As Nike moves toward selling directly to consumers, it is also shifting slightly away from a heavier presence in other retailers. In 2017, Nikes loyalty program had 100+ million members who spent almost three times more than guest buyers on the website. Size of the global activewear market 2021 to 2028, Leading sport clothing brands in France 2021, by number of users, Global sports footwear market revenue 2018-2028. Why Elite Female Athletes Are Turning Away From Major Sponsors If this all seems like a lot of information for you, thats because it is. Research expert covering shopping behavior, sports and leisure retail, and the subscriptions and direct selling industry. 1. Whether you are starting your first company or you are a dedicated entrepreneur diving into a new venture, Bizfluent is here to equip you with the tactics, tools and information to establish and run your ventures. Revenue figures for Nike were converted from USD to Euros at an exchange rate of 1 USD - 0.913 Euros (April 19, 2023). To use individual functions (e.g., mark statistics as favourites, set What Is Roger Federer's Net Worth and Tennis Earnings? Top-10 Most Influential Nike-Sponsored Athletes | SportyTell (Statista). As mentioned by Forbes, Nike made him the brand's face and has offered him a $1 billion lifetime deal similar to Lebron James. (Statista). (March 9, 2023). The most expensive celebrities for promotions are: Taylor Swift. Sharapova had signed an 8-year Nike deal worth $70 million in 2010, which earned her $8.75 million a year. These are big questions to answer, but the essential point is to go where your audience is. With a combined 25.3 million followers on the major social media platforms, Westbrook is one of the most influential Nike-sponsored athletes. Nike eventually offered a five-year deal with base pay of $500,000 per year, triple any other NBA sneaker deal. The celebrity athlete is well-known and uses his or her fame to help a company sell or enhance the image of a company, products, or brands (Brooks & Harris, . READ NEXT:The Jordan Effect: How Air Jordan Went From A Struggling Sneaker Line To A Billion-Dollar Brand, Sources: Inside Sports, Yahoo Finance, Finances Online, Forbes. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Statista. Michael Jordan's net worth explained - including Air Jordans and Nike deal worth 1bnhttps://t.co/IoJZQ4jv37 pic.twitter.com/zxR5qg4pk3. (Statista). The iconic swoosh and ubiquitous tagline Just do it are powerful status symbols in many social and industry circles, and the brand has come to represent the pinnacle of sportswear and footwear for decades. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Show sources information Make sure your M2 store is not only in good shape but also thriving with a professional team yet at an affordable price. ", Nike, Nike's endorsement contracts commitments worldwide from 2021 to 2026 (in million U.S. dollars) Statista, https://www.statista.com/statistics/961728/nike-endorsement-contracts-value/ (last visited May 01, 2023), Nike's endorsement contracts commitments worldwide from 2021 to 2026 (in million U.S. dollars) [Graph], Nike, July 20, 2021. If you go to Youtube and type in nike review on the search bar, you can receive about hundreds of results. Associations with top athletes like Roger Federer, Michael Jordan, Carmello Anthony and Cristiano Ronaldo allow the company to enjoy a high level of prestige. List of Nike sponsorships - Wikipedia Revenue of the cosmetic & beauty industry in the U.S. 2002-2022, Value of the leading global textile exporters in 2021, by country, Vegetable oils: global consumption 2013/14 to 2022/23, by oil type, Cocoa bean production worldwide 2020/2021-2022/2023, by country, World coffee per capita consumption: major consumer countries 2015, Cosmetics industry in the U.S. - statistics & facts, Research expert covering shopping behavior, sports and leisure retail, and the subscriptions and direct selling industry, Profit from additional features with an Employee Account. Currently, you are using a shared account. Being a big brand in a multitude of industries, Nike has collaborated with many celebrities and influencers. Are email newsletters suitable for your customers? Nikes owners did declare the uniqueness of the brand shoes with three points, by which customers can easily decide whether to buy Nike shoes or find another brand. 