Nike's Stock Reaches All-Time High Despite Controversial Colin Kaepernick Ad Campaign
As of Friday afternoon, Nike shares reached an all-time high despite the recent drop in stock due to the controversy over the new campaign featuring former NFL quarterback Colin Kaepernick.
The athletic apparel company’s stock price closed at $83.49 — up nearly 4 percent since the 30th-anniversary “Just Do It” campaign started and up more than 50 percent from this time last.
Kaepernick retweeted a video posted by Complex about Nike’s increased sales on Friday.
The football player, 30, is known for starting the #TakeAKnee movement in 2016, where he declined to stand for the anthem when it was played before games in protest of police brutality and the racial injustices faced by people of color in America.
Nike faced a dip in stock immediately after announcing their ad campaign with the athlete on September 3.
The campaign has received criticism from political figures, including President Trump, who has been outspoken about the campaign, and Louisiana Mayor Ben Zahn, who banned local facilities from buying Nike equipment but rescinded it a few days later.
Despite the backlash, the brand’s sales increased over Labor Day, and have continued to do well.
“People say your dreams are crazy, if they laugh at what you think you can do, good,” Kaepernick says in his Nike commercial. “Stay that way. Because what non-believers fail to understand is that calling a dream crazy is not an insult, it’s a compliment.”