Hold NKE by Dec 4, 2026.

Nike has become more of a fashion company over the past decade. Its Sportswear business accounted for around 25% of revenue in FY15 and around 50% in FY25, making it the main growth driver over that period. The company deviated from its roots in performance footwear and increasingly relied on retro designs. This made the business more dependent on trends. During COVID, Nike also pivoted heavily toward DTC, mainly selling through its own website and stores. Consumers eventually returned to …