The transcript explicitly notes that trail runners are currently opting for competitors like "Patagonia, Hoka [DECK], and Smartwool [VFC]." Nike plans to enter this space with "attitude and swagger" to disrupt the "serious" nature of the current industry. Hoka (owned by Deckers) and Smartwool (owned by VF Corp) have enjoyed dominance in the trail/outdoor niche. Nike's aggressive entry, backed by Olympic-level marketing spend and a "run, don't ask for permission" internal mantra, signals a looming market share war and potential margin compression for these incumbents. WATCH. Monitor Hoka's growth rates for signs of deceleration as Nike floods the channel with ACG products in 2026. The total addressable market (TAM) for outdoor sports is growing fast enough (181M participants) that all players could grow simultaneously.