Today, on the Morning Update, Nike, which has a Cinderella story in the athletic shoe business, is back to sweeping up cinders after a long series of bad ideas that cost them $ 230 billion in cap value in just a few short years. Did they pull a Bud Light?
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Ep 256 Links:
- https://x.com/TrungTPhan/status/2096336116366651727
- https://granitegrok.com/?s=bud+light
- https://x.com/KobeissiLetter/status/2096317768408703022
- https://granitegrok.com/new-england/nh/2024/10/dear-nike-and-nh-democrats
- https://www.youtube.com/watch?v=hCacr_XZU4w
- https://pixabay.com/music/circus-circus-di-primosole-beach-541357/
Authors’ and Speakers’ opinions are their own and may not represent those of Grok Media, LLC, GraniteGrok.com, its sponsors, readers, authors, or advertisers.
Edited Transcript:
Welcome to your Monday, September seventh, two thousand and twenty six morning update. And as a heads up if you hear the sounds of construction in the background, it is after all Labor Day.
So the question on everybody’s minds over the weekend, or maybe not until now that I brought it up, did Nike pull a Bud Light? The Bud Light catastrophe is epic.
An example of allowing woke culture to poison your mind at the expense of everyone who already buys your product.
Cross dressing fake woman Dylan Mulvaney was seen, photographed in couple of Bud Light cans on International Women’s Day, and people who actually know what a woman is and also happen to drink Bud Light decided to make them pay for that.
Stock price took a hit, people stopped buying the product, it was stacking up in shelves, they couldn’t give it away. They fired lots of people because they no longer needed them to work.
Even to this day, the brand sales are still down forty percent from pre boycott levels. People still drink it, which is kinda weird because I mean why not just drink water?
Nike has its own Cinderella story, made famous by someone named Michael Jordan, an actual athlete wearing athletic shoes.
From Michael Jordan, they moved on to almost everyone who was great in every single sport anywhere in the world. The Eds featured people who excelled at everything. And you would want to be like them, look like them, or succeed like they did. Because what if it was the shoes? Good marketing sells a dream, and the dream sells the thing.
Nike went from that to this.
[pics/music]
Fat women and men pretending to be women. Well, what if I buy Nike, do I get fat or queer? Not sure how that sells shoes. Well apparently it didn’t. In 2023, having lost forty percent of its peak market cap value, Nike kept doing the woke thing, but other people were doing something different.
Nike didn’t listen, and three years later, their stock has lost $233 billion. That’s their market cap loss. Was it marketing? Marketing didn’t help.
Nike made a lot of mistakes.
It compromised retail and wholesale relationships to go to direct digital sales, which made sense during the pandemic, but not after it.
They dropped their sports categories and changed their shoelines to things like kids, men, and women, which is ironic because they don’t really seem to know what a woman is.
Nike stock is currently worth its twenty thirteen value, which isn’t bad because that’s still a lot higher than it was at the turn of the century. But they still lost two hundred and thirty three billion dollars in market cap, as did everybody else who hung on to the stock, waiting for a rebound. That never happened.
So did Nike pull a Bud Light? Not really. But Dylan Mulvaney was failure adjacent in both instances. See, Nike forgot who they were, how they got there, and it cost them dearly. they’re about to get knocked off the S&P one hundred.
They also forgot that, people will buy sweatshop shoes for ten times their manufacturing cost if you sell the dream.
Drop the fat folks in the guys and dresses.
Because people want to believe it’s the shoes. That your shoes could help them find a way to be thinner, faster, more agile, or just simply better, and that could be whatever better means to them, otherwise they’re just expensive sneakers on fat chicks and dudes in dresses. And no matter what bubble you live in, that audience is really tiny.
Tomorrow is primary day in New Hampshire. Go out and vote.
That’s it for today. I’ll talk to you tomorrow.
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