Nike just lost its biggest football athlete, Kylian Mbappé, to On — after losing prodigy Lamine Yamal to Adidas in 2024 and the Premier League’s official match-ball contract to Puma. It’s been burning bridges with retailers to sell direct to consumers, and its DTC revenue is falling anyway.
The shares are at a 10-year low, down 80% from their 2021 peak, with revenue down 10% in 2025 and flat in 2026.
1. Folks, Nike is not having a good time
2. They just lost their biggest football athlete in Kylian Mbappe to On
3. In 2024, they lost their football prodigy in Lamine Yamal to Adidas
4. They lost the premier league’s official match-ball contract to Puma.
5. They have been burning bridges with retailers to sell directly to consumers. And yet, their DTC revenue is falling.
6. Their shares are currently trading at its lowest in 10 years
7. Actually, not just lowest in 10 years, it is also down 80% from its all time high in 2021
8. Their revenue fell 10% in 2025, and has remained flat in 2026.
9. Only Nike can save Nike now
