Nike (NYSE:NKE) changing the retail game as its set to announce a pair of consumer sneakers above the $300 mark. According to the Wall Street Journal, Nike will soon sell a LeBron James-branded basketball shoe for $315.
The move comes amid higher labor, materials and shipping costs plaguing the markets. Analysts believe Nike will be raising its shoe and clothing prices by 5% to 10% to combat the increasing costs.
And Nike hasn't fared well in the markets as of late. Its stock fell 10% in June after reporting its profit dropped nearly 8% from the year earlier. The clothing and shoe maker will be testing the market with the Lebron James X Nike Plus, a shoe that will have its own electronics inside to track a player's performance. Will the demand for these speciality sneakers stays the same or will those typical lines at shoe stores thin out due to sticker shock? We will just have to wait and see.