After suffering a short-term backlash, Nike continues to cash in on its marketing campaign with controversial NFL quarterback Colin Kaepernick.
The company's shares rose to $83.90 on Thursday (September 13), surpassing its previous record, before closing at $83.47. This compares to a 3.2 per cent dip to $79.92 shortly after the Just Do It ad campaign was unveiled.
According to data firm Edison Trends, Nike’s e-commerce sales grew 31 per cent in the two days after the Kaepernick campaign was announced. CNBC reported that Nike has also added roughly 170,000 Instagram followers since then.
The long-term effects of the Kaepernick campaign remain to be seen but initial fears that it would harm the company – following calls for boycotts and consumers burning Nike products – have dissipated.