SMH: Can Nike do it? Shoe giant’s Australian profits dip as it fights to reclaim relevance

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Nike’s profits in Australia dipped slightly last year, with sales declining to $922.7 million and profit after tax falling to $13.2 million, reflecting global struggles to regain its cultural relevance. Strategic missteps, including an aggressive shift to direct-to-consumer sales in the US, cost Nike market share to competitors like New Balance and On Running. RetailOasis director Trent Rigby noted, “The big challenge for them is: will they make Nike cool again?” Despite these issues, the Australian market has been less affected by the US strategy, with Nike maintaining a presence in local retailers. Incoming CEO Elliott Hill, a long-time Nike veteran, faces the task of revitalising the brand and reconnecting with core consumers. Read the full article here.