Key Takeaways
Nike (
NKE
) shares gained 4% by midday Tuesday after the athletic apparel maker announced it will launch a new fitness brand with reality TV star Kim Kardashian in an effort to attract more women buyers.
The “Just Do It” company is teaming up with
Kardashian
’s SKIMS shapewear and clothing brand to create NikeSKIMS products for women.
Nike
on Tuesday said NikeSKIMS would offer “
training apparel
, footwear, and accessories designed to meet the unique needs and preferences of women athletes around the world.” It added that the collaboration idea for the new, shared product line came from SKIMS.
First NikeSKIMS Products Set To Hit Stores in Spring
Kardashian, who is co-founder and chief creative officer of SKIMS, said NikeSKIMS will be “delivering product that is meticulously designed to sculpt and perform for every body.”
Nike added that the first products would hit U.S. store shelves in the spring.
Nike shares were leading
Dow
gainers at midday Tuesday, according to data from CNBC. However, shares of Nike have been struggling, hitting a five-year low earlier this month as new
Chief Executive Officer Elliott Hill
, who took over in October, has moved to try to
increase
sagging sales. Even with Tuesday’s gains, the stock price has lost a quarter of its value over the last year.
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