Nike Economic Audit

1. Executive Summary and Engagement Overview

1.1 Engagement Objective

The purpose of this forensic audit is to conduct a comprehensive mapping of the economic footprint of Nike, Inc. (NYSE: NKE) within the State of Israel and the Occupied Palestinian Territories (OPT). The primary directive is to determine the corporation’s “Economic Complicity” by identifying and documenting entities within Nike’s value chain whose leadership, ownership, or operations provide material support to the occupation, the illegal settlement enterprise, or the broader security-industrial complex. This report investigates supply chain nexuses, importer status, settlement laundering risks, investment flows (Foreign Direct Investment and Research & Development), and trade patterns to assign a complicity ranking based on the provided scale.

1.2 Forensic Methodology and Scope

This audit utilizes a multi-layered investigative approach, categorizing economic activity into three distinct tiers of complicity:

1. Direct Operational Complicity: Entities that maintain physical operations, retail branches, or industrial facilities within illegal settlements in the West Bank or East Jerusalem.
2. Strategic Corporate Nexus: Entities engaged in deep-seated partnerships, joint ventures, or exclusive distribution agreements with Nike, Inc., where said partners are simultaneously active in the settlement economy.
3. Upstream/Downstream Integration: The reliance on raw materials, manufacturing technologies, or digital innovations derived from the target economy, particularly those developed within the military-industrial or settlement-industrial complexes.

The audit period encompasses historical data to establish trend lines, with a specific focus on the fiscal years 2021 through 2025. This timeframe allows for the analysis of the strategic restructuring of Nike’s distribution model in 2021 and recent venture capital activities in 2024. Sources utilized include corporate filings (10-K, Annual Reports), supply chain disclosure lists, verified media reports, bill of lading data, and NGO monitoring databases.

1.3 Executive Finding of Risk

The forensic analysis concludes that Nike, Inc. maintains a High-Risk Complicity Rating. While the corporation does not directly own manufacturing facilities in the West Bank, its economic architecture in the region is fundamentally anchored to entities that do. The audit reveals that Nike has outsourced its entire Israeli market presence—and significant segments of its European and Canadian retail operations—to the Fox Group (Retailors Ltd), a corporate conglomerate deeply embedded in the settlement economy. Furthermore, the supply chain is structurally dependent on Israeli manufacturers such as Delta Galil and Tefron, which have documented operations in illegal settlements and industrial zones. The continued deployment of Foreign Direct Investment (FDI) into the Israeli cybersecurity sector in 2024, amidst active regional conflict, further solidifies the assessment of systemic economic integration.

2. Corporate Governance and The Distributor Nexus: Retailors Ltd and Fox Group

The primary vector of Nike’s economic complicity in the Israeli market is not its direct operations, but rather its strategic alignment with the Fox Group (Fox-Wizel Ltd), controlled by Harel Wizel. This relationship has evolved from a standard vendor contract into a conglomerate partnership that empowers the Fox Group as a global proxy for the Nike brand.

2.1 The Retailors Ltd / Fox Group Structure

Nike’s interface with the Israeli economy is managed exclusively through Retailors Ltd (TLV: RTLS), a subsidiary of the Fox Group. While Retailors Ltd is a public company listed on the Tel Aviv Stock Exchange, it is controlled by the Fox Group, which consolidates Retailors’ financial results into its own. This structural reality means that revenue generated by Nike sales directly bolsters the Fox Group’s balance sheet.

Table 2.1: Corporate Structure and Nike Franchise Rights

The forensic implication of this structure is significant. Nike has designated the Fox Group not merely as a local importer but as a “Strategic Partner” for global expansion. This status was solidified when Nike granted Retailors the franchise rights to operate Nike stores across 14 European countries—including major markets like Germany, The Netherlands, Austria, and Sweden—and Canada.¹ This multi-continental agreement signifies that Nike is actively empowering an Israeli corporate group, utilizing it as a primary vehicle for global retail expansion. Profits generated from a Nike store in Hamburg or a flagship in Toronto flow back to the Fox Group headquarters in Israel, effectively subsidizing the group’s domestic operations.

