WASHINGTON (dpa-AFX) - Nike will raise prices on select footwear, apparel, and equipment in the U.S. starting June 1, as it responds to rising costs and a challenging retail environment.
While the company did not explicitly cite U.S. tariffs, the move comes as import duties continue to weigh heavily on goods produced in Asia, where the bulk of Nike's manufacturing takes place.
Footwear priced between $100 and $150 will see a $5 increase, while shoes above $150 may rise by as much as $10. Apparel and accessories will also climb by $2 to $10. Key products, including Air Force 1 sneakers, children's items, and Jordan-branded gear, will remain unaffected.
Although Nike described the increases as part of its regular 'seasonal planning,' the backdrop of U.S. tariffs-especially a lingering 10 percent base levy-suggests economic pressures are mounting. With Vietnam, Nike's largest manufacturing base, facing potential tariffs as high as 46 percent, the company is navigating an uncertain trade landscape.
Chief Financial Officer Matt Friend previously noted that tariffs, combined with broader macroeconomic factors, are clouding consumer sentiment. Nike's global sales fell 9 percent last quarter, including a 17 percent drop in China, while digital sales plunged across all major regions.
In an effort to revive growth, Nike is returning to Amazon after a five-year absence and expanding partnerships with new retailers. The company is also refocusing on core markets-the U.S., China, and the UK under new CEO Elliott Hill, who has launched turnaround efforts including a high-profile collaboration with Kim Kardashian's Skims.
Nike shares have dropped nearly 20 percent this year, reflecting investor concerns over its strategy and competitive pressures from rivals like Adidas, On, and New Balance.
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