You’d think that a multinational corporation that’s been around as long as Nike has would know better. You’d assume that they became as successful as they have because they held a sound business sense, understood the market, and knew how quickly public opinion of your product could sway. You’d think. But in the case of Nike, you’d be wrong.
Nike’s hiring of Colin Kaepernick as a commercial spokesman may go down in history as one of the most colossal blunders in corporate American history. Already a villian to the American people for his anthem kneeling on the football field, Nike took a chance and hired him as a brand representative. The sales free fall that followed was predictable and costly.
Slowly, Nike has been clawing their way back up. Just when they were about to regain the figures they had pre-Kaepernick commercial, they allowed him to destroy their company again.
By forcing the cancellation of the release of their Betsy Ross flag shoes, Kaepernick began Nike’s tailspin toward financial ruin. Could they not see such an end coming? Nobody wants to wear traitor shoes and after that circus everything Nike makes would qualify as such. Add to that Kaepernick disrespecting a veteran’s funeral, and it is plain that he is a public relations nightmare.
All of this culminated today into Nike stock hitting an all time low, selling at 50 cents a share. Not even when Nike first began to be publicly traded did their stock sell at such a low price. This is quite a humiliation for the once powerful company. They have become laughingstock.