The company that spent forty years teaching the world to buy shoes forgot that people also get dressed.
Most investors have the Nike story filed under “temporary.” Great brand, bad stretch, wrong CEO, right CEO now, stock down more than 50% from its high and trading near a twelve-year low. Buy the dip on a franchise that has survived worse. Wait for the turnaround. Collect a 4.6% dividend while you wait.
That framing assumes the problem is execution. It is not. Nike is losing footwear share to four brands at once, and simultaneously losing apparel share to a completely different set of brands it was never built to fight. One of those is a turnaround. Two at the same time, on two fronts, with two separate sets of competitors, is something else. The question is not whether Nike can fix its shoe business. It is whether fixing the shoe business is even enough.