Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. Nike (NYSE: NKE) has long been one of the most recognizable brands on the planet — a powerhouse that dominated sneakers, apparel and popular culture for decades. But lately, its story has taken a sharp turn.
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Behind the scenes, even leadership was sounding worn down. "I'm so tired, and I know you are too, of talking about fixing this business," CEO Elliott Hill said during an internal meeting earlier this year, Bloomberg reported (1). "You can't just sit there and say everything's great." The company has been navigating a difficult transition in recent years — from shifting consumer preferences and increased competition to supply chain adjustments and a push toward direct-to-consumer sales.
Some critics (2) have pointed to Nike's marketing choices and cultural positioning, arguing that the brand has leaned too far into social issues — and that it's now paying the price (3). The phrase "go woke, go broke" has resurfaced (4) in online commentary around the company's recent struggles. But that explanation may be too simplistic.
Nike's challenges reflect a broader set of pressures facing the retail and consumer goods sector. Rising costs, changing consumer habits, inventory missteps and intensifying competition from brands like On and Hoka have all played a role. Meanwhile, China — once a crucial engine of growth — has become another major headache for the company, with Greater China revenue dropping 12% (5) in the most recent quarter.
In other words, this isn't just about messaging — it's about execution, strategy and a rapidly evolving market. And while Nike's latest quarterly results topped Wall Street expectations on both earnings and revenue, not everyone is convinced the turnaround is on track. JPMorgan recently downgraded (6) the stock from Neutral to Underweight, with analyst Matthew Boss warning that Nike's recent "Win Now" decisions "will linger and impact NKE's P&L in 2H27 and into FY28." But one of Nike's most famous athletes believes he knows what the company is missing.
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