Nike CEO John Donahoe admits that the brand made a mistake by prioritizing its own stores and website over wholesalers. The company is now investing heavily in its retail partners and has renewed partnerships with wholesalers like Macy's and DSW.
Nike CEO John Donahoe acknowledged that the brand went too far when it iced out wholesalers in favor of its own stores and website.
The sneaker giant has been working to drive direct sales but has recently renewed partnerships with wholesalers like Macy's and DSW."We recognize that in our movement toward digital, we had over rotated away from wholesale a little more than we intended," Donahoe told CNBC'sfrom Paris. "We've corrected that. We're investing heavily with our retail partners. They were all here over the last couple of days; they're very excited about the innovation pipeline.
On top of that, department stores and specialty shops are massive customer acquisition engines. Without them, brands have to spend more on marketing, which has become more expensive and challenging to do online.was a mistake The change comes at a difficult time for Nike, which has faced criticism for falling behind on innovation and losing market share toto reduce costs by about $2 billion over the next three years. It also cut its sales guidance as it warned of softer demand in the quarters ahead., or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand.
Nike CEO Mistake Own Stores Website Wholesalers Retail Partners Partnerships Direct Sales Investment Macy's DSW
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