This year, the company is on a mission to get its stride back.

今年，該公司的任務是重振雄風。

This week, the company posting its first earnings under new CEO Elliot Hill.

本週，該公司發佈了新任首席執行官埃利奧特-希爾（Elliot Hill）上司下的首次財報。

Nike beating on the top and bottom lines, but its sales fell 8%.

耐克公司的銷售額和淨利潤均有增長，但銷售額下降了 8%。

Analysts say it's the beginning of a long turnaround for the company, after what should have been an Olympic gold-earning summer.

分析人士認為，這是該公司在經歷了本應是奧運奪金之夏後，開始漫長轉折的開始。

Nike shocked the market.

耐克震驚了市場。

Shares of Nike are in freefall after they missed on revenue last night and cut their full-year earnings guidance.

耐克公司昨晚未能實現營收，並下調了全年盈利指導後，股價一落千丈。

The shares down 20% are on pace for their worst day ever.

股價下跌了 20%，即將迎來有史以來最糟糕的一天。

The plunge wiped out $28 billion of Nike's market cap.

這次暴跌使耐克市值縮水 280 億美元。

This stock is cut in half since the all-time high in November of 2021.

自 2021 年 11 月創下歷史新高以來，這隻股票已經跌去了一半。

What's happening is competition eating their lunch.

現在的情況是競爭對手在吃他們的午餐。

I mean, that's pretty clear to me.

我的意思是，這一點我很清楚。

The company blamed its performance on everything from macro challenges to remote employees.

該公司將其業績歸咎於宏觀挑戰和遠程員工等各種原因。

It turns out it's really hard to develop a boldly disruptive shoe on Zoom.

事實證明，在 Zoom 上開發一款大膽的顛覆性鞋款真的很難。

But experts say this was part of a years-long series of strategic errors.

但專家稱，這是多年來一系列戰略失誤的一部分。

When a $50 billion business sees a down 10% quarter, it's not an overnight occurrence.

當一家市值 500 億美元的企業出現 10% 的季度下滑時，這並非一朝一夕的事。

Meanwhile, net sales of emerging competitors Hoka and OnRunning have both increased over 30% in recent quarters.

與此同時，新興競爭對手 Hoka 和 OnRunning 的淨銷售額在最近幾個季度都增長了 30% 以上。

Even established rivals like Adidas and Asics have seen growth while Nike has declined.

即使是阿迪達斯和 Asics 這樣的老牌競爭對手也實現了增長，而耐克卻出現了下滑。

Nike has fallen behind, and I think that's illustrative of the fact that they've had a bit of a lull when it comes to innovation.

耐克已經落後了，我認為這說明他們在創新方面有些停滯不前。

If you don't have that, then the kind of scale that Nike has achieved isn't worth much if you don't have the growth.

如果你不具備這一點，那麼耐克所取得的那種規模在你沒有增長的情況下就不值一提了。

Now all eyes are on Nike's new CEO, Elliott Hill, to turn the company around.

現在，所有的目光都聚焦在耐克新任首席執行官埃利奧特-希爾（Elliott Hill）身上，希望他能扭轉公司的頹勢。

Company veteran Elliott Hill is going to come out of retirement like Tom Brady to take the helm.

連隊老將埃利奧特-希爾（Elliott Hill）將像湯姆-布雷迪（Tom Brady）一樣，從退休狀態中走出來掌舵。

So what happened?

到底發生了什麼？

And can Nike's new CEO get the iconic sportswear giant back on track?

耐克新任首席執行官能否讓這家標誌性運動服裝巨頭重回正軌？

Since going public in 1980, Nike's formula of marketing around elite athletes helped it become a global superpower.

自 1980 年上市以來，耐克圍繞精英運動員的營銷模式幫助其成為全球超級大國。

So what makes Nike special?

那麼，是什麼讓耐克與眾不同呢？

Well, that's, I think, part of the magic of the marketing.

我認為，這就是營銷的魅力所在。

So much of retail is storytelling.

零售業很大程度上就是講故事。

Nike dominates, or historically has dominated, storytelling.

耐克公司在講故事方面佔據主導地位，或者說歷來佔據主導地位。

We came back from the impossible.

我們從 "不可能 "中回來了。

From being broken.

從被打破。

And that storytelling resulted in strong sales.

這種講故事的方式帶來了強勁的銷量。

By 2016, Nike reported annual revenues of $32 billion.

到 2016 年，耐克的年收入達到 320 億美元。

Nike co-founder and former chairman Phil Knight decided he wanted to shift the company's focus towards digital growth before he stepped down as chairman in 2016.

