Nike to shut down virtual sneaker label RTFKT under new CEO
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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
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