Nike is gearing up to make its biggest spending commitment yet for the upcoming Olympics, as the renowned sportswear brand aims to rejuvenate sales and contend with emerging competitors, according to a report by Reuters.
Nike Set to Spend Big for Olympics
This substantial investment comes as Nike seeks to leverage the anticipated return to normalcy with the Paris 2024 Games after the spectator-less Tokyo 2020 event due to the global pandemic.
During a showcase event in Paris, Nike unveiled its Olympics kits modeled by sponsored athletes like U.S. sprinter Sha'Carri Richardson and Kenyan marathoner Eliud Kipchoge. Alongside the kits, Nike showcased 13 innovative shoe prototypes developed in collaboration with athletes.
Heidi O'Neill, Nike's consumer, product, and brand president, emphasized that this Olympics will mark their most extensive marketing campaign yet, without specifying a precise figure for the planned spending.
Nike's Marketing Expenses
In the latest quarter alone, Nike's marketing expenses totaled $1 billion, signaling a 10% increase compared to the same period last year.
O'Neill underscored marketing as the company's primary investment priority, noting a shift towards "fewer, bigger" marketing initiatives.
Nike's heightened focus on marketing aligns with its move to hire a new chief marketing officer to reinforce its brand in a fiercely competitive sportswear market.
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