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Nike Inc (NYSE:NKE) cemented its relationship with Colin Kaepernick as a brand ambassador after doubling down on the controversial ex-NFL star by featuring him in an upcoming commercial.
What To Know
The advertisement is a part of a greater campaign celebrating the 30-year anniversary of "Just Do It" and features Kaepernick narrating a commercial titled "Dream Crazy." It highlights athletes that have overcome severe challenges, including new Nike signing Shaquem Griffin, the first NFL player ever to play with only one hand.
Nike’s commitment to Kaepernick -- who first caused controversy back in 2016 by kneeling during the National Anthem -- has caused immense backlash, prompting a #BoycottNike campaign and even saw President Trump chime in.
Why It's Important
The decision to feature Kaepernick thrusts the company into the conversation leading into the NFL kickoff.
“If anything it makes the company very relevant leading up the the season,” sports attorney Darren Heitner told Benzinga.
NPD Group's Matt Powell said Kaepernick is just part of a long-term branding story for Nike as it goes after a more liberal and progressive Millennial and Gen Z population, and that the backlash it sees from Baby Boomers is a non-issue, at least in the short term.
What's Next
While Nike's stock fell 3 percent Tuesday, shares closed marginally higher Wednesday at $79.92. The stock is up about 27 percent in 2018.
The commercial is scheduled to air during Thursday's Atlanta Falcons-Philadelphia Eagles season opener.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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