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NKE - Nike Inc News Story

$137.81 4.3  3.2%

Last Trade - 07/05/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £155.84bn
Enterprise Value £153.61bn
Revenue £27.56bn
Position in Universe 43rd / 6858

Nike to clean up used, returned sneakers and put them back on shelves

Mon 12th April, 2021 3:00pm
By Richa Naidu
    CHICAGO, April 12 (Reuters) - Nike Inc  NKE.N  said on
Monday it will start refurbishing sneakers - from Vapormaxes to
Reacts - returned by shoppers and selling them at cheaper
prices, a service offered increasingly by retailers to reduce
consumer waste.
    The Beaverton, Oregon-based company said it would clean up
gently worn, like-new or slightly imperfect sneakers by hand and
resell them "at a value for consumers" at certain Nike stores.
To qualify for refurbishment, the sneakers need to be returned
to Nike stores within 60 days of purchase.
    "Up to fifteen U.S.-based stores will carry Nike Refurbished
footwear by the end of April 2021, with plans to integrate more
of this product at additional U.S.-based stores in the coming
year," Nike said in a statement.
    Nike is continuing to explore future expansion of the
program to markets outside the United States.

 (Reporting by Richa Naidu; Editing by David Gregorio)
 ((richa.naidu@tr.com; Follow me on Twitter https://twitter.com/Richa_Writes;
 +1 312 636 8874))
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