JD Sports CEO Endorses Nike CEO Elliott Hill Amid Market Challenges
JD Sports' Perspective on Nike's Leadership and Market Performance
LONDON, May 7 (Reuters) - Nike CEO Elliott Hill got a vote of confidence from one of its largest customers, British sportswear retailer JD Sports, whose boss said on Thursday he was "doing a great job".
Elliott Hill's Return and Strategic Turnaround Efforts
Hill, who was with Nike for more than three decades, returned as CEO in October 2024 to lead a turnaround at the firm which had been struggling with strategy missteps that soured its relations with retailers.
Challenges Facing Nike Under Hill's Leadership
However, 18 months into Hill's attempts to revive Nike, the sportswear giant is losing market share, and Wall Street is signaling growing impatience with its struggle to clear inventory and churn out must-have sneakers.
Importance of Nike to JD Sports
Nike products make up about 45% of JD Sports' sales.
JD Sports CEO Regis Schultz's Support for Elliott Hill
JD CEO Regis Schultz said JD's relationship with Nike was "fantastic" and Hill just needed time.
"Elliott Hill has done the right thing which is to change the culture, to come back to a culture of innovation of product, we feel good about what he's doing," Schultz told Reuters after JD reported full year results.
Reporting Credits
(Reporting by James Davey; Editing by Kate Holton)
