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Sneakerheadaches

Nike’s distribution snafu covers over a far more significant mistake—a couple of them, really.

John Donahoe
The trouble began after Donahoe decided to end Nike’s relationships with several wholesale partners to focus on its direct-to-consumer business. Photo: Jonas Roosens/Belga/AFP/Getty Images
Lauren Sherman
August 1, 2024

Earlier this week, former Nike marketing executive Massimo Giunco, who describes himself as a “CMO/Brand Strategist/Human Being” on LinkedIn, posted a 3,000-word diatribe that attempted to outline the problems facing his erstwhile employer of nearly 22 years. Nike, one of the most recognizable brands in the world, has lost 31 percent of its market value over the past year. Earlier this summer, the company announced that it had missed analyst expectations for the recently closed quarter, and projected a 10 percent revenue dip for the next quarter—a situation Giunco described as an “epic saga of value destruction.”