Not only did Nike reported a Q1 profits increase of 15 percent to $1.1 billion this week, but also announced that its self-lacing Hyper Adapt sneaker will be more accessible to sneaker fans for a cheaper price point starting next year.
Nike chairman, president, and CEO Mark Parker made this announcement during a call with investors this week. The original release of the Hyper Adapt featured a steep $720 retail price, which was easily the most expensive sneaker the brand has released. As of now, the exact release date and a new retail price has yet to be announced, but expect the more affordable rendition to arrive in 2019.
In 1989, Nike introduced its self-lacing Air Mag sneaker for the “Back to the Future II” film famously worn by the character Michael J. Fox’s Marty McFly. Fans were able to get their hands on the technology on Oct. 11, 2016, via raffle, as part of the brand’s efforts to support the Michael J. Fox Foundation’s research toward finding a cure for Parkinson’s disease. Nike introduced the low-cut Hyper Adapt a month after, which features a similar E.A.R.L. lacing tech as an alternative to the Mag. The silhouette saw a handful of iterations with most styles selling out within the hour.
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