Nike suspends relationship with Kyrie Irving and pulls his signature shoe line

Posted on November 5, 2022Comments Off on Nike suspends relationship with Kyrie Irving and pulls his signature shoe line

code6d Nike (NYSE:NKE) suspended its relationship with Brooklyn Nets player Kyrie Irving and canceled the next line of shoes branded around the basketball all-star due to his promotion of an anti-Semitic documentary. The athletic apparel giant, which condemned any form of antisemitism in a statement, said Irving’s suspension would be immediate. Irving’s deal with Nike was initially set to expire on October 1, 2023. Earlier in the week, Irving was suspended by the Nets for at least five games after he stopped short of fully disavowing the controversial documentary on two occasions. Irving did acknowledge the documentary contained “false anti-Semitic statements” in a later statement. The Nets will also not pay him during his suspension. Nike (NKE) will take a minor short-term revenue hit by pulling the Kyrie 8. Over the last few years, the basketball shoe line has been one of Nike’s most lucrative shoe series based on a current player behind only LeBron James’ signature series. It is likely that Nike (NKE) will sign another rising NBA star to replace Irving if the suspension is permanent. Shares of Nike (NKE) have shown momentum recently with a 10% gain over the last six weeks to outpace broad market averages.

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Comments Off on Nike suspends relationship with Kyrie Irving and pulls his signature shoe line