Nike’s self-inflicted missteps are jeopardizing CEO Elliott Hill’s nascent turnaround, even as the company reports modest North American revenue growth of 3%. Sales in China fell 12%, market share in running shoes is slipping to rivals like On and Hoka, and Converse revenue is in free fall. A Boston Marathon ad that appeared to mock slower runners, a merchandise supply failure ahead of the World Cup, and a decision to scale back financial disclosures including sales by gender have all added to concerns. BNP Paribas analyst Laurent Vasilescu called the reduced transparency a red flag, especially since women’s was supposed to be a long-term growth driver. Nike shares are down 75% from their all-time high five years ago and have fallen by about half since Hill became CEO in 2024.
Nike IncSales in China fell 12%, market share in running shoes slipping to rivals, Converse revenue in free fall.
On Holding LtdMentioned as rival gaining market share in running shoes from Nike.
BNP Paribas SA