Nike Air Jordan cachet tumbles on resale market

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Some investors are concerned the Jordan brand may be losing steam.

Jordan accounts for roughly 16% of Nike’s revenues, according to its fiscal 2023 annual report.

In other words, sneaker styles that once sold on StockX for US$100 or more above Nike’s list price are now selling for a premium of less than US$10 – or at a discount, in the case of the “True Blue,” “Skyline” and “White Cement” colours of Air Jordan high-tops released this year. Some investors are concerned the Jordan brand, a major source of sales for Nike, may be “losing steam,” Bernstein analysts said on Sunday.

Sales on StockX do not directly impact Nike’s revenues, but analysts say resale values can measure consumer sentiment toward a brand and the broader demand for discretionary goods. Nike still ranks among the top five best-selling sneaker brands on StockX, but the platform is recording faster year-over-year sales growth from other companies, including running brand Asics and the French-owned sports retailer Salomon.

Altan’s head of research, Dylan Dittrich, said that was a sharp departure from 2020 and 2021, when strong demand for Nike’s lifestyle sneakers – coupled with limited availability due to pandemic-related supply chain snarls – guaranteed strong sell-through. At the time, Nike could count on both shoppers and resellers snapping up available inventory, which was reflected in high premiums for Nike styles on resale platforms such as StockX.

 

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