Michael Le 2020 has undoubtedly started on somber notes, with mournful news only making the year that much more bitter. COVID-19, which has effectively set the world aflame in mass hysteria, is currently taking a toll on life as we know it, with business — from small to large scale — suffering loss as the public is pushed to quarantine. Nike, whose third quarter is set to end by February 29th, is reporting relatively positive news as their revenues rise 5 percent. But all is not well as the Coronavirus has adversely affected their earnings per share, with likely more financial damage to come as stores continue to close their doors worldwide. The umbrella’s many parts, however, are seeing a slight boost in sales all across the board, with Converse achieving $506 million dollar revenues for an 11% growth while the mainline divisions boast 6% at their lofty $9.6 billion dollars. The latter, which owes many collaborators and sub-labels for its success, is likely most indebted to the Jumpman whose Air Jordan 11 “Bred” was the largest Nike launch in history. And as they continue to the next quarter, the entire imprint may have to play catch up as net income has decreased by 23%.
