As for the new shoes, the company is expected to announce an update on Aug. 3 that would be available for pre-order starting on Monday, according to a source familiar with the matter.
While Nike did not confirm the shoe’s release date or price, the sources told Bloomberg the shoes would be priced at $130 to $150.
Nike could announce more details on the shoe on Thursday or Friday, according a source.
The shoes are expected to be priced in the $130-$150 range, which would make them more affordable than some of the more expensive shoes currently on the market, such as the Nike Zoom Air or Nike Zoom Vapor, which cost between $100 and $150, the source said.
A Nike spokesperson declined to comment on whether the shoe will be available in stores.
At a time when other shoe companies are trying to gain market share in the shoes business, the shoes market is still growing.
In 2015, the market for Nike’s Nike Zoom Zoom Air and Nike Zoom Vapor accounted for a combined $1.5 billion in sales, according in the industry’s fourth-quarter earnings report.
As for the shoes, Nike has been trying to diversify its business and to expand into a more high-end segment.
Its latest shoe, the Nike Dunk High, debuted in March.
On Thursday, Nike announced a partnership with Adidas to bring the brand’s shoes to stores.
Adidas will supply the shoes and sell them through Nike’s online store.
Last week, the shoe giant announced a $20 billion deal with China-based e-commerce giant Alibaba Group Holding Ltd., to bring Nike shoes and accessories to its China online marketplace.
Read more: Nike to make $50 billion in Nike sales in first three quarters of 2018The shoes also come in at a time of increased competition in the sneakers market.
The shoes are a direct result of the decline in sales for Nike shoes since Nike launched its original line of shoes in 2002.
“The footwear industry has seen a massive decline in the number of people using the Nike shoes, and it’s not just about the shoes themselves, but also the shoes that go with them,” said Robert W. Johnson, president of Nike Retailer Marketing & Partners, in a statement.
However, the new Nike shoes are designed to cater to a wider audience.
Nike’s original Zoom Air line of footwear, which includes shoes like the Zoom Air 2 and Zoom Air 3, sold about 3.7 million pairs in 2016.
With the launch of the new line of Nike Zoom Shoes, Johnson said the company will “rebuild our shoes portfolio with a more streamlined approach to the shoe market.”