With everything going on in the world, it seems like us catching a break is out of the question. In the first month of 2020 the sports world took the biggest hit with the loss of NBA legend Kobe Bryant, who was endorsed by Nike.
Out of all the hardships hitting the world, including the COVID-19 pandemic, Nike’s silver lining seems to be that their revenue has risen five percent all though the Coronavirus has affected their earnings per share as more and more stores begin to close. When looking at the numbers, Converse achieved an 11% increase with $506 million dollar revenues while the brand itself boosted 6% at a modest $9.6 billion dollars.
Much of the success was due to the Air Jordan 11 “Bred” which was the largest Nike launch in history. Although the popular Jordan Retro has garnered much success for Nike, the imprint will have much needed work to do as net income has decreased by 23%.