The law is indeed in effect. Perhaps the new supply will revitalize Nike's Refurbished program, and European consumers will buy lots of used sneakers at discount prices. My bet is that it will not, and they'll mostly buy a slightly lower supply of new shoes that were made more expensive to cover the costs of refurbishing everything.

I do agree that this law will have a more meaningful effect on luxury clothing brands, and I wouldn't be terribly surprised if certain kinds of fast fashion become impractical to offer in the EU. More power to them, as long as people don't start complaining in a few years when Zara's trendsetting new line of blouses isn't available in European stores.