Nike CEO Elliott Hill opened up about the company’s turnaround strategy as the brand celebrated its annual “Just Do It” Day, outlining how a renewed focus on sports is central to Nike’s future.
Hill said Nike drifted toward lifestyle and fashion in recent years, but that the company’s strongest growth comes when it stays rooted in athletic performance and innovation.
“We had become more lifestyle-oriented, more fashion-oriented,” Hill said in an exclusive interview with FOX Business anchor Liz Claman on “The Claman Countdown.” “When we focus on sport, we win, and that is what I’m challenging the team to do as quickly as possible.”
Hill, who stepped in as CEO in 2024, said an excess of online promotions impacted profitability and said Nike has done a “really nice job” of refocusing on product and innovation.
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“I feel really good about the work the team has done, but like everything, what happens next is revenue, market share and share price follows,” he said. “So, it’s a sequential improvement, and I feel much better about the foundation of our business.”
Claman pressed the CEO on the challenges the stock has faced and how he is interacting with Wall Street as investors grow impatient with the company’s market performance.
Nike’s stock is down 30% year-to-date, while the S&P 500 is up 11%.
“How are you dealing with the Wall Street community that’s kind of pushing you around?” Claman asked.
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“What I keep trying to say is, we’re not managing the business for this quarter or next quarter. We’re managing it for the long term, and we’re setting this business up for the next 20-year run,” Hill said.
Hill also addressed the massive sports partnerships Nike has secured, including the company’s long-term deal with the NBA and its sponsorship of 12 teams competing in the FIFA World Cup, including the United States, France and Brazil.
Nike will be outfitting the 12 World Cup teams and debuted Team USA’s red, white and blue soccer jersey during “The Claman Countdown” exclusive on Thursday.
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“It’s this collision of sport and culture because we also have some incredible collaborations off the pitch, and really proud of our 31-year relationship with U.S. Soccer Federation and looking forward to our country hosting it,” Hill told FOX Business.
Nike’s World Cup push is intensifying, with the sportswear giant’s recent release of a star-studded advertisement featuring cameos from Cristiano Ronaldo, Jason Sudeikis and Travis Scott aimed at building excitement for the tournament.
The Nike CEO said soccer is one of the company’s “biggest opportunities” and that the sportswear brand will continue to invest in the game.
Hill emphasized the importance of Nike focusing on sport above all else.
“That’s the best of Nike is when we have a portfolio of sports that… we’re invested in all of them in terms of innovation and storytelling and athletes, and that’s with the power of Nike,” he said.
“I keep talking about sports, sports, sports, because that’s what authenticates our brand,” Hill added. “But the power of it is not just the sport component — it’s the culture and the lifestyle — and when you get those two to collide, that’s when we have special specialness and magic.”
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