Nike Hits 12-Year Low

Nike’s stock just hit its lowest point in 12 years, down nearly 79% from its 2021 high and wiping out close to $200 billion in value. JPMorgan's downgrade sets the tone: stabilization, not a comeback, is the new outlook for Nike through 2028. The biggest drag is China, where a tough channel reset will see retail partner Topsports drop Nike’s online sales from 2027, slashing around $1 billion a year from regional revenue—already down eight straight quarters. If Nike can’t reignite brand heat and full-price demand, especially as U.S. stores close and digital in China weakens, the pressure only builds.

But here’s the catch: the product pipeline is betting on scarcity and hype, with $250 Foamposites and a global One Piece anime collab dropping soon. Yet, with consumer confidence shaky and secondary market prices slipping, will limited releases spark demand or just highlight fading relevance? Meanwhile, Nike’s running business remains a rare bright spot, posting double-digit growth even as rivals like On scale back expectations and Adidas gains ground. The real test is whether running momentum and new hybrid launches can steady the ship as China sales waver and wholesale rebuilds crawl.

Based on reporting from Tech Times, CNA Luxury, and insights from JPMorgan’s Matthew Boss.

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