In December, it was reported that Nike struggled in the North American market amidst growing competition from brands such as adidas. As per Brand Finance, the German company’s value increased to $14.3 billion, with its expansion into athleisurewear being one of the driving factors. In the same year, Nike made a reported loss of nearly $1 billion dollars in its third fiscal quarter, due to “lower gross margins, higher selling, and administrative expenses.”
Despite fierce competition, Nike still came out on top with a reported worth of $28 billion. That meant it ranked above fellow sports brands Under Armour and PUMA, who were valued at around $3 billion each.
From the world of fashion, high street store H&M ranked Nike in second place. After a 1 percent decline from the last fiscal year, the Swedish retailer was valued at $19 billion. (Early this year, the company was rocked by a wave of scandals which included a controversial ad, subsequent riots, and the eventual closure of select stores.) Spanish competitor Zara and Japan’s Uniqlo both dropped in value, but still ranked in third and ninth place, respectively.
The Equality initiative will live on the Nike Equality webpage and also on social media and on billboards and posters in cities around the US and Canada, with imagery that features portraits of athletes and cultural icons. In addition, Nike will enable people to create their own Equality avatar or social media filters to express their support.
Equality t-shirts and shoes from Nike’s annual Black History Month collection, which has historically supported organizations serving youth and their communities, will be available for purchase through Nike.com and through select retailers.