Nike Shifts Focus from Air Jordans to Running, Lifestyle Shoes Amid Slipping Sales

Nike has relied heavily on its iconic basketball shoes like Air Jordans to drive sales, but is losing market share to newer brands as consumer tastes shift.

The company is cutting back on "classic" sneakers to focus more on new launches and innovation.

Air Jordans and other basketball shoes accounted for 16% of Nike's wholesale revenue in 2023, up 29% from the prior year.

Competitors like On, Hoka, New Balance have grabbed more market share as chunky "dad shoes" and casual styles grow in popularity.

Nike hopes new running shoes and upcoming lifestyle sneaker launches can reinvigorate growth, but some analysts question if the company is too reliant on retro basketball styles.