耐克聯合創始人、前董事長菲爾-奈特（Phil Knight）在 2016 年卸任董事長一職之前，決定將公司的重點轉向數字化發展。

In 2020, former Nike board member John Donahoe replaced Mark Parker as CEO of the company.

2020 年，前耐克董事會成員約翰-多納霍接替馬克-帕克出任公司首席執行官。

Joining me is John Donahoe.

約翰-多納霍正在接受採訪。

He is the brand new CEO of Nike.

他是耐克公司全新的首席執行官。

Thank you, Sarah.

謝謝你，莎拉。

Thrilled to be here with you.

很高興能和你們在一起。

Nike, under Parker, they were hitting their stride when it came to design, resonating with the consumer.

耐克在帕克的上司下，在設計方面取得了長足進步，引起了消費者的共鳴。

The next wave of growth for Nike was going to be in digital.

耐克的下一波增長浪潮將來自數字技術。

Donahoe made sense because his background is as a tech executive.

多納霍是有道理的，因為他的背景是技術高管。

He was the CEO of ServiceNow.

他曾是 ServiceNow 的首席執行官。

He was the CEO of eBay.

他曾是 eBay 的首席執行官。

So he came from Silicon Valley.

所以他來自硅谷。

Under Donahoe, Nike began moving towards a more direct-to-consumer model, or DTC, by pushing sales directly from its own platforms and stores.

在多納霍的上司下，耐克開始轉向更直接面向消費者的模式，即 DTC，通過自己的平臺和商店直接推動銷售。

What Nike did is they decided, let's focus on DTC.

耐克的做法是，他們決定把重點放在 DTC 上。

It's a higher-margin business, and of course, they want to keep the best releases for themselves.

這是一項利潤率較高的業務，他們當然希望把最好的版本留給自己。

And therefore, they pulled back from some of their longstanding partners, like Footlocker, for example.

是以，他們從一些長期合作伙伴那裡撤資，比如 Footlocker。

For a while, the plan seemed like it was working.

有一段時間，這個計劃似乎很奏效。

In September 2020, Nike reported digital sales growth of 82%, despite relatively flat revenue for the quarter compared to the previous year.

2020 年 9 月，耐克公佈數字銷售額增長了 82%，儘管本季度收入與上年同期相比相對持平。

Because of COVID, we all went into lockdown and Nike digital online sales were booming.

因為 COVID，我們都進入了封鎖狀態，耐克的數字在線銷售也非常火爆。

They were ahead of the game when it comes to retailers selling online because they were first at it and they did extremely well.

在零售商進行網上銷售方面，他們走在了前面，因為他們是第一家，而且做得非常好。

Encouraged by the success, Nike began officially limiting ties with retail partners like Dick's Sporting Goods and Footlocker and cutting others out altogether.

在成功的鼓舞下，耐克開始正式限制與迪克體育用品公司（Dick's Sporting Goods）、Footlocker 等零售合作伙伴的聯繫，並完全切斷了與其他零售合作伙伴的聯繫。

This was a bold move.

這是一個大膽的舉動。

As of June 2021, these wholesale partners still accounted for around 61% of Nike's But Donahoe seemed to double down on Nike's digital push.

截至 2021 年 6 月，這些批發合作伙伴仍佔耐克銷售額的 61% 左右，但多納霍似乎要加倍推進耐克的數字化進程。

In an earnings call, Donahoe said the consumer is digitally grounded and simply will not revert back.

多納霍在一次財報電話會議上說，消費者是數字化的，根本不會退回到數字時代。

Here's the problem.

問題就在這裡。

Research shows that DTC doesn't always work the way businesses hope it will.

研究表明，DTC 並不總是能像企業希望的那樣發揮作用。

A 2024 study by BMO Capital Markets found that retailers who sell directly to consumers didn't actually see a relative increase in revenue, margins or other profit markers.

BMO Capital Markets 在 2024 年進行的一項研究發現，直接向消費者銷售的零售商的收入、利潤率或其他利潤指標實際上並沒有相對增加。

Everyone thought, oh, if I eliminate the middle person, I eliminate the partner, I'll get their profits, I'll get their margins.

每個人都想，哦，如果我去掉中間人，去掉合夥人，我就能獲得他們的利潤，獲得他們的利潤率。

What we showed is it wasn't happening.

我們所展示的是，這並沒有發生。

We realized, no, you don't eliminate the middle person.

我們意識到，不，中間人是無法消除的。

You become the middle person.

你就成了中間人。

And the middle person isn't necessarily a great place to be if you don't have their scale, if you don't have their expertise.

如果你沒有他們的規模，如果你沒有他們的專業知識，中間人並不一定是個好地方。

And so everyone had to absorb all the costs of running those operations.

是以，每個人都必須承擔營運這些業務的所有成本。

We found those brands did not see a relative improvement in their sales.

