Nike to shut down virtual sneaker label RTFKT under new CEO
NIKE is shutting down its digital sneaker division RTFKT as the world’s largest athletic-wear company realigns priorities under a new chief executive officer.
“Today, we are announcing the plan to wind down RTFKT operations,” the brand said on Monday (Dec 2). It will cease services by the end of January 2025.
Nike chief executive officer Elliott Hill has reshuffled leadership roles since he took over in October, but has yet to present a turnaround plan. The company, which postponed an investor day set for November, is scheduled to report earnings on Dec 19.
Nike acquired RTFKT, pronounced “artefact”, for an undisclosed sum in 2021 amid a frenzy around non-fungible tokens and the metaverse, releasing digital shoes for shoppers to buy. Former CEO John Donahoe said at the time that Nike would invest in RTFKT to “extend Nike’s digital footprint and capabilities”.
RTFKT is setting up an updated website that showcases and preserves its design work throughout its history.
A spokesperson for Nike did not immediately respond to a request for comment. BLOOMBERG
Share with us your feedback on BT's products and services
Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.
More Fashion
LEESA ROWLAND From Hollywood to the Unknown: The Producer, Writer, Actress and Model Creating Her Own Next Chapter
Leesa Rowland has never been defined by just one role. Actress. Model. Writer. Producer. Author. Creative visionary. Philanthropist. Each title represents a different part of a career…
The Rise of Trevor Dutch: Strength, Style and Substance
From New York City to Europe’s Fashion Capitals, Trevor Dutch Is Bringing Strength, Sophistication, and Individuality to Every Frame In a city that never slows down, Trevor Dutch has…
Commentary: This year's Met Gala proved one thing: The real devil who wears Prada is Jeff Bezos
Apparently not content with bankrupting Sears, Toys R Us, Radio Shack and countless other businesses; buying and then maiming the Washington Post; and leading the Tech Bro right turn to…
Bald eagle 'massaging' its mate? AI deepfakes collide with the laws of the wild
Shadow gingerly places one taloned foot, then the other, on Jackie as she hunkers down on the nest. With Big Bear Lake glittering in the distance, he raises each foot in a kneading motion…