New Delhi, Oct. 29 -- Nike Inc. has unveiled its first-ever running shoe designed specifically for India, marking the sportswear giant's latest bid to reach shoppers in the world's most populous country as it grapples with a sales slump in other key regions including China.

The shoe, dubbed Vegam Run, follows Nike's announcement earlier this month that it plans to open a new campus in India, where it is seeking to make inroads amid a running boom. The running shoe is set to be released on Flipkart.com on November 1, priced at Rs.3,795 (roughly $40). It was developed in about five months, Nike said.

CEO Elliott Hill, two years into his tenure, is betting on a revamped product pipeline to turn around the struggling sportswear juggernaut, ...