Nike’s stock spirals toward a multi-year low as branding debate swirls

Nike has slid to a 12-year low, about 78% below its 2021 peak, as cost pressures, inventory issues and intensifying competition collide with a shift to direct-to-consumer. Critics tie the drop to woke branding and messaging, reviving “go woke, go broke” talk, though executives say deeper factors like execution and market shifts—including a 12% China revenue dip—are at play. Quarterly results beat expectations, but sentiment is mixed: JPMorgan downgraded the stock while some bulls see upside. LeBron James urged Nike to reconnect with its core communities, underscoring the challenge of balancing culture with core business.