Once the disruptor of the sportswear industry, Nike has become the establishment and is struggling to maintain its dominance. According to financial results cited by the BBC, Hill's turnaround plan is showing signs of working, but analysts caution that the pace of change resembles a marathon more than a sprint.
Matt Powell, a veteran analyst and adviser in the sports retail industry, told the BBC that Nike made "several strategic errors" that have been hard to reverse. These included cutting ties with retailers to sell directly to customers online and making limited-edition items more broadly available. "The more broadly available those shoes became, the fewer people were interested," Powell said.
The loss of Kylian Mbappé to On raises questions about whether Nike can retain its status as the top brand for elite athletes and the fans who idolise them. Despite the setbacks, Nike remains a mega brand and popular worldwide, but hundreds of billions of dollars in market value have been wiped out as the stock tumbled.