Nike is raising prices - and returning to Amazon
Share this @internewscast.com

Nike is making a comeback to Amazon after a hiatus of over five years and increasing prices on certain products as its new CEO aims to address a decline in revenue.

In 2019, the apparel brand announced it would withdraw its products from Amazon in the U.S., prioritizing sales on its own website and select third-party retailers. However, Nike’s sales have decreased in recent years, prompting the company to explore new growth opportunities.

“Nike is investing in our marketplace to ensure we’re offering the right products, best services, and tailored experiences to consumers wherever and however they choose to shop,” the company stated in an announcement.

In addition to returning to Amazon in the United States, Nike is adding new retailer partners, such as Printemps, a French department store that recently opened its first US location in New York. Nike also said it was working to elevate “retail experiences,” a likely reference to a new concept store it debuted with Urban Outfitters this week that sells Nike shoes and targets Gen Z shoppers.

Nike’s price hikes, meanwhile, will kick in on June 1. The company didn’t mention higher US tariffs as the reason, but said in its statement that “we regularly evaluate our business and make pricing adjustments as part of our seasonal planning.”

Various pieces of Nike apparel and equipment will increase in price by as much as $10. Shoes priced between $100 and $150 will get a $5 increase and shoes above $150 will see increases up to $10, according to a source familiar with the decision.

However, several items won’t get a price increase, including children’s apparel and footwear, products priced under $100, Air Force 1 shoes and Michael Jordan-branded clothing and accessories, the source added.

Nike sales have suffered as competition from rivals like On, New Balance and Adidas has heated up. The company’s global sales dropped 9% last quarter, including a 17% drop in China, Nike said in its most recent earnings report.

The company is also trying to recover from strategy mistakes. It is scaling back the supply of its classic sneaker lines Air Force 1 and Pegasus to juice demand in order to sell the sneakers at full prices. Nike also wants to push shoppers to buy new, higher-priced Air Max shoes, designed for running.

Last year, Nike named Elliott Hill, who had previously worked at the company, its new CEO. One of his biggest deals so far is inking a collaboration with Kim Kardashian’s brand Skims for a new activewear line, which was due to be rolled out this spring.

Shares of Nike (NKE) have fallen nearly 20% for the year.

The CNN Wire & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.

Share this @internewscast.com
You May Also Like
Trump is promising new steps to tackle homelessness and crime in Washington DC

Trump Proposes New Measures to Address Homelessness and Crime in Washington DC

President Donald Trump is pledging to take additional measures to address homelessness…
Rachel Morin's family slams illegal immigrant killer at sentencing: 'He can't hurt anyone else'

Rachel Morin’s Family Speaks Out at Sentencing: ‘Justice Ensures He Can’t Harm Anyone Else’

The illegal immigrant convicted killer of Maryland mom Rachel Morin was sentenced…
Ten Commandments now on display in Texas classrooms

“The Ten Commandments Displayed in Texas School Classrooms”

The law requiring the displays takes effect Sept. 1, but tens of…
'What is happening?' Milwaukee area recovers from record rain and flooding

“Milwaukee Area Begins Recovery After Unprecedented Rain and Flooding”

The Milwaukee region started to dry out on Monday following a weekend…
U.S. and China extend trade truce another 90 days, easing tension between world's largest economies

U.S. and China Prolong Trade Peace for 90 More Days, Reducing Strain on Global Economic Powers

WASHINGTON (AP) — President Donald Trump prolonged a trade truce with China…

Concerning Sign from Influencer Emilie Kiser’s Dog That Left Her Husband Uneasy Before Their Son’s Tragic Drowning

GUTWRENCHING details continue to emerge in the drowning death of influencer Emilie…
Man in DC shot and killed hours after Trump federalizes city's police department

Man in DC Fatally Shot Just Hours After Trump Federalizes City’s Police Force

A man was fatally shot in Washington, D.C. on Monday, just hours…
Southern sorority girls put through 'psychological warfare' in cutthroat Bama Rush recruitment: coach

Alabama Rush Week: Sorority Candidates Endure Intense Psychological Challenges, Says Coach

Sorority recruitment at the University of Alabama, popularly known as “Bama Rush,”…
American tourist shot and killed in Caribbean vacation hotspot: 'Left an unfillable void in our lives'

Tragic Loss: American Tourist Fatally Shot in Caribbean Vacation Destination

A tourist from New York was killed while visiting Puerto Rico for…
Texas House Democrats remain out of state as redistricting showdown continues

Texas House Democrats Continue Out-of-State Protest Amid Redistricting Dispute

The debate over redistricting in Texas, where congressional districts might be revised…
3 dead in Austin Target shooting on Research Boulevard, near Ohlen

Tragic Shooting Incident at Austin Target on Research Boulevard Leaves Three Dead

The suspect has been taken into custody, according to police. AUSTIN, Texas…
Mugshot of a woman.

Funeral Home Staff Mistake Deceased Baby for Doll in Hearse: Heartbreaking Discovery Revealed

A WOMAN has been arrested after a baby was found dead in…