As per reports, Nike Inc (NKE) will begin refurbishing sneakers including Vapormaxes, Air Max, and Reacts, returned by shoppers and resell them at lower prices, in order to reduce consumer waste as a part of its Move-to-Zero initiative under a business model called Nike Refurbished. In order to qualify for refurbishment, the sneakers need to be returned to the Nike stores within 60 days of purchase.
Nike plans to clean up gently worn, new-like sneakers by hand and resell them to consumers “at a value for consumers” at certain Nike stores. Nike Refurbished will also include shoes produced by the company with some minor cosmetic defects, at a discounted price. By the end of April 2021, up to 15, Nike U.S retail locations are expected to carry Nike Refurbished products.
“Nike Refurbished is the latest in our offerings that reveal how Nike is truly thinking of the entire journey when it comes to extending the life of a product while also continuing to eliminate waste from the shopping experience, stated Heidi O’Neill, president of consumer and marketplace at Nike.
Nike is also partnering with rideshare company Lyft on a new eco-friendly bike share station.
NIKE, Inc. (NKE) is the world’s top designer, marketer, and distributor of athletic footwear, equipment, apparel, and accessories. The Beaverton, Oregon-based company offers products for a wide variety of sports and fitness activities. To learn more about NIKE, Inc. (NIKE) and to continue to track its progress please visit the Vista Partners NIKE Coverage Page.