5. statistic alerts) please log in with your personal account. ", Brand Finance, Brand value of the sports company Nike worldwide from 2016 to 2022 (in million U.S. dollars) Statista, https://www.statista.com/statistics/632210/nike-brand-value/ (last visited May 01, 2023), Brand value of the sports company Nike worldwide from 2016 to 2022 (in million U.S. dollars) [Graph], Brand Finance, January 31, 2022. Endorsing celebrities to use Nike products and wear the brands clothing helps to enhance the brand image. How Nike became king of endorsements - CNNMoney It is a highly recognizable brand. Lets see what sort of marketing strategy Nike used to achieve and maintain their status of a markets dominant player. From Disabled and $500k in Debt to a Pro Blogger with 5 Million Monthly Visitors, Shoe Dog 3 Minute Summary: 15 Lessons Learned + PDF, Target SWOT Analysis for 2021: 24 Key Strengths and, "From Disabled and $500k in Debt to a Pro Blogger with 5 Million Monthly Visitors. In 2021, Nike's brand value was 22.8 billion. North America comprises 36% of its market. The amount represents approximate amounts of base compensation and minimum guaranteed royalty fees Nike is obligated to pay athlete, public figure, sport team and league endorsers of their products. Most notable endorsement: Diet Coke - $26 million. Nike now has a virtual monopoly in the once-competitive basketball sneaker business. Show publisher information Digital is fueling how we create the future of retail - Nike CEO Jon Donahoe said. All Rights Reserved. Get full access to all features within our Business Solutions. In the other hand, . To use individual functions (e.g., mark statistics as favourites, set It has a number of celebrity endorsements. Federer made $90.7 million between 2021 and 2022 . Chart. Nike was all too eager to sign a $25 million a year contract with the star golfer who then represented the brand in their golf gear, as noted by Finances Online. Tiger Woods & Nike. Jordan had a $500,000 a year, five-year deal with Nike, but now the retired player makes $100 million a year, thanks to Air Jordan. Dollars). But hardly anyone understands how mighty Nike is compared to other global sports brands out there, like Adidas, for example. If scrolling through their social media account, you can come across high profile faces in the sport industry: Tiger Woods, Serena Williams, Rafael Nadal, etc. Then you can access your favorite statistics via the star in the header. Can The Math Game Help The Denver Nuggets Beat The Phoenix Suns? The benefits of the loyalty program includes:exclusive products, priority access to tickets to sporting events, early access to product launches, rewards for being active through their apps, expert advice on training and exercise,, special offers on birthdays and, even better, free delivery. It offers a unique and fully customizable buying experience that cant be imitated in a department store, allowing consumers to purchase products that are specific to their tastes and preferences. Nike Marketing Strategy: Why Nike Is A Marketing Leader? Images often show the bold, fearless side of the users when they use Nike products. Even though Nike remains fairly dominant in the market, competition is stiff, and brands continue to jockey for the top spot in consumers minds and will continue to try to hold onto their loyal customer bases. For example, breathable; eco-friendly or outdoor-inspired t-shirts, etc. Why Nike Uses Endorsements & Sponsorships | Bizfluent In fact, Nike was able to recover 57 percent of its $181 investment in Woods solely through U.S. golf ball sales. It relies on inexpensive labor to keep its operating costs down, but fair treatment of its employees across the globe remains a blemish on its record. These endorsements are a vital part of the brand's success that cannot be discounted. Nike made a $100 million, 10-year deal with the hustler, which earned the sports star. Nikes SEO strategy is also top-notch. Like in the picture above, Nikes website would automatically recommend relevant products to the product that the visitor is viewing. Nikes worldwide employment grew 119% from 2009 to 2020. dollars)." Published by. How much does Nike spend a year on endorsements? From Britney & Pepsi to LeBron & Nike: 10 Iconic Celebrity Endorsements In an inspiring blog on Forbes, Celinne Da Costa - a story architect, has emphasized three reasons to use storytelling skills in Marketing strategy: Back in Nikes early days, when Bill Bowerman started the idea of selling more shoes to the market, he knew that he had to tell a story. This statistic shows Nike's projected endorsement contracts commitments from 2021 to 2026 . including Nike who was forking over $10 million. Nike aggressively signed NBA players throughout the 1990s and 2000s, and stars like Kobe Bryant and James helped build its business in the U.S. and China. Dollars). Seventy-seven percent of NBA players wore Nike or Jordan shoes during the 2019-20 season, according to shoe database site Baller Shoes DB. A family paid over $400 for Nike shoes that lasted 10 weeks - MSN Nike is one of the most recognized brands around the globe. 1. The Last Dance, ESPNs documentary tracking Michael Jordans final season with the Chicago Bulls, has captivated the American viewing public at a time when sports are on lockdown. Expensive Endorsements. The stronger the brand is, the quicker people can relate it with a differentiated characteristic or product. According to a survey by Adobe in 2018, gen Z and millennials, who were born between 1980 and early 2010s, most likely use social media as their connecting channels with digital advertisements. 