Nike Boosts Jordan Brand with First U.S. Flagship Amid Strategic Shift

Nike is boosting one of its flagship brands in the midst of a strategic shift to redirect the evolution of its business. Nike-owned Jordan will launch its first exclusive retail outlet in the United States, located at 1617 Walnut Street in Philadelphia, on October 10th. Under the World of Flight concept, the store is part of an expansion plan in the United States. Jordan already had stores in Mexico, Beijing, Seoul, Tokyo and Milan.

Located on one of Philadelphia’s main upscale shopping arteries, the new store pays homage to the place where Michael Jordan, the historic athlete who gave birth to the brand, played his last game. “We look to serve a community with a rich culture that also drives one of the most in-demand basketball markets in the U.S. by expanding our programming, boosting local athletes, artists, creators and fans,“ said Jeremy Bolds, general manager of Jordan Brands in North America.

Nike has also strengthened Jordan Brand in Europe. In August, the sports giant appointed Santiago Arredondo as the brand’s new vice president and general manager in Emea (Europe, Middle East and Africa). The executive has more than 16 years of uninterrupted experience with the company.

Nike is going through low hours with gross profit down 14% in 2024, compared to the previous year

This year, the group has reconfigured its management structure to get out of the slump it has been going through since 2023. Thus, Heidi O’Neill, until May president of the company’s consumer business, with an extensive career that began in 1998, left the company. Amy Montagne took over as president of the Nike brand.

The U.S. company, which at the end of last year launched a crash plan after closing 2023 with the smallest increase in a decade, closed its last fiscal year with a 44% plunge in net income and a 10% drop in sales.Net income at the end of 2024 (ended last May) stood at $3.22 billion, compared to the $5.7 billion dollars it earned in 2023. Gross income, meanwhile, fell by 14% in 2024 as a whole, to $19.79 billion dollars.

Group sales in the first quarter of the current fiscal year, however, surprised the market with a 1% increase globally, raising the tariff impact forecast to $1.5 billion for the year as a whole. By markets, in the Americas, the group’s main market, Nike posted 4% growth in the first three months of the year. In Europe, the Middle East and Africa (EMEA), the company posted a 6% increase, while in China it fell by 9% and in the rest of Asia it grew by 2%.