But off-camera, the 60-year-old company is stumbling.

但在鏡頭之外，這家擁有 60 年曆史的公司卻步履蹣跚。

Nike has been one of those gross companies that has really worked well.

耐克一直是那些運作良好的公司之一。

It's been a surprise to investors who hadn't really seen this coming.

這讓投資者大吃一驚，因為他們並沒有預料到會發生這樣的事情。

For the fiscal fourth quarter, it looks like a miss pretty much across the board.

對於第四財季的業績，看起來幾乎是全面失利。

This is the first real time that you're seeing Nike really struggle with competition. Nike's market value nosedived over the past few years and is worth more than $100 billion less now than during the last Summer Olympic Games.

這是第一次真正看到耐克在競爭中掙扎。 耐克公司的市值在過去幾年中急劇下降，現在比上一屆夏季奧運會期間減少了 1000 多億美元。

Meanwhile, arch-nemesis Adidas, well, it's fared better, let's say, in spite of its own pretty serious public relations headaches.

與此同時，頭號勁敵阿迪達斯的表現則要好一些，儘管它在公關方面也很令人頭疼。

It's almost like an inverse relationship that we've seen at the two top athleisure brands globally.

這幾乎是我們在全球兩大頂級運動休閒品牌身上看到的一種反向關係。

It's such a competitive space.

這是一個競爭如此激烈的領域。

It's on, it's Asics, it's Hoka.

是Asics，是Hoka。

So how did Nike run into trouble? January 1964.

耐克是如何陷入困境的呢？ 1964 年 1 月

It saw numerous influential births, including Jeff Bezos and Michelle Obama, and, slightly less literally, Nike.

在這裡，誕生了眾多具有影響力的人物，包括傑夫-貝索斯和米歇爾-奧巴馬，以及耐克公司。

And through innovation, partnerships, and some iconic marketing, it's dominated sportswear ever since.

通過創新、合作和一些標誌性的營銷活動，該品牌從此在運動服裝領域佔據了主導地位。

These three words made up the slogan to beat.

這三個詞構成了擊敗對手的口號。

Just do it.

照做就是了。

Nike is very good with telling stories.

耐克非常善於講故事。

They happen to have, like, great athletes on their roster.

他們的花名冊上恰好有很多出色的運動員。

People felt good in it and they felt like they were closer to their idols, like Michael Jordan.

人們在其中感覺很好，他們覺得自己離自己的偶像更近了，比如邁克爾-喬丹。

And for much of Nike's life, that relationship relied on foot traffic in stores.

在耐克的大部分時間裡，這種關係依賴於商店的人流量。

But over the last decade, the company began to ask itself, do we really need these guys? Nike's CEO, John Donahoe, started back in 2020.

但在過去十年中，公司開始捫心自問：我們真的需要這些人嗎？ 耐克公司首席執行官約翰-多納霍（John Donahoe）早在 2020 年就開始思考這個問題。

He was brought on to really modernize Nike's online operation.

他的加入使耐克的在線業務真正實現了現代化。

So that's the app, the e-commerce store, because Donahoe came from eBay.

這就是應用程序，電子商務商店，因為多納霍來自 eBay。

That's one of the biggest e-commerce companies ever.

這是有史以來最大的電子商務公司之一。

But then...

但是...

When the pandemic hit, everything went online, right?

大流行襲來時，所有東西都上網了，對嗎？

So it was all e-commerce, it was all buying off apps, it was all Amazon, everything like that.

是以，當時都是電子商務，都是通過應用程序購買，都是亞馬遜，諸如此類。

I have this app called Sneakers App, and they release...

我有一個名為 "運動鞋應用程序 "的應用程序，他們會發布...

The limited releases, they were all dropped in this app and in a few top-tier stores.

限量發行的產品，都在這個應用程序和幾家頂級商店裡下架了。

People really moved toward more casual clothing, and that included sneakers.

人們開始穿更休閒的服裝，包括運動鞋。

We stopped going to work.

我們不再去上班了。

We didn't have to wear formal shoes anymore.

我們再也不用穿正裝鞋了。

High heels slowed down.

高跟鞋慢了下來。

These are things we didn't have to wear and we didn't want to wear because they're not as comfortable as casual sneakers.

這些東西我們沒必要穿，也不想穿，因為它們不像休閒運動鞋那麼舒服。

Products like these, or these, comfortable, cool and wildly popular with shoppers. Donahoe pointed to the results as proof his strategy was working and started cutting those ties with retailers.

這樣的產品，或者這樣的產品，舒適、酷炫，受到購物者的瘋狂追捧。 多納霍用結果證明他的策略奏效，並開始切斷與零售商的聯繫。

But I think that Nike wanted to make digital be 60% of their business and within their DTC, which is digital and stores, they wanted it to be more balanced.

但我認為，耐克希望數字業務佔其業務的 60%，而在其 DTC（即數字業務和商店）中，他們希望數字業務更加平衡。

What that meant for a company like Footlocker is that suddenly they need to become less reliant on Nike and they have to go out and find other brands that'll fill that space.

這對於像 Footlocker 這樣的公司來說，意味著他們突然需要減少對耐克的依賴，他們必須去尋找其他品牌來填補這一空缺。

So like Hoka or On or Adidas or anything else that they can have that can take that shelf space and they can present to consumers.

