Nike shares fall on Wall Street as the brand exits the World Cup alongside England
The share price has fallen by 33 per cent since the start of the year. Argentina’s victory dashed the giant’s hopes of sponsoring the world champions
Nike has fallen by 33 per cent on Wall Street since the start of the year and is struggling in the Chinese market; now it has also lost its bet on football and is paying the price on the stock market for its exit from the World Cup: the Nike logo will be absent from the final.
Argentina’s 2–1 victory in semi-final against England, on Wednesday, dashed the sportswear giant’s hopes of sponsoring a team on the tournament’s biggest stage on Sunday.
The battle between the brands
In a fierce battle between brands both on and off the pitch, the result represents a definite boost in visibility for rival Adidas, which kits both finalists: Argentina and Spain. Adidas had sponsored a total of 14 national teams in the tournament.
None of the 12 Nike teams, including semi-finalists England and France, managed to secure a place in the final.
Both companies have invested heavily in the football tournament, but Nike was counting on it to boost sales and visibility, in an attempt to bounce back after years of steadily declining market share.
