Nike’s Olympic spotlight: a chance for revival

Nike revealed Olympic kits for the teams it sponsors on Thursday alongside athletes, including Kenyan marathon celeb Eliud Kipchoge and British sprinter Dina Asher-Smith, betting that top sportspeople can help it win more everyday customers.

As the summer Olympics in Paris approach, Nike sees an opportunity to revitalize its performance product sales, particularly with its high-end offerings like the Alphafly 3 marathon shoe priced at $285.

Outfitting Athletes Across the Globe

Nike will play a prominent role in outfitting athletes from various countries participating in the Olympics. In addition to providing kit for U.S. athletes across all sports, Nike will supply gear for athletics teams from Canada, China, Kenya, Germany, and Uganda. 

The brand will also provide basketball attire for teams from China, France, Japan, and Spain, as well as outfitting athletes in the new breakdancing event for Korea.

Spotlight on High-End Shoes

While Nike will showcase its high-end shoes like the Alphafly 3 marathon shoe during the Olympics, the broader goal is to drive sales of entry-level and mid-range running shoes. 

Nike highlighted its Pegasus shoe range, which offers options ranging from $130 to $160. The focus is on promoting Nike’s “Air” cushioning technology and lightweight knit materials used across various shoe styles.

Innovation and Adaptation

Matt Nurse, vice president of Nike’s sport innovation lab, emphasized the importance of learning from top athletes to drive innovation that benefits a broader range of consumers. Nike aims to ensure that its innovations cater to diverse body shapes, running speeds, and styles.

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Facing Competition

Nike faces stiff competition from brands like On Running, Hoka, and Lululemon, which are gaining market share. Additionally, changing consumer preferences, such as a shift away from chunky basketball sneakers to low-profile “terrace” shoes like the Adidas Samba, present challenges for Nike. 

However, Nurse views competition as an opportunity for improvement and innovation, ultimately making Nike stronger in the market.

As Nike prepares to showcase its performance products on the global stage of the Olympics, the brand aims to leverage this platform to reignite consumer interest and drive sales across its product range.