Nike's brand heat has eroded to challengers (On Running, Hoka, New Balance) with North America wholesale relationships still recovering from DTC pivot missteps. New CEO Elliott Hill's wholesale reset is the right strategy but takes 2-3 years to manifest. China business remains pressured by domestic brand resurgence (Anta, Li-Ning). Inventory normalization continues. Multiple compression on growth disappointment.
Signals scoped to US · Company-specific tagging coming soon.