Was the Colin Kaepernick Advertisement provide an increase in brand value or a decrease?
Nike had an initial negative response and then a positive response. So, what happened here concerning Nike's brand equity? We know there was a swap of numbers from the shares — loss then a gain, but we don't have the actual numbers of investors that changed. It could have been many smaller investors leaving and a few more substantial buying... or the other way around... or an even mix of both.
What I can tell you is that strong brands that stand for something will repel some and attract others. That may sound bad, but my guess is they lost a lot of lukewarm followers and gained some passionate ones. Bottom line, this is really good for a brand. Passionate customers will support you in good times and bad.
People (or customers and investors) look for those companies they connect with, they believe in, that resonates with their purpose. It's more than a product or a service that Nike is selling. It's never been more evident with this campaign. People are jumping in the Nike boat because of the message and what they believe is important, not about a new product launch.