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Judge sides with Nike, halts sales of Lil Nas X ‘Satan Shoes’

Yahoo Finance's Alexandra Canal joins Yahoo Finance Live to give the lastest on Rapper Lil Nas X's 'Satan Shoes' and his battle with Nike.

Video Transcript

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SEANA SMITH: It's time for Fame and Fortune, and this week, it has to do with rapper Lil Nas X's controversial shoe, the Satan Shoe. We talked about it last week. This time, a federal judge siding with Nike in a lawsuit over all this. We need to bring in Alexandra Canal for the latest on this. And Ali, give us the details.

ALEXANDRA CANAL: Yeah, so Nike seems to have won the battle. But did they win the larger war? That's the big question. And I'm not so sure that they did. So according to what happened in the courts today, Nike did win a request to stop the sales of these Satan Shoes that are produced by MSCHF, which is the streetwear company that Lil Nas X partnered with.

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However, here's the issue. MSCHF said that they have sold nearly all of their shoes, except for one. They were only releasing 666 pairs, selling for over $1,000 a pop. So that doesn't really help Nike's case here. They could potentially go and seek further damages, but that's going to create something that they need more time, more energy, and more money to accomplish. And that's why you don't really see these big brands going after all of these different companies that sell infringing products. It just takes too much time. In fact, Nike said that MSCHF has a habit of doing this, has a history of selling these infringing shoes quicker than the courts can stop them.

On the side of MSCHF, their defense was that these shoes are expressions of art. They're not typical sneakers and that no one would actually think that they are Nike-approved products. But the company said that's absolutely not true. They had sneaker heads really associating these products with the Nike brand. And that's ultimately why they went ahead and decided to sue MSCHF over this. But what they do from here, that's really up in the air. But no pun intended, they're really going through hell right now, guys, you know? Poor Nike.