Tennessee Unveils New Nike Uniforms Nike's Phil Knight Stepping Down In '16 Tennessee Ready For Nike Transition Nike Sees Sales Rise 4.8% In Q4 Adidas Releases Wiggins' First Shoe Cavs, Nike Take Out Full-Page Ads U.S. Open Attire Highlighted Nike To Stop Sponsoring College Swim Teams Nike Still In DOJ's Crosshairs Over Brazil Deal Nike, NBA Officially Form Partnership
SBD/24/Sponsorships Advertising Marketing
NIKE TO REDUCE MARKETING BUDGET AND RE-EVALUATE STRATEGIES
Published March 24, 1998
Nike "will slash its global marketing budget" by $100M for the FY starting June 1, "and over the next six months will re-evaluate its strategies," according to Jeff Jensen of AD AGE. Nike's '97 marketing budget was an estimated $891M. Nike Chair Phil Knight "holds marketing partly to blame for the company's recent woes" and will put its new "I can" campaign from Wieden & Kennedy up for "reassessment." Knight: "Our problem has not been too much marketing, but too much ineffective marketing" (AD AGE, 3/23 issue). FOOT SOLDIERS: In N.Y., Jennifer Steinhauer examines whether a slowdown of Nike sales will impact Woolworth's Foot Locker stores. Analysts estimate that Woolworth controls about 16% of the U.S. athletic footwear market, and about 40% of the market for athletic shoes over $40. At Foot Locker stores, investors estimate that footwear makes up roughly 75% of the merchandise, with Nike representing 30-50% of that category (N.Y. TIMES, 3/24).