Nike Launches Caitlin Clark's First Signature Shoe as Struggling Brand Seeks Turnaround Ahead of Key Earnings

BEAVERTON, Ore. — Nike released Caitlin Clark's first signature basketball shoe on Thursday, betting on one of the biggest stars in women's sports to help energize a brand under heavy pressure from investors, just hours before reporting quarterly results that Wall Street is watching closely.

The Nike Caitlin 1 went on sale globally at 10 a.m. Eastern time Thursday through Nike's website, the Nike app, its SNKRS app and select retailers. The launch comes as the athletic giant struggles through a turnaround that has seen its stock lose more than 40% of its value this year and drop out of the S&P 100 index.

Nike shares edged up about 1% Thursday morning ahead of the company's fiscal first-quarter earnings report.

The Caitlin 1

The Caitlin 1 is the first signature shoe for Clark, the Indiana Fever star whose rise from college standout at Iowa to WNBA phenomenon has drawn record crowds and television audiences to women's basketball.

The shoe retails for $140 for adults in North America and $135 in other markets, with youth sizes priced at $115 and $105. It launched in two colorways, "Caitlin Blue" and "Warning Code" yellow, with additional versions planned for later this year and early 2027. The shoe debuted in China on Sept. 24 ahead of its global release.

The Caitlin 1 introduces a new Nike technology called Opticast, an upper made from cast polyurethane nodes designed to reduce drag and improve efficiency on the court, according to the company. It also features a Cushlon midsole and a forefoot Zoom Air Turbo unit. The release is accompanied by an 18-piece apparel collection.

Clark first wore the shoe in a WNBA game against the Atlanta Dream on June 18.

A bet on Clark's star power

Nike has invested heavily in Clark. In April 2024, she signed an eight-year, $28 million endorsement deal with the company, a record for a women's basketball player. Nike unveiled her signature logo, a stylized interlocking "CC," in August 2025.

"To me, this is more than just a logo, it's a dream come true," Clark said at the time.

Demand for Clark's products has been strong. All four of her player-exclusive versions of Nike's Kobe Bryant shoes sold out within minutes of their online releases.

Clark becomes one of a small group of active WNBA players with signature shoes from major brands, joining Nike athletes Sabrina Ionescu and A'ja Wilson, as well as Breanna Stewart with Puma and Angel Reese with Reebok.

Can a shoe move the needle?

The launch raises a question that has drawn attention on Wall Street: whether the Caitlin 1 can serve as a meaningful catalyst for a company with roughly $46 billion in annual revenue.

While a single shoe is unlikely to reverse Nike's fortunes on its own, analysts say successful signature lines can generate buzz, draw shoppers into stores and strengthen the brand's connection with younger consumers. Clark's broad appeal, which extends beyond traditional basketball fans, could help Nike reach new audiences.

Basketball has been a sore spot for Nike. Stifel analyst Peter McGoldrick recently cited ongoing weakness in Nike's basketball heritage business, which accounts for about 18% of total revenue, as a concern heading into earnings.

A tough year for Nike

Nike's shares have tumbled this year amid weak sales, heavy discounting and growing competition from newer brands such as On and Hoka.

Last month, the company was removed from the S&P 100 index, a subset of the S&P 500 that tracks the largest U.S. companies, ending a membership of nearly 18 years. The removal took effect Sept. 21, with four technology companies, Dell Technologies, Palo Alto Networks, Arista Networks and SanDisk, taking spots in the index. Nike remains in the S&P 500.

Nike's market value has fallen to roughly $57 billion, down from about $264 billion at the end of 2021. The stock fell to its lowest level in 12 years earlier this month.

Short sellers have also piled in. "Shorts are sitting on an estimated $1.4 billion in mark-to-market paper gains so far in 2026," analytics firm S3 Partners said.

Several major banks, including JPMorgan, Bank of America and Morgan Stanley, have downgraded the stock in recent weeks.

Earnings in focus

Nike reports fiscal first-quarter results on Thursday, covering the period through August that includes the important back-to-school shopping season.

The company has forecast revenue to decline by a low- to mid-single-digit percentage. Analysts expect profit of about $646 million on sales of roughly $11.3 billion, according to S&P Global Market Intelligence. A year earlier, Nike posted profit of $1.1 billion on revenue of $11.6 billion.

In its most recent quarter, reported in June, Nike's revenue fell 1% to $11 billion.

Investors will be watching for signs that the turnaround led by CEO Elliott Hill, who returned to Nike two years ago, is gaining traction. Hill has focused on reviving innovation, rebuilding relationships with retail partners and refocusing the brand on sports.

Beyond Thursday's results, Nike is set to hold an investor day Nov. 16-17, where management is expected to outline its longer-term strategy. For now, the company is hoping Clark's signature shoe can deliver some of the excitement it has been missing, both on the court and with investors.