Issue link: https://viewer.e-digitaledition.com/i/1524276
10 • Footwear Insight ~ July/August 2024 footwearinsight.com By Bob McGee A t 52, the Swoosh is sagging and looking for answers. Some current critics of the brand, which has had a difficult stock performance this year-to-date, suggest it will take years for Nike to complete a business reset and return to a healthy sales growth trajectory. But the company has other ideas as it hopes to fast-track a turnaround of its fortunes with investors, retailers, and consumers. Already at work on patching up and strengthening relationships with key retailers worldwide and building a pipeline of innovative products for the next three years, Nike intends to use this summer's Olympic Games in Paris (July 26-Aug. 11) for a bold marketing blitz that will make sports and athletes the focal points of its messaging. e company is vowing to re-invest nearly $1 billion in "consumer-facing activities" this fiscal year ending next May to help it accelerate sales growth. Still, the company is forecasting its annual sales growth to be down by mid-single digits this fiscal year, with revenues for the six months ending Nov. 30 to be down by high-single digits. Nonetheless, the product and retailer relationship-building focus will accelerate. Nike intends to introduce a refreshed assortment of under $100 retail footwear styles in the coming months to attract back some more price-sensitive consumers to the brand and is also planning to continue to push growth in the North American run specialty segment where the brand reports it has already generated double-digit order book growth for Holiday '24 and Spring '25. On the personnel front, where Nike has lost key staffers and veterans in recent years to both retirements and layoffs, the company has rehired its former senior executive Tom Peddie as VP of marketplace partners, installed 30-year company veteran John Hoke to lead its advanced in-novation function, and promoted Tom Clarke to senior advisor on strategic growth initiatives. n How Long Will it Take for Nike to Get Back in Shape? ANALYSIS THE FOOTWEAR EYE New performance footwear with Nike Air.