Nike is the world’s largest sportwear brand but the company is on a mission to regain its stride after a challenging year. A series of poor earnings reports over the past year eventually wiped out $28 billion from the company’s market cap and in June, the company experienced its worst trading day ever as a publicly traded company. Nike has blamed its performance on everything from macro challenges to remote employees, but analysts say it was part of a years-long series of strategic errors. During an effort to focus on direct-to-consumer sales through digital channels, analysts say the company has started to lack innovation and ceded market share to newer rivals like Hoka and On Running. Nike is now dealing with an excess of inventory from major sales slowdowns as consumers turn to newer styles from other brands. Now, all eyes are the company’s new CEO, 32-year Nike veteran Elliott Hill, to turn the sportswear giant around. Watch the video above to learn more.
Chapters:
00:00 – Intro
01:54 – Disruptor
03:36 – Digital World
08:11 – What’s next?
Produced by – Merritt Enright
Edited by – Andrea Miller, Darren Geeter
Additional Reporting – Sara Eisen, Gabrielle Fonrouge
Supervising Producer – Jeniece Pettitt
Animation by – Jason Reginato
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Why Nike Is Struggling
Author: CNBC
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News post in December 21, 2024, 6:04 pm.
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