Nike shares reached an all-time high this week just days after the sports apparel company announced its decision to featured NFL quarterback Colin Kaepernick in its latest major marketing campaign.
According to various reports, Nike’s stock rose as high as $83.90 before finally closing at $83.47 on Thursday, which broke a previous record. The shares were mostly flat as trading resumed on Friday.
In the immediate aftermath of the Kaepernick announcement, Nike’s stock price dipped a noticeable 3 percent. But the stock has recovered immensely, beating out the company’s previous high of $83.00 from Wednesday and an earlier peak of $82.95 on Aug. 21, 2018.
— LeBron James (@KingJames) September 14, 2018
The ad campaign was first revealed when Kaepernick tweeted out a two-minute video of himself narrating stories of athletes who’ve overcome incredible odds.
“It’s only crazy until you do it,” he says in the video before adding, “Just do it.”
The ad’s TV debut came about on September 5 during the NFL’s Thursday night opener and was received with mixed reactions, some of which led to people taking to social media and destroying their Nike apparel in protest.
The move represented a big gamble for Nike, which obviously knew it was delving into a politically divisive subject — one that’s been a major sticking point for the President of the United States.
On September 5, Trump tweeted that boycotts of ad campaign was getting Nike “absolutely killed.”
Just like the NFL, whose ratings have gone WAY DOWN, Nike is getting absolutely killed with anger and boycotts. I wonder if they had any idea that it would be this way? As far as the NFL is concerned, I just find it hard to watch, and always will, until they stand for the FLAG!
— Donald J. Trump (@realDonaldTrump) September 5, 2018
“Just like the NFL, whose ratings have gone WAY DOWN, Nike is getting absolutely killed with anger and boycotts,” Trump tweeted on September 5. “I wonder if they had any idea that it would be this way? As far as the NFL is concerned, I just find it hard to watch, and always will, until they stand for the FLAG!”
Obviously, Nike thought drawing the potential ire of the President would be worth it. So far, it looks like that gamble paid off.
Featured image via Nike