Nike CEO on Turnaround Plan, ACG Relaunch, Converse
Watch on YouTube ↗  |  February 11, 2026 at 16:46 UTC  |  27:26  |  Bloomberg Markets
Speakers
Elliott Hill — CEO, Nike
Romaine Bostick — Anchor, Bloomberg

Summary

  • Nike is executing a strategic pivot back to "Sport Offense," prioritizing performance innovation (e.g., Alpha Fly, Nike Mind) over reliance on retro styles to drive growth.
  • The company is aggressively reversing its Direct-to-Consumer (DTC) exclusivity, explicitly recommitting to wholesale partners (Macy's, Amazon, Urban Outfitters) to drive volume and market share.
  • North American sales have returned to growth (+9% overall, +20% in running), signaling the turnaround is taking hold in the home market, though China remains a restructuring story.
  • Nike is relaunching its ACG (All Conditions Gear) sub-brand to directly attack the outdoor and trail running markets, challenging incumbents like Salomon and Smartwool.
Trade Ideas
Ticker Direction Speaker Thesis Time
VFC /AS
WATCH Elliott Hill
CEO, Nike 		Speaker announces a major push for the ACG brand to target "trail running" and the "overall outdoor industry," explicitly naming "Solomon" (owned by Amer Sports) and "Smartwool" (owned by VF Corp) as incumbents they are "playing offense" against. Nike is a capital-rich giant entering a niche market. If ACG successfully captures the "outdoor consumer with attitude," it will directly cannibalize market share from pure-play outdoor stocks like Amer Sports (Salomon) and VF Corp (Smartwool/The North Face/Altra). WATCH for margin compression or market share loss in these specific competitors. ACG fails to gain traction with authentic outdoor enthusiasts (the "counterculture" risk mentioned by the interviewer). 3:57
AMZN /M /URBN
LONG Elliott Hill
CEO, Nike 		Speaker admits they are "getting back in with the wholesale partners" and acknowledges the need to provide "depth" of inventory to drive "revenue and profits for our retailers." Explicitly mentions working with Urban Outfitters, Macy's, and Amazon. For years, Nike starved third-party retailers of its best inventory to force customers to Nike.com. This reversal means these retailers will regain access to high-velocity Nike SKUs, which drives foot traffic and high-margin sales for them. LONG the retailers regaining access to the Nike ecosystem. Nike demands lower wholesale margins; consumer spending softens globally. 13:08
NKE
LONG Elliott Hill
CEO, Nike 		Speaker confirms "North America being back to growth... running back to double digit growth" and states they are "nurturing the design and innovation teams" rather than relying on classics. The bearish thesis on Nike has been innovation stagnation and losing share to agile competitors. Hill's confirmation of double-digit growth in the critical "Running" category and the return to growth in North America suggests the product pipeline (Alpha Fly, etc.) is finally fixing the core rot, validating a turnaround play. LONG as the fundamental product engine restarts. China market contraction persists; marketing spend weighs on margins. 0:04