Nike ranks fourth on Depop and second on eBay with over 219,000 and 893,000 items, respectively. #Retail #TextileRetail #ApparelRetail #RetailNews #DailyNews #Nike #ApparelResources #ApparelIndustry #RetailIndustry #FashionBrand
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Focus: Retailers slash prices on more Nike sneakers in 2024, data shows Retailers cut prices on more Nike sneakers in 2024 than in 2022, according to data from Vertical Knowledge. This could hurt Nike’s pricing power and profitability, as it faces competition from other sneaker brands. The article also provides some examples of discounted Nike shoes and the average price decline across major retailers. It suggests that Nike needs to maintain its premium image and appeal to the mass market https://lnkd.in/d_S79Fic #nike #sneakers #fashion #retail #business #marketing #competition #pricing #strategy #innovation
Focus: Retailers slash prices on more Nike sneakers in 2024, data shows
reuters.com
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Is the Sneaker resale market broken? The Sneaker resale market originated from the artificial supply constraints created by Nike and Adidas for their high-end and limited-edition sneakers. This market commands a significant premiums above the retail prices due to the limited supply and strong demands from Sneakerheads. However, Nike and Adidas decided to change the game and get rid of the scarcity model. The sneaker giants ramped up productions for these limited-edition shoes and flooded the market causing the price decrease in the secondary market. Last fall, Restocks and Kikikickz, two major European sneakers marketplaces filed for bankruptcy. Gaints like StockX and GOAT are staying aflot because of their product diversification, however, their problems can be gauged by the current layoffs and market conditions. Most of the smaller sneaker resale platforms entered at the peak of sneakermania, and ran out of funding as demand reduced and high costs of borrowing made investors lose the appetite for speculative ventures. The $10 billion Sneaker resale market is now shaken by the dominance of two players controlling the supply. Is there a viable path for reseller marketplaces to establish sustainable business models? Can the move play out to be costly for Nike and Adidas in the long run? Can the increased supply of the sneakers by incumbents lead to less popularity and demand for sneakers? Comment your thoughts and connect with me and Darshan Revanwar for more such interesting reads. Poster Credits: The Business of Fashion
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Is the Sneaker resale market broken? The Sneaker resale market originated from the artificial supply constraints created by Nike and Adidas for their high-end and limited-edition sneakers. This market commands a significant premiums above the retail prices due to the limited supply and strong demands from Sneakerheads. However, Nike and Adidas decided to change the game and get rid of the scarcity model. The sneaker giants ramped up productions for these limited-edition shoes and flooded the market causing the price decrease in the secondary market. Last fall, Restocks and Kikikickz, two major European sneakers marketplaces filed for bankruptcy. Gaints like StockX and GOAT are staying aflot because of their product diversification, however, their problems can be gauged by the current layoffs and market conditions. Most of the smaller sneaker resale platforms entered at the peak of sneakermania, and ran out of funding as demand reduced and high costs of borrowing made investors lose the appetite for speculative ventures. The $10 billion Sneaker resale market is now shaken by the dominance of two players controlling the supply. Is there a viable path for reseller marketplaces to establish sustainable business models? Can the move play out to be costly for Nike and Adidas in the long run? Can the increased supply of the sneakers by incumbents lead to less popularity and demand for sneakers? Comment your thoughts and connect with me and Ayushman Choubey for more such interesting reads. Poster Credit: The Business of Fashion
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Nike released some shocking financial numbers. - Revenues advanced a mere 1% to $13.4 B - Expects the fiscal year 2024 to advance only 1% - Plans to cut costs by up to $2 billion over the next 3 years Net/Net: 2024 will be a tough year, and companies must get their houses in order. CFO Matt Friend warned, “We are seeing indications of more cautious consumer behavior around the world in an uneven macro environment. Hundreds of employees will be getting the pink slip, according to The Guardian. #leanmanufacturing #leangovernance #fashion #profits #headwind #restructuringjobs #brand #footwear #apparel #macroeconomy #globaltrade #market #consumerbehavior #logistics #innovation #storytelling #customers
Nike Stumbles In North America, Warns Of Global Headwinds And Massive Cost Cuts
forbes.com
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Nike veterans now admit that cutting off the amount of products that Nike has been selling wholesale to retailers including DSW Designer Shoe Warehouse, Foot Locker, Macy's, Urban Outfitters, etc. was one of the biggest mistakes the company has ever made. Executives at the perennially dominant footwear and sports apparel brand, Nike, initially thought the company could sell more merchandise directly to consumers at higher margins through its full price stores, factory outlets and digital sales shippped directly to consumers. After digital sales hit 30% of total sales during the pandemic, sales dropped way back down in the years that followed. The result: Nike’s once torrid growth has stalled. Sales for the quarter ended Feb. 29 were flat compared to a year earlier, and its stock price has declined 24% over the past year, compared to a 19% gain in the S&P 500. Because of this misstep, Nike was forced to lay off more than 1,600 employees, but it has since ratcheted up its wholesale business to reputable retailers, which will help turn things around. The lesson for brands that have an omnichannel retail presence: Don’t over rely on proprietary apps and e-commerce channels to the detriment of the successful retailers that have been so faithful in driving revenue for the brand over the years.
