Slate Money How Nike Shoes Got Lame
Sep 28, 2024
Bloomberg reporter Kim Bhasin joins the hosts to dissect the decline of Nike, exploring how leadership changes and a direct-to-consumer shift have hurt the brand's cool factor. They dive into the evolving sneaker culture and competition that leave Nike struggling to retain its appeal. Bhasin also sheds light on Jamie Salter's success in revitalizing 'zombie brands.' Additionally, the group discusses Visa's monopolistic practices and what the DOJ's lawsuit could mean for consumers. The mix of nostalgia and current market trends makes for an engaging conversation!
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Shifting Sneaker Trends
- During Climate Week in Midtown Manhattan, Felix Salmon observed a diversification of footwear brands.
- Nike's prominence seemed diminished compared to emerging brands like Hoka and On.
Nike's Overreliance on Retro Styles
- Kim Bhasin suggests that Nike's overreliance on retro lifestyle shoes, like Dunks and Jordans, led to a decline in coolness.
- Oversaturation of these models diminished their exclusivity, impacting sales.
Nike's Retail Misstep
- Nike's decision to end retail partnerships, like with Foot Locker, backfired, creating space for competitors.
- This strategic misstep is evident in running events where Hoka and On now dominate.