Nike Stock Down 45% in CEO's First 20 Months
N.R. Finch
Twenty months into Elliott Hill's comeback as CEO, Nike's stock has fallen over 45%, erasing roughly $57 billion in market cap — revenue shrank nearly 10% over two years while rival Adidas grew over 20%, and the market wants execution proof, not slogans.
How bad is the damage so far?
Since Hill took over, Nike shares have dropped more than 45%, wiping out roughly $57 billion in market value and hitting a decade-plus low.
The most recent quarter's revenue was flat year-on-year but down nearly 10% from two years ago; Greater China and EMEA both weighed on results.
This means → the problem is not slowing growth — it is an actual shrinking footprint, made starker by Adidas posting over 20% revenue growth in the same period at half Nike's scale.
Where did the market share go?
Euromonitor International data shows Nike's global athletic-footwear share fell from nearly one-quarter in 2016 to about 19%.
Skechers, New Balance, On, and Hoka moved into the shelf space Nike voluntarily gave up years earlier.
In plain terms = Nike pulled back from wholesale to push direct-to-consumer e-commerce; by the time it tried to reverse course, competitors had already filled the gap.
Twenty months in — why no visible progress?
Hill shifted the company's focus back to athletic performance, prioritizing running and North America, but results have yet to materialize.
More than ten people familiar with the matter told Bloomberg that wholesale relationships are frayed and the product-innovation pipeline has thinned.
This reflects a structural problem: the channels and R&D pipelines Nike severed over prior years cannot be reconnected by a CEO change alone.
What execution missteps piled up this year?
The World Cup jersey debut drew criticism for puckered shoulder seams; some event-related inventory missed its delivery window to retailers.
A Boston Marathon ad was pulled after backlash; at this summer's North American World Cup, Adidas kits 14 teams versus Nike's 12.
GlobalData managing director Neil Saunders summed it up: "The impression is that Nike is still a reactive company, still trying to catch up. We should be seeing some momentum, but we're not."
Does the brand still have a card to play?
A Bloomberg Intelligence survey found Nike sneakers remain the top purchase-intent choice across all income brackets.
Analysts read this as evidence the challenge is rooted in execution, not brand erosion.
This means → brand equity is intact, but the window will not stay open indefinitely — the critical variable is whether Hill can deliver quantifiable execution improvement around the next quarterly report.
Content is for reference only, not financial advice.