Nike Appoints LVMH's Alexandre Arnault to Board as It Drops From S&P 100
Nike, Inc. (NKE) announced the appointment of Alexandre Arnault, deputy CEO of LVMH’s Moët Hennessy division and son of LVMH chairman Bernard Arnault, to its board on September 16, 2026. The move comes as Nike exits the S&P 100 index but remains in the broader S&P 500. Shares rose nearly 2% following the announcement amid a challenging year for the stock, which has fallen over 43%. Nike's brand struggles have been attributed to excessive discounting and loss of lifestyle appeal to smaller rivals. Arnault is known for revitalizing luxury brands like Rimowa and Tiffany through strategies such as restricting supply and raising prices—approaches that align with Nike CEO Elliott Hill’s goals on pricing discipline, despite expanding wholesale distribution. However, UBS analyst Jay Sole has cut his price target for Nike and expects the first-quarter earnings to miss estimates. The stock's recent decline raises concerns about whether a modest beat in October will be enough to restore investor confidence.
Topics: LVMH Nike S&P index changes