Nike to Launch $100 Sneaker Line After Surprise Drop in Sales Sends Shares Plummeting to Worst Day on Record

By Jace Dela Cruz

Jun 29, 2024 03:03 AM EDT

Nike is set to introduce a new line of sneakers priced at $100 or less globally to revive its sales amid declining shares.

Nike to Launch $100 or Less Sneaker Line

According to Reuters, this move is part of Nike's strategy to adjust its product offerings and regain market momentum. In recent years, Nike has raised the prices of its premium sneakers, such as the Air Jordan 1, which now sell for up to $200 at some retailers.

Nike's website sells the high-end Air Force 1 sneakers for around $150. In contrast, Adidas offers its popular Samba and Gazelle sneakers for $100 and $120, respectively.

2020 U.S. Olympic Track & Field Team Trials - Day 3 — EUGENE, OREGON - JUNE 20: The shadow of Allyson Felix is seen next to a Nike logo after finishing second place in the Women's 400 Meters Final on day three of the 2020 U.S. Olympic Track & Field Team Trials at Hayward Field on June 20, 2021 in Eugene, Oregon.
(Photo : Patrick Smith/Getty Images)

Steepest Drop of Nike Stock

The announcement comes after Nike's shares fell 19.98% on Friday, marking the steepest one-day percentage drop in the company's stock history. On Thursday, Nike reported a surprising sales decrease in its latest quarter, reflecting the challenges Nike faces from competitors.

Nike's new, more affordable sneaker line is an attempt to attract more customers and boost sales growth, which has slowed due to increasing competition. The company hopes introducing these budget-friendly options will help it regain its footing in the market.