是以，像霍卡（Hoka）、On 或阿迪達斯（Adidas）或其他任何產品，他們都可以佔據貨架空間，向消費者展示。

Which was advantageous for smaller rivals trying to muscle in on an incumbent market share.

這對試圖搶佔現有市場份額的小對手來說是有利的。

And it's part of what's driven this surge in investor appetite for the shares of On and Hoka parent company, Dekkers.

這也是投資者對 On 和 Hoka 母公司 Dekkers 股價追捧的部分原因。

As the world reopened, it turned out people still quite liked buying shoes in stores, but Nike just wasn't in as many of them now.

隨著世界的重新開放，人們發現自己還是很喜歡在商店裡買鞋，只是耐克現在沒有那麼多商店了。

Instead, shoppers discovered those rivals and upstarts with fresh, innovative new styles they've been craving.

相反，購物者們發現了那些競爭對手和後起之秀，他們擁有新鮮、創新的新款式，這正是他們所渴望的。

We know that there's a cyclical trend in retail away from bricks and mortar and towards technology, but it looks like Nike just pivoted too fast into tech. Nike's lean into lifestyle brands like the Air Force Ones and Dunks paid off during the pandemic, but its lack of fresh offerings also now became apparent.

我們知道，零售業的週期性趨勢是從實體店轉向技術，但耐克似乎過快地轉向了技術領域。 耐克對 Air Force Ones 和 Dunks 等生活方式品牌的倚重在大流行病期間得到了回報，但其缺乏新鮮產品的情況現在也很明顯。

They started with the Dunk.

他們從灌籃開始。

At first, everybody wanted to have them.

起初，每個人都想擁有它們。

And then they started to releasing them every day, almost in different colors.

然後，他們開始每天發佈，幾乎有不同的顏色。

There was nothing new, just hundreds of different colorways.

沒有什麼新東西，只有幾百種不同的配色。

It was kind of like done and the hype was done.

這有點像 "完成 "和 "炒作"。

This is a story of misfires being masked by a pandemic sales boom.

這是一個被大流行的銷售熱潮掩蓋的失誤故事。

Nike didn't bank on needing so many retail partners once lockdowns ended.

耐克沒有想到，一旦封鎖結束，還需要這麼多零售合作伙伴。

And by sidelining them, the company freed up shelf space for rivals to show off the innovative styles it didn't have.

通過將它們拒之門外，該公司騰出了貨架空間，讓競爭對手展示它所沒有的創新風格。

That's what propelled Nike into such a position that it ended up issuing a profit warning early in 2024, prompting the biggest single day drop in its share price on record. But here's the thing.

正因為如此，耐克公司才會在 2024 年初發出盈利警告，股價也是以創下單日最大跌幅。 但問題是

The Nike brand is powerful, and the company is still the world's largest sportswear retailer.

耐克品牌是強大的，該公司仍然是世界上最大的運動服裝零售商。

That gives it a solid foundation from which to turn things around.

這為其扭轉局面奠定了堅實的基礎。

It started by rehiring 30-year veteran Nike executive Tom Petty, who'd retired four years earlier, and with one goal, rebuild relationships with retailers.

首先，耐克公司重新聘用了退休 30 年的資深高管湯姆-佩蒂（Tom Petty），他在四年前退休，公司的目標只有一個，重建與零售商的關係。

And now it needs to give those stores something exciting to put on shelves.

現在，它需要給這些商店提供一些令人興奮的東西來擺上貨架。

It's going to take some time, which is why Donohoe told investors the next year will be a transition for the business.

這需要一些時間，是以多諾霍告訴投資者，明年將是公司的轉型期。

But it's towards a comeback for the brand he said has already started.

但他表示，該品牌已經開始捲土重來。

It just needs to bring forward more newness across its line of products, focusing more aggressively on running and lifestyle, because that is where it's lagged.

它只需要在整個產品線上推出更多新產品，更積極地關注跑步和生活方式，因為這正是它落後的地方。

And where those pesky rivals On and Hoka in particular have been exciting leg-centric fitness enthusiasts.

而那些令人討厭的競爭對手 On 和 Hoka，尤其讓以腿部為中心的健身愛好者興奮不已。

Donohoe described running as a competitive battlefield, but one the company is going to fight with innovation and a major marketing push.

多諾霍形容跑步是一個競爭激烈的戰場，但公司將通過創新和大規模的市場推廣來與之抗衡。

It's one of the reasons this year's summer games are key for the company or in Donohoe's corporate speak, a pinnacle moment to communicate our vision of sport to the world.

這也是今年的夏季運動會對公司至關重要的原因之一，用多諾霍的話說，這是一個向世界傳達我們體育願景的巔峰時刻。

It's brand exposure to probably the largest viewership in history and of Nike innovation translating to medals.

這可能是史上觀眾最多的一次品牌曝光，也是耐克的創新成果轉化為獎牌。

A bunch of its athletes, LeBron, Kevin Durant, these are the kinds of big names that need to win at the Summer Olympics for this to be a success for them.

勒布朗、凱文-杜蘭特等一大批大牌運動員需要在夏季奧運會上奪冠，這對他們來說才是成功的。