More than a week after Nike saw much of their products being cut and burned on social media after the decision to sign Colin Kaepernick and make him the face of their 30th-anniversary ‘Just Do It’ campaign, the apparel and footwear giant has rebounded immensely.
Fans last week were sharing videos of themselves burning, cutting or destroying Nike shoes and gear, spreading the hashtag #boycottnike and the bad news shaved more than $4 billion off of the company’s market value.
That is no longer an issue now.
Nike on Tuesday recovered the stock losses it experienced immediately after announcing its decision to feature the polarizing NFL free agent as shares rose about half a percentage point to close at $82.63. Nike’s stock had closed at $82.20 the day before it revealed Kaepernick’s role in the campaign and shares briefly fell below $80 last week.
Nike shares have rebounded, up 3.6% over the past five trading days to erase all the initial losses, and then some. Online sales soared 31% from the Sunday of Labor Day weekend until Tuesday, beating back fears that calls to boycott the brand would take a negative toll.
Nike stock has rallied more than 32% for the year to date.