While Adidas is leading the low-rise retro trend, Nike isn’t being totally left behind. Donahoe recognises the need to revitalise the more style-oriented selection; Nike’s Cortez sneaker is gaining traction, with the company recently reissuing several models such as an all-white leather version favoured by The Bear star Jeremy Allen White, and the red, white and blue Forrest Gump model.
Meanwhile, the Killshot and the Field General are selling well, and Nike plans to ramp them up. It aims to almost triple its retro running business by the end of this fiscal year, compared with the start of fiscal 2024.
This demonstrates that Nike can still be agile, but it needs to go further. Its product archives, which Donahoe described as a unique asset, offer opportunities. He also recognises that the company needs to be faster to market, accelerating the design and production process to help it respond more quickly to changing consumer tastes.
And while there are green shoots elsewhere, including enthusiasm around the futuristic new iteration of the Air Max sneaker, developing new hit products won’t be instantaneous. It could take a year or so to bring in bestsellers like the Air Force 1.
Meanwhile, Adidas CEO Bjorn Gulden shows no sign of letting up. The product-obsessed former professional footballer is already trying to anticipate what will follow the Samba, and delaying some launches to prevent the market from overheating. He’s trying to make the clothes that athletes wear more fashionable, and the summer of sport is a perfect platform to showcase these.
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It’s little wonder that Nike shares, which fell as much as 18 per cent on Friday to post their biggest decline since 2001, have underperformed Adidas this year.
Still, fashion is notoriously fickle. The Nike Dunk blew up quickly five years ago. Adidas’ Yeezy collaboration with Kanye West imploded after the musician known as Ye’s antisemitic comments in 2022.
For Nike to get back in the game, it needs not only to perform well on the field, but look good doing it.