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Shiny objects like Nike seem invincible with their mantra of “Just do. It” and their signature swoosh. However, these days the athletic wear company is struggling to ignite growth as demand is sluggish. The last several years have been chaotic with the company seeking to grow margins and sales growth through a direct to consumer strategy which didn’t yield the results they had hoped. They came to the realization that wholesale was additive and helped drive demand and profits through their direct channels and not a drain as they originally thought. The company claims that they haven’t done enough innovation to drive sales growth and are cutting costs as a stop gap measure. Meanwhile we are seeing talent go elsewhere. There is definitely more competition that has come into play like On and HOKA and even their largest competitor adidas is having troubles of its own. It isn’t that people aren’t sporting sneakers but ballet flats, mesh flats and other fashion options are taking the place of sneakers for women. Loafers and boat shoes are also footwear options for men that are taking some of the swoosh out of the sneaker market. #footwear #sneakers #retail #retailing #athleticwear #directtoconsumer
Nike expects more revenue declines ahead after ‘sluggish’ Q4
retaildive.com
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When Nike reports on Thursday after markets close it is expected to post its first quarterly revenue decline in nearly two years turning the spotlight on the longer-than-expected time for the company to boost sales through its direct-to-customer (DTC) channels and sluggish demand in North America. Analysts have said that the DTC plan has been hit by stagnant innovation for the Air Jordan maker's sneakers and rising competition from newer brands like On and Decker's Hoka that are grabbing market share in the running category. A lack of innovation, upstart brands becoming customer favourites and cautious consumers have become an headwind for the world's largest sportswear maker. Reuters #News #Nike #Shoes #Footwear #AirJordan #On #Hoka #NewBalance #Adidas #Consumer #Sneakers
Nike set for rare sales drop with focus on US demand, direct-to-consumer pivot
reuters.com
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👟 Reuters used Vertical Knowledge’s Refined Retail Sneaker Collection data to focus on Nike's pricing and discount strategy in this consumer retail article. https://lnkd.in/e7vjGQjv Babel Street Reuters #retaildata #consumerretail #datainsights #pricingstrategies
Focus: Retailers slash prices on more Nike sneakers in 2024, data shows
reuters.com
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Why is Nike's stock down? The #sneaker giant's stock tumbled again Wednesday for the 10th day in a row after Foot Locker reported dismal quarterly results and consumers continue to pull back from the #footwear sector. The #sneaker giant’s shares fell about 2.5% in intraday trading. If shares close lower, the 10-day losing streak would be the longest in Nike’s history as a public company since its IPO in 1980. The stock could be getting slammed because of overall pressure the footwear sector is facing and an uneven, and increasingly uncertain, economic recovery in #China. Of course, there's some sympathy response as well after rough reports from Foot Locker and DICK'S Sporting Goods, two of Nike's key wholesale partners, this week. Why do you think Nike's #stock is down? What do you expect to see out of China when the retailer reports earnings next month? Tell me what you think in the comments below! #cnbc #retail #earningsseason #nike #shoes #stocks #stockmarket
Nike falls for record 10th straight day as Foot Locker woes, China slowdown hit stock
cnbc.com
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The footwear market is seeing a lot of growth in “smaller” brands while the dominant leaders are struggling to increase sales. Three things that stand out about these less known brands becoming known: 1. Product Innovation 2. Ability to connect with their customers needs 3. Brand positioning and influencer marketing play What are your thoughts on the athletic arm of the footwear industry? #footwear #retail #marketintelligence #insiderinfo #weknowretail
Over the last year, sneaker brands On and HOKA have continued to see growth, while the sector’s biggest giant, Nike, has experienced sales declines. Nike’s fourth-quarter earnings, reported on Thursday, showed a year-over-year revenue decrease of 1.7% for the quarter, to $12.61 billion. In addition, its annual results revealed the company’s slowest sales gain in 14 years. #Nike In this piece by Zofia Zwieglinska, we speak to Neil Saunders of GlobalData Retail, Colin Ingram, and Brooke Lord.
On and Hoka are gaining market share, as Nike reports sales declines
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