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Slate News
Slate Money: How Nike Shoes Got Lame
Sep 28, 2024
Kim Bhasin, a Bloomberg journalist focused on business, and Jamie Salter, a savvy entrepreneur known for revitalizing struggling brands, dive into the decline of Nike and its missteps in direct-to-consumer marketing. They explore how Nike's leadership changes and retail strategy backfired, opening doors for competitors. The conversation also touches on Salter's journey acquiring ‘zombie brands’ in the retail landscape. Finally, they dissect the implications of the DOJ's antitrust case against Visa and what it means for consumers.
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Quick takeaways
- Nike's decline in popularity is attributed to a misguided shift from performance footwear to lifestyle shoes during John Donahoe's leadership.
- The reduction of retail partnerships limited Nike's visibility and sales, allowing emerging brands to seize market share and thrive.
Deep dives
Nike's Declining Trend
Nike has experienced a significant decline in its popularity and sales, primarily attributed to the tenure of its former CEO, John Donahoe. Under Donahoe, Nike shifted focus from performance footwear to lifestyle-oriented shoes, such as retro models, which initially drove sales but ultimately led to a saturation in the market, causing consumer interest to wane. Following a period of rapid revenue growth where Nike aimed for a $50 billion target, the brand's strategy created a perception of ubiquity that diminished its 'cool' factor among sneaker enthusiasts. As a result, newer brands like Hoka and On have filled the void in the running and lifestyle shoe markets, leaving Nike struggling to regain its former appeal.
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Discover
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