Nike, the largest sportswear brand globally, struggles to bounce back after losing $28 billion in market cap due to a series of poor earnings reports and its worst trading day as a public company. Analysts attribute these challenges to strategic missteps amid a focus on direct-to-consumer sales and digital channels, leading to reduced innovation and lost market share to newer brands like Hoka and On Running. Additionally, Nike faces excess inventory problems stemming from declining sales. With Elliott Hill, a 32-year company veteran, as the new CEO, all eyes are on him for a potential turnaround.
