Nike is struggling...

Embattled Nike CEO John Donahoe stepped down in September, signaling the end of a tumultuous chapter in the company’s history. Taking the reins in 2020, Donahoe’s resignation comes after mounting pressure from both internal and external sources, with concerns about his leadership style and the key decisions made under his watch. Among these was his pivot away from performance innovation and digital-first market strategy. In July 2024, Nike’s stock fell a record 19 per cent following disappointing earnings; however, after the announcement, Nike’s shares surged by 10 per cent. 

In 2024, Nike and Adidas have experienced contrasting fortunes in the stock market. Nike's stock has plummeted due to weak sales forecasts, a decline in digital revenue, and inventory issues, resulting in a 31.71% year-to-date drop. Conversely, Adidas has thrived, driven by the popularity of its retro-style sneakers and strong earnings reports, leading to a 30.12% increase in its stock.

Now, all eyes are the company’s new CEO, 32-year Nike veteran Elliott Hill, to turn the sportswear giant around.