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Entries in Nike (13)

Friday
Mar222013

Strong Corporate Earnings Push Stocks Higher to End Week 

Hemera/Thinkstock(NEW YORK) -- Strong corporate earnings pushed stocks higher to end the week, with the Dow up 91 points at 14,512 and the Nasdaq up 22 points at 3,245.

The S&P gained 11 points for the day to 1,557.

Robust earnings from Nike and Tiffany were the big drivers.  Nike's stock hit a record after the company announced a surge in quarterly profit, while Tiffany rose after its earnings beat expectations by about one percent.

Fitch Ratings is placing the United Kingdom's triple-A rating on review for a downgrade.  The warning comes just days after Britain's treasury chief unveiled an austere budget, despite weakness in the economy, and raises fears of another recession.

A New Jersey compounding pharmacy that issued a national recall of all of its drugs will remain closed for two more weeks.  Med Prep Consulting is investigating the cause of contamination found in bags of an IV drug given to women to control seizures and premature labor.

Goodyear's adding a new blimp to its iconic line of airships. It'll be larger, faster, and carry more passengers.

Copyright 2013 ABC News Radio

Wednesday
Oct172012

Companies Cut Ties with Lance Armstrong After Livestrong Resignation

Morne de Klerk/Getty Images(NEW YORK) -- Corporate sponsors are bailing on Lance Armstrong in droves after a report by the U.S. Anti-Doping Agency showing evidence and testimony that Armstrong was involved in doping.

On Wednesday, Armstrong announced he is resigning as chairman at his Livestrong Foundation, and then companies began bailing.

Now Anheuser-Busch, 24 Hour Fitness, Trek Bikes and the company that makes Easton baseball bats and Bell bicycle helmets are joining Nike in pulling sponsorship deals with the former cyclist.

"We have decided not to renew our relationship with Lance Armstrong when our current contract expires at the end of 2012," Paul Chibe, Vice President of U.S. Marketing at Anheuser-Busch said Wednesday.

Chibe added that, like many of the companies dropping Armstrong, Anheuser-Busch will continue to support the Livestrong Foundation but not Armstrong himself.

Copyright 2012 ABC News Radio

Tuesday
Aug212012

Nike to Release Its Most Expensive Sneaker Ever

David Paul Morris/Bloomberg via Getty Images(NEW YORK) -- Facing shrinking profit margins and rising costs, Nike is pumping up the prices of its clothes and sneakers, the Wall Street Journal reports.  And it will be most notable this fall, when the latest pair of LeBron James basketball shoes hits the market.

The new kicks -- the LeBron X Nike Plus -- will be sold for the hefty price of $315, according to the newspaper.  That makes them the most expensive pair of sneakers Nike has released so far.

The shoes will come fitted with electronic motion detectors that can measure how high you jump, the Journal says.  Shoppers who opt for the basic pair -- without the embedded electronics -- will only have to shell out about $180.

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Copyright 2012 ABC News Radio

Wednesday
Aug152012

Nike T-Shirt Stirs Controversy

David Paul Morris/Bloomberg via Getty Images(NEW YORK) -- Nike is in hot water over a new Olympics t-shirt they’ve released, especially since it’s only being offered for women.

The plain black shirt boldly states “Gold Digger” across the chest. The product was intended to reference aspiring to win an Olympic gold medal, but some Facebook and Twitter users would beg to differ.

“Sort of undermines the strong woman image Nike has spent $$ to market,” said one Twitter user.

“Whoever thought a Nike t’shirt emblazoned with ‘GOLD DIGGING’ was a fitting tribute to female Olympians shuld be fired,” said another.

Even the product description on WorldSoccerShop.com acknowledges the underlying tone behind the slogan. “We aren’t saying they’re gold diggers – we’re just saying they’re out for the gold! What’s wrong with that?”

Nike has not yet responded to ABC News’ request for comment.

Copyright 2012 ABC News Radio

Friday
Jul132012

Nike Pulls Joe Paterno’s Name From Child Care Center

David Paul Morris/Bloomberg via Getty Images(WASHINGTON COUNTY, Ore.) -- The head of sportswear giant Nike has pulled the name of former Penn State football coach Joe Paterno off the child care center at its corporate headquarters.

In response to the report released Thursday detailing Paterno’s choice to “conceal” allegations of child sex abuse against assistant coach Jerry Sandusky, the company released a statement announcing their decision.

“I have been deeply saddened by the news coming out of this investigation at Penn State,” wrote president and CEO Mark Parker. “It is a terrible tragedy that children were unprotected from such abhorrent crimes.  With the findings released today, I have decided to change the name of our child care center at our World Headquarters. My thoughts are with the victims and the Penn State community.”

