Nike will roll out new US$100-and-under sneakers in countries around the world, its chief financial officer said Thursday, as the sportswear giant tweaks its product lineup in a plan aimed at getting sales back on track.
Nike has significantly hiked the list price of its top-end Air Jordan 1 sneakers in recent years. The shoes currently sell for as much as US$200 at some retailers including Nordstrom on Nike.com.
Top-end Air Force 1 sneakers meanwhile sell for about US$150 on its website. In comparison, Adidas' three-striped white and black Samba and multi-colored Gazelle sneakers are priced at US$100 and US$120 respectively.
Nike, which outlined a US$2 billion cost-cut plan last year, reported a surprise sales decline in its latest quarter. The company has seen sales growth slow as the company battles competition from the likes On and Deckers' Hoka brand, while also having to clear out excess inventory.
The sportswear giant shares slumped 20 per cent and was on track for its worst day ever on Friday a day after Nike reported disappointing results that showed shoppers remain selective with their spending.
Executives also flagged softer traffic in its factory stores that sell discounted shoes and clothing, highlighting increasing pressure being felt by the value consumer.
"This is likely a bid to secure some more price-sensitive consumers, GlobalData analyst Neil Saunders said, referring to the new US$100-and-under line. Nike CFO Matthew Friend told investors on Thursday "Our teams are also attacking opportunities across price points."
Americans are cautious in their spending, especially when it comes to nice-to-have, or non-essential, merchandise like trendy sneakers. However, rival Cloudflow 4 and Hoka's Clifton 9 running shoes, which sell for US$159.99 and US$145 respectively, recently have been making the cut with many shoppers.
Nike's competitors in the "affordable" category include Hoka and Roger Federer backed-On, analysts said. "That's an area that they can compete in better in the near term," said Truist Securities analyst Joseph Civello.
Nike's roll-out of a new line could be a risky move for the company because its sales decline is worsening.
"It might work to a degree, but it does not remedy the wider problem of a lack of innovation" at Nike, a sponsor of the Paris Olympics, Saunders said.
Some key Nike styles have recently lost value on the resale market, where Air Jordan 1 Retro High OGs resale price is at a discount of about 32 per cent as of May, according to Altan Insights, which studies the collectible sneaker market.
(Reporting by Aishwarya Venugopal and Ananya Mariam Rajesh in Bengaluru; Editing by Anna Driver)
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