Wolverine's Turnaround Plan Progresses
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Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.
Today, we have a report from an analyst about Nike's supposed share loss narrative. Also, Wolverine Worldwide reports results for Q1 and names a new CFO and Adidas names a new president of Adidas Women’s Basketball .
Here's what you need to know.
Despite Setbacks, Nike’s Market Share Loss Is Overblown, Analyst Says
A lot has been said about Nike‘s recent lagging performance, especially compared to up-and-coming sportswear and sneaker brands like On, Hoka and Lululemon. But according to one analyst, the narrative of the Swoosh’s diminishing market share may not be entirely accurate .
“Challenging sales trends, the rise of new competitors, and limited innovation has led many to believe Nike is losing market share globally,” wrote Morgan Stanley analysts led by Alex Straton in a Tuesday note to investors . “While some sources/analyses confirm that’s the case either globally or in select sub-sectors, our Euromonitor data analysis suggests Nike’s share has proven more resilient over the last four years.”
Euromonitor data, or aggregated retail equivalent sales for more than 190 sportswear brands across eight regions, suggests that Nike’s global sportswear market share has been “stable to higher” year-over-year as well as in the last four years between 2019 and 2023. It also points out that Nike has been the leader in market share gains in the sportswear industry since 2019.
Big picture: Overall, the note paints a broader picture of the Swoosh’s persistent dominance in the sportswear world, despite its lag in specific categories like performance running.
Wolverine Worldwide Sees ‘Early Validation’ in Turnaround Efforts as It Reports Better-Than-Expected Q1
Even though overall sales were down for Wolverine Worldwide in the first quarter of 2024, the company’s turnaround efforts seem to be taking hold as president and chief executive officer Chris Hufnagel reported better-than-expected revenue in the period.
On Wednesday, the Rockford, Mich.-based company reported that:
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“We are beginning to see proof points emerge as early validation of our strategy and execution – including record gross margin in the quarter, acceleration in our direct-to-consumer business, improving order trends across our wholesale operations, and a healthier balance sheet,” Hufnagel said.
Executive moves: The company on Wednesday also named Taryn Miller as its new chief financial officer .
How Candace Parker, Shaq and Others Made the Leap From Basketball Stars to Shoe Brand Presidents
WNBA legend Candace Parker, who announced her retirement via Instagram in late-April, has been named president of Adidas Women’s Basketball .
Although this role is new, Parker has been tied to Adidas for 16 years, signing with the brand in 2008. Her Ace signature shoe line with Adidas debuted in 2010 with the launch of the Ace Commander, making her the first woman athlete to receive a signature shoe from the brand. More recently, Parker and Adidas partnered in 2022?to create a mentorship program aimed at providing guidance to newly signed student-athletes with as they navigate the NIL era.
From athlete to brand leader: Parker isn't the first athlete to carve a path towards brand leadership . Four-time NBA champion Shaquille O’Neal, who was instrumental in the Authentic Brands Group acquisition of Reebok in August 2021, was named president of Reebok Basketball in October 2023 . Reebok also named NBA great Allen Iverson the VP of Reebok Basketball. And in March 2023, Curry was named president of Curry Brand , his Under Armour-owned imprint.
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6 个月Thanks for the updates on, The FN Daily.