Paterno had been longtime friends with Nike co-founder Phil Knight, who had stuck by the coach when the controversy broke and defended Paterno again at Paterno’s funeral. On Thursday, Knight said in the statement that he still respects the coach despite “missteps.”

“According to the investigation, it appears Joe made missteps that led to heartbreaking consequences. I missed that Joe missed it, and I am extremely saddened on this day. My love for Joe and his family remains,” Knight said.

Sandusky was convicted of 45 counts of sexually abusing young boys, some of it at Penn State facilities, over a 14-year period.  The report found that top officials at Penn State including Paterno did nothing to help the victims of the abuse because they were afraid of bad publicity.

Copyright 2012 ABC News Radio

Friday
Apr202012

Nike Launches Sneaker Twitter RSVP System

Daniel Acker/Bloomberg via Getty Images(NEW YORK) -- Nike is launching a Twitter reservation system for their highly anticipated sneaker product launches, which have attracted police in riot gear as often as customers hungry for Air Jordans.

Nike’s Twitter RSVP system invites sneaker-heads to one of 11 participating Nike retail stores on Twitter. On an RSVP date, each store will send a tweet at a random time to begin the reservation process. Then Twitter followers must send a "Direct Message,” not just a tweet, with specific information including their shoe size to that store’s Twitter handle within 60 minutes.

While the company has not directly addressed whether the system is intended to decrease the instances of mayhem at some Nike product launches, Nike spokeswoman Mary Remuzzi told The Oregonian that the system “is something we began considering a few months ago.”

In February, customers rioted at a mall in Orlando, Fla. over the launch of a limited edition sneaker, the Foamposite Galaxy, after a Footlocker store cancelled the midnight, first-come first-served release of 200 pairs of the shoe over “safety concerns.”

While the shoes retailed at $220 a pair, bidding on eBay went upwards of $2,500.

Nike’s announcement comes ahead of the release of the Jordan Brand Air Yeezy 2 by this summer, The Oregonian reported. The shoe is the signature sneaker of hip-hop artist Kanye West.

Copyright 2012 ABC News Radio

Wednesday
Apr112012

Converse Lures 'Rebel Consumer' with Musicians

Converse(NEW YORK) -- Converse sneakers are the shoes that have set the beat for several generations over. Rock stars from Elvis Presley and the Rolling Stones to Nirvana and Justin Bieber have all rocked out in Chuck Taylors.

Made of canvas and rubber, the century-old American brand's shoes have epitomized countercultural cool for decades.

"They really haven't changed in 103 years. They're basically the same exact shoe," said Converse archivist Sam Smallidge.

Watch the full story on ABC's Nightline Wednesday at 11:35 p.m. ET/PT

First stitched outside of Boston in 1908, Converse was born as a basketball shoe, though it quickly outgrew its place in the sportswear market and the Chuck Taylor emerged as a piece of American pop culture.

Even in these tough economic times, sales have been on the rise.

"I think everybody on the earth, it seems like, has had a pair of these at one point in time," said Converse CEO and President Jim Calhoun.

However, in the last decade, Converse found itself struggling, filing for bankruptcy and failing to compete in a saturated sports market.

"I think we tried to go down a sports performance path when there were other brands, frankly, that were spending more money and were better at it than us," Calhoun said.

Ironically, it was Nike, one of the biggest sports performance companies in the world, that bought up and bailed out Converse. Calhoun said the company now sells about 200,000 pairs of Chuck Taylors each day around the world.

"That's the best-selling shoe of all time and continues to really be our iconic product," he said.

But the shoe that once boasted a "Made in the USA" stamp isn't made in America anymore. To cut costs, the company moved its U.S.-based plant overseas to countries like Vietnam and Indonesia, where reports of worker abuse surfaced last summer. Factory employees claimed their bosses slapped, kicked and verbally abused them. When asked about the reports, Calhoun called the incidents "unfortunate" and "unacceptable."

While Calhoun said the company has made progress on fixing the problem, Converse's critics say the company is still falling short in rectifying factory workers' complaints.

"We don't take a passive approach. We don't wait for the problems. We proactively monitor our factories," Calhoun said. "But I'd be less than sincere if I said no problem will ever happen again."

Despite the controversies and financial problems, the company is now betting its future on a return to its musical roots. Converse began inviting musicians, including Pharrell and most recently the Gorillaz, to cut original tracks to build social buzz around the brand. They've also built an empire on special shoe collaborations with U2's The Edge, Metallica and Lupe Fiasco. The goal is to win back that "rebel consumer" of hard-to-woo hipsters.

Converse also recently built a 5,200-square-foot state-of-the-art recording studio in Brooklyn called Rubber Tracks.

"The idea around the studio was to build a place to say thank you, thank you to all the artists who have done all this great work in our shoes over the years, and a way for us to give back to the community," said Converse Chief Marketing Officer Geoff Cottrill.

