格隆汇1月21日｜耐克调整地区领导层，以重振在关键的国际市场的势头。耐克表示，César Garcia将从 2月2日起担任欧洲、中东和非洲地区副总裁兼总经理，他将接替在公司工作近30年后即将退休的Carl Grebert。大中华区长期高管Angela Dong将于3月31日离职，在耐克工作了25年的Cathy Sparks将接替这 一职位。 ...

同时，耐克任命Cathy Sparks为新任大中华区副总裁兼总经理。Cathy拥有25年耐克工作经验，从波特兰 Niketown门店零售岗位起步，曾担任耐克亚太及拉美区(APLA)副总裁兼总经理，推动该区域业务转型 与增长，她对运动文化有深入洞察，将带领团队深化与消费者的连接。 (耐克集团) 耐克宣布，现任大中华区领导董炜(Angela Dong)将于3月31日卸任。董炜于2005年加入耐克，在大中华 区担任多项重要领导职务二十余年，期间推动了上海马拉松、耐克高中篮球联赛(CHBL)、ACG崇礼 168、"下站东单"等品牌活动，持续推动大中华区运动文化发展，公司感谢其为大中华区这一关键市场 做出的长期贡献。 ...

Core Viewpoint - Nike is undergoing leadership changes in its Greater China region as it seeks to address declining sales and implement new strategies to revitalize growth [1] Group 1: Leadership Changes - Angela Dong, the head of Nike's Greater China operations, will resign on March 31, with Cathy Sparks, who previously led the Asia-Pacific and Latin America business, taking over [1] - The leadership changes also extend to Nike's Europe, Middle East, and Africa divisions, indicating a broader strategic shift within the company [1] Group 2: Sales Performance - Nike reported a 1% year-over-year increase in sales for Q2 of fiscal year 2026, reaching $12.43 billion, while net profit fell by 32% to $792 million [1] - The Greater China region continues to pose significant challenges, with revenue declining by 17% year-over-year to $1.7 billion, and EBITDA dropping by 49% [1] Group 3: Market Reaction - Following the announcement, Nike's stock price fell by less than 1% in after-hours trading, marking a 16% decline over the past year and the fourth consecutive year of stock price decrease [1]

Core Viewpoint - Nike's stock performance has significantly declined in recent years, failing to reflect the company's strong global brand recognition and legacy [1][3]. Group 1: Stock Performance - An investment of $100 in Nike stock five years ago would now be worth only $45.75, or $49.12 including dividends [1]. - Nike's stock has decreased by over 50% in the past five years [3]. Group 2: Business Strategy and Competition - The decline in stock price is attributed to Nike's unsuccessful shift towards direct-to-consumer sales, neglecting the importance of third-party retailers [2]. - Increased competition from younger brands like On and Hoka has intensified challenges in the athletic footwear market [3][4]. Group 3: Innovation and Market Position - There have been complaints regarding a lack of innovation from Nike in recent years, contributing to investor caution [4]. - Nike is attempting to refocus on its sports performance roots, although this has yet to positively impact stock performance [4].

Leadership Changes - Nike president and CEO Elliott Hill announced three leadership changes within the company [1] - Carl Grebert will retire after nearly 30 years at Nike, with César Garcia appointed as the new vice president and general manager of EMEA effective February 2 [2][3] - Angela Dong will step down from her role in Greater China on March 31, with Cathy Sparks taking over as vice president and general manager [4][6] - Cristin "Crissy" Campbell will serve as interim vice president and general manager of APLA following Sparks' departure [7] Leadership Background - César Garcia has been with Nike for nearly 25 years, recognized for his ability to integrate product, sport, and marketplace [3] - Angela Dong has over 20 years of experience at Nike, having navigated significant events such as the Beijing Olympics and the rise of the Chinese consumer [5] - Cathy Sparks has a 25-year history with Nike, starting as a store associate and progressing through various leadership roles [6] - Cristin Campbell has over 15 years at Nike, with eight years in APLA, leading various business initiatives [7]

Core Viewpoint - NIKE, Inc. announced significant leadership changes in its Senior Leadership Team, specifically in the EMEA, Greater China, and APLA regions, to enhance its operational effectiveness and connection with athletes globally [1][2]. EMEA - Carl Grebert, a long-serving leader with nearly 30 years at Nike, is retiring, and César Garcia will succeed him as VP/GM of EMEA effective February 2 [3][5]. - César Garcia has a 25-year history with Nike, known for integrating product, sport, and marketplace strategies, and is recognized for his ability to navigate complex situations and drive momentum [6][7]. Greater China - Angela Dong, who has led Greater China for over 20 years, will transition from her role effective March 31, having played a pivotal role during significant events like the Beijing Olympics and the rise of the Chinese consumer [8][9][10]. - Cathy Sparks, a 25-year Nike veteran, will take over as VP/GM of Greater China, bringing extensive experience and a strong understanding of the market dynamics [11][12][13]. APLA - Cristin "Crissy" Campbell will serve as Interim VP/GM of APLA following Cathy's transition, ensuring continuity and stability in this important geography [14][15]. - Crissy Campbell has over 15 years of experience at Nike, with a focus on business leadership roles, making her well-suited for this interim position [15]. Strategic Direction - The leadership changes are part of NIKE, Inc.'s strategy to accelerate its "Sport Offense" initiatives and enhance its market impact [16].

