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Nike’s Jordan brand gets a boost from ESPN/Netflix doc ‘The Last Dance’

Nike Inc.’s Jordan brand of basketball shoes has gotten a bump in interest and sales thanks to “The Last Dance,” a 10-part documentary that aired in May. The documentary, co-produced by Netflix Inc. and Walt Disney Inc.’s ESPN, takes a closer look at NBA icon Michael Jordan and the 1997-1998 Chicago Bulls basketball team. The documentary is currently available to replay on the ESPN app and on Netflix outside of the U.S. “‘The Last Dance’ series added incremental interest in vintage Jordan styles, particularly Jordan V,” wrote Cowen analysts in a note published Tuesday. Cowen analysts also credit Nike’s digital transformation and the SNKRS app with growing the athletic company’s e-commerce business and strengthening the connection the brand has with its customers. Cowen rates Nike stock outperform with a $110 price target. Sneaker enthusiast sites GOAT and StockX both report an increase in traffic and sales of Jordan sneakers since the documentary aired. And sales of Chicago Bulls memorabilia has jumped since the series premiered. Nike stock is up 2% for the year to date while the Dow Jones Industrial Average has fallen 4% for the period.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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