Nike exits S&P 100 as missteps with female shoppers erode its empire

Nike’s removal from the S&P 100 marks the first time in 18 years one outlet-wear giant has lost its blue-chip status, following an 80% plunge in its share price from the 2021 peak. Revenue, which reached $51.36 billion two years ago, has declined 10% amid a series of miscalculations with its female customer base. The company’s origins as a male-focused brand left it ill-prepared for women’s preferences, a problem highlighted by Allyson Felix’s dispute over reduced maternity sponsorship and Mary Cain’s allegations of abusive training practices.

Internal investigations in 2018 uncovered a “boys’ club” culture, leading to senior male departures and a public apology from then-CEO Mark Parker, who left in 2020. Nike’s late entry into yoga, reliance on limited-edition collaborations, and a controversial campaign featuring Dylan Mulvaney further alienated women shoppers, while rivals like Lululemon, Hoka and On Running gained market share. Under new CEO Elliott Hill, the firm has launched initiatives such as sorority sponsorships and a partnership with SKIMs, but reversing years of distribution errors and product missteps remains a steep challenge.