Nike shared that the company plans to raise some product prices based on the latest tariff numbers from the Trump Administration.
According to reporting from CNBC, the Nike brand will increase prices on apparel and equipment for adults between $2 and $10, while footwear priced between $100 and $150 will see a $5 hike. Nike will not raise prices on kid’s products in deference to the upcoming back-to-school (BTS) and holiday seasons.
Most BTS products should have landed to meet June 25 shipping dates to retailers and may have already felt the higher April 2 tariffs or no increase if they arrived before April 2.
Nike sources a significant portion of its footwear and apparel from China, which now carries a 30 percent tariff, and Vietnam, which is at the new baseline 10 percent tariff.
The April 2 tariff on China-sourced goods increased to 145 percent as China and the U.S. went tit-for-tat on reciprocal tariffs, while Vietnam’s tariff was by the Trump Administration at 46 percent on April 2.
“We regularly evaluate our business and make pricing adjustments as part of our seasonal planning,” Nike told CNBC.
Prices for shoes costing over $150 will increase by up to $10, while Nike said it would not raise prices on products costing less than $100.
Nike’s Air Force 1 shoes, which retail at $155, are said to be exempt from the increase.
Nike expects to effect the price hikes on June 1.
Image courtesy Nike, Inc.
