Nike $NKE is betting the 2024 Summer Olympics in Paris will help it turnaround its slump in sales.
On Thursday, Nike unveiled the Olympic Kits for the teams it sponsors alongside athletes from Kenya and the U.K., Reuters reported.
In March, Nike’s CEO John Donahoe said Nike was not “performing at its potential,” and that it was clear Nike needed “to make certain adjustments.”
Sport’s biggest stage may be the opportunity Nike needs to redirect attention to its line of performance products, such as the Alphafly 3, a road racing shoe currently priced at $285. The company plans to feature more affordable running sneakers too, like its Pegasus model, which retails between $100 to $160, depending on the model and current discount.
Nike said it will provide attire for U.S. athletes in every type of sports category. Moreover, kits for teams in Canada, China, Kenya, Germany, and Uganda will also be arranged by Nike.
The athletic apparel maker intends to supply basketball footwear for athletes in China, France, Japan, and Spain. It even plans to equip Korea’s “break” athletes.
Matt Nurse, Nike’s sport innovation lab vice president, told Reuters that while there is “definitely more competition” from brands such as Hoka and Lululemon $LULU, who are swallowing a chunk of market share, “it’s good to take [a] pulse on what consumers are thinking and responding to.”
Nike will get attention during the Olympics, Tom Nikic, a Wedbush analyst told the publication. But it remains to be seen “whether Nike has the strong product to capitalize” on it, he added.