A ruinous pandemic business strategy, declining innovation, exodus of talent, and a “worst sneaker of all time” accolade has laid the world's biggest sports brand low.
After a tumultuous few years marked by declining sales, lacklustre innovation and decimated retail relationships, John Donahoe has stepped down as CEO of Nike . His departure comes on the heels of mounting criticism over Nike ’s digital transformation strategy, which hit a critical juncture on June 28 when the company’s market capitalization plummeted by $28 billion following a dismal earnings report.
Although the Panda Dunk was an instant hit upon its rerelease in 2021, it quickly went from a streetwear favorite to a symbol of oversaturation. A 2023 sneaker convention even voted it “the worst sneaker of all time.” One of the few new products Donahoe can point to is the Air Max Dn, which incorporated a footwear cushioning system derived from Nike’s signature Air technology. “It was very forgettable,” says Alex Ropes.
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