2.2 The 2021 Strategy Shift: Consolidation vs. Boycott

In October 2021, reports circulated suggesting that Nike was ending sales in Israel, which was interpreted by some observers as a concession to the Boycott, Divestment, Sanctions (BDS) movement.³ A forensic review of the correspondence and subsequent market behavior proves these reports were factually misleading regarding the intent and outcome of the decision.

The termination letters sent to independent Israeli retailers stated that the relationship “no longer matches the company’s policy and goals”.⁵ However, this action was not a withdrawal from the market. Instead, it was a localized execution of Nike’s global “Consumer Direct Offense” strategy, which sought to eliminate intermediaries and consolidate sales channels through Direct-to-Consumer (DTC) platforms and “strategic partners”.⁶

Audit Insight: Far from decoupling from the Israeli economy, this move consolidated Nike’s market power into the hands of Retailors Ltd. By eliminating small-scale competition, Nike effectively granted a monopoly to the Fox Group. This restructuring deepened Nike’s reliance on a complicit corporate actor, ensuring that the Fox Group captures a larger aggregate share of the value generated by the Nike brand in Israel. The economic reality of the 2021 decision was the strengthening of a settlement-complicit partner rather than a market exit.

2.3 Financial Interdependence

The financial scale of this partnership is substantial. In 2020, Fox Group estimated an initial investment of NIS 110 million to establish Nike activities in Europe.¹ More recently, the group has expanded its footprint in Canada with “Jumbo” stores and additional Nike/Foot Locker locations.⁷ The revenue streams are bidirectional: Nike gains market penetration in difficult-to-manage territories via Fox’s operational expertise, while Fox gains the immense cash flow associated with the world’s leading sportswear brand. This liquidity allows the Fox Group to maintain and expand its diverse portfolio of brands, many of which operate directly in illegal settlements.

3. Operational Complicity: The Settlement Footprint

The Fox Group, Nike’s strategic partner, exhibits direct operational complicity in the settlement enterprise. A forensic audit of Fox Group’s real estate portfolio reveals a systematic retail presence in illegal settlements across the West Bank and East Jerusalem. This presence is not incidental; it serves to normalize the settlement economy and provide essential commercial services to the settler population.

3.1 Mapping the Settlement Nexus

The following table details the specific locations where Nike’s partner, the Fox Group, operates retail branches. While the stores may carry different brand names (Fox, Fox Home, The Children’s Place, or Foot Locker), the capital beneficiary is the same entity that manages Nike’s monopoly.

Table 3.1: Fox Group Settlement Operations (Nike’s Partner)

Audit Observation: Of particular significance is the Foot Locker branch in the Ofer Adumim Mall in Ma’ale Adumim. Retailors Ltd (Nike’s exclusive licensee) holds the franchise rights for Foot Locker in Israel.⁹ Therefore, the specific legal entity that Nike designates as its partner is directly operating a global sportswear franchise inside an illegal settlement. While a “Nike Store” may not be explicitly listed in Ma’ale Adumim, the operational and financial distinction between Retailors’ Nike division and Retailors’ Foot Locker division is internal; the corporate entity is identical.

3.2 Settlement Laundering Risks

The logistics of the Israeli retail market creates a high risk of “Settlement Laundering.” Goods imported by Nike Israel Ltd or Retailors Ltd enter the country through recognized ports (Ashdod, Haifa) or Ben Gurion Airport. Once cleared, these goods enter the Fox Group’s logistics network.

Given the seamless integration of the Fox Group’s inventory management systems, Nike products imported for the “legitimate” Israeli market can be, and likely are, transferred to settlement branches (e.g., the Foot Locker in Ma’ale Adumim) for sale. This process effectively launders the origin of the sale, allowing international goods to be retailed in illegal territories without triggering customs flags that might apply to direct imports into the West Bank. The consumer purchase in Ma’ale Adumim generates VAT for the Israeli government and profit for the Fox Group, sustaining the economic viability of the settlement.

