Philadelphia 76ers star LeBron James is well aware of the fact that Nike’s stock isn’t what it once used to be.
Forbes reported this week that Nike’s stock hit a 12-year low this week, which is 78% below its peak in 2021. It certainly doesn’t help that Nike now faces competition from Adidas, HOKA, New Balance and On among other brands.
So what can Nike do to potentially fix its current woes? According to the NBA’s all-time leading scorer, the brand has to reconnect with the younger generation.
“Get back to being out in the inner city… talking to these younger generations, asking them what they like and what they don’t,” James said, via Boardroom.
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Is there hope for Nike?
With his 24th NBA season coming up, James is set to release another signature sneaker with Nike. According to reports, his new shoe will feature a material called “Kingknit.”
It’s possible that James’ new sneaker will help Nike get the train back on the right track, but more work will need to be done.
Not only will Nike have to repair its ranking in the sports-footwear market, it must find a way to make its product must-have for the younger generation. We’ll see if they can do just that.
