In a match made in heaven of brands, legendary jewelry Tiffany and Nike (OF) – Get a free reportthe sportswear and footwear company, come together to launch… something.
The two companies announced their new partnership via social media posts on Twitter and Instagram, stating only “@nike X @tiffanyandco, a legendary couple. Very soon…”
However, there is plenty of evidence that the project has to do with the development of a shoe.
In social media posts, Tiffany’s iconic robin egg blue box was transformed into the size and dimensions of a shoe box with the Nike logo on the lid.
The two companies also paid for a full-page ad in the Sunday print edition of the New York Times, where Tiffany’s used to place smaller ads. This ad simply read “A Legendary Pair,” which was the same tagline used in their social media posts.
The clues come as sneaker fan sites are already posting images and descriptions purportedly of the new shoe.
Media reports of unofficial images leaked, and the shoe was given the name “Nike Air Force 1 Low Tiffany & Co. ‘1837’”.
The design of the shoe appears to be simple: a black leather shoe with the swoosh in Tiffany blue.
As for the price, shoe fan sites suggest the sneaker will be priced at $400 a pair when it debuts sometime during the spring.
The number of shoes to be sold will not be very large, according to an article in single retrievera sneaker giveaway website.
Nike fans did not respond favorably to the new shoe.
A Twitter user whose username is @ThatDesiGirl said: “Ngl, I’m not too happy with the way it looks. Black, Tiffany blue logo, a silver bar on the back tab and ‘Tiffany’ on the tongue, priced at $400. vs AF1’s regular $110. Definitely not copying this one.”
Another Twitter user named @to enjoyhe tweeted: “Really?! Black AF1? That’s not the energy we want. Lots of potential here too.”
Adrian Robison said via Twitter that the new shoe is “disappointing” and wanted to see “some elevated Diamond Supply ‘Tiffany’ mattes but instead we get a very boring colourway. You could have done so much more. These will come and go will go with little fanfare, it’s definitely not a masterpiece.”
Tiffany, a luxury jewelry store, has partnered with other brands in the past to appeal to a younger customer. She teamed up with singers Beyoncé and Jay-Z after luxury retailer LVMH bought the jewelry in 2021.
LVMH has been strategic in its collaborations in an effort to bring new energy to its existing brands. Gucci, which is a company-owned brand, has partnered with Nike several times in the past.
Nike has slowly shifted its strategy toward a more direct-to-consumer effort, similar to other retailers that have moved in this direction in recent years.
In December, the company opened its “Jordan World of Flight Milan” store in an area known for designer shoes, Via Torino.
The new store was dubbed “the first retail experience of its kind” and features a members’ lounge along with interactive shopping experiences.
Nike has faced excess inventory despite strong sales numbers. The clothing company reported revenue of $13.32 billion, up 17% from $11.36 billion a year earlier for the three-month period ending November 30.
The company’s net income was $1.33 billion compared to $1.34 billion a year earlier.
The excess inventory arose from supply chain issues during the pandemic, as shipping times were sometimes unpredictable. The value of inventories increased 43% to $9.3 billion in the quarter compared to the prior year.
The increase in inventory led the company to massively discount its items and was also part of the company’s plan to encourage consumers to shop from its website instead of heading to physical stores.
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