4. Supply Chain Forensics: The Manufacturing Ecosystem

Nike’s “Economic Complicity” extends vertically into the upstream supply chain. The corporation relies on major Israeli textile manufacturers for innovation, raw materials, and finished goods. These suppliers—Delta Galil, Tefron, and Nilit—are integrated into Nike’s global production map. This reliance creates a dependency on the Israeli industrial sector, which is itself entwined with the occupation infrastructure.

4.1 Delta Galil Industries: The Industrial Giant

Delta Galil Industries (TLV: DELG) is a premier global manufacturer of intimate apparel, socks, and activewear, headquartered in Caesarea, Israel. It is controlled by Isaac Dabah.¹⁰ Nike is listed as a key customer for Delta Galil, sourcing performance socks and activewear.¹¹

4.1.1 The Settlement Connection

Delta Galil’s complicity profile is high due to its operational footprint:

• Settlement Retail: Through its subsidiary, Delta Israel Brands, the company operates retail branches in settlement neighborhoods including Pisgat Ze’ev, Ramot, and Ma’ale Adumim.¹²
• Industrial Presence: Historical audits by “Who Profits” (2011 and 2021) documented Delta Galil renting and operating a warehouse in the Barkan Industrial Zone.¹² The Barkan Industrial Zone is located deep within the West Bank and is a central node in the settlement industrial economy. Factories in such zones often benefit from lower rents, tax incentives, and lax enforcement of labor laws regarding Palestinian workers.
• Financial Performance: In Q3 2025, Delta Galil reported sales of $539 million, with record gross margins.¹⁴ The continued financial health of this supplier, bolstered by Nike’s procurement, directly supports a company that maintains infrastructure on occupied land.

4.1.2 Strategic Integration

The relationship between Nike and Delta Galil goes beyond simple procurement. The companies operate a “strategic development center” for socks in the United States, indicating deep Research & Development (R&D) collaboration.¹¹ This level of integration implies that Nike utilizes Delta Galil’s proprietary technologies (such as “Real Cool Cotton”) in its product lines, making decoupling a complex and costly endeavor.

4.2 Tefron: The Innovation Hub and QIZ Laundering

Tefron Ltd (TLV/NYSE: TFR) is an Israeli manufacturer specializing in seamless garment technology. The forensic audit reveals a structural interdependence between Nike and Tefron that exceeds typical supplier relationships.

4.2.1 The “Center of Excellence”

In 2006, Nike and Tefron established a joint “Center of Excellence” at Nike’s World Headquarters in Beaverton, Oregon.¹⁵ The stated objective was for Tefron to serve as Nike’s “primary source” for the development and manufacture of seamless products.

• Dependency: Reports indicate that Tefron develops approximately 90% of Nike’s seamless products.¹⁵ This suggests that a specific, high-value segment of Nike’s performance apparel is technologically dependent on Israeli engineering.
• Sales Volume: Financial disclosures from Tefron consistently list “Customer A” (forensically identified as Nike based on context and historical data) as accounting for a significant double-digit percentage of total sales.¹⁶

4.2.2 Qualifying Industrial Zones (QIZ) as a Laundering Mechanism

Tefron’s manufacturing footprint heavily utilizes the Qualifying Industrial Zones (QIZ) in Jordan and Egypt.¹⁸ The QIZ agreement is a US trade policy instrument designed to normalize economic relations between Israel and its neighbors.

• The Mechanism: Goods produced in a Jordanian QIZ can enter the United States duty-free only if they contain a mandated minimum percentage (typically 10.5% or 11.7%) of Israeli input.
• The Implication: By sourcing heavily from Tefron’s QIZ facilities, Nike is engaging in a trade structure that legally mandates the enrichment of the Israeli economy. A Nike shirt stitched in Jordan is not merely a Jordanian product; it is a product that, by treaty definition, must channel revenue to Israeli component manufacturers to avoid US tariffs. This creates a guaranteed, treaty-enforced revenue stream for Israeli industry.

