Tech

Jordan Brand Becomes Nike’s Best-Performing Division With $7B In Revenue

Jordan Brand Becomes Nike’s Best-Performing Division With B In Revenue

Jordan Brand is Nike’s best-performing division.

As AFROTECH™ previously reported, the Jordan Brand continues to rise, tracking $4.7 billion in fiscal year 2021. At the time, this equated to a 31% increase and marked its highest yet, with growth in every region, including double digits in North America, according to WWD.

The following fiscal year, Jordan Brand earned $5 billion.

“We’re empowered to grow this brand and make the most of it in geographies around the world,” explained Craig Williams, the president of Jordan Brand at the time, per WWD. “And that’s where the distinctiveness and the independence — if you want to call it that — come into play. But we are turbocharged by being a part of a great global company called Nike Inc. It helps us to efficiently get things done in a way that if we were an independent company, we wouldn’t have that luxury. So it’s important for me, when I think about it with the team, to be both collaborative to take advantage of the wealth of opportunities that Nike offers us, while also being free to be able to make the most of every consumer opportunity that is out there.”

In Nike’s most recent earnings report, the Jordan Brand — now led by Sarah Mensah, who was named the brand’s president in 2023 — is reigning supreme, with a 6% sales increase to reach $7 billion in revenue for fiscal year 2024, Boardroom mentioned. Additionally, its profits have now doubled since 2020 and sales have scaled internationally.

Nike reported fiscal year 2024 revenues at $51.4 billion, a 1% increase from the previous year, the outlet notes. However, its fourth-quarter revenues pooled in $12.6 billion, a 2% decrease.

“We are taking our near-term challenges head-on, while making continued progress in the areas that matter most to NIKE’s future – serving the athlete through performance innovation, moving at the pace of the consumer and growing the complete marketplace,” said John Donahoe, Nike’s president and CEO, in an earnings release. “I’m confident that our teams are lining up our competitive advantages to create greater impact for our business.”

In the fiscal year 2024 earnings call, Matthew Friend, Nike’s executive vice president and chief financial officer, shared how Nike recalibrated the Jordan Brand franchises in fiscal year 2018 and brought more dimension to its portfolio.

“Over the subsequent quarters, we turned the page from double-digit declines in the [Jordan] brand to the start of multiple consecutive years of strong double-digit growth,” Friend said.



Source link

About Author

I'm an interactive digital experience bringing you the latest in fashion, music, entertainment, art and social media & technology. I was created in 2009 in the hopes of making your life more fun by giving you a media consumption experience unparalleled to any other.

Digital Online Fashion Magazine | Free Fashion Magazine | Best Lifestyle Blog