Nike is pulling out of the race to develop the best Olympic swimwear possible. It seems like the sports and Apparel Company has been greatly affected by Speedo Swimwear’s Olympic triumph.
A majority of the swimmers signed by Nike wore Speedo Swimwear in the Olympic pool. Despite the fact that Nike Swimwear told them that they would be penalized if they did so. The general feeling among Olympic swimmers in Beijing was that they would not be able to place or break any records if they did not have Speedo Swimwear’s Fastskin LZR Racer. That took its toll on Nike and other swimwear brands who supported the Olympics.
“Nike getting out of the championship swimming market is the death of American elite swimming as we know it,” Evan Morgenstein said, “Some swimmers make 95 percent of their income in non-Olympic years from these apparel deals. If one of only three major players is out (Nike) and the market leader (Speedo) feels its in a position where they don’t have to pay much as long as they have the best suit, the financial model that most Olympic swimmers have lived by since 2000 is over.”
Morgenstein represents a majority of the Olympic swimmers who are sponsored by Nike swimwear.
For now, it is unclear if Nike will sign any more swimmers.
Speedo FastSkin Racer modeled by Michael Phelps
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