Get the latest gossip

Nike appoints new CEO as sportswear giant’s sales come under pressure

Company’s shares rise on news former executive Elliott Hill will replace John Donahoe

However, growth has since slowed, and annual sales are expected to fall to $48.87bn in 2025 as inflation-weary customers cut back on discretionary spending, and there is a slower-than-expected rebound in China. Nike’s big rival Adidas has also experienced a resurgence after a blow from ending its highly successful Yeezy partnership with the rapper Kanye West, who changed his name to Ye in 2021, after he made antisemitic comments on social media. Adidas upped profit forecasts for this year to $1bn in July after sales increased to a better than expected 16% in the three months to June, thanks to the success of vintage styles including the Gazelle and Samba shoe, in particular with women.

Get the Android app