耐克（Nike）這家全球知名的運動品牌巨頭，正陷入近年來最嚴重的營運危機。根據最新財報顯示，其淨利潤暴跌高達86%到2.11億美元，幾乎讓整個市場震驚。而在內部，高層人事震盪也愈演愈烈，半年內已有過半高管被調離或離職，顯示公司正在進行一場大規模的重整，但同時也反映出內部決策混亂、方向不明的困境。

造成耐克營運不佳的主因可以歸結為幾個層面。首先，品牌與消費者之間的連結正在削弱。多年來，耐克在年輕市場的影響力被競爭對手如Adidas、Puma、甚至是新興的On與HOKA等品牌逐步蠶食。這些品牌不僅推出更具設計感與功能性的產品，還更懂得運用社群媒體與Z世代對話，讓耐克的傳統市場優勢日漸消退。曾經以街頭文化與體育明星為主導的耐克行銷策略，如今顯得過時，無法再激起新世代消費者的共鳴。

再來，供應鏈與庫存問題也長期困擾公司。疫情之後，耐克未能有效調整供應鏈規模，導致全球各地出現嚴重的庫存積壓。為了清理庫存，公司不得不進行大幅度折扣促銷，嚴重壓縮獲利空間，並對品牌價值造成傷害。此外，過度依賴直營電商（DTC, Direct-to-Consumer）策略，也讓耐克與傳統零售通路關係緊張，造成分銷網路混亂，進一步影響產品滲透率與銷售彈性。

產品創新力的下滑亦是一大關鍵問題。近年來，在球鞋與服飾方面缺乏真正具突破性的產品，無法延續過去Air Jordan、Air Max等招牌系列的神話。儘管不時推出新款科技，例如ZoomX或FlyEase，但多數未能形成市場風潮，與競爭對手主打的環保材料、碳中和概念相比，創新步伐顯得遲緩。

此外，企業文化與管理架構也遭受質疑。頻繁的人事更動使得內部決策效率降低，並且造成整體戰略反覆搖擺。前CEO Mark Parker主政時期建立的創新文化與品牌故事營造，如今已逐漸瓦解，新任領導層至今未能展現令人信服的改革藍圖。加上在中國市場面對本土品牌如李寧、安踏的強勢崛起，以及全球地緣政治與反全球化浪潮所帶來的壓力，使耐克在核心市場的競爭力日益式微。

綜合來看，耐克目前正面對的是由內到外、從策略到執行全方位的危機。雖然品牌仍擁有強大的全球知名度與歷史積澱，但若無法迅速調整策略、重建產品力與品牌形象，未來能否重拾過往榮光，仍是一大未知數。

Nike, the globally renowned sportswear giant, is currently facing one of the most severe operational crises in its recent history. According to its latest financial report, the company’s net profit has plummeted by a staggering 86%, dropping to just $211 million, sending shockwaves through the market. Internally, the situation appears equally tumultuous — over half of the company's top executives have been replaced or resigned within six months, signaling a major restructuring effort. However, this also reveals deeper issues of confused leadership and strategic disarray.

The root causes of Nike’s poor performance can be traced to several key areas. First and foremost, its connection with consumers — particularly younger audiences — is weakening. Over the years, Nike’s once-dominant influence in the youth market has been gradually eroded by competitors such as Adidas, Puma, and rising brands like On and HOKA. These competitors not only offer more innovative and stylish products, but they are also adept at engaging with Gen Z through social media, a space where Nike’s traditional marketing, heavily reliant on street culture and sports celebrities, now feels outdated and less resonant with new generations.

Additionally, supply chain and inventory management have long plagued the company. Post-pandemic, Nike failed to adequately adjust its supply chain, resulting in a global oversupply of inventory. In response, the company was forced to offer deep discounts to clear stock, which significantly eroded profit margins and damaged the brand’s premium image. Its aggressive pivot toward a Direct-to-Consumer (DTC) model has also strained relationships with traditional retail partners, disrupting distribution networks and undermining flexibility and reach in the marketplace.

A decline in product innovation has further compounded the issue. In recent years, Nike has struggled to launch footwear or apparel that captures the imagination of consumers the way classic lines like Air Jordan or Air Max once did. While technologies like ZoomX and FlyEase have been introduced, few have sparked significant buzz or adoption. Meanwhile, competitors have surged ahead with sustainability-focused innovations, such as eco-friendly materials and carbon-neutral designs, leaving Nike appearing sluggish by comparison.

Moreover, corporate culture and leadership stability are being questioned. Frequent personnel changes have reduced decision-making efficiency and led to inconsistent strategic direction. The culture of innovation and storytelling built under former CEO Mark Parker is showing signs of deterioration. The current leadership has yet to articulate a compelling vision for transformation. In China, Nike faces mounting pressure from local brands like Li-Ning and Anta, which are gaining market share. Coupled with global geopolitical tensions and rising anti-globalization sentiment, Nike’s competitiveness in key markets is steadily waning.

In summary, Nike is confronting a crisis that spans strategy, execution, and identity. While it still commands significant global brand equity and historical influence, its ability to stage a comeback hinges on its willingness — and ability — to rapidly reinvent its strategy, reinvigorate product development, and rebuild its connection with consumers. Without these changes, the future of Nike’s dominance remains uncertain.