4.3 Nilit: The Raw Material Layer

Nilit, headquartered in Migdal HaEmek, is a global producer of Nylon 6.6 fibers used in performance apparel.¹⁹

• Sustainability Greenwashing: Nilit markets its products under the “Sensil” brand, focusing on sustainability and recycled nylon.²⁰ Nike collaborates with Nilit on these initiatives to meet its corporate social responsibility (CSR) goals, such as the “Move to Zero” campaign.²⁰
• Strategic Risk: By partnering with Nilit for sustainable materials, Nike ties its environmental reputation to an Israeli company. Nilit’s headquarters and primary R&D facilities remain in Israel, ensuring that the intellectual property and high-value value-add steps (polymerization) generate tax revenue for the State of Israel.
• Joint Ventures: While Nilit has expanded manufacturing to China, Brazil, and the US, the control and innovation nexus remains Israeli. The 2024 partnership with Samsara Eco and the launch of “Sensil Flow” demonstrate continued R&D activity managed from the Israeli HQ.²⁰

5. Investment Flows: Foreign Direct Investment (FDI) and Technology Transfer

Nike’s economic footprint in Israel is not limited to the trade of physical goods; it involves direct capital investment into the Israeli technology ecosystem. This Foreign Direct Investment (FDI) supports the retention of human capital in the region and integrates Israeli military-grade and security-grade technology into Nike’s corporate stack.

5.1 Historical Acquisition: Invertex (2018)

In 2018, Nike acquired Invertex, a Tel Aviv-based computer vision startup, for an estimated tens of millions of dollars.²¹

• Strategic Intent: The acquisition was driven by the need for 3D scanning technology to improve shoe fit (“Nike Fit”) and support the Consumer Direct Offense.²⁴
• Operational Outcome: Invertex was rebranded as the “Nike Tel Aviv Digital Innovation Hub”.²⁵ While reports from 2023 indicate that Nike eventually closed this specific R&D center and laid off the local team during a global restructuring ²¹, the Intellectual Property (IP) and algorithms developed by Invertex were absorbed into Nike’s global digital platform.
• Complicity Impact: This transaction represents a successful extraction of Israeli technology. The capital paid for the acquisition enriched Israeli founders and venture capital funds (including OurCrowd ²³), injecting liquidity into the local tech sector.

5.2 Recent Activity: The Miggo Investment (April 2024)

Crucially, despite the severe geopolitical instability and the active war in Gaza starting in late 2023, Nike has continued to deploy capital into Israel.

• The Transaction: In April 2024, Nike participated in a $7.5 million Seed funding round for Miggo, an Israeli cybersecurity startup based in Tel Aviv.²⁶
• The Technology: Miggo specializes in “Application Detection and Response” (ADR), a security layer designed to detect and mitigate attacks within live applications.²⁷
• Investment Partners: The round was led by YL Ventures, a prominent Israeli cybersecurity VC firm. Nike’s participation, alongside former CISOs from Google and Zscaler, signals a strategic interest in Israeli security technology.²⁹
• Audit Insight: The timing of this investment (Q2 2024) is highly significant. It demonstrates that Nike’s investment committee views the Israeli cyber-sector as a vital resource for its corporate defense, regardless of the reputational risks associated with the ongoing conflict. By investing during the war, Nike signaled confidence in the resilience of the Israeli economy and contributed to the stabilization of the local tech sector during a period of economic uncertainty.

6. Trade Logistics and Import/Export Forensics

An analysis of trade data and bills of lading confirms the continuous flow of goods and capital between Nike entities and the Israeli market.

