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- Nike's easy dominance of prominent sneaker releases in February is a sign of things to come.
- Consumers who bought Yeezys last year will likely switch over to Nike styles, one analyst says.
- Without a Yeezy business and amid ongoing struggles at Adidas, there is market share up for grabs.
Nike is already reaping the benefits of Adidas' ongoing struggles after its split with Ye, according to an industry analyst.
In his latest "Just Kickin' It" report, Wedbush senior equity research analyst Tom Nikic said Nike's easy dominance of high-heat sneaker releases in February is a sign of things to come as Adidas digs itself out of a sizeable hole under new CEO Bjørn Gulden left by a lack of a replacement for Yeezy.
February is the first major month of the year for sneaker releases because of the NBA All-Star Game. For its part, Nike released 22 highly-anticipated sneakers, currently selling for a premium on resale marketplaces StockX and Goat. Combined, all other brands had three, down from nine last year, including Adidas' latest sneaker release with Latin music superstar Bad Bunny.
"Looking ahead, Nike should benefit greatly from the lack of Adidas Yeezys in March," Nikic wrote, alluding to 11 different Yeezy styles that were released in 2022 compared to zero releasing this month.
"That opens up a major market share opportunity for Nike this March, as we believe people who bought Yeezys last March are likely to switch over to Nike styles such as Jordan, Dunk, and Air Max," he said.
Rumors have circulated online that Adidas may be negotiating a new deal with Ye, formerly known as, Kanye West to offload remaining inventory, but they remain unconfirmed by the company.
The lack of a Yeezy business, which at its peak generated nearly $2 billion in sales for Adidas, should also open the door for brands like Under Armour, Puma, New Balance, and Crocs to take market share away from Adidas, Nikic has previously said.
But Nike is still No. 1 for a reason. At the time of publication, 14 "hot" sneaker launches are scheduled to come from the sportswear company this month, including the highly anticipated Air Jordan 3 Retro "White Cement Reimagined" releasing on March 11.
"Simply put, we don't see much that's very exciting from any of the other key brands," Nikic said. "Adidas is still yet to announce a game-changing release for the month."