Nike is planning to launch a new $100-and-under sneaker line as it looks to combat weak sales.
The sporting giant’s chief financial officer confirmed on Thursday that the new range, which is priced around £79 or less, will be rolled out in countries around the world, Reuters reported.
It comes as Nike slashed its 2025 forecast after reporting weaker-than-expected fourth quarter sales, which fell 2% to £9.6bn.
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The announcement led to its shares plunging 20%, making it the biggest one-day percentage drop in its stock’s history.
Nike has significantly hiked the price of its top-end Air Jordan 1 trainers in recent years, with the shoe now selling for as much as £130 at some retailers including JD Sports, Size? and Asos.
The brand’s executives also flagged softer traffic in its factory stores that sell discounted shoes and clothing, highlighting increasing pressure being felt by the value consumer.
Nike CFO Matthew Friend told investors on Thursday that the companies “teams are also attacking opportunities across price points”.
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