I have no idea what LeBron James is doing… It’s probably an ad for Nike, if I had to guess.
Back in the 1970s nobody was really wearing Nike. There was adidas, Puma, Pony and Converse Chuck Taylors but not a lot of Nike (remember they rose to fame with Michael Jordan in the 1980s). Still, the ad is probably going to be pretty good (Nike knows how to market) and this is an interesting outfit.
As for the dance…