6.1 Import Data Analysis

Customs data from 2024-2025 indicates substantial imports by Nike Israel Ltd (and its parent Nike Inc) from manufacturing hubs like Vietnam, Indonesia, and Turkey.³⁰

• Importer of Record: Nike Israel Ltd acts as the primary importer. It is a subsidiary of Nike Inc. but is operationally integrated with the Fox Group’s distribution network.³²
• Volume: The flow of finished goods (footwear, apparel) creates significant value at the point of entry in the form of customs duties and VAT paid to the Israeli government.
• Settlement Distribution: Once cleared, goods enter the Fox Group’s logistics chain. Given Fox Group’s documented store locations in Ariel, Ma’ale Adumim, and Gush Etzion, it is a logistical certainty that Nike products are physically transported across the Green Line for sale in settlement malls. This constitutes a “gray zone” supply chain where international goods are funneled into illegal territories via a legitimate Israeli distributor.

6.2 Export Data and Intermediates

While finished Nike shoes are rarely exported from Israel, the export of intermediate goods is robust.

• Nilit Fibers: Export records show Nilit shipping Nylon 6.6 fibers to textile mills globally that produce fabric for Nike.¹⁹
• Tefron Seamless: Export data links Tefron’s QIZ facilities in Jordan (using Israeli inputs) to Nike distribution centers in the US and Europe.¹⁸
• Financial flows: The value-add from these exports is captured in Israel, supporting the employment of industrial workers in Migdal HaEmek (Nilit) and the corporate staff in Caesarea (Delta Galil).

7. Financial Analysis of Key Partners

A forensic review of the financial health of Nike’s Israeli partners highlights the materiality of the relationship.

7.1 Fox Group (Fox-Wizel Ltd)

• Revenue Dependency: Fox Group’s growth strategy is heavily reliant on its international Nike franchise rights. The expansion into Canada and Europe is a primary growth engine for the group.¹
• Capital Expenditure: The significant CAPEX allocated to opening new Nike and Foot Locker stores demonstrates that Nike is a central pillar of Fox Group’s long-term solvency and expansion.¹

7.2 Delta Galil Industries

• Performance: In Q3 2025, Delta Galil reported sales increases and record gross margins.¹⁴
• Outlook: Credit rating agencies (Midroog) have maintained stable outlooks for Delta Galil, citing its diverse brand portfolio (including Nike) as a stabilizing factor.³³
• Implication: Nike’s continued procurement provides financial stability to Delta Galil, allowing it to weather local economic downturns and maintain its operations, including those in settlement neighborhoods.

8. Risk Assessment and Complicity Ranking

Based on the cumulative evidence gathered across corporate governance, supply chain, investment, and trade domains, we apply the following risk assessment to Nike, Inc.

8.1 Complicity Scale

The target is ranked on a 5-point scale:

1. Negligible: No meaningful economic ties.
2. Low: Incidental trade; no strategic partners.
3. Moderate: Standard commercial relations; no direct settlement ties.
4. High (Systemic): Strategic partnerships with complicit entities; supply chain dependence; investment in dual-use sectors.
5. Critical: Direct ownership of settlement infrastructure or military production.

Assigned Score: 4/5 (Systemic Economic Complicity)

Justification for Level 4 Ranking:

• Strategic Partnership with Fox Group: Nike has not only contracted with but actively empowered a settlement-complicit company (Fox Group/Retailors) to be its face in Europe and Canada. This increases the partner’s capital, global reach, and financial resilience.
• Supply Chain Embedment: The reliance on Delta Galil (settlement retailer/industrial zone operator) and Tefron (QIZ beneficiary) is structural, involving shared R&D (“Center of Excellence”).
• Investment in Security Tech: The 2024 investment in Miggo during an active conflict signals a commitment to the Israeli tech sector that goes beyond simple commercial necessity.
• Normalization of Occupation: By allowing its products to be sold in Fox-operated stores in settlements (Foot Locker Ma’ale Adumim, Fox Ariel), Nike products serve to normalize the consumer experience in illegal settlements, treating them as indistinguishable from Israel proper.

