Nike, the world’s largest sportswear company, is embarking on a radical turnaround after a disastrous 2024 that saw its share price plummet by $28bn in a single day. The company, which had been criticised for becoming too safe and conservative, is now pinning its hopes on a provocative new slogan and a series of bold innovations.
New chief executive Elliott Hill, who rejoined the company after retiring in 2020, is leading the revival. He has introduced a six-word mission statement internally: “Create Epic Shit, Make Athletes Better.” The phrase, borrowed from the late basketball star Kobe Bryant, is intended to refocus the company on sport and innovation.
Among the innovations on the horizon are the world’s first motor-powered running and walking shoe, “mind shoes” to help footballer Erling Haaland concentrate before matches, a self-inflating winter jacket for Team USA at the Winter Olympics, and technology to aid England’s footballers at the World Cup.
Hill acknowledges the company’s recent struggles but says they have helped sharpen its focus. “We’re at our best when we’re competing,” he told the Guardian. “And not only competing, but competing and winning.” He insists Nike remains a growth company, with a mission to invite eight billion consumers into the world of sport.
Chief innovation officer Phil McCartney, a former Great Britain runner from Wallsend, said the company had become “big, dumb and slow” but is now determined to change. The new direction is already being felt at Nike’s LeBron James Innovation Center, a vast facility equipped with 400 motion-capture cameras and nearly 100 force plates, where the next generation of products is being developed.