4. Nike: brand value worldwide 2022 | Statista She has a Bachelor of Arts in communications from the University of Pittsburgh and an MBA from Robert Morris University. If you have a chance to take a look at the post, you will see the message that Nike helps to send over is clearly and catchy: self-care. Nike is no exception to this, and cracking down on counterfeiters is a never-ending battle. The brand has made strategic endorsement deals that have evolved a small company into a billion-dollar enterprise over the years. 7. After reading about Nikes marketing strategy, the question now is that: How can you add these methods to your marketing strategy and naturally make them work? He was one of the first athletes to create his shoe line in partnership with the Jordan brand. The channel holds women empowerment content that inspires the healthy and sporty lifestyle. However, like many brands, it has both strengths and weaknesses, and faces obstacles it must rise above in order to maintain its success. Economists Christopher R. Knittel and Victor Stango found that Woods' portfolio of sponsors lost around 2 percent of their market value 10 to 15 trading days after the scandal. Fortunately, the NBA can't keep you from wearing them.". For eCommerce, a big part of the marketing strategy is the buying experience. (Statista). "Brand Value of The Sports Company Nike Worldwide from 2016 to 2022 (in Million U.S. Show publisher information Here are the steps: Your audience is on the Internet for a reason: theyre searching for answers to questions. Nike fell victim to a class-action lawsuit regarding gender pay discrimination. You only have access to basic statistics. Nike place high value on NBA players as endorsement partners due to their significant influence on fashion and pop culture, which ties into Nike's growing emphasis on lifestyle and culture. (Statista). The first Air Jordan sneaker hit stores the following year and racked up more than $100 million in sales its first 12 months. Even if he never dabbled in the world of celebrity endorsement, . Show publisher information This strategy further implements Nikes branding image into visitors minds, leaving an impression of a sport brand that is unique and youthful. Any overall decrease in consumer spending could cause Nike to lose out on significant portions of revenue, and since its products are mostly sold at premium prices already, this high-end status could become problematic if spending drops for extended periods of time. 5. The company was founded in 1964 by Bill Bowerman as Blue Ribbon Sports. What put them on the map of the most popular brands include many intelligent marketing approaches. Nike benefits from a well-established brand image that is beloved by most of the market. Before the Covid-19 pandemic, the brand only projected the number would be 30% by 2023. In 2016, the Daily Mail reported that then-18-year-old and very rich Kylie Jenner signed a $1 million deal to serve as a brand ambassador for Puma . Distribute storytelling across social media channels. While Endorsement, is a channel of brand communication in which a celebrity acts as the brand's spokesperson and certifies the brand's claim and position by extending his/her personality, popularity, stature in the society or expertise in the field to the brand. Please create an employee account to be able to mark statistics as favorites. How will you help customers with your products (both physically and mentally)? (Investopedia). Nike has always put an emphasis on the imagery of their marketing strategy. Adidas, Nike & Puma revenue comparison 2006-2022 | Statista Kevin Durant inked a seven-year, $60 million deal with Nike that included a $10 million signing bonus. This means that Jordan brand incorporates more value . 2023 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Let us make it fit your unique demand! Most expensive celebrity endorsements - CEOWORLD magazine Statista. Reuters: Adidas calls in fitness experts to revive Reebok. It is most well-known only for its footwear. Nike has mastered the art of producing quality products at a relatively low cost. In addition to the cash payments, Nike is obligated to furnish their endorsers with NIKE product for their use. One way to position your brand as an authority on industry is to create compelling content that addresses their concerns. Scam artists create knockoff versions of an otherwise identifiable brand, hoping to fool buyers into thinking they are the genuine article when the quality is shoddy and the product is not authentic. You can apply this feature to your eCommerce website as well with an app and keep visitors on your site for longer. "Nike's first signature athlete was welterweight wrestler, Wayne Wells. Nikes share of the performance basketball market, including the