Offers Get 10% off,Use code: SPORTS10 Buy Any NBA product and get 30% off on NBA league passesHighlights Will later be available from Nike+ app and select Nike outlets Company unveiled shoes in March this year Nike earlier claimed future shoes will allow automatic adjusting Last year, Nike gave us a glimpse of its limited edition self-lacing shoes Nike Air Mag 2015 (aka 2015 Nike Mag) and it was everything that a fan of Sci-Fi movie 'Back to the Future Part II' ever wanted. The company then went on to develop Nike Air Mag 2016 (aka 2016 Nike Mag) but once again due to its limited production, most people could not get access to the self-lacing shoes. Both the 2015 and 2016 Nike Mag models had a limited production run of 89 pairs each, and were made available as part of contests. Now, it seems that many fans will be able to finally realise their dream at a price that's not too exorbitant, as Nike has confirmed that its upcoming self-lacing shoes HyperAdapt 1.0 will cost $720 (roughly Rs. 48,700) - earlier speculation had pegged prices at $1,000.

Nike unveiled HyperAdapt 1.0 shoes in March earlier this year. The power-lacing shoes essentially allow users to adjust the fitting of the shoe by just pressing buttons, located on the side. Now, the company has said that the shoes will be released in the US on December 1. The shoes will be available through Nike Soho store and the Nike+ ClubHouse. "Additionally, a small group of Nike+ app users will have limited early access on November 28. These users will be notified through the Nike+ app "Reserved for You" system, and offered the opportunity to purchase the shoe," the company said in its news post. In terms of colour options, the shoes will be available in Black/ White-Blue Lagoon and Metallic Silver/ Black-White variants. Later in December, the shoes will be available by the Nike+ app as well as "select Nike doors in the US," the company said. In present state of the shoes, users have to manually adjust the grip by using the buttons. The company earlier claimed that in future versions of its self-lacing shoes, manual adjusting will be replaced by automatic adjusting by the shoe.

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and subscribe to our YouTube channel.Nike has unveiled its first power-lacing sneaker – it allows users to make the fit looser or snugger on the fly by pressing buttons on the side of the shoe (Source: AP) Forget about slipping out of your shoes because of loose laces or feeling pressure from too-tight tying when doing those sprints.new nike shoes with chains Nike Inc. has unveiled its first power-lacing sneaker – it allows users to make the fit looser or snugger on the fly by pressing buttons on the side of the shoe.best sneaker stores nyc 2013 The world’s largest sportswear brand, based in Beaverton, Oregon, unveiled the sneaker along with a host of other innovations Wednesday at a media event in New York.toddler nike shoes size 11

The innovations come as Nike is digging deeper into personalized products and services, while focusing on reaching a goal of posting $50 billion in annual revenue by the end of its fiscal 2020 year. It reported $30.6 billion in revenue for its latest fiscal year that ended in May. Watch: Nike HyperAdapt 1.0 in action Other innovations Nike highlighted include “anti-clog traction,” which uses technology that prevents mud from sticking to the soles of soccer cleats. Nike also unveiled a new Nike Plus app, an all-access pass for athletes. The app, available in June, connects to its suite of apps that include running and training aids and provides access to Nike experts. “We’ve entered a new era of personalized performance,” said Mark Parker, Nike’s president and CEO. “Today, athletes want more than just a dash board. They want a relationship.” Nike says that the potential for shoes with adaptive lacing is huge because it provides tailored-to-the-moment custom fit.

Nike CEO Mark Parker said that athletes want more than just a dash board. They want a relationship (Source: AP) When users step into the shoe, their heel will hit a sensor. The athlete then can press two buttons on the side that adjust the grip. But Nike says that in the future, it won’t be manual. The sensor could sense when the user needs to have the shoe tighter or looser. The self-lacing sneaker, which is called “Nike HyperAdapt 1.0,” will be out starting the holiday season and will only be available for members of its loyalty Nike+ app. It will be available in three colors. The price was not revealed. “The adaptive lacing system is an excellent first step towards truly adaptive personalized footwear,” said Matt Powell, sports industry analyst at NPD Group Inc., a market research firm. For all the latest Tech News, download Indian Express App nowThis is how much it costs Nike to make a pair of $100 sneakers In order for companies to make a profit, they must pass the cost of production on to you, the consumer.

On top of that, they must also charge a bunch of other fees that give them amazing returns. Here's what Nike pays to make a pair of $100 sneakers...and what you ultimately pay.  Here's what ... more Factory Free on Board (FOB) cost: $25.00 FOB indicates the seller is responsible for getting the goods onto a ship chosen by the buyer Sea Freight and Insurance: $1.00 This is where they make money. Selling, General & Administrative Expense: $15.00 Revenue Selling, General & Administrative Expense: $15.00 Wholesale Price: $50.00  Revenue Suggested retail price: $100 It’s no surprise that companies charge more for their product than what they actually paid to make it, that’s the nature of business. But, some companies are winning way more than consumers may realize (or maybe even care). Case and point: the most dominant athletic apparel company in the world, Nike. People pay upwards of $100 for Nike sneakers without a second thought. As the consumer, it’s their right to pay as much or as little as they want for whatever they choose.