Nike products to see price hikes: Sales on Amazon to resume

Nike, one of the world's most recognized sportswear giants, has announced that it will implement price increases ranging from 2 to 10 dollars on its adult apparel and equipment products.

A flat 5-dollar increase will be applied to products in the 100 to 150 dollar price range.

The company stated that it will not make any price changes to its children's products.

Nike had parted ways with Amazon in 2019 due to the platform's "inability to adequately combat counterfeit products." However, it has now decided to return to Amazon in an effort to boost its sales once again.

Amazon officials stated that this decision will increase the variety of Nike products available to consumers in the US. It was also announced that "independent sellers will be granted additional time to clear their existing inventory."

REVENUE EXPECTATIONS LOWERED

Nike, the manufacturer of the Air Jordan brand, had shared a forecast in March that its fourth-quarter revenue would underperform expectations. The company is taking cautious steps to regain consumer interest that has shifted toward more fashion-focused competitors.

Earlier this month, CEO Elliott Hill made comprehensive changes to the management team. Since taking office in October, Hill has been leading efforts to restructure the brand, which has "struggled with innovative footwear designs in recent times."

News Source: 12punto