Nike Drops Price Of Latest LeBron Shoe In Response To Curry

Nike Inc (NYSE: NKE) is continuing its momentum in basketball after the company announced it would be lowering the price point of its latest LeBron shoe release. The LeBron 14 will be priced at $175, down from the $200 of its previous release, the LeBron 13.

This move was likely made to compete with Steph Curry's signature shoe series that is selling quite well, as Under Armour Inc (NYSE: UA)'s shoe segment continues to grow. Under Armour's Curry 2.5 model sells for just $134.99 on the company website.

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It was highly noted in Foot Locker, Inc. (NYSE: FL)'s May earnings call that the company was struggling to compete with the Curry shoe due to the high pricing of the LeBron and Kevin Durant shoe lines. Durant even responded earlier in the month that he was "not an $88 player," referring to the price of the first KD1. Durant's newest shoe release is priced at $150, down from $180 on the previous model.

The move makes sense as a response by Nike Curry's momentum, which has seen Under Armour's footwear business grow 58 percent year-over-year to $243 million.

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