Nike's current struggles stem from competition; as brands like Hoka and On gain popularity worldwide, Nike's challenges with relevance and product innovation have persisted for years.
Despite a management change, Nike's stock has been flat for five years, significantly lagging behind the S&P 500's impressive 91% growth, indicating deeper, systemic issues.
The recent Paris Olympics did not enhance Nike's sales, highlighting that their struggle for relevance is ongoing and will not be resolved quickly, if at all.
Nike has recognized various challenges it faces, including a stagnant revenue of over $12.5 billion, further emphasizing its need for substantial product innovation to recapture market interest.
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