Nike saw its revenue jump from the same quarter a year earlier, but its biggest win is the split of Adidas and Kanye West.
👉 Background: It's fair to say that Nike and Adidas are two of the biggest sportswear brands in the world with a rivalry more fiery than Selena and Hailey.
👉 What happened: Over the past 3 months, Nike saw its revenue jump 14% from the same quarter a year earlier - we’re talking $12.4 billion USD for just 3 months! They saw a boost of the Jordan Retros as well as some of its newer product launches.
👉 What else: But the biggest win for Nike was actually the split of Adidas and Kanye West. Slowly but surely, Nike and others in the sportswear market are chipping away at Adidas’ market share globally.
💡 When a runner trips mid-race, competitors gain a new and unexpected opportunity to get ahead. And that’s exactly what’s happening in the sportswear market.
💡Despite the sportswear market seeing a decline in traffic of 5.5% in January this year, Nike shot the lights out actually saw its traffic jump 21.8%. And major sportswear retailer Foot Locker even said that they’re short on Nike stock since the loss of Yeezy products.
💡So clearly, Adidas' ‘own goal’ with Yeezy is allowing other brands, like Nike, to steal market share.
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