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The NFL had a tumultuous week, suffering a $14 billion court loss. However, its partner Nike faced an even steeper downfall. On Friday, Nike’s stock plunged nearly 20%, erasing $28 billion in shareholder value. This dramatic drop followed the company’s announcement of expected sales decline for the upcoming fiscal year. The stock, once over $177 per share in November 2021, closed at $75.65 on Friday. According to CNBC, this marked the worst day for Nike shares since it became public in December 1980. The brand also cut 2% of its workforce, saving $2 billion in payroll expenses.
Historically, Nike has held a prominent position within the NFL, serving as its exclusive apparel provider since 2012. The iconic Nike swoosh is the only corporate logo permitted on NFL player uniforms. The company has been instrumental in introducing varied uniform combinations to both the NFL and college football teams. Presently, Nike is grappling with greater challenges beyond sports apparel innovation. CEO John Donahoe’s leadership is questioned amid criticisms of over-relying on established brands, failing to innovate new styles, and alienating retail partners by focusing on direct-to-consumer sales, which benefited competitors.
The future of Nike’s partnership with the NFL, which extends until 2028, remains uncertain. While the NFL hopes to overturn its $14 billion loss in future court rulings, Nike’s ability to rebound is yet to be determined. Major changes at Nike’s leadership could reshape its strategy and potentially stabilize its dwindling stock and brand identity.
