· jordan -driven sales growth has blinded nike to growing competition in the performance products category that caters to casual and serious athletes. In running, nike has lost ground to hoka. · the sportswear giant reported a significant drop in sales , particularly in its jordan brand and classic footwear lines, contributing to a “mid-teens” percentage decline in revenue projections. · the worst-performing nike segment was the jordan brand , where revenue fell 16% for the year to $7. 3 billion. · nike faces a $1. 16b loss, forcing michael jordan ’s shoe brand to take a major sales hit as the company scrambles to recover from the crisis. · two months later, nike said it was shedding 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women’s category and the jordan brand. · nike’s once red-hot jordan brand could be losing its cool after data from third party resale sites like stockx and goat show that the brands heat appears to be waning. Men’s, which represents roughly half the business, and women’s were both down 6%, while kids’ dipped 5%. · recent sales of jordan ’ s shoes haven’t come close to that jersey’s selling price, despite how central they are to his mythology.