Market Overview - The Dow Jones Industrial Average declined by 559.24 points (-1.13%) on January 20th, 2026, due to escalating geopolitical tensions and the threat of new tariffs from President Trump on eight NATO allies [1] - Investor confidence was shaken, leading to a sell-off in equities and a shift towards safe-haven assets like gold and silver [1] Company Performance - Technology and industrial stocks were significantly affected, with 3M Company (MMM) experiencing the largest drop at -6.50%, influenced by post-earnings movements [2] - IBM (IBM) also faced a notable decline of -4.47%, while Nvidia (NVDA) and Amazon (AMZN) fell by -2.57% and -1.77% respectively, indicating a broader sell-off among major tech firms [2] Resilient Stocks - Despite the overall market downturn, some Dow components showed gains, with UnitedHealth Group (UNH) rising by +1.05% [3] - Travelers Companies (TRV) increased by +0.71%, and Procter & Gamble (PG) gained +0.70%, demonstrating resilience in a challenging market [3] - Boeing (BA) and Nike (NKE) also recorded modest increases of +0.14% each, highlighting pockets of strength amidst the decline [3]

Core Insights - NIKE Inc. and adidas AG are two leading brands in the global sportswear industry, each with distinct strategies and market positions [1][2] - NIKE holds a dominant market share, leveraging its scale and direct-to-consumer model, while adidas focuses on heritage and lifestyle integration [2][3] NIKE's Positioning - NIKE's investment case is supported by its significant market share and brand equity, with a diversified portfolio that includes Running, Basketball, and Training [5] - The company is focusing on sport-led innovation and portfolio discipline, prioritizing major franchises and enhancing digital engagement [6] - Despite its strengths, NIKE faces challenges such as uneven growth across geographies and margin pressures from promotions and inventory management [7] adidas's Positioning - adidas is experiencing renewed brand momentum and growth across various regions and categories, positioning itself as a significant player in the sportswear market [8][10] - The company emphasizes a balance between Performance and Lifestyle, with strong growth in Running and Football, and a focus on connecting sport with street culture [11] - adidas has shown improved margins and operating leverage, indicating effective expense management and brand investments [12] Financial Estimates - The Zacks Consensus Estimate for NIKE's fiscal 2026 sales indicates a modest growth of 1%, with a significant EPS decline of 28.2% [13] - In contrast, adidas's estimates suggest a robust year-over-year growth of 13.5% in sales and an impressive 88.7% in EPS for 2025 [14] Stock Performance and Valuation - Both NIKE and adidas have seen stock declines in the past three months, with NIKE down 5.8% and adidas down 17.6% [17] - NIKE's forward price-to-sales (P/S) multiple is 1.98X, while adidas's is 1.05X, indicating a more attractive valuation for adidas [20][19] Conclusion - NIKE and adidas present distinct strengths, but adidas currently shows better momentum and profitability improvements, making it a more favorable investment option [22][24] - NIKE remains a long-term player, but adidas's current positioning offers a compelling risk-reward profile for investors [25]

Group 1 - The bullish thesis on NIKE, Inc. emphasizes its strong market position and potential for recovery under new leadership [1][2] - NIKE commands an 85% share in basketball footwear and 65% of NBA players wear its products, showcasing its dominance in the apparel and footwear market [2] - Strategic missteps under former CEO John Donahue led to a 70% decline in shares, but the company is now executing a turnaround strategy under CEO Elliott Hill [3][4] Group 2 - The "Win Now" turnaround focuses on sport-centric culture, reorganization by sport, and innovation driven by athlete insights [4] - Early signs of recovery include a trend back to 60% wholesale revenue, 20% growth in the running segment for Q1 2026, and normalizing inventory levels [4] - The new product cycle could generate $4 EPS in FY28, suggesting a potential upside to $100 per share, with a conservative scenario pointing to $80 per share [5] Group 3 - Key catalysts for growth include new product success, recovery in China revenue, and improvements in margins [6] - NIKE presents a compelling long-term investment opportunity due to its strong fundamentals, durable competitive advantage, and cultural relevance [6] - The stock has appreciated approximately 3.7% since a previous bullish thesis, indicating positive market sentiment [7]

Group 1 - The core viewpoint of the article indicates a decline in the stock prices of major sports brands in the US market, with Nike experiencing a drop of 2.5% and Under Armour and Lululemon both falling by 2.8% [1]