So far, 150 up-start acts, short on cash with big dreams, have been invited to record on Converse's dime.  The recording sessions are free for these garage bands and bedroom musicians, but the artists are invited to post their music on the Converse Facebook pages, which boast 47 million fans, making Converse one of the most significant apparel in social media.

"We're not measuring every single band that comes in here and how many shoes they're going to sell," Cottrill said. "We truly believe in the idea of doing good things for our consumers. Good things will happen to us in return."

Copyright 2012 ABC News Radio

Tuesday
Apr032012

Nike Unveils Light, Sleek New NFL Uniforms

Nike(NEW YORK) -- It wasn’t your average fashion show. The NFL unveiled new uniforms, made by Nike, for each team in pro football Tuesday. The uniforms were shown at a gridiron-themed presentation attended by NFL Commissioner Rodger Goodell and New York Giants receiver Victor Cruz, among other players, and featured 32 models who weren’t exactly sample size.

The new designs are a result of Nike’s new licensing partnership with the NFL. The league’s previous apparel partner, Reebok, had been in charge of the NFL’s gear for more than a decade.

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The new uniforms feature lightweight materials and a tighter fit that, the company says, allows for easier movement.

“It feels good,” said Seattle Seahawks safety Kam Chancellor, who said there was a better range of motion in the new uniform. “The way they have the uniform cut, I mean, I think they have it down to a T.”

In addition to uniform’s new fabric, they also feature “customizable baselayer padding” that can be moved and helps to protects players.

From a distance, most of the uniforms do not look dramatically different.  The Seattle Seahawks did use the occasion to update their look, which now features a bit of neon green and a few design elements that give more emphasis to the Native American heritage of the Pacific Northwest.

For most teams the most striking change will be on the player’s gloves, difficult to spot from the stands. Each pair of gloves will feature the team’s logo, visible only when a player interlocks his fingers.

The new uniforms will make their debut on the field during the upcoming 2012 season.

Copyright 2012 ABC News Radio

Friday
Dec232011

New Nike Air Jordan XI Concord Causes Shopping Frenzy

File photo. (Jonathan Daniel/Allsport)(NEW YORK) -- The arrival of Nike's new Air Jordan 11 Retro Concords in stores just in time for Christmas brought pandemonium all over the country.

Thousands lined up across the country to shell out $180 for the black and white "J's" that went on sale at midnight.

Police were called to shopping centers in Indiana, Florida, Texas, and Virginia among other states to control crowds of hundreds lining up for the shoes.

"I don't remember anything like this in the recent past at all, definitely not with the iPhone or anything like that," Linda Jackson, a spokeswoman for the Indianapolis Metropolitan Police Department, told ABC News.

Indiana police were called to three malls to help control "hectic" scenes of hundreds of shoppers, including many teenagers and children. 

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"It was pretty much a surprise for us," Jackson said. "I imagine the malls knew, but I don't know that they were prepared for the response."

Frantic shoppers even tried to break down a door at one of the Indiana malls.

"There was a door that was damaged, but I don't believe they were able to gain access," Jackson said. "It sounded like these are the need-to-have item of the season, for some reason."

Florida police used pepper spray on unruly shoe seekers and fights were reported in Kentucky; glass was shattered at stores in North Carolina.

East of San Francisco, the Air Jordan sale was totally canceled after a gun went off outside the mall and the gunman was arrested.

Within hours, hundreds of pairs of the shoes were on sale on eBay, some for more than $500. Many of the pairs already had dozens of bidders.

The shoes were widely released and are available at stores such as Foot Locker and Champs, in addition to Nike stores.

Air Jordans bring in an estimated $1 billion for Nike every year.

Copyright 2011 ABC News Radio

Saturday
Sep102011

Lululemon’s Success Inspires Gap, Nike and Nordstrom to Rethink Yoga 

Benjamin Norman/Bloomberg/Getty Images(NEW YORK) -- Rising star in yoga apparel, Lululemon Athletica, has Gap, Nike and Nordstrom launching yoga-inspired, Lululemon-like lines of their own.

Bloomberg News reports that retail giants like Gap are jumping on board the pricey spandex bandwagon, and are launching $60 women’s yoga tops of their own at their Athleta stores and offering free yoga classes as well—another popular Lululemon trend.

Nike’s Salvation chain is offering $64 training capris and a yoga-studio style similar to those found in Lululemon.

Nordstrom’s Zella line has hired a Lululemon to recharge their yoga apparel.

Despite the current economic climate that has many penny-pinching shoppers hunting for bargains, U.S. sales of women’s athletic clothing rose 2.6 percent in 2010 to $30.5 billion, according to market researcher NPD Group that said the trend is driven 100 percent by Lululemon.

Copyright 2011 ABC News Radio







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