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Nike (NKE.US) will close its virtual sneaker brand RTFKT under new CEO, ending operations in January 2025.
Generated by AI AgentMarket Intel
Tuesday, Dec 3, 2024 1:50 am ET1min read
The world's largest athletic apparel brand Nike (NKE.US) announced it will close its digital footwear subsidiary RTFKT as part of a business focus shift under new CEO Elliott Hill. Nike said in a statement on Monday that RTFKT will cease operations by the end of January 2025.
Nike has been undergoing leadership changes since Hill took over in October, but has yet to detail a specific turnaround strategy. An investor day event that was scheduled for November has been delayed to December 19.
RTFKT was acquired by Nike for an undisclosed amount in 2021 during the metaverse and non-fungible token (NFT) frenzy, and launched digital shoes for shoppers to purchase. At the time, former Nike CEO John Donahoe said the move was aimed at expanding Nike's digital reach and capabilities.
With the closure of RTFKT, the company is building a new website to showcase and preserve its historical designs. A Nike spokesperson declined to comment on the decision to close the subsidiary.
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