It’s no secret at this point that Nike is taking a nosedive.
They’re being mercilessly mocked online for releasing a low-effort series of NBA jerseys, and their stock has plummeted so much that they are set to get the boot from the S&P 100 later this month.
While plenty of personalities have weighed in, OutKick’s Dan Dakich decided to throw his hat in the ring and discuss just how bad things have gotten for the failing athletic apparel giant.
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On a recent episode of his “Don’t @ Me” show, Dakich was joined by Dan Zaksheske and Jason Hammer to break down the missteps committed by Nike that led them to this lowly state.
Zaksheske opined that the “go woke, go broke” mantra certainly applies here, but we have to take everything into account, including complacency.
“I would compare Nike to Disney,” Zaksheske stated. “They’re just resting on their laurels. They’re not creating anything new.”
Hammer offered a different perspective, giving credit to FOX Business’s Taylor Riggs for the insight.
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“They gave a middle finger to the retailers,” he said. “They thought they could go directly to the consumer and that didn’t work, coming out of a COVID-era where people were desperate to actually go out and go to the stores, see the displays, and the Nike displays weren’t there anymore.”
Dakich certainly agreed with his guests, but he offered his own take on the matter.
“Local competition,” he said when pointing a finger at Nike’s problems. “Athleta is booming. Lululemon is booming. It used to be Nike or Adidas, which one are you going to buy?”
Competition in the marketplace can either force you to improve or make you watch from the sidelines, and Nike seems to be doing the latter.
Alienating the local retailers was a big mistake from Nike, but Dakich posits that the company has a female problem, too.
“Women have said, ‘Bulls—, don’t insult us,'” Dakich said. “Who’s buying stuff? It ain’t me and it ain’t you (Hammer)… it is freaking women, and (Nike) p—-d them off.”
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There’s no doubt that Nike is facing a litany of issues, and Dakich, Zaksheske and Hammer only scratched the surface of what appears to be a catastrophic crossroads for the former kings of athletic wear.
If they want to climb back to the top of the mountain, they will definitely have to look in the mirror and do some soul-searching.
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Only time will tell if that happens before it’s too late.
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