Nike Just Re-Entered The Wearables Market
Nike Inc (NYSE: NKE) has patterned with Apple Inc. (NASDAQ: AAPL) to create a new version of the Apple Watch. The new Apple Watch Nike+ product marks Nike’s reentry into the wearables industry, Barclays’ Matthew McClintock mentioned in a report. He maintained an Overweight rating on the company, with a price target of $75.
The two companies have a history of collaboration, with the earliest version of the Apple Watch integrating the Nike+ running app.
Reentry Into Wearables
In 2014, Nike had announced its exit from the wearables space, with the discontinuation of its Nike+ Fuel Band. The recently-announced Apple Watch Nike+ product marks Nike's reentry into this space.
The new version is designed especially for runners. It combines a black and neon band that is flexible, lightweight and breathable, while having “a more runner friendly” watch face. “The new version also includes a new feature, "Just Do It Sundays," in which users can invite others to join them on runs,” analyst McClintock wrote.
The product would be available in late October and would be priced at $369. “We continue to believe the wearables industry is sustainable longer term and every incremental innovative product put out will only attract more consumer interest and engagement,” McClintock commented.
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