Nike Air Jordan cachet tumbles on resale market. Is sneaker culture moving on?

By Katherine Masters NEW YORK - When Nike reports its results for the key back-to-school shopping season on Thursday, investors will be eyeing the performance of its Jordan brand, a majorBy Katherine Masters

In other words, sneaker styles that once sold on StockX for $100 or more above Nike’s list price are now selling for a premium of less than $10 -- or at a discount, in the case of the"True Blue,""Skyline" and"White Cement" colors 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.

The company will report results for the first quarter of its 2024 fiscal year, which Nike in late June projected would be below Wall Street expectations as North American consumers continue to cut back on discretionary purchases like footwear and apparel. Sales of performance shoes from Nike’s Jordan brand have also outpaced retro styles, which include Air Jordan 1 high-tops, Donahoe said in June.

Apptopia data from Barclays showed that during the fiscal first quarter, Nike app downloads were down 18% compared to last year - the biggest drop since mid-2019 - while daily average users also slid 2% year-on-year.

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Nike Air Jordan cachet tumbles on resale market. Is sneaker culture moving on?When Nike reports its results for the key back-to-school shopping season on Thursday, investors will be eyeing the performance of its Jordan brand, a major profit-driver for the company. Data from analytics firm Altan Insights shows the value of some Jordan shoes has been slipping on the resale market as other sneaker brands, including On Running, experience meteoric growth. On the resale platform StockX, the average premium paid on new releases of Nike’s Air Jordan 1 Retro High, long considered a quintessential collector’s shoe, has slipped from a high of 61% in 2020 to 4% in 2023.
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Nike earnings preview: Wholesale sales, China and consumer demand in the spotlightNike is set to report earnings on Thursday as investors remain focused on any signs of a consumer slowdown in North America and any impacts from slower growth in China.
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