Tens of thousands of people are threatening to boycott Nike in response to their recent ad campaign featuring free agent quarterback Colin Kaepernick along with the quote: “Believe in something. Even if it means sacrificing everything.” As a result of the print ad, #NikeBoycott is one of the top trends on social media as people continue to upload videos of themselves burning their own Nike gear.
According to reports, Nike shares were marked 2.5% lower in the opening minutes of trading on Wall Street, the biggest decline since July 3. It’s worth noting, several other apparel brands also saw their shares drop, including Adidas. As industry analyst Matt Powell notes, Nike will be just fine without those disgruntled consumers who are burning their Nike Air Monarchs.
On the other hand, GlobalData Retail’s Neil Saunders believes the campaign will harm Nike in Middle America, where it is battling Adidas for dominance in the sneaker market. “The company’s stand may go down well on its native West Coast; it will be far less welcome in many other locations,” he said, according to the New York Post.