Jordan Brand, was 86% last year, according to market research firm NPD. Bloomberg Business Week noted that as of 2012, the retailer spent 13.5 percent of total company revenue on these marketing efforts. Learn more: 2022's report can be found here. (Forbes). She has endorsed Apple, CoverGirl, Keds, and Coca-Cola. Being a track and field coach, he easily wrote the story for his own products and connected with audiences. Michael Jordan Has Made Over $1 Billion From Nike - Forbes However, high costs and problematic working conditions could cause issues for the company if they refuse to change with the times. From basketball legend Michael Jordan to the greatest footballer Cristiano Ronaldo, lets look at some of the most expensive Nike endorsements. Lebron James is currently one of the highest-paid athletes in basketball with endorsement deals with top brands such as McDonalds, Samsung, and Coca-Cola. Nike stores and other retailers spotlight its ability to offer something to every customer in the market for performance gear, and its lines continue to expand based on consumer demand. Most Super Bowl wins by NFL team 1967-2023, Average ticket price in the NFL by team 2021, FIFA World Ranking: top male soccer teams 2022, Athletic footwear global market share by company 2015, Health & Fitness Clubs - Statistics & Facts, Sporting goods industry in the U.S. - statistics & facts, Research expert covering sports and video gaming, Profit from additional features with an Employee Account. Nike's fiscal year runs from June 1 to May 31 of the following year. Because every well-known individual has their own story, the audiences can easily relate as well as reflect on themselves. When top athletes are seen wearing Nike clothing, their fans want to wear it too. This dependence on other corporations means that it may end up sacrificing some of its profits or drive costs up and pass those along to buyers. As the image above suggests, consumers can sort products by many aspects, such as size, brand, type, suitable weather, icon, material, technology, height, width, and more. "Nike's Endorsement Contracts Commitments Worldwide from 2021 to 2026 (in Million U.S. According to the company's annual report for 2021-22, Nike is the world's largest seller of athletic footwear and apparel. Woods has been a Nike spokesperson since 1996, and in 2001, he signed a $100 million deal spanning five years -- one of the most expensive sponsorship deals in history. Laura Woods is a Los Angeles-based writer with more than six years of marketing experience. Currently, you are using a shared account. Nikes annual revenue still grows steadily year after year. 6. International trade could become a pitfall. One of the most iconic endorsements goes to the partnership between Michael Jordan and Nike with the release of the Air Jordan brand. The Intriguing Finances Surrounding $66 Million Takefusa KuboTracked By Real Madrid, Coach Darryl Sutter Fired As Calgary Flames Continue Summer Of Change, Philadelphia 76ers Look To Win First Playoff Series Over Boston Celtics Since 1982, FC Barcelona Tell Newcastle United Their Raphinha Asking Price: Reports, biggest shoe deal among active NBA players, when announcing Nikes fiscal second-quarter results. [Online]. Nike has 75,400 employees worldwide. This could be, in part, because many celebrities like Woods may . (Statista). How to Write a Follow-up Email? It maintains other valuable brands. Nike has recently made drastic moves to sell directly to consumers, opening its own retail storefronts and even selling directly online. SEMRush shows that over 60M users land on Nikes website monthly, spending almost 7 minutes on the site and browsing almost 5 pages. Get in touch with us now. Nike also target highly marketable athletes across popular global sports with large social media followings such as golf legend Tiger Woods, Brazilian soccer star Neymar Jr and NFL wide receiver Odell . George's latest signature shoe with . Nike paid the fine and seized the moment with an iconic 1984 commercial. 3. The Beaverton, Oregon-based company has partnerships with many of the most talented and famous athletes in the world. Nike generated $3.6 billion in 2020 revenue from its Jordan footwear line . NIKE MARKETING STRATEGY: WHY NIKE IS A MARKETING LEADER? Followed by Federer, Nadal is the only player to win 20 Grand Slam titles in his career. (Statista). Reebok had just burst on the scene and would surpass Nike in revenue by 1987. The 6'9'' forward also receives endorsement money from the likes of Sprint, Gatorade, Panini . Access to this and all other statistics on 80,000 topics from, Show sources information . statistic alerts) please log in with your personal account. Then you can access your favorite statistics via the star in the header. For a while, it was estimated that he made . As a global powerhouse in athletic footwear and apparel, Nike knows their consumers are picky about what their products can do. It could continue to develop unique products. 