Nike aced as Federer dons new wardrobe from Uniqlo

In the cutthroat world of celebrity athlete endorsement, Nike has just been served the equivalent of an ace by Japanese fast-fashion retailer Uniqlo. Nike was among the biggest decliners in the Dow Jones Industrial Average on Monday as it surrendered some of last week’s strong share price gains and as investors digested news that Swiss tennis superstar Roger Federer has ended his longstanding relationship with it in favour of an apparel deal with Uniqlo reportedly worth more than $300 million (CHF298 million). Plenty of air had been pumped into Nike’s share price, which leapt 11.1% on Friday to a record high after the Oregon-based group revealed sales in North America turned positive in its fiscal fourth quarter for the first time in a year and lifted its revenue growth guidance for 2019. Federer had been a longtime Nike athlete, wearing the company’s shoes and clothing for more than two decades and through all of his record 20 grand slam singles titles. But, as defending ...

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