Space Jam XI sneaker a huge success for Nike
Nike just had its biggest sneaker release ever thanks to a cartoon bunny and Michael Jordan.
In December, the shoemaker’s Jordan brand began selling the Space Jam XI, celebrating the 20th anniversary of the 1996 comedy featuring the basketball legend alongside Looney Tunes characters. Shoppers went bonkers.
“The Space Jam XI was the largest and most successful shoe launch in the history of Nike,” Trevor Edwards, president of Nike Inc., said on a conference call with analysts. He didn’t disclose sales numbers.
The sneaker is a re-release of the Air Jordan XI that debuted in the original movie. The new US$220 shoe has a black mesh top with patent leather, white on the sides, and translucent blue outsoles. The number 45 (not Jordan’s original 23 — he came out of retirement wearing 45) and the Jumpman logo are stitched on the back. It comes in a special edition box.
The Space Jam shoe was a bright spot in Nike’s otherwise gloomy quarter, as shares fell amid investor concerns that Nike is losing market share to hard-charging competitors Adidas AG and Under Armour Inc. Nike shares in New York fell 4.09 per cent on Wednesday, closing at US$53.92.
Retro styles like the Space Jam kicks are having a fashion moment and Beaverton, Ore.-based Nike is riding that wave. Space Jam has become a cult classic decades after its initial release.