Nike Inc remains the industry leader in the global apparel and footwear market despite having faced turbulent performance in 2024 with declining retail sales in leading markets. The shifting consumer landscape and Nike’s strategic re-evaluation of its retailing strategies sees the company weathering the storm while continuing to face increasing competition from incumbent and challenger sportswear brands.
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2024 saw Nike Inc facing the repercussions of delayed product innovation leading to consumer fatigue and the impact of shifting distribution strategies leading to a tumultuous year for the company’s performance, however Nike Inc’s position as the global market leader remained. Additional macroeconomic factors impacting the value chain continue to impact the overall apparel and footwear market.
As consumer purchasing habits continue to be shaped by shifts in disposable spending amidst a growing sportswear market, Nike Inc continues to be positioned efficiently globally to be primed for adaptability to ensure the coming years are less tumultuous, however the development of new business strategies will prove imperative in future years.
Challenger sportswear brands have been impacting the undercurrents of the sportswear market which continues to lead to increasing fragmentation across the sportswear market. Key challenger brands are capitalising on shifting market and consumer dynamics and providing product offerings that are seeing them experience strong growth to change the landscape of the sportswear market.
Learning from the failings of previous business development strategies and the tumultuous year Nike Inc faced in 2024, the company is already initiating a turnaround strategy and re-evaluating executive decisions taken in recent years through learning from other incumbent sportswear brands alongside harnessing key takeaways from the performance of challenger sportswear brands.
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Apparel is the aggregation of clothing and footwear. This dataset covers retail sales of apparel through both store-based retailers and non-store retailers. Excludes black market sales (i.e. untaxed, generated within informal retailing)and duty free sales (travel retail). Items must be new when sold to the consumer; second-hand/used items are excluded. Antique and/or vintage clothing and footwear is also excluded.
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