In a match made in branding heaven, legendary jewelry store Tiffany and Nike (NKE), the athletic shoe and apparel company, are pairing up to launch...something.
The two companies announced their new partnership via social media posts on Twitter and Instagram, stating only "@nike x @tiffanyandco, a legendary pair. Coming soon…"
However, there's a fair bit of evidence that the project has to do with developing a shoe.
In the social media posts, Tiffany's iconic robin egg blue-colored box was transformed into the size and dimensions of a shoebox with the Nike swoosh on the lid.
The two companies also paid for a full-page ad in the Sunday print edition of the New York Times where Tiffany's regularly placed smaller ads. This ad simply said "A Legendary Pair," which was the same slogan used in its social media posts.
The hints come as sneakerhead sites are already posting images and descriptions allegedly of the new shoe.
Media reports of unofficial images were leaked and the shoe has been named the "Nike Air Force 1 Low Tiffany & Co. '1837.'"
The shoe's design appears to be simple - a black leather shoe with the swoosh in Tiffany blue.
As for the price, the shoe fan sites suggest the sneaker will be priced at $400 a pair when they debut sometime during the spring.
The number of shoes that will be sold will not be vast, according to an article by Sole Retriever, a sneaker raffle website.
Fans of Nike did not respond favorably to the new sneaker.
One Twitter user whose handle is @ThatDesiGirl, said, "Ngl, not very happy with how it’s looking. Black, Tiffany blue swoosh, a bar of silver on the back tab, and “Tiffany” on the tongue - at a price of $400 against the regular $110 of AF1. Definitely not copping this one."
Another Twitter user named @emjoyx, tweeted, "Really?! Black AF1s? That’s not the energy we want. So much potential here too."
Adrian Robison said via Twitter that the new shoe is "underwhelming" and wanted to see "some elevated Diamond Supply 'Tiffany' dunks but instead we get a very boring looking colorway. You could have done so much more. These will come and go with little fanfare, definitely not a showpiece."
Tiffany, a luxury jeweler, has partnered with other brands in the past to attract a younger customer. It partnered with singers Beyoncé and Jay-Z after luxury retailer LVMH bought the jewelry store in 2021.
LVMH has been strategic in its collaborations in an effort to bring new energy to its existing brands. Gucci, which is a brand owned by the company, has partnered with Nike several times in the past.
Nike has slowly shifted its strategy to more of a direct-to-consumer effort, similar to other retailers who have moved in this direction for the past few years.
In December, the company launched its “Jordan World of Flight Milan” store in an area well known for designer shoes, the Via Torino.
The new store was called a “first-of-its-kind retail experience” and features a members lounge along with interactive shopping experiences.
Nike has faced a glut of inventory despite strong sales figures. The apparel company reported revenue of $13.32 billion, up 17% from $11.36 billion a year earlier for the three-month period ended Nov. 30.
The company's net income was $1.33 billion compared with $1.34 billion the previous year.
The surplus inventory arose from supply chain woes during the pandemic was shipping times were unpredictable at times. The value of inventories jumped by 43% to $9.3 billion in the quarter compared to the prior year.
The surge in inventory prompted the company to discount its items massively and also part of the company's plan to encourage consumers to shop from its website instead of heading to brick-and-mortar stores.
