The global sneaker brand’s local sales fell in the 2024 financial year, with its headquarters recently installing a new CEO to reinvigorate the business.
Nike’s profits in Australia slid over the past year as the global shoe brand fights to win back its cultural cachet after a string of strategic missteps saw it lose market share to competitors like New Balance and On Running.
Hill started with the company as an intern in 1988 and had headed global operations for Nike and the Jordan Brand before departing in 2020 when Donahoe was appointed CEO.Donahoe’s replacement was warmly received by investors, who sent the New York Stock Exchange-listed company’s share price 8 per cent higher after Hill’s appointment was announced. Commentators have attributed Donahoe’s tenure with the company losing focus on its core pillars of product innovation and cutting-edge marketing.
On June 28 this year, Nike surprised the market by slashing its revenue forecast to the mid-single digits, leading to its biggest stock price fall – 20 per cent – in history. Since the beginning of the year, Nike’s share price has fallen more than 16 per cent.
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