Jaguar

Nike's drift: nobody buys the brand of non-excellent performance

With Nike stock down from about $170 to $36 (a $53B market cap on about $46B in revenue), Shaan points to brand drift as one popular explanation. Nike built its premium by celebrating great athletes and never showing the shoe, then moved toward body-positive, non-elite messaging that weakened what it stood for. Sam compares it to Jaguar's widely criticized rebrand.

“And it drifted. And so they started having all these body positives. So it's like, all right, there's a fat person wearing Nike. Great. There's this person who's not great wearing Nike, not great at their sport. And it's like, well, nobody wants to buy the brand of non-excellent athletic performance. for an athletic shoe. And you could see how a large corporation could drift and could lose that.”