This was predicted and now it has come to pass and it will only get worse for Nike. Look, giving Colin Kaepernick this high profile job was a mistake and the stock market just gave Nike a brutal dose of karma.
As reported by The Daily Wire: On Monday, the new face of Nike’s 30th anniversary “Just Do It” campaign was unveiled, and NFL fans will have no problem recognizing him: Colin Kaepernick, who started the protest movement back in 2016, when he declared, “I am not going to stand up to show pride in a flag for a country that oppresses black people and people of color.”
In early trading Tuesday, Nike’s shares dropped by nearly 4 percent, “the biggest intraday slide in five months,” Bloomberg reports. “Nike shares slipped as much as 3.9 percent to $79 as of 9:31 a.m. Tuesday in New York — the biggest intraday slide in five months. They had climbed 31 percent this year through Friday’s close.”
Clearly, Nike Inc. was willing to risk the inevitable backlash, which has already begun among some sports fans — #BoycottNike and videos of fans burning Nike gear are already trending online — to promote Kaepernick’s controversial message.
“The fallout was no surprise but Nike may be betting that the upside of a Kaepernick endorsement is worth angering conservative Americans and supporters of President Donald Trump,” writes Bloomberg.
That might prove to be a bad bet, however. As Bleacher Report notes, a recent NBC News/WSJ poll found that a majority of voters (54%) thought Kaepernick’s protest movement was “inappropriate,” while just 43% said it was “appropriate.”
Yahoo Sports’ Charles Robinson reported Monday that despite Kaepernick having a deal with Nike since 2011, prompted by “interest from other shoe companies,” Nike worked out a new, far more extensive contract with Kaepernick. The deal is a “wide endorsement,” Robinson reported, a “star” deal, which will include royalties. The former QB will have “his own branded line,” including shoes, shirts, jerseys, and more.
— Colin Kaepernick (@Kaepernick7) September 3, 2018