Posted by The ruling king of athletic wear whose name hails to the Greek goddess of victory is hoping their namesake will prove true during the 33rd Olympiad.
Nike’s swoosh stripe has become synonymous with sportswear, endorsed by renowned sports figures and recognized globally. But recently the swoosh stripe has lost a bit of its shine.
Analysts say Nike is expecting revenue to decline this year, and the company is scrambling to form a recovery strategy after posting their worst day on record in June.
Enter the pomp and publicity of the Olympics, where Nike sees their chance to reignite enthusiasm for their brand on a world stage. The company is sinking their largest marketing investment ever in a global advertising blitz at the summer event.
Nike co-founder, Phil Knight, urged its all-star lineup of Olympic competitors to “reignite the passion to win,” a nod to the sportswear company every bit as much as to the athletes themselves.
“We need you. The world needs you. Now more than ever,” said Knight. “It feels like winning is getting a losing reputation these days. It’s time to change that.”
Indeed, Nike stock recently plummeted as much as 20 percent, wiping out a $28 billion chunk of market value. CEO, John Donahoe, said Nike is undergoing $2 billion in cost-cutting measures and rerouting some of the cost savings into a massive marketing effort.
Analysts say there’s no guarantee the marketing splurge will achieve Nike’s desired comeback unless the company is armed with fresh products that lure the public back to the fold.
Brian Yarbrough, an analyst at Edward Jones, weighed in. “You’ve got to have product that is in demand by the consumer. Right now they’re lacking that.”
Besides the plethora of swoosh stripe billboards saturating Paris, Nike is fueling the hype with giant, eye-catching displays at high traffic points of interest around the city, hosting special events, and even sponsoring an art exhibit on the history of its AirMax sneaker.
Further, Nike has more athletes on its roster than any of its industry competitors, all aiming for their spot on Paris podiums where they will be prominently clad in the Nike brand.
Nike’s Heidi O’Neill, president of consumer, product, and brand, told news outlets, “This will be…the biggest moment for Nike in years.” Will it be enough for the brand to recapture the gold? Keep reading here.