Shopify Inc (SHOP): Nike Close to Selling Directly on Amazon...

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Wednesday, 06/21/2017 11:52:11 AM

Wednesday, June 21, 2017 11:52:11 AM

Nike Close to Selling Directly on Amazon: Goldman Sachs
By REUTERS
JUNE 21, 2017
(Reuters) - Nike Inc's shares rose as much as 2 percent after Goldman Sachs said the world's biggest sportswear maker could be close to selling directly on Amazon.com Inc, raising competition for brick-and-mortar sporting goods retailers.

Nike, whose products are already sold on Amazon through third-party and unlicensed dealers, could build an additional $300 million to $500 million of revenue in the United States or 1 percent of its global sales through its expansion as a wholesale dealer on Amazon, Goldman Sachs said in a client note.

Through the partnership, Nike could weed out excess, discounted inventory available at the marketplace through third-party retailers and sell more full-price products through the online channel, according to the note.

Nike shares were the top percentage gainer among Dow-listed stocks. The stock has been the worst performer among Dow stocks over the past three months.