Nike’s Reality Check

When Elliot Hill returned to Nike as chief executive in October 2024, he was tasked with reversing one of the most significant slumps in the company’s history. The business had lost momentum with both investors and consumers and his strategy has focused on restoring wholesale relationships, rebuilding key categories like running and trying to stabilise the brand’s broader narrative. But Nike’s latest earnings and weak outlook have intensified doubts about whether the recovery is moving quickly enough. In a fragmented marketplace where heat has moved toward niche competitors and rejuvenated legacy rivals...