Here comes Air Jeter!
Yankee superstar Derek Jeter will be doing his part to keep the Michael Jordan legacy alive when he launches a new shoe this week under the Nike-owned Jordan brand.
Called Jumpman DJ, the cross-trainer will have a jeweled DJ2 logo and sell for $100 – slightly less than the pricey Air Jordan sneakers that continue to dominate the market.
The Jumpman DJ will launch officially on Wednesday in black with white piping. A red and white version will be introduced in September, followed by a blue-gray combo in October.
This is the first sneaker to hit retail shelves under the Jordan name since Jordan retired from professional basketball in April. Some analysts said sales of the Jumpman DJ, which will be available at Finish Line, Footlocker, FootAction, Modell’s and the NBA store, could serve as a barometer for the future of the Jordan brand.
In anticipation of Jordan’s retirement, Nike has been broadening the Jordan product offering to include a line of casual clothes, sportswear and accessories like MP3 players. Nike also developed a Team Jordan category and has signed up more than a dozen athletes – from Jeter to Warren Sapp – to endorse its shoes.
“We wanted to have other athletes who embody Michael Jordan’s values to carry on his legacy, while making the brand relevant to a younger consumer,” said Nike spokeswoman Theresa Tran.
So far the strategy seems to have generated mixed results. Some of the best-selling Jordan shoes are retro styles – those popular in the mid-1990s that Nike brings back for a limited run, John Shanley, an analyst with Wells Fargo Securities said.
“The newer Jordan shoes that have been introduced in the last 18 months haven’t done as well,” he said.
Nike does not disclose financial figures for Jordan-branded products, but analysts estimate annual revenue at around $300 million.
“Michael Jordan is not the icon he was five or 10 years ago,” Shanley said, adding that newer stars like LeBron James resonate more with kids.
“Not every 13-year-old knows who Michael Jordan is,” Shanley said. “But they all know LeBron James.”