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Monday, June 24, 2024

Nike To Revive Kobe Signature Shoe Line

  • Company to bring back one of the most popular shoe lines ever
  • Plan marks another significant step following prior acrimony between Nike and Bryant's widow
Bruce Kluckhohn-USA TODAY Sports

More than three years after his death, Kobe Bryant will again be the center of a signature shoe line.

Nike president and CEO John Donahoe announced during a quarterly earnings call that the company will revive one of the most popular shoe lines ever among general consumers, sneakerheads, and NBA players this summer.

“It’s going to be an exciting summer, as we set the stage to relaunch the Kobe brand in advance of Kobe Day on Aug. 24,” Donahoe said, referencing the annual commemoration of Bryant corresponding to his jersey Nos. 8 and 24.

Donahoe didn’t provide further details about Nike’s plans with the Bryant line, but the move is a significant step following prior acrimony between Nike and Bryant’s widow, Vanessa. 

After a nearly 20-year relationship between Nike, Bryant, and then his estate ended in 2021, the parties struck a new pact the following year to continue the Kobe line — and also honor late daughter Gianna.

Mixed Earnings Report

Nike also delivered a mixed earnings report for its fiscal fourth quarter and full year. The company posted revenue of $51.2 million for its fiscal year 2023, up 10% and above $50 million for the first time, boosted by a 29% sales surge for its Jordan brand.

Net income for the year sagged 16% to $5.1 billion, missing expectations for the first time in three years as Nike grappled with increased inventory levels, tighter margins, and higher tax rates. 

On Friday, Nike stock opened trading down more than 2%, extending a yearlong decline.

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