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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Sport https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Nike share price plunges by $ 1.1bn after basketball star Zion Williamson's shoe breaks

Nike share price plunges by $ 1.1bn after basketball star Zion Williamson's shoe breaks



Nike has had $ 1.1bn (£ 844m) knocked off its stock value as the fallout continues from what is being called one of the most expensive apparel failures in history.

The company's value tumbled by 1.7 percent on Thursday as

Sports lovers across the US watched in horror as a teenager was crocked when his Nike trainer split apart mid-shot during a high profile college match.


The freshman, who is due to play in the NBA this season, had to sit the rest of the game between his university team Duke Blue Devils and State rival North Carolina Tar Heels

Barack Obama, who had gone to watch the match live, could be seen in his court side seat apparently saying with disbelief: "His shoe broke."

The former president later to Twitter to wish Williamson a "quick recovery." [19659002] But it seems Nike's own rehabilitation may also take some time.

Mario Natarelli, managing partner at the MBLM brand agency in New York said CBS News the incident was a "very visible shoe structure failure for a company committed to the performance and technology of its products. "

Analyst added the malfunction might hurt the firm's ability t o sign Williamson once he goes pro – a deal that would potentially be worth millions.

In a statement, the company said: "We are obviously concerned and wish Zion to have a quick recovery. "

Companies like Nike pay millions of dollars for the exclusive right to set out high-profile college teams like Duke, meaning their athletes are required to wear uniforms and strainers made by them.


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