Nike shares dipped slightly early Monday morning after a rough weekend, including an apology for a Converse ad that critics said evoked racist imagery and the loss of one of its biggest advertising stars.
Nike’s share price dipped about 0.4 per cent as of 10:30 a.m. EDT, shortly after markets opened for the week Monday morning. The share price is down more than 4 per cent from last week, before the Converse ad controversy and star French soccer player Kylian Mbappé’s exit as an advertising partner rocked the company.
Over the weekend, Nike, parent company of the Converse shoe brand, issued an apology for an advertisement that some critics said evoked Ku Klux Klan imagery.
“We’re sorry,” Nike said in a statement, adding, “We understand why this image is deeply upsetting and recognize that we got this wrong. We removed it from our channels and are working to remove it everywhere it appeared,” also pledging to “do better.”
The ad in question depicted the bottom half of a person wearing a white garment, which some critics likened to a Ku Klux Klan robe, while holding a pair of black Converse shoes, which critics said appeared to dangle in the air like a lynching victim.
In a memo to employees first reported by Bloomberg, Converse CEO Aaron Cain said the “images should not have been used, and we began removing them from all channels as soon as the concern was raised,” also pledging to take a “hard look at our internal review process and the critical lens we apply to our work.”
Rep. Troy Carter, D-La., slammed Nike and Converse in a statement over the weekend. “Your campaign shows what looks like a hooded Klansman, framed by what appears to be the dangling feet of a lynching victim,” Carter said, adding, “Do not insult our intelligence by dismissing this as an unfortunate misunderstanding.” He urged the companies to explain who was involved with the decision-making process and what they will do about it. “Were there any Black people in the room? If so, did anyone listen to them?” Carter said.
In another blow to Nike, Mbappé and the sports apparel company separated late last week after a nearly two-decade advertising partnership. Mbappé, the all-time World Cup goal scoring leader, is one of the highest paid athletes in the world, placing No. 12 on Forbes’ list of the top-paid athletes of 2026. He was the fourth-highest ranked soccer player on the list.
Mbappé signed instead with On, a Swiss-based athletic apparel company. News of Mbappé’s Nike departure caused company shares to edge lower, while On’s shares rose nearly 4 per cent, Bloomberg reported last week.
“Of course, I had 20 amazing years with Nike, I can only say thanks to them,” Mbappé said on Monday. “But I think, as a person, as a player, it was the time to change… and after we started to talk, and after every discussion, I was a little bit more convinced about the fact that I have to be part of the family, I have to be part of the project, to be part of the journey with On and the football.”
On also hired Thierry Henry, a retired French soccer player, as its director of football.
Nike’s share price has fallen dramatically in recent years, down nearly 50 per cent over the past year alone. The company was removed this month from the S&P 100, which Fortune reported came after it lost more than $200 billion in market capitalization over the past five years.
“Nike, in the market outside of a couple key franchises, just does not seem to be as appealing to consumers as it once was,” Drake MacFarlane, research analyst at market intelligence firm M Science, told Reuters.
