I talked about Nike’s selfless decision to allow its sponsored swimmers to wear Speedo’s new technology swim suits. That decision has translated to huge business for Speedo. US Olympic swimmers have used these suits to win the majority of the gold medals in the games thus far.
According to Adage Speedo has begun to receive preorders for the suit that comes with the hefty price tag of $550. And Speedo has been a big topic of conversation regarding the US swim team’s success. The article talks about Nike’s decision to allow swimmers to wear their rivals suits and quotes a Speedo spokewoman as saying, “We were shocked and flattered by it, and we thank them for it. Going forward, will we use it in marketing? Sure.”
So Speedo will mention Nike and offer them a thank you in their marketing going forward. But will that really benefit Nike? Who will remember their decision in a few months? Speedo really is the winner here because there are the medals and accolades to prove their success. How much money has this grand gesture cost Nike?