(CelebNMusic247) ) $300 Nike LeBron Sneakers!
Nike Inc. has announced the new LeBron James Nike sneakers. As shoppers scrounge for discounts, Nike has decided to raise shoe and clothing prices by 5% to 10%.
And get this the new LeBron Nike’s will go for $300.00 + tax. Seems Nike feels the economy is doing fine or something. Are these shoes worth the big bucks?
Due to labor, materials and shipping costs increase, Nike is raising shoe and clothing prices by 5% to 10%, analysts say. The test market will feel the sting this fall when Nike will debut its priciest sneaker yet—an expected $315 LeBron James basketball shoe that includes its own electronics.
Nike unveiled the LeBron X, shown, at the 2012 Olympic gold-medal basketball game between the U.S. and Spain. Analysts expect that this 10th LeBron shoe will retail for around $315. The first edition, modeled after basketball star LeBron James, the Nike Zoom Generation, retailed for around $110 in 2003; the ninth edition retails for around $250.
The price leaps come after Nike’s gross margins dropped to 42.8% from 44.3% in its most recent quarter ending May 31, the sixth-straight year-to-year quarterly decline. Nike’s margins are now lower than most of its direct competitors, rival Adidas and apparel maker Under Armour Inc.
The price increases, from a company whose trendy footwear sometimes generates long lines of avid buyers, may test even the most dedicated Nike fans.
“Prices are getting crazy excessive and as long as we continue to buy sneakers, Nike is going to keep increasing the prices,” said Donell Brown, 30, who owns a cleaning services company in Dearborn, Mich.
Mr. Brown said he and his friends have been posting messages on Twitter and YouTube, urging other longtime sneaker fans not to buy the pricier LeBron shoes and to forgo waiting in line for new sneaker releases.
Nike’s price increases are also being felt at the lower end: The venerable Converse Chuck Taylor All-Star sneaker now costs $50 compared with $45 a year ago, according to 4UMF.
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