"Nike has lost out to competitors due to its lasting lack of innovation and lagging fashion credentials," Louise Deglise-Favre, apparel analyst at GlobalData, wrote in a note in early October. This highlights the critical issue facing Nike as new trends emerge.
On the company's October earnings call, which Hill wasn't present for, Nike said that "newness and innovation" would drive the company's future as it tries to rely less on retro styles.
Hill is expected to address Nike employees in an all-hands meeting on Monday, and he's already made it clear to them that he knows there is a lot of work to do.
"I know things haven't been easy, and we certainly have taken our fair share of shots," Hill said in an email to employees in September reported by Bloomberg, emphasizing the challenges ahead.
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