8.2 Watchlist Entities

The following entities are identified as high-risk nodes within Nike’s economic network:

1. Retailors Ltd (TLV: RTLS): Direct operator of Nike stores; subsidiary of Fox Group.
2. Fox-Wizel Ltd (Fox Group) (TLV: FOX): Parent company; operator of settlement stores (Ariel, Ma’ale Adumim).
3. Delta Galil Industries (TLV: DELG): Manufacturer; operates settlement branches; historical Barkan Industrial Zone presence.
4. Tefron Ltd (TLV/NYSE: TFR): Key seamless tech supplier; QIZ laundering beneficiary.
5. Miggo: Cybersecurity portfolio company (2024 investment); normalization risk.

8.3 Final Forensic Conclusion

Nike’s economic footprint in Israel is characterized by a sophisticated “double movement.” Publicly, the brand engages in strategies that resemble distancing (e.g., the 2021 termination of small retailers), which allows for a degree of reputational shielding. Forensically, however, the audit reveals that this strategy effectively consolidated power with a major corporate conglomerate (Fox Group) that is structurally committed to the settlement project.

Through the QIZ mechanism, direct procurement of high-tech textiles (Nilit/Tefron), and venture capital injections (Miggo), Nike provides a steady stream of foreign currency, technological validation, and employment stability to the Israeli economy. This includes specific sectors and corporate actors that directly operate in or benefit from the occupation of the Palestinian territories. The assertion that Nike has “boycotted” Israel is forensically unsound; the data supports the conclusion that Nike has streamlined its operations to maximize efficiency and profit within the Israeli market, deeply entwining its future with that of its complicit partners.

