greater China Board Chair and CEO Dong Wei (Angela Dong)’s next stop has been confirmed. @E2@ reports that she will join Sequoia China as an investment partner starting April 1.

According to publicly available information, Dong Wei joined Nike China in 2005, and in 2015 she was promoted to Vice President of Nike Global and General Manager of Greater China. In October 2024, she was further promoted to Board Chair and CEO of Greater China. On March 31, 2026, she officially stepped down and announced that she was joining Sequoia China, becoming a consumer investor.

Since its founding, Sequoia China has identified consumer as one of its three major focus areas. The sectors it has covered include IP trends, travel, and sports, among others. It has made precise investments in a number of well-known consumer companies such as Pop Mart, Mingming Hen Mang, Beitai Ni, Ka You, Gu Ming, and others, and many of them have been among the earliest-stage investors.

Before this, Zhang Yu, the former China editor-in-chief of VOGUE Fashion and Beauty, also officially announced that she had become an investment partner at Sequoia China. Under her participation and leadership, Sequoia China has invested in or acquired multiple design brands from Europe, the U.S., and Korea, including Ami, WE11DONE, DESTRE, Holzweiler, and others.

From the leader at Nike China to a Sequoia China investor

In the big consumer sector, Dong Wei has more than 20 years of executive experience, with a career spanning multiple global consumer goods giants.

Public information shows that Dong Wei joined Nike China in 2005 as Finance Director. In September 2011, she became Vice President of Nike Greater China and Chief Financial Officer. In April 2015, she was further promoted to Vice President of Nike Global and General Manager of Greater China, taking full responsibility for Nike’s business strategy and operations in the China market. She played a key role in driving sustained growth for Nike’s Greater China business. In October 2024, Nike appointed Dong Wei as Board Chair and CEO of Greater China, as well as Global CEO of the ACG brand. This also marks the first China-based executive to lead Nike’s global sub-brand.

Industry insiders have commented that during her 21 years at Nike, Dong Wei witnessed and led the rise and transformation of this international sports brand in the China market. She helped build a world-class local team and an innovative ecosystem, and also promoted Nike’s rollout in areas such as digital transformation, localization innovation, and sustainable development—making Nike Greater China an important strategic pillar for the Group’s global strategy.

In addition, since 2021, Dong Wei has also served as an independent director of the Estee Lauder Companies, demonstrating her influence in the global consumer goods industry. All of this has become the confidence behind her pivot to consumer investing.

@E2@ noticed that Dong Wei’s Title upon joining Sequoia China is “investment partner.” And in the investment world, an investment partner (Venture Partner) is a fairly specialized role.

A senior VC source told @E2@ that when industry- or sector-experienced leaders transition into investors, they often start in the role of investment partner. This identity typically comes with many years of deep engagement in the relevant industry or sector, and they usually enter the investment field due to the needs of a career transition. Relying on their deep understanding of the industry, they are able to judge high-quality projects more accurately than ordinary investors. At the same time, with their own accumulated resources and relationship networks, they can provide empowerment and support to portfolio companies and enterprises in related industries—this is their core value, “an option that many entrepreneurs make after their business reaches a certain stage.”

This model is not uncommon in the international investment community. Compared with general partners, the relationship between an investment partner and a fund company is looser. But it combines industry experience with capital power, offering more targeted strategic guidance and resource support to portfolio companies.

Sequoia China previously has already brought in multiple investment partners, forming a matrix of industry experts covering multiple areas including consumer, technology, and carbon neutrality, among others. For example, in early 2021, Zhang Yu—known as the “fashion devil boss” —the former editor-in-chief of VOGUE China—announced that she had joined Sequoia China as an investment partner, focusing on fashion, lifestyle, and entertainment consumption, supporting the next generation of Chinese creativity and international brands seeking development in China. After joining Sequoia, Zhang Yu fully leveraged her resources and influence in the fashion industry. Sequoia China has invested in or acquired multiple European and U.S.-Korean designer brands, including the French brand AMI and DESTREE, the Korean streetwear brand WE11DONE, and the Norwegian brand Holzweiler, continuing to expand its consumer fashion investment footprint.

Can the consumer sector really “start running again”?

Since the start of this year, the rebound in investment in the consumer sector has become a hot topic of discussion in the industry. Multiple consumer investors previously told @E2@ in interviews that the investment cost-effectiveness of high-quality projects has improved markedly, and the industry’s recovery is clear. Behind this are multiple influencing factors.

On one hand, supportive policy signals have been coming through frequently. On March 6, @E3@, Chairman of the CSRC, at the Economic Themed Press Conference of the Fourth Session of the 14th National People’s Congress, released major signals—adding a more precise and more inclusive set of listing standards on the ChiNext board, and actively supporting high-quality innovative entrepreneurship enterprises such as new-consumption and modern services industry businesses to list on ChiNext.

After the news broke, the entire primary market was instantly energized. Especially consumer investors felt particularly encouraged. One interviewed institution said that this policy signal injects a strong tailwind into the consumer sector, not only widening the exit channels for high-quality consumer companies, but also guiding more capital back into the consumer space and helping the industry develop in a healthy way.

From the data, consumption investment amounts have also been increasing continuously since the start of this year. @E2@, based on data from Zero2IPO/Investing (Tou Zhong Jia Chuan), found that in January and February this year, investment scale in the consumer sector reached 2.55B yuan and 7.06B yuan, respectively. On a year-over-year basis, that was up 116.64% and 209.51%, respectively. February also jumped 176.76% compared with January. This reflects that confidence in the consumer sector in the primary market is being rapidly restored, with funds accelerating toward this area.

For Sequoia China, the consumer sector has long been one of its three key areas of layout. From IP trends to travel and sports, you can see Sequoia China’s presence. It has made precise investments in a batch of well-known consumer enterprises such as Pop Mart, Mingming Hen Mang, Beitai Ni, Ka You, Gu Ming, and others, and many of them have been early-stage investors.

Sequoia China partner Hu Ruodi previously said that Sequoia has had consumer investments since it was founded in 2005, and it has continued to look favorably upon and track China’s catering and retail industries, continuously mining underwater projects. This investment strategy has brought the institution substantial returns in the consumer sector. For example, Gu Ming invested in during 2019–2020 later listed on the Hong Kong Stock Exchange in February 2025, with its market value already approaching nearly three times that of the IPO’s first day. Mingming Hen Mang listed in January 2026, becoming the “No. 1 snack stock,” and its market value once exceeded 90 billion Hong Kong dollars, among other examples.

Cover image source: AIGC