Nike to Shut Down Virtual Sneaker Label RTFKT Under New CEO

Nike Inc. is shutting down its digital sneaker division RTFKT as the world’s largest athletic-wear company realigns priorities under a new chief executive officer.

“Today, we’re announcing the plan to wind down RTFKT operations,” the brand said in a statement on Monday. It will cease services by the end of January 2025.

Nike Chief Executive Officer Elliott Hill has reshuffled leadership roles since he took over in October, but has yet to present a turnaround plan. The company, which postponed an investor day set for November, is scheduled to report earnings on Dec. 19.

Nike acquired RTFKT, pronounced “artifact,” for ...