我們發現，這些品牌的銷售額並沒有相對提高。

They didn't see a relative improvement in their profits.

他們的利潤並沒有相對提高。

It just didn't happen.

只是沒有發生而已。

What Nike thought was a sales boost from its new digital model may have just been fortunate timing as the world went into COVID lockdown and shopping went virtual.

耐克認為其新的數字模式會促進銷售，但這可能只是一個幸運的時機，因為世界進入了 COVID 封閉狀態，購物變成了虛擬的。

In 2021, as lockdowns lifted and consumers started to seek out in-store experiences, Nike's digital growth started stalling.

2021 年，隨著封鎖的解除，消費者開始尋求店內體驗，耐克的數字化增長開始停滯。

Internally, the company was undergoing layoffs and cost-cutting measures that it said were focused on shifting resources and creating capacity to reinvest in our highest potential growth areas.

在內部，公司正在採取裁員和削減成本的措施，其重點是轉移資源和創造能力，以重新投資於我們最具增長潛力的領域。

It does appear, according to analysts, that Nike over-rotated toward the direct to consumer.

分析人士認為，耐克似乎過度轉向了直接面向消費者。

And then when it came back time for Americans and folks around the world to go shopping again after COVID, Nike just didn't have the same kind of priority and placement on the shelves.

COVID 之後，當美國人和世界各地的人們再次去購物時，耐克在貨架上的優先級和位置就不一樣了。

And it didn't have those styles that were really resonating with consumers.

它沒有那些真正能引起消費者共鳴的風格。

Nike had also pulled back on developing its running business during a time when a record number of athletes joined the sport during COVID.

在 COVID 期間，加入跑步運動的運動員人數創下新高，耐克也是以放棄了發展跑步業務。

It had a big impact.

它產生了很大的影響。

Nike previously was really integrated into that running community and always speaking to that community.

耐克之前真正融入了跑步社區，並一直在與該社區交流。

And that gives you authority and credibility in the category.

這將賦予你在該類別中的權威性和可信度。

They pulled back on that.

他們撤回了這一點。

At the same time, Nike was also grappling with a slowdown in consumer spending in China.

與此同時，耐克也在努力應對中國消費者支出放緩的問題。

There's no question Nike can blame some of it on macro, but it's the flatline growth in North America, which is more suspect and harder to blame on the macro, especially when Adidas is growing its chief competitor because it has more innovative styles that people are really gravitating toward.

毫無疑問，耐克可以將部分原因歸咎於宏觀經濟，但北美市場的增長平緩更值得懷疑，也更難歸咎於宏觀經濟，尤其是當阿迪達斯的主要競爭對手在不斷增長時，因為阿迪達斯擁有更多的創新款式，而這些款式正是人們所青睞的。

It became clear that Nike not firing on all cylinders on the innovation front was really when the problem started beginning.

很明顯，耐克在創新方面沒有全力以赴，才是問題的真正開始。

And it seeded market share to players, particularly in the running space, like On and Hoka.

它將市場份額拱手讓給了其他競爭者，尤其是跑步領域的競爭者，如 On 和 Hoka。

Everybody wears these.

每個人都穿這個。

Yes.

是的。

This is the Hoka Clifton 9.

這就是 Hoka Clifton 9。

It is the hottest running shoe of the summer.

它是今夏最熱門的跑鞋。

Inventory piled up as consumers started to pull back and turn to other brands.

由於消費者開始退卻並轉向其他品牌，庫存堆積如山。

The core problem at the end of the day is that the North American consumer started seeing Nike as being a little bit cheapened because there was such an excess of product.

最終的核心問題是，北美消費者開始認為耐克有點廉價，因為產品過剩。

And this goes back to the idea of when you have too much, you become less interesting, you become less popular, you become less cool.

這又回到了 "當你擁有的太多，你就會變得不那麼有趣，你就會變得不那麼受歡迎，你就會變得不那麼酷 "的觀點。

If there's no line outside of a club, most people aren't walking in.

如果俱樂部外面沒有排隊，大多數人就不會走進去。

Experts say the lesson learned is for retailers to remember what they do best, something Nike may have lost sight of in its effort to become a tech operation.

專家們認為，零售商要記住自己最擅長的業務，而耐克在努力發展科技業務的過程中可能忽略了這一點。

Being a technology company is not what makes you special.

作為一家技術公司，並不是你與眾不同的原因。

The mantra of tech is disrupt.

科技的口號是顛覆。

Everyone wants to disrupt.

每個人都想顛覆。

If you're doing a really great job, sometimes disrupting yourself is a bad thing.

如果你的工作非常出色，有時打亂自己的節奏也是一件壞事。

And so figuring out how to evolve rather than break, I think, is really important.

