Robert Way
Skechers U.S.A. (NYSE:SKX) may be making a big move into basketball shoes. The Athletic reported on Wednesday that the company is starting a new basketball division, and is in discussions with Philadelphia 76ers All-Star Joel Embiid to become the brand’s star endorser.
Embiid, who was the NBA most valuable player for the 2022-2023 season, wore a Skechers (SKX) shoe for the first time during 76ers practice on Wednesday with the brand’s performance staff reported to be site as he test out the shoes for game readiness. Embiid is expected to begin wearing the new Skechers (SKX) basketball shoe in games once the deal is fully complete.
Skechers (SKX) is reportedly close to also signing New York Knicks All-Star Julius Randle and Los Angeles Clippers guard Terance Mann as part of an industyr-rattling basketball launch.
Nike (NKE) is the powerhouse in basketball shoes, dating back to when Larry Bird and Magic Johnson wore Converse shoes and Michael Jordan re-invented the industry with the Air Jordan line.
Skechers (SKX) was down 2.81% at 3:14 p.m on Wednesday, but is still showing a year-to-date gain of close to 16%. The footwear company is due to report earning on October 26 after the closing bell.
