Not Looking to Buy but what would it take for Nike to turn around?

The company had so much momentum after Covid. A lot of companies took a dump after the tariffs, but for Nike things started going wrong with them WAY before the tariffs. But it’s crazy to continue seeing this thing drop and drop. It’s no longer in the S&P 100, and I see this dropping more because there’s been no pivots to their strategy. But curious what it takes for this to turn around. The fashion adjacent industry as a whole has been taking a dump the past year or so for the most part except for a few companies like Vuori and Alo. But I feel like their problems run deeper than just tariffs and the loss of that Covid momentum. Prices are crazy for meh quality goods, and they seem to just coast now with nothing really new that draws interest. Also noticed the Sneakers App which at one point seemed like a huge driver has been pretty dead. What are some other things you feel went wrong for Nike? their current ceo just got here in 2024, and you need time to steer a ship that big, but don’t really see any meaningful changes. Fashion is normally a horrible investment, but i always wondered why a company like Nike wouldnt be a safer staple Edit: thanks for the convo yall seems like theres some common sentiment and themes. Seems like they need some big collaborations that bring something new instead of an existing silhouette with a random colorway. They also really seem like they need a new csuite. Maybe even a new board, because the expectations on growth following this insane drop really need to be reset. Aside from that they need to go for value. They’ve priced themselves out of an industry where they’ve lost their “cool” factor. That type of combo for this industry is really a death spiral.