Nike revenue plunges 11.5% to $11B in March 2025 after CEO Donahoe's 2020 strategy shift cut retail presence, reorganized product teams, weakened athlete partnerships—enabling On, Hoka to capture market share as margins fell from 45% to 42.7%.

Nike's Crisis and the Economics of Brand Decay

What it sounds like is that the CEO has the wrong people making the wrong decisions across the strongest brand or one of the strongest brands in consumer history.This quote by Scott Galloway on his podcast is from July 2024. In March 2025, Nike reported its worst revenue decline in nearly five years: an 11.5% drop to $11.01 billion. Digital sales fell 20%, app downloads decreased 35%, and store foot traffic declined 11%. The company that once captured roughly half of the US athletic footwear mar...