Colin Kaepernick’s Nike ads boost company fortunes to $6 Billion
Haters have a seat.
According to the latest report, Colin Kaepernick is making it rain for Nike and revenue is pouring in for the athletic brand, despite President Donald Trump’s prediction that the brand would fail after securing an endorsement deal with the former NFL quarterback.
In fact, CBS News reported Friday, that Nike’s market value has seen a steady financial uptick to the tune of nearly $6 billion since Kaepernick became the face of the brand. Colin Kaepernick took center stage in a powerful new Nike ad campaign supporting his advocacy efforts to kneel during NFL games against police brutality.
Days after Nike launched the ad, racists started burning their own Nike footwear that they had already purchased and Trump tweeted:
“Just like the NFL, whose ratings have gone WAY DOWN, Nike is getting absolutely killed with anger and boycotts.”
Initially Nike’s stock did tumble a bit, but it rose up from the ashes to hit “an all-time high,” CBS said.
Reuters reported last week that the company has sold out 61 percent more merchandise since releasing its Kaepernick ad.
“[Nike’s] new ‘Just Do It’ ad campaign with Colin Kaepernick was a stroke of genius,” said Camilo Lyon, an analyst with financial services company Canaccord Genuity, according to Reuters.
“This premeditated move was another subtle but significant sign of Nike’s strength and confidence in its position in the marketplace.”
The Nike campaign celebrates the 30th anniversary of Nike’s signature “Just Do It” slogan.
Kaepernick is the former starting quarterback for the San Francisco 49ers who began taking a knee during the national anthem two seasons ago in protest of police misconduct against people of color. He has been unable to land a contract with any other NFL team since. President Trump and Republicans in Congress have been critical of Kaepernick’s stand, saying it is disrespectful to the American flag. Supporters point out that veterans fought for the right of Kaepernick and others to exercise their ability to protest.
On Labor Day, Nike issued the surprise launch of the campaign, which is dubbed “Dream Crazy.” In a 90-second commercial, Kaepernick says, “Calling a dream crazy is not an insult, it’s a compliment.” The commercial also features LeBron James, Serena Williams and other sports stars. The campaign also features a close-up image of Kaepernick with the words, “Believe in something. Even if it means sacrificing everything.”