Nike Generates $3 Billion After Colin Kaepernick Flag Shoe Controversy
Former NFL player Colin Kaepernick has continued his success away from the field with more focus on social injustice issues around the community while continuing his collaboration one of the faces of Nike. As reported on the week of Independence Day, Nike and Kaepernick reportedly came to an agreement for the sports apparel giant to yank its Betsy Ross flag-infused sneakers off of the market.
Historically, the flag Betsy Ross designed acknowledges the thirteen original colonies of America, which has ties to slavery and the many injustices many people of color has face since. After being aware of these issues, Nike gave this statement on the shoe to CNBC:
"Nike has chosen not to release the Air Max 1 Quick Strike Fourth of July as it featured an old version of the American flag."
Fast forward to Monday, the former San Francisco 49er QB has reportedly pulled in numbers for the appeal giant, increasing Nike's stock by 2%, which equals out to a total of nearly $3 million, according to reports.
Kaepernick's concern over the shoe's "Betsy Ross Flag" designs connection to an era of slavery resonated with investors, as Nike has seen a 2% stock increase and added nearly $3 billion in market value since cancelling the kicks.
Following the retailer removed their sneaker, several called for change, opposing Nike's decision while taking to social media including conservative Laura Ingraham, who went as far as to declare her family's plan to boycott Nike. She tweeted:
"No more @nike sneakers for our family."
Republican Arizona Gov. Doug Ducey announced Tuesday following the pull, his state would be withdrawing financial promises to Nike over the controversy.
"Nike has made its decision, and now we're making ours. I've ordered the Arizona Commerce Authority to withdraw all financial incentive dollars under their discretion that the State was providing for the company to locate here. Arizona's economy is doing just fine without Nike. We don't need to suck up to companies that consciously denigrate our nation's history."
Kaepernick has been on Nike's endorsement roster since 2011, but has limited his likeness to only a handful of their ads in two years before appearing in September 2018.
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