A logo is seen outside the newly renovated JD Sports store at Westfield Stratford City in London, Britain, July 30, 2024. REUTERS
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”.
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.
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.
Nike products make up about 45% of JD Sports’ sales.
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 by James Davey; Editing by Kate Holton