TradingKey – Nike (NKE), which once swept global markets with “Just Do It” and the Air Jordan series, is now undergoing a prolonged slump rarely seen since its public listing.

On August 17, Nike’s stock closed at $39.09, down about 4% for the day, after touching $38.86 intraday to hit a new low in nearly 12 years. Compared with its record high of $177.51 in November 2021, its cumulative decline has reached nearly 78%, with its value shrinking by nearly half over the past year.

Although this decline was affected by weaker performance and guidance from competitor On Holding (ONON), the deeper root cause remains Nike’s own unresolved operational issues. Soft performance in the Chinese market, changing consumer preferences, direct-to-consumer…