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Contrary to President Donald Trump's claim that Nike would be "killed" by its decision to sign an approval agreement with former NFL player Colin Kaepernick, the sportswear giant seems to be prospering.
As reported by CBS News on Friday, Nike's market value has jumped nearly $ 6 billion since Kaepernick unveiled Kaepernick – which sparked the NFL's protest against racism and police brutality.
The campaign was immediately controversial and Nike's action dropped by more than 3%. Some customers burned Nike shoes and other equipment and announced boycotts of the brand. Trump, who severely criticized Kaepernick and other athletes for protesting in the national anthem, criticized the ad campaign for sending him a "terrible message".
"Like the NFL, whose odds have gone down, Nike is completely killed by anger and boycott," said the president. tweeted in the days following the launch of the announcement.
Nike's stock prices have rebounded quickly after the initial decline and in recent weeks have hit a record high, CBS said.
The company has sold 61% more merchandise since the release of its Kaepernick ad, Reuters reported last week. Nike also reduced the number of products during the 10-day period following the ad compared to the 10-day period prior to publication.
"[Nike’s] The new "Just Do It" ad campaign with Colin Kaepernick was a stroke of genius, "said Camilo Lyon, an analyst at Canaccord Genuity, a financial services company, according to Reuters. "This premeditated move was another subtle but significant sign of Nike's strength and confidence in its position in the marketplace."
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