News
Nike Stock Climbs After It Announces Partnership with Kim Kardashian's SKIMS
Key Takeaways
Nike ( NKE ) shares gained 4% by midday Tuesday after the athletic apparel maker announced it will launch a new fitness brand with reality TV star Kim Kardashian in an effort to attract more women buyers.
The “Just Do It” company is teaming up with Kardashian ’s SKIMS shapewear and clothing brand to create NikeSKIMS products for women.
Nike on Tuesday said NikeSKIMS would offer “ training apparel , footwear, and accessories designed to meet the unique needs and preferences of women athletes around the world.” It added that the collaboration idea for the new, shared product line came from SKIMS.
First NikeSKIMS Products Set To Hit Stores in Spring
Kardashian, who is co-founder and chief creative officer of SKIMS, said NikeSKIMS will be “delivering product that is meticulously designed to sculpt and perform for every body.”
Nike added that the first products would hit U.S. store shelves in the spring.
Nike shares were leading Dow gainers at midday Tuesday, according to data from CNBC. However, shares of Nike have been struggling, hitting a five-year low earlier this month as new Chief Executive Officer Elliott Hill , who took over in October, has moved to try to increase sagging sales. Even with Tuesday’s gains, the stock price has lost a quarter of its value over the last year.
Read the original article on Investopedia