Nike shoe fail sees share price drop

22 Feb 2019

By: Sport Industry Group

Nike has experienced a 1.7% drop in its share price - equivalent to $1.1bn - following an incident that saw NCAA star Zion Williamson injured by the collapse of his shoe during a live TV game.

The Duke Blue Devils freshman, expected to be the top draft pick in the NBA this year, sprained his knee and was forced to sit out the rest of a game attended by the likes of Jay-Z and Barack Obama.

The former US President later wished Williamson, a huge rising star in the US, a “speedy recovery” on Twitter.

Meanwhile rival manufacturer Puma, which recently re-entered the basketball market, tweeted “Wouldn't have happened in the Pumas” in a post that was later deleted.

Nike responded to the incident with a statement, saying: "We are obviously concerned and want to wish Zion a speedy recovery. While this is an isolated occurrence, we are working to identify the issue."

The news comes amid complaints about Nike’s new self-lacing shoes, with some wearers reporting that the app that controls the laces is malfunctioning on Android devices.

The much-anticipated model was released in the US this week with a retail price of $350 and has almost completely sold out, according to US reports.

Overall, Nike share prices are up 25% on this last time year following the success of the brand’s bold 30th anniversary “Just do it” campaign, fronted by controversial NFL star Colin Kaepernick.