On Monday, Nike (NKE - Free Report) unveiled the release date and price for their highly anticipated HyperAdapt 1.0 shoe. After months of speculation, it was reported that the revolutionary shoe will be released on December 1, at the steep price of $720.
What makes this shoe so highly regarded is the new technology Nike has created that allows the shoe to self-lace itself. The idea is that the HyperAdapt 1.0 will be able to create a secure, unique feel for each individual. It will provide stability, support and style all while adjusting to the individual’s foot.
Nike's CEO Mark Parker believes that this technology is going to change the sneaker world for the better. In an interview with CNBC, Parker stated, "It's great to be able to put a product out there that is a step toward the future of adaptive performance. The performance that adapts to you real-time to suit your needs as an athlete is going to be a part of product more and more as we head into the future."
A major issue for athletes, or anyone who loves sneakers, is the fact that not every shoe can fit each person's foot perfectly. Parker and his team of designers believe they have eliminated this issue. The goal, according to Nike designer Tinker Hatfield, is to develop a shoe that can sense when it needs to adjust itself. "Wouldn’t it be great if a shoe, in the future, could sense when you needed to have it tighter or looser? Could it take you even tighter than you’d normally go if it senses you really need extra snugness in a quick maneuver? That’s where we’re headed. In the future, product will come alive." This may be years down the line, but Nike is definitely heading in the right direction with the HyperAdapt 1.0.
There are no reported sales projections for the HyperAdapt 1.0, but the steep price for the product may turn some casual customers away. Considering this shoe is a first-of-its-kind product, it makes sense why it is retailing at $720. There will be plenty of sneaker heads ready to pay this steep price in order to get their hands on this remarkable pair of shoes. The shoes will be released in three sharp color ways, Metallic Silver/White-Black, Black/Blue Lagoon-Landscape-White, and White/White-White.
Currently, NKE is trading at an even $50.00 as of 12:45pm CT. Zacks Rank has Nike at a #3 (Hold) and a VGM grade of ‘C’. Check back later in the week to see how Nike’s Zack Rank may adjust.
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