Works cited

1. Fox agrees Nike franchises for 14 European countries – Globes English – גלובס, accessed on December 7, 2025, https://en.globes.co.il/en/article-fox-agrees-nike-franchises-for-14-european-countries-1001317481
2. PRESS | Fox Group, accessed on December 7, 2025, https://www.foxgroup.co.il/press
3. Sportswear Nike set to terminate sales in Israeli shops – Libyan Express, accessed on December 7, 2025, https://www.libyanexpress.com/sportswear-nike-set-to-terminate-sales-in-israeli-shops/
4. Nike Tells Israeli Retailers: No More Business in 2022 – Palestine Chronicle, accessed on December 7, 2025, https://www.palestinechronicle.com/nike-tells-israeli-retailers-no-more-business-in-2022/
5. Nike to terminate sales in Israeli stores | The Jerusalem Post, accessed on December 7, 2025, https://www.jpost.com/israel-news/nike-to-terminate-sales-in-israeli-stores-680993
6. Nike to end some sales in Israeli stores | The Independent, accessed on December 7, 2025, https://www.independent.co.uk/life-style/nike-israel-stores-end-sales-b1934096.html
7. After taking over Europe: Harel Wiesel marks a new target | The Jerusalem Post, accessed on December 7, 2025, https://www.jpost.com/consumerism/article-853162
8. The Israeli Occupation Industry – Fox-Wizel Ltd. (Fox Group) – Who Profits, accessed on December 7, 2025, https://www.whoprofits.org/companies/company/7377?fox-wizel-ltd-fox-group-
9. OUR BRANDS | Retailors, accessed on December 7, 2025, https://www.retailors.com/our-brands
10. Delta Galil Industries – Wikipedia, accessed on December 7, 2025, https://en.wikipedia.org/wiki/Delta_Galil_Industries
11. Nike Stock: Analyzing 5 Key Suppliers (NKE) – Investopedia, accessed on December 7, 2025, https://www.investopedia.com/articles/markets/051416/nike-stock-analyzing-5-key-suppliers-nke.asp
12. The Israeli Occupation Industry – Delta Galil Industries – Who Profits, accessed on December 7, 2025, https://www.whoprofits.org/companies/company/3655?delta-galil-industries
13. Fashion’s Hidden Ties to Illegal Occupation | COSH!, accessed on December 7, 2025, https://cosh.eco/en/articles/how-fashion-supports-illegal-occupation-and-genocide
14. Delta Galil Reports Third Quarter 2025 Results – Business Wire, accessed on December 7, 2025, https://www.businesswire.com/news/home/20251119321550/en/Delta-Galil-Reports-Third-Quarter-2025-Results
15. Tefron, Nike launch joint Center of Excellence – Ynetnews, accessed on December 7, 2025, https://www.ynetnews.com/articles/0,7340,L-3251710,00.html
16. TEFRON LTD CONSOLIDATED FINANCIAL STATEMENTS AS AT DECEMBER 31, 2019 IN DOLLARS THOUSANDS, accessed on December 7, 2025, https://tefron.com/wp-content/uploads/2020/07/Financial-Statements-31.12.19.pdf
17. consolidated financial statements 12 as at december 31, 20 in dollars thousands – Tefron, accessed on December 7, 2025, https://tefron.com/wp-content/uploads/2022/03/TEFRON-Financial-Statements-31.12.21.pdf
18. The Israeli company that clothes the world’s athletes | The Times of Israel, accessed on December 7, 2025, https://www.timesofisrael.com/the-israeli-company-that-clothes-the-worlds-athletes/
19. Nilit – Wikipedia, accessed on December 7, 2025, https://en.wikipedia.org/wiki/Nilit
20. Impact Report 2024 – Nilit, accessed on December 7, 2025, http://www.nilit.com/wp-content/uploads/2025/06/report-nilit-2024-final.pdf
21. Nike shuts down Israel R&D center, lays off entire team | Ctech, accessed on December 7, 2025, https://www.calcalistech.com/ctechnews/article/b1zgb7tao
22. Nike Acquires Tel Aviv Computer Vision Firm Invertex – NoCamels, accessed on December 7, 2025, https://nocamels.com/2018/04/nike-acquires-tel-aviv-invertex/
23. OurCrowd achieves 20th exit – Globes English – גלובס, accessed on December 7, 2025, https://en.globes.co.il/en/article-ourcrowd-achieves-20th-exit-1001231424
24. Nike buys Israel computer vision startup Invertex, accessed on December 7, 2025, https://www.timesofisrael.com/nike-buys-israel-computer-vision-startup-invertex/
25. Nike Shox Ltd. (Nike Tel Aviv Digital Innovation Hub) – IVC Data & Insights – IVC-Online, accessed on December 7, 2025, https://www.ivc-online.com/Google-Card?id=7d0bc2ce-1954-e811-80e4-00155d0b832c
26. List of Investments by Nike (Oct, 2025) – Tracxn, accessed on December 7, 2025, https://tracxn.com/d/corporate-investments/investments-by-nike/__UvYkboqjxD9w4nrz84MSfV0pxIhrWCh-PQ0_tMGrTSE
27. Miggo Launches First Application Detection and Response (ADR) Solution – Business Wire, accessed on December 7, 2025, https://www.businesswire.com/news/home/20240417834134/en/Miggo-Launches-First-Application-Detection-and-Response-ADR-Solution
28. Miggo: Application Detection And Response Platform Company Raises $7.5 Million, accessed on December 7, 2025, https://pulse2.com/miggo-application-detection-and-response-platform-company-raises-7-5-million/
29. Miggo Security’s innovative ADR platform attracts $7.5m seed investment – FinTech Global, accessed on December 7, 2025, https://fintech.global/2024/04/18/miggo-securitys-innovative-adr-platform-attracts-7-5m-seed-investment/
30. Nike Inc Import Export Turnover 49.66 and 0.11 USD Million during August 2024 to July 2025, accessed on December 7, 2025, https://www.exportgenius.in/company/nike-inc/d70d7b806ec65225abfcba838e8ff992687a5278dc5ed4e79eed3d160fbdd9cb
31. nike import price – Zauba, accessed on December 7, 2025, https://www.zauba.com/import-nike-hs-code.html
32. Nike Subsidiaries and Acquisitions – Insights;Gate, accessed on December 7, 2025, https://insights.greyb.com/nike-subsidiaries-and-acquisitions/
33. Delta Galil Industries Ltd.1, accessed on December 7, 2025, https://s29.q4cdn.com/481127684/files/doc_downloads/2025/Midroog-Delta-Monitoring-Report-February-2025-V3.pdf