是以，我認為，找出如何發展而不是崩潰的方法非常重要。

By early 2024, Nike started quietly returning to wholesale partners.

到 2024 年初，耐克開始悄然迴歸批發合作伙伴。

You're also leaning into wholesale, which is a bit of a change from from Nike.

你們也在向批發傾斜，這與耐克的做法有些不同。

It's been all about direct to consumer, sell on your website, sell in your stores.

一直以來，我們都是直接面向消費者，在網站上銷售，在商店裡銷售。

And now there's a shift.

現在有了轉變。

Why?

為什麼？

Coming out of COVID, it was quite clear consumers were also going back into physical retail.

在 COVID 展會上，很明顯消費者也在迴歸實體零售。

And we recognized that in our movement toward digital, we had over-rotated away from wholesale a little more than we intended.

我們認識到，在向數字化發展的過程中，我們對批發業務的過度依賴超出了我們的預期。

So we've corrected that.

是以，我們已經糾正了這一點。

We're investing heavily with our retail partners.

我們正在與零售合作伙伴大力合作。

Foot Locker's relationship with Nike seems to have improved substantially.

Foot Locker 與耐克的關係似乎有了很大改善。

Nike needs them more than Nike thought.

耐克比想象中更需要他們。

That's very important.

這一點非常重要。

It ain't just old DTC.

這不僅僅是舊的 DTC。

In September 2024, the company announced Elliott Hill would take over for Donahoe as CEO.

2024 年 9 月，公司宣佈埃利奧特-希爾將接替多納霍擔任首席執行官。

Elliott Hill is someone that Wall Street doesn't know well, but internally at Nike, what I hear is he's known very well and very popular.

艾略特-希爾在華爾街並不為人所知，但在耐克內部，我聽說他非常有名，而且很受歡迎。

This is a guy that started as an intern at Nike and has now worked his way all the way up to become CEO.

他從耐克公司的一名實習生做起，現在已經一路晉升為首席執行官。

He's a 32-year veteran.

他是一名有 32 年經驗的老兵。

He also came up through the sales channel.

他也是通過銷售管道成長起來的。

So there are great expectations that he will know what produces a hit and will help turn around the innovation problem that Nike has suffered under John Donahoe.

是以，人們對他寄予厚望，希望他知道怎樣才能一炮而紅，並幫助耐克扭轉在約翰-多納霍（John Donahoe）上司下遭遇的創新問題。

In its most recent earnings call, Hill said the company will focus on clearing out excess inventory and reinvesting in sports marketing.

希爾在最近的財報電話會議上表示，公司將重點清理多餘庫存，並重新投資體育營銷。

We lost our obsession with sport.

我們失去了對體育的痴迷。

Moving forward, we will lead with sport and put the athlete at the center of every decision.

今後，我們將以體育為先導，將運動員置於每項決策的中心。

This is not a story that six months from now we're going to be cheering about.

這不是一個六個月後我們會為之歡呼的故事。

This is going to be an 18-month plus show me how you're going to compete with all the smaller brands that have come from behind and the customers fallen in love with.

這將是一個長達 18 個月的過程，告訴我你們如何與那些後來居上、深受顧客喜愛的小品牌競爭。

They need to reinvigorate.

他們需要重振旗鼓。

They need to remind people that Nike is special.

他們需要提醒人們耐克是特別的。

And so I think if I'm Elliott right now, I think what I'm doing is I'm going back to my product people and I'm saying, I don't know what you've been working on in the past.

所以我想，如果我現在是埃利奧特，我想我要做的就是回到我的產品人員身邊，我說，我不知道你們過去一直在做什麼。

Maybe you have something new.

也許你有新東西。

Maybe you don't.

也許你不知道。

Let's see, what is this innovation pipeline?

讓我們來看看，這個創新管道是什麼？

And as soon as we can start telling people we have good product, then we will put really good marketing.

只要我們能開始告訴人們我們有好的產品，那麼我們就會進行真正好的營銷。

Why does Nike win?

耐克為什麼會贏？

Nike has the largest research and development budget and Nike has the largest marketing budget.

耐克擁有最大的研發預算，耐克擁有最大的營銷預算。

Last time I checked, winning is winning.

上次我查過了，贏就是贏。

As long as they use that effectively, it's very hard to compete against.

只要他們有效利用這一點，就很難與之抗衡。

It doesn't mean that new brands can't emerge, doesn't mean the new brands can't take some share, but it means that Nike should always be able to get it back as long as they have the right on the ball.

這並不意味著新品牌不能出現，也不意味著新品牌不能搶佔一些份額，但這意味著耐克只要掌握了正確的方向，就應該總能把份額奪回來。