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Nike (NYSE: NKE) has entered into a new business collaboration, and investors were glad to hear about it on Tuesday. They rewarded the athletic wear mainstay by pushing its share price up by more than 6% on the day, which compared quite favorably to the 0.2% bump of the S&P 500 (SNPINDEX: ^GSPC).
A new name in athletic wear for women
Before market open that morning, Nike announced that it and privately held athletic wear company Skims are teaming up for an upcoming fitness brand, NikeSKIMS. The two companies clearly have major ambitions for their venture, as they are promising a wide product line that consists of athletic apparel, footwear, and accessories for women.
With its characteristic hype, Nike said that NikeSKIMS goods will feature "best-in-class innovation in service of all women athletes... championing their confidence, strength, femininity, and competitiveness like never before."
Skims, which quickly came to prominence following its founding in mid-June of 2019, is perhaps best known as being co-founded by reality TV star Kim Kardashian. Her ex-husband Kanye West was also involved. At the time, Kardashian said he was "like my ghost creative director" of the brand.
Coming soon to a store near you
Nike said that NikeSKIMS would unveil its first collection both online and in select retail outlets this spring; it did not get more specific. It promised an international rollout in 2026, a phase it said will also include the company's wholesale partners.
The company did not provide any financial details of its arrangement with Skims. Although that would have been helpful for investors and analysts, in any case Nike's involvement with a trendy brand should win it plenty of attention, not to mention business from existing Skims devotees.
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