By Sabela Ojea
Shares of Nike on Tuesday rose after the sportswear company and Skims announced a partnership to bring to the market a new brand, NikeSKIMS, aimed at female athletes.
The stock was up 4.5% to $76.30 in midday trading, on pace for its largest percentage increase since Sept. 20. Shares have dropped 26% over the past 12 months.
Nike said the long-term deal with Los Angeles-based Skims, co-founded by Chief Executive Jens Grede and Chief Creative Officer Kim Kardashian, comes as it seeks to grow its women's business.
It also comes at a time when Beaverton, Ore.-based Nike is working on a turnaround plan under CEO Elliott Hill that includes tackling heavy discounting over the medium term, and as the company pushes its narrative through strong marketing moves such as its first Super Bowl ad after nearly 30 years on the sidelines.
The first collection of NikeSKIMS will be launched in the U.S. at select retail locations and on Nike's website this spring, Nike said.
A global expansion will follow in 2026, with extension to new markets and retail locations, the companies added.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 18, 2025 12:56 ET (17:56 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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