Nike tumbles as upstarts grab market share

Nike had said it expects a surprise 10% drop in quarterly revenue, as it faces growing competition from newer rivals such as On and Hoka. The news sent Nike shares plunging more than 12% in after hours trading, which could mean a loss of $15bn in market value if the losses hold on Friday. Nike is optimistic that new products and a marketing campaign at the upcoming Olympic Games in Paris will help the company regain momentum with consumers. "There's a sense that Nike just hasn't innovated enough, it hasn't marketed enough, it hasn't told enough stories around its products," the Managing director of GlobalData Retail, Neil Saunders, told the BBC. The sportswear giant's strategy to sell its products through its own stores and website instead of wholesales like Foot Locker hurt sales, Reuters said. Nike is currently the top sponsor of jerseys at the UEFA Euro 2024 football tournament, beating out brands like Adidas and Puma.

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