To revive flagging sales and help compete with upstart rivals, US-based sportswear brand Nike has increased its investment in marketing initiatives for this year’s Olympics than any previous games.
The brand recently unveiled 13 futuristic shoe prototypes along with the brand’s new Olympics kits at a show in Paris.
In its latest quarter, Nike increased marketing investment by 10 per cent to $1 billion over the same period last year. Investments in marketing will remain the company’s number one priority in coming times, says Heidi O’Neill, President-Consumer, Product and Brand.
In general, Nike is focusing on fewer and bigger marketing campaigns, O’Neill adds. At the end of the last year, the $139 billion company had hired a new chief marketing officer to boost the brand’s position in the increasingly competitive sportswear market.
Newer running brands such as On and Hoka are taking market share from Nike, while Adidas is benefitting from a shift away from chunky basketball sneakers.
The company’s consumers are facing challenges in every market it is engaged in. However, the brand’s investment will help stimulate demand despite pressure on consumers globally, adds Craig Williams, President-Global Geographies and Marketplace.