2021). Beyonce: Pepsi, $50 Million. Only from $15/hr, With a big catalog of 234+ extensions for your online store. 2022's report can be found here Apart from Nike, Odell's most prominent sponsor is United Sports Brands. There were 98 standalone Converse stores in the United States in 2020. Currently, you are using a shared account. Doing some research first definitely helps. Cristiano Ronaldo is the most sought-after celebrity in the world with several endorsements under his belt. Michael Jordan has been one of the biggest endorser with Air Jordan's introduced back in 1984. The Nike-related topics are still popular searched topics on Youtube because of the creativity of new influencers as well as innovative products of Nike. 3. Home Business Nike SWOT Analysis (2021). 6. Then, you can be the hero to answer and give solutions when the audiences need. Instead of marketing your products competitive advantages or features, think about what goal your customers are trying to achieve. It maintains a vast line of athletic wear for all seasons and many different sports. 2. The two women on the videos shared about their works and ambition to revolutionize fitness through community. Available: https://www.statista.com/statistics/632210/nike-brand-value/, Brand value of the sports company Nike worldwide from 2016 to 2022, Number of employees of the top sportswear companies 2021, Sportswear import value in the EU from 2014-2019, Sportswear export value in the EU from 2014-2019, Export value of sportswear in the EU by leading country 2019, Importers of fashion sportswear in the EU 2019, Import value of fashion sportswear to France 2019, by product, Distribution of import value of fashion sportswear to France 2019, by product, Average growth rate of import value of sportswear to France 2014-2019, by product, Average import unit price of fashion sportswear to France 2019, by product, Imports and exports value of sports footwear in France 2015-2020, Imports and exports volume of sports footwear in France 2015-2020, Change in revenue of sporting goods retailers in France 2019-2020, Sales value change of lingerie and swimwear in France 2019-2020, by item type, Breakdown of sports and sportswear purchases in France 2020, by channel, Market share of sports and sportswear retailers in France 2020, Production volume of sports shoes in France 2010-2020, Production volume of men's anoraks, ski jackets, windcheaters in France 2017-2019, Yoga clothing market size in France 2019, by type of item, Yoga clothing market breakdown in France 2019, by type of item, Leading brands of sports shoes/trainers in France 2020, by number of users, Most visited sportswear stores for sports purchases in France 2018, Annual revenue of selected athletic wear companies in France 2015-2020, Leading Dcathlon sports clothing in France 2014-2021, by number of users, Women's swimwear usage in France 2014-2020, by number of purchased items, Men's swimwear usage in France 2014-2020, by number of purchased items, Sportswear clothes most frequently used by the French in their daily life 2018, Annual Consumer Price Index for women's sportswear in France 2010-2021, Annual Consumer Price Index for men's sportswear in France 2010-2021, Annual Consumer Price Index for children's sportswear in France 2015-2021, Sports apparel and equipment annual spending of French sportspeople 2019, by gender, Annual spending on sportswear by French sportspeople 2019, by age group, Annual spending on sportswear by French sportspeople 2019, by level of income, Annual spending on sports apparel and equipment by people in France 2019, by type, Annual spending on sports apparel and equipment by French people 2019, by channel, Share of French yoga practitioners' spending on sportswear 2019, by type of clothing, Leading 'Shoes (Except Sports And Indoor)' brands among women in FR 2021, by number of users, Sports clothing items usage in France 2014-2020, by amount spent, Global brand value comparison of Nike and adidas from 2010 to 2022, Global brand value of H&M from 2016 to 2022, Global brand value of Zara from 2016 to 2022, Global brand value of Uniqlo from 2016 to 2022, Global brand value comparison of H&M and Zara from 2010 to 2022, Global brand value of Chanel from 2017 to 2022, Global brand value of Dior from 2016 to 2022, Global brand value of Herms from 2010 to 2021, Global brand value of Cartier from 2016 to 2022, Global brand value of Louis Vuitton from 2016 to 2022, Global brand value of Gucci from 2016 to 2022, Global brand value of Gillette from 2016 to 2022, Global brand value of Nivea from 2016 to 2022, Global brand value of Dove from 2016 to 2022, Brand value of the sports company Nike worldwide from 2016 to 2022 (in million U.S. dollars), Find your information in our database containing over 20,000 reports, America's favorite clothing and footwear brands.
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