Shares of Nike Inc (NYSE:NKE) are up around 10% in the last 30 days as investors seem happy with the company’s plans to start selling directly on Amazon.com and Facebook’s Instagram. In addition, the athletic brand was able to restore investors’ faith by delivered a rosy forecast, according to a report from Bloomberg.
Nike plans to sell shoes through Instagram, the popular photo app owned by Facebook. The sportswear giant also confirmed its plans to sell products directly through Amazon, noting that a “limited” number of products will be offered on Amazon.
Nike CEO Mark Parker discussed the company’s plans to sell directly on Amazon and Instagram during an investor call on Thursday. “We’re in the early stages, but we really look forward to evaluating the results of the pilot,” Parker said.
Under an agreement with Instagram, Nike Inc (NYSE:NKE) becomes one of the rare brands to sell goods within the app, according to Bloomberg. Instagram has been testing different things to allow its users to shop while sharing and browsing photos.
According to Parker, a direct partnership will allow Nike to “elevate the way the brand is presented.” The direct selling will also give the sportswear firm more control over how its products are marketed on the site.
Nike has been facing strong competition from Adidas and Under Armour. On June 15, the sportswear giant announced plans to cut more than 1,000 jobs due to slow sales growth.
Meanwhile, shares of Nike Inc (NYSE:NKE) were up 1.29% in the pre-market session on Tuesday. The company’s stock is more than 15% so far this year. During the last 12 months, shares of the sportswear firm have gained more than 3%. Adidas’ stock is up over 27% so far this year, while shares of Under Armour are down more than 29% year-to-date.