NIKE, Inc. Acquires RTFKT

Rhea-AI Summary

NIKE, Inc. (NYSE: NKE) has acquired RTFKT, a brand known for its innovation in digital collectibles and virtual sneakers. This acquisition aims to enhance Nike's digital transformation, merging sport, creativity, gaming, and culture. John Donahoe, NIKE's CEO, emphasized the intent to invest in RTFKT's brand and community. Founded in 2020, RTFKT leverages advanced technologies like NFTs and augmented reality to create unique virtual products. The financial terms of the deal were not disclosed.

Positive

• Enhances Nike's digital transformation strategy.
• Acquisition of a talented and innovative team from RTFKT.
• Potential for market expansion in the digital collectibles space.

Negative

• None.

The leading creators of virtual sneakers, collectibles and experiences, born in the metaverse, join the NIKE, Inc. family

BEAVERTON, Ore.--(BUSINESS WIRE)-- NIKE, Inc. (NYSE: NKE) today announced the acquisition of RTFKT, a leading brand that leverages cutting edge innovation to deliver next generation collectibles that merge culture and gaming.

“This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming and culture,” said John Donahoe, President and CEO of NIKE, Inc. “We’re acquiring a very talented team of creators with an authentic and connected brand. Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.”

Founded in 2020, by Benoit Pagotto, Chris Le and Steven Vasilev, RTFKT is a pioneering and innovative brand that redefines the boundaries of physical and digital value to serve their broad community of creators. This dedicated team leverages the latest in game engines, NFTs, blockchain authentication and augmented reality to create one of a kind virtual products and experiences.

“This is a unique opportunity to build the RTFKT brand and we are excited to benefit from Nike’s foundational strength and expertise to build the communities we love,” said Benoit Pagotto, one of RTFKT’s co-founders. “Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity and community, and we’re excited to grow our brand which was fully formed in the metaverse.”

Terms of the deal were not disclosed.

About NIKE, Inc.

NIKE, Inc., based near Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.’s earnings releases and other financial information are available on the Internet at http://investors.nike.com. Individuals can also visit http://news.nike.com and follow @NIKE.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211213005938/en/

Media Contact:

KeJuan Wilkins

Media.Relations@nike.com

Investor Contact:

Paul Trussell

Investor.Relations@nike.com

Source: NIKE, Inc.

FAQ

What is the purpose of Nike's acquisition of RTFKT?

The acquisition aims to enhance Nike's digital transformation by merging sport, creativity, gaming, and culture.

When was RTFKT founded?

RTFKT was founded in 2020.

What technologies does RTFKT use in its products?

RTFKT utilizes NFTs, blockchain authentication, and augmented reality to create virtual products.

What are the financial terms of the Nike and RTFKT deal?

The financial terms of the deal were not disclosed.

How will Nike invest in RTFKT after the acquisition?

Nike plans to invest in the RTFKT brand and grow its innovative community.