Nike Stock Plummets to Lowest Point Since 2014

The Swoosh is in a real slump. According to a report from Complex, Nike's stock price plummeted to its lowest point in 12 years on Monday, August 17, closing at a rough $39.0 per share. That is a massive 75 percent drop from its pandemic-era peak in 2021 when it was riding high at $177.51. The slide comes after years of pushing hard on direct-to-consumer sales, a corporate pivot that accidentally cleared Nike off the shelves of local sneaker boutiques and let competitor brands run away with the wholesale market. Current CEO Elliott Hill, who stepped in last year, is trying to salvage the brand with his "Win Now" playbook, focusing on performance gear and patching up those broken retail relationships. But the realest diagnosis came from LeBron James. In a recent chat with Boardroom's Rich Kleiman, King James pointed out that the brand lost its connection to the pavement, saying they need to get back to the inner cities and actually talk to the kids to see what they like. He's not wrong. Check the details below.