Nike’s new CEO Elliott Hill has outlined his plans for the company’s turnaround. However, experts say his approach is lacking a crucial element to drive real change.
The first step in this plan was announced on Thursday, which marks a shift towards diversifying product offerings and expanding sales channels. The move aims to counter Nike’s struggle against rivals by improving its ability to sell products through external stores and websites.
In recent years, Nike has faced stiff competition from brands like Adidas and Under Armour due to its reliance on traditional store and website sales, as well as a lack of new and innovative products. Hill’s vision is sensible but falls short of providing a comprehensive blueprint for the company’s revival.
The company needs to further adapt its strategy to better compete in the market. While this initial move is a positive step, more concrete measures are required to drive meaningful change. As the saying goes, “one shoe does not an outfit make,” implying that Hill’s plan still requires significant additional effort to truly turn Nike around.
Source: https://www.bloomberg.com/opinion/articles/2024-12-20/nike-s-half-measures-need-another-shoe-to-drop