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Nike V-ECON

ECONOMIC AUDIT UPDATED 2026-05-19
V-ECON Score 1.80 /10 E Nike — BDS-1000 175
V-ECON 1.80

Evidence-only forensic audit. Scoring happens downstream — see the main dossier for the composite assessment.

V-ECON Audit: Nike

V-ECON Audit: Nike, Inc

Supply Chain & Sourcing Relationships

Nike sources private-label apparel from Delta Galil Industries Ltd., an Israeli textile manufacturer 1. Delta Galil’s 2024 Periodic Report lists Nike among key private-label customers alongside Victoria’s Secret, Walmart, Skims, Target, and Amazon 1.

Delta Galil operates a 1,680 sqm warehouse in Barkan industrial zone, which is located in a West Bank settlement 234. Delta Galil also operates retail branches through subsidiary Delta Israel Brands Ltd. in Pisgat Zeev and Ramot, which are in occupied East Jerusalem, as well as Ma’ale Adumim, which is in the occupied West Bank 2. Delta Galil is listed in the UN OHCHR settlement database for “use of natural resources, in particular water and land, for business purposes” 345.

G1 Secure Solutions (formerly G4S Israel) lists Nike among its corporate clients 6. G1 provides security services to Israeli prisons and military checkpoints and is listed in the UN OHCHR settlement database 63.

Nike Israel Ltd. is registered as an Israeli subsidiary with company ID 513155630 and appears in SEC Exhibit 21 subsidiary schedules 78. No public evidence identified regarding Nike sourcing from Israeli agricultural exporters such as Mehadrin, Hadiklaim, Galilee Export, or Agrexco successors.

Product Origin, Labeling & Regulatory Compliance

No public evidence identified linking Nike to products labeled “Produce of Israel” originating from West Bank, Jordan Valley, or Golan Heights. No government advisories, enforcement actions, or regulatory citations identified regarding Nike’s country-of-origin labeling practices for settlement-produced goods.

Nike’s Supplier Code of Conduct addresses forced labor, child labor, foreign migrant workers, and environmental standards but contains no explicit policy language prohibiting sourcing from occupied territories or settlement-linked suppliers 9. No explicit corporate policy identified regarding sourcing or labeling of goods from occupied or contested territories.

Investment, Capital & Financial Exposure

Nike acquired Israeli computer vision company Invertex Ltd. in April 2018 10. Nike subsequently established an R&D center in Tel Aviv, which was closed in March 2023 as part of global cost-cutting measures 1011. Nike operated an R&D facility in Tel Aviv from 2018 to March 2023, established through the Invertex acquisition. The facility was closed and the team laid off in March 2023 11.

Nike, Inc. is a publicly traded company (NYSE: NKE) with no parent company. Major institutional shareholders include Vanguard, BlackRock, and State Street. No evidence identified of specific beneficial owners with separate Israeli investments.

No public evidence identified of Nike holding direct investments in Israeli-domiciled companies, Israeli sovereign bonds, or Israel-focused investment funds. Nike’s 10-K filings do not disclose Israel-specific marketable securities holdings 12.

Through the Delta Galil supplier relationship, Nike has indirect financial exposure to a company with documented settlement operations. Delta Galil is listed in the UN OHCHR settlement database for settlement activity 34.

Operational Presence & Market Activity

Nike maintained an R&D center in Tel Aviv, which was closed in March 2023 11. Prior to May 2022, Nike operated retail locations in Israel through franchise partner Fox-Wizel, which formerly operated 23 stores 1314. Nike now sells in Israel through Nike-owned stores and digital channels 141516.

Nike terminated relationships with Israeli local shops effective May 31, 2022, citing “global strategy to create marketplace of the future.” Distribution to Nike-owned stores and digital channels continued 1516.

No public evidence identified regarding Nike’s workforce size or tax registration details in Israel beyond the subsidiary registration. Nike does not disclose Israel-specific revenue in SEC 10-K filings. Regional breakdown is limited to EMEA, Greater China, Asia Pacific & Latin America, and North America 12.

Corporate Structure & Foundational Ties

Nike was founded in 1964 in Oregon, USA. It is not an Israeli-founded entity. Nike, Inc. is headquartered in Beaverton, Oregon, USA. Current CEO is Elliott Hill (effective October 2024). No dual or legacy headquarters in Israel.

Nike Israel Ltd. (company ID 513155630) is registered in Israel and appears in SEC Exhibit 21 subsidiary schedules 78. The subsidiary status appears to relate to the former R&D center and possibly ongoing distribution operations.

No evidence identified of Israeli government ownership stakes, government board appointees, government contracts, or critical national infrastructure designation. No evidence identified of governance mechanisms tying Nike to the Israeli state or its policy objectives.

Profit Repatriation & Economic Contribution

No public evidence identified of Nike disclosing revenue specifically attributed to Israel. Nike’s 10-K provides only regional, not country-level, revenue breakdowns 12. No public evidence identified regarding the direction of profit flows between Nike’s Israeli operations and the parent company.

No public assessments or government designations identified characterizing Nike’s significance within any sector of the Israeli economy.

Nike is not listed on the Norwegian Government Pension Fund Global exclusion list 17 or the KLP exclusion list 18.

End Notes

Footnotes

  1. https://s29.q4cdn.com/481127684/files/doc_financials/2024/ar/2024-Periodic-Report.pdf ↩ ↩2

  2. https://www.whoprofits.org/companies/company/3655 ↩ ↩2

  3. https://www.ohchr.org/en/business/bhr-database ↩ ↩2 ↩3 ↩4

  4. https://en.wikipedia.org/wiki/List_of_companies_operating_in_West_Bank_settlements ↩ ↩2 ↩3

  5. https://www.whoprofits.org/companies/company/3655 ↩

  6. https://www.whoprofits.org/companies/company/3798 ↩ ↩2

  7. https://www.sec.gov/Archives/edgar/data/320187/000119312510161874/dex21.htm ↩ ↩2

  8. https://www.guidestar.org.il/organization/513155630 ↩ ↩2

  9. https://about.nike.com/en/resources/nike-supplier-code-of-conduct ↩

  10. https://www.timesofisrael.com/nike-buyys-israel-computer-vision-startup-invertex ↩ ↩2

  11. https://www.calcalistech.com/ctechnews/article/b1zgb7tao ↩ ↩2 ↩3

  12. https://www.sec.gov/Archives/edgar/data/320187/000032018721000028/nke-20210531.htm ↩ ↩2 ↩3

  13. https://en.globes.co.il/en/article-fox-in-talks-for-nike-israel-store-franchise-1000962569 ↩

  14. https://www.foxgroup.co.il/brands/nike ↩ ↩2

  15. https://www.middleeastmonitor.com/20211006-nike-to-end-sales-in-israeli-shops ↩ ↩2

  16. https://www.jpost.com/israel-news/nike-to-terminate-sales-in-israeli-stores-680993 ↩ ↩2

  17. https://www.nbim.no/en/responsible-investment/exclusion-of-companies ↩

  18. https://www.klp.no/en/press-room/why-klp-is-excluding-16-companies-following-un-report ↩