FT News Briefing Nike’s new game plan
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Jul 9, 2024 NATO leaders gather for a critical summit, navigating domestic pressures and pledging support for Ukraine. Europe's battery industry feels the pinch from a faltering EV market and rising Chinese competition. Meanwhile, Nike faces turmoil with its stock plummeting due to a banned basketball shoe and waning consumer interest in iconic Air Jordans. The discussion highlights shifting dynamics within global politics and market landscapes, emphasizing the complexities confronting both alliances and major brands.
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Nike's Stock Plummets
- Nike's stock plummeted 31% this year, the worst since going public.
- This reveals diminished consumer demand and a bleak brand outlook.
Competition and Marketing Effectiveness
- Nike faces competition from new and established brands like Hoka, On, and New Balance.
- These competitors effectively target wider audiences, including those over 35.
Air Jordan's Diminished Cachet
- The iconic Air Jordan brand has lost some of its cachet, especially with millennials.
- Nike acknowledges oversupply and is restricting inventory to stimulate demand for newer models.