Nike is waxing lyrical about selling out its $110 Colin Kaepernick sneaker in 7 minutes online. eBay has these kicks selling for up to $950. Of course, no data has been released on how many pairs were made.
No doubt wearing a pair of Kaeps expresses one’s belief in woke causes as much as wearing a MAGA hat shows one’s desire for having pride in one’s country.
Recall the social justice warrior and NFL kneeler called on Nike to recall the Betsy Ross sneakers made for July 4 on the grounds they hark back to a time when slavery existed. Sneaker.com notes that those blacklisted shoes are selling for $15,000 on eBay.
While not a strict apples for apples comparison given the Betsy Ross sneakers were pulled from sale, at the very least Nike should realize the power of capitalism when the scarcity value carries higher desirability than a has been football player who loves to virtue signal.
Note in the latest Nike Q2 financial results, America was the worst performing market for the company. All the growth is coming out of China.
It is unlikely that Kaep kicks will arrest the dismal growth in home markets. Oh, and for those that point to the stock price, note that Nike has a $15bn buyback program in place and has only performed inline with the NASDAQ.