Nike CEO John Donahoe acknowledges that the brand went too far in prioritizing its own stores and website over wholesalers. The company has now corrected this mistake and is investing heavily with its retail partners. Nike has recently renewed partnerships with wholesalers like Macy's and DSW, recognizing the importance of wholesale in its movement towards digital sales.
Nike CEO John Donahoe acknowledged that the brand went too far when it iced out wholesalers in favor of its own stores and website.
The sneaker giant has been working to drive direct sales but has recently renewed partnerships with wholesalers like Macy's and DSW."We recognize that in our movement toward digital, we had over-rotated away from wholesale a little more than we intended," Donahoe told CNBC'sfrom Paris. "We've corrected that. We're investing heavily with our retail partners. They were all here over the last couple of days; they're very excited about the innovation pipeline.
On top of that, department stores and specialty shops are massive customer acquisition engines. Without them, brands have to spend more on marketing, which has become more expensive and challenging to do online.. They argued it set the company back and is part of the reason why it fell behind on innovation and products. It also had a negative impact on, which has long relied on Nike to drive sales and now doesn't receive the same assortment of products that it once did.
Nike CEO Mistake Own Stores Wholesalers Website Retail Partners Direct Sales Partnerships Macy's DSW Digital Sales
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