American sportswear company Nike acquires virtual firm RTFKT

RTFKT leverages the latest in game engines, NFTs, blockchain authentication and augmented reality to create one of a kind virtual products and experiences, the two companies said in a joint media release.

“This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming and culture,” said John Donahoe, president and CEO of Nike, Inc. “We’re acquiring a very talented team of creators with an authentic and connected brand. Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.”

“This is a unique opportunity to build the RTFKT brand and we are excited to benefit from Nike’s foundational strength and expertise to build the communities we love,” said Benoit Pagotto, one of RTFKT’s co-founders. “Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity and community, and we’re excited to grow our brand which was fully formed in the metaverse.”

The terms of the deal have not been disclosed.

Fibre2Fashion News Desk (KD)