Nike appoints Alexandre Arnault to its board as it seeks a turnaround
Nike has appointed Alexandre Arnault, the son of LVMH CEO Bernard Arnault, to its board of directors in an effort to revitalize the brand. The move comes after Nike lost $200 billion in market value since 2021 and was recently removed from the S&P 100 index. Arnault is known for his work at LVMH's wines and spirits division, as well as previously leading Rimowa and overseeing product strategy at Tiffany. His experience includes revitalizing heritage brands through collaborations with streetwear labels like Supreme and Off-White. Nike hopes he can help the company reconnect with consumers and drive innovation. Nike has struggled in recent quarters, reporting declines across several key metrics including digital sales and store revenue. The brand is also losing ground to Chinese competitors such as Anta and Li-Ning.
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Topics: Alexandre